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LEAKE AUCTION
HOW IT ALL BEGAN

Tulsa, Oklahoma (June 2004) - The 2004 Leake Auction Company sale of classic automobiles in Tulsa was, in the words of president Richard Sevenoaks, “howlingly successful.” Not only did the final total of $9,055,000 almost double the previous year, but 60 percent of the 639 cars offered sold in the three days from June 11-13.

“The 56 cars (mostly classics) from the collection of the late Mac McGlumphy was a huge factor in the success of the 2004 auction and gave us some truly marvelous cars to offer,” said Sevenoaks, “but even without those sales we would have exceeded our 2003 total by a comfortable margin.” Eleven cars were sold at prices of $100,000 or greater, headed by a 1972 Ferrari 365 GTS/4 that was auctioned for $360,000. After the Ferrari, cars built in the 1930s proved to be enormously popular.

Other top sellers were: a 1930 Cadillac V-16 All Weather sedan, $227,500; 1932 Auburn Model 12-160A, $210,000; 1934 Packard Series 1107 Twin Six, $167,500; 1933 Lincoln KB, $131,000; 1932 Packard Twin Six 905, $127,500; 1931 Packard 840, $124,000; 1914 Cadillac Model 30, $115,000; 1931 Packard 840, $112,500; 1921 Cadillac Dual Cowl, $110,000 and a 1931 Lincoln Model K, $100,000.

Despite these prices, notes Sevenoaks, a bidder didn’t have to be a millionaire to participate in the auction. “We had 62 cars sell for less than $5,000 and there were some beautiful cars among them, Cadillac, Jaguars, Oldsmobiles, Lincolns, and BMWs. We even had some genuine one or two horsepower vehicles: An 1898 horse-drawn chuck wagon sold for $4,000 and an 1890 Moline buggy was a bargain at $650.” The least expensive car sold was a 1974 Lincoln Continental Mark IV, which went for $600.

Other cars between the economic extremes included a 1925 Duesenberg Model A, $85,000; a 1928 Hudson Murphy body, $77,500; a 1929 LaSalle Series 328, $ 75,000; a 1937 Pierce Arrow Metropolitan, $70,000; a 1986 Rolls-Royce Silver Spur, $63,000; a 1970 Shelby GT 350, $45,500 and a 1936 Ford Phaeton, $36,000. There was even a 1932 Hupmobile, which found a new home for $36,000.

Among Tulsans the pick of the collection was the 1918 Tulsa 4, the only known remaining example of a short-lived effort to start an automobile manufacturing plant in what then proudly hailed itself as the Oil Capital of the World. Abandoned in a gully for years the car was lovingly and lavishly restored by auction founder James C. Leake and was part of the Mac McGlumphy Collection. It was auctioned for $35,000 to a group of Tulsans who immediately donated it to the Tulsa Historical Society.

“In all,” says Sevenoaks, “it was the most successful auction we’ve had in years. We’ll try to beat it next year, of course, but we’ve set an awfully high standard for ourselves.”