The auction of the F. Todd Warner classic boat collection, which was held Oct. 15-16, netted $3.6 million for Warner and Mahogany Bay, his Mounds, Minn., wood boat restoration, sales and storage firm, Warner told Soundings Trade Only.
Winning bids totaled about $4 million on 127 boats, plus dozens of old engines and parts lots. Ten percent of the gross went to auctioneer Mecum Auctions, of Marengo, Ill. Warner said he was pleased with the results of the "no reserve" auction - one in which the auctioneer sets no minimum bid.
"I would say another 10 percent would have been more in line [with the collection's value]," Warner said. "But a lot of the boats went for a reasonable price. In this world, in this economy, it was the best it could be."
The top-grossing boat was Gerry Lo, a 1929 Dingle 30-foot, triple-cockpit runabout, which fetched $315,000, followed by Sugar Lady, a 1932 Chris-Craft 27-foot, custom triple-cockpit runabout, which sold for $305,000. The top 10 yachts brought in $1,756,111. The figures do not include the auctioneer's 10 percent cut.
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