Pate Museum auction posts $1.9 million

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Hundreds of classic car collectors and enthusiasts descended on North Texas Saturday as RM Auctions dropped the gavel on the state’s famed Pate Museum of Transportation, posting in excess of $1.9 million in total sales.

Held in Cresson, just south of Forth Worth, the single-day auction marked the end of an era for the well-known museum as 43 vehicles and over 170 lots of memorabilia from the collection, along with a series of select private consignments, were offered ‘without reserve’ before a packed house. The sale attracted strong interest from local collectors from the Dallas / Fort Worth Metroplex who faced fierce competition from a high volume of telephone and Internet bidders.

“We are very pleased with the results from yesterday’s Pate Collection sale. The event brought together many local enthusiasts as well as those from across the country and as far away as the UK and Switzerland to produce spirited bidding, with many lots exceeding expectations,” said Donnie Gould, RM Car Specialist.

“The strong results continue RM’s proven track record for consistently exceeding high estimates for private collections,” Gould added.

The top-seller of the day was an original 1935 Aston Martin MK II Tourer, which doubled its pre-sale low estimate, selling for $187,000. Also exceeding expectations was an early 1903 Cadillac Model A Runabout with Rear-Entry Tonneau, formerly part of the renowned Amon Carter collection in Fort Worth, which realized $99,000. The car will remain in the Fort Worth area.

The historic 1962 Checker Marathon Dallas Taxi Cab, believed to have been hailed by Lee Harvey Oswald following the assassination of President John F. Kennedy, also spurred lively bidding, both in the room and on the phone, achieving $35,750 versus a pre-sale estimate of $20,000 – $30,000. The Checker Taxi Cab is headed to the Historic Auto Attractions museum in Rockford, Illinois, where it will join a large collection of other Kennedy memorabilia and form part of the ‘Day in Dallas’ display (www.historicautoattractions.com).

Other notable sales included: a rare 1934 Pierce-Arrow Silver Arrow V12 for $139,700; a highly-desirable 1967 Shelby GT 500 Fastback for $99,000; and a 1929 Rolls-Royce Phantom II Boattail Tourer for $85,250. The 1950 Zim Soviet Limousine, reported to have been a gift from Soviet Premier Nikita Khrushchev to Einar Gerhardsen, the Norwegian Prime Minister, exceeded its pre-sale low estimate by over five times, selling for $26,400.

In operation from 1969 to 2009, the Pate Museum of Transportation was the result of over 40 years of judicious collecting by the late Aggie Pate, former owner of the Texas Refinery Company, and his brother Sebert. Bidding a fond farewell to the collection were Aggie Pate’s children, grandchildren and great grandchildren.

Speaking on behalf of the Pate Family, Sharon Pate, Aggie Pate’s youngest daughter said following the auction : “While it was bittersweet to say goodbye to the collection, it was great to welcome so many passionate local enthusiasts to the museum one last time and reassuring to know that the vehicles are going to deserving homes – many here in the Dallas / Fort Worth Metroplex. The sale was very well-organized and the results exceeded our expectations. RM did a great job in marketing the collection and attracting buyers from around the world.”

Full auction results from The Pate Collection sale will be posted online at www.rmauctions.com.

RM Auctions continues its busy summer calendar in San Diego, CA, June 19 with the highly anticipated Classic Muscle & Modern Performance sale. Spanning a variety of Detroit muscle and modern performance vehicles, the single-day sale will offer over 100 vehicles ‘without reserve’, the vast majority from a private Southern California collection.

[Note: All sales figures are rounded to the nearest dollar and include 10% buyer's premium]

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