Plymouth, Mich. — After a suspenseful bidding war, the “Hillsdale Duesenberg” sold for $1.4 million at an international auction Saturday.
The 1929 Model J “disappearing top” convertible coupe met the estimates of $1.25-$1.65 million at RM Sotheby’s American Classics in the Motor City auction after Hillsdale College purchased the vehicle from supporter Eric Bardeen for $400,000. Its profits will go toward general operations, including student scholarships.
“We are excited,” said Patrick Flannery, treasurer and vice president for finance. “It surpassed our expectations.”
A bidder, who had called into the auction on the phone, purchased the coupe, one of 25 built. The bidder was victorious after going back and forth in $250,000 increments with another in the ballroom at the Inn at St. John’s in Plymouth once the price was at $1.2 million. The car started at $700,000. With a 10 percent buyer’s premium, the car’s final cost was $1.54 million, the most expensive vehicle at the auction by more than double.
“(Hillsdale College) is truly an institution of higher learning, I think, cutting edge and always well ahead of its time,” said Alain Squindo, chief operating officer of RM Sotheby’s, when introducing the Hillsdale Duesenberg. “What better way to represent the cutting edge than the 1929 Duesenberg Model J? …This is what makes a Dusenberg a Duesenberg and was the absolute pinnacle of luxury in those days.”
Leading up to the bidding of the priciest vehicle on the lot, most cars at the event were selling below their estimated values.
“We were a little nervous because prices seemed soft,” said Bob Norton, institutional advancement vice president and general counsel. “This came in over what we expected.”
Although museums and organizations have auctioned off vehicles before through RM Sotheby’s, offering a car from a school was a unique experience, said Gord Duff, car specialist of the auction company.
“Engine No. J-119 was a particularly exciting highlight for our Motor City sale — not only is it one of the most significant automobiles of the classic era, but the fact that it is perhaps the most-driven Duesenberg of modern times and that its proceeds will benefit such a worthy cause, really set it apart from its peers,” Duff said in an email. “It was wonderful to be able to support the fundraising efforts of Hillsdale College with a great result and to see the Duesenberg pass from one great enthusiast home to another.”
John Cervini, vice president for institutional advancement, developed the idea of auctioning a classic car to support the college. Hillsdale set up the bargain sale donation with Bardeen, who gave the rights of the vehicle to the college two years ago before bringing it to campus in January.
The college made sure the Duesenberg was looking spiffy for the auction. Hillsdale paid $40,000 for the vehicle to be waxed and serviced by Brian Joseph, a Duesenberg expert at Classic and Exotic Service Inc. in Troy, Michigan.
“Donors should be happy to know Hillsdale treats their donations with care,” Norton said. “That adds value.”
Flannery said Hillsdale’s supporters have donated other vehicles. Of the half-a-dozen other vehicles auctioned off, however, the Duesenberg is the most prestigious.
“We were very pleased that the automobile sold at such a price,” Cervini said in an email. “We are thankful for the generous gift provided by a friend of Hillsdale College, Eric Bardeen.”