This car, Lot S161, sold for $140,450, including buyer’s premium, at Mecum’s Monterey, CA, auction on August 18–20, 2011.

The first Packard, the Model A, was tested on the streets of Warren, OH, on November 6, 1899. The last, painted Mountain Blue, came off the line July 25, 1958, and was built by Studebaker Packard in South Bend, IN. Packard survived the Great Depression while others faltered, only to meet its demise in the middle of one of the greatest booms in automotive history. The intervening years, however, included the magnificent classic era as well as a host of questionable decisions.

The Packard brothers, James Ward and William Doud, were ideal business partners. James Ward was a mechanical genius, having been awarded several patents while still in school, and William Doud was a natural businessman. In 1898, James Ward acquired one of the 21 Winton automobiles manufactured that year, and when expressing his displeasure with several of the features of the car, he was told by Alexander Winton, “Well, if you’re so smart, maybe you can build a better machine yourself.” And that’s exactly what James did.

Refined and luxurious

The Packard Motor Company built a well-deserved reputation of offering luxurious cars that were highly refined, fitted with elegant coachwork and were powered by technically advanced and well-engineered engines. But as the Great Depression cast its dark cloud over the world, the luxury car market quickly evaporated. Packard competitors Marmon and Peerless closed their doors by 1933, and many others soon followed. Packard survived because of its excellent financial health, outselling all its competitors combined. But even so, Packard production declined from almost 35,000 automobiles in 1929 to only 7,040 in 1934.

Against this dismal backdrop, in August of 1933, Packard introduced the 11th Series — a car that many collectors feel was Packard’s all-time finest, most elegant offering. The dashboard was redesigned with clear round dials, the headlamp lenses were veed to match the radiator shell, and the top edge of the lenses matched the top of the grille. The flowing fenders appeared to lengthen the car, and the front fenders were extended down to the bumper.

The Packard Super Eight offered by Mecum was one of the earliest 1934s built. The data tag, 750-11, indicates it was a Model 750, which is a Super Eight 1104 Seven Passenger Touring, and the 11 was the sequential body number. Packard started the numbering at 10, so this was the second body built. The engine, number 752026, was the 26th off the line, as they started numbering at 752001.

A frequent flier

The Mecum sale was not this Packard’s first rodeo. It was sold by Christie’s for $129,500 at their Greenwich auction in 2006, and was sold again by Gooding & Company for $231,000 at their Scottsdale auction in January 2008, where it was stated to be a “good deal” by the on-site Sports Car Market analyst. But this August, it brought $140,450, making the 2008 purchase price look like much less of a bargain.

This was not a “White House Livery” car, as some have stated. According to the Smithsonian, the White House fleet consisted of only one 1934 Super Eight, and it was a Model 735 that was a Sedan Limousine — definitely not this car.

However, our subject car was owned by an automotive livery service in Philadelphia, and a log book lists the famous and near-famous who rode in it throughout the years. Photo documentation of this car reportedly dates to 1940, including shots of Admirals Halsey and Nimitz as well as General Eisenhower riding in the back. This is great history, and it should rightfully add to the car’s potential value.

Restoration with needs

Although the car was reportedly restored in 1988, time and use had taken their toll. The horn button was not properly painted, there were loose wires under the dash, the windshield was delaminating, and all four doors were sagging. The engine compartment was dirty with fuel leaks and the porcelain was flaking off the manifold. The car was also lacking a radio, which was first offered by Packard in 1934.

How does such a well-documented Packard Super Eight tumble so quickly in value? Mecum did not promote the car in their catalog as heavily as Gooding had done 3.5 years earlier, but Mecum has sold seven-figure cars with equally limited fanfare. Let’s face the facts: The Touring body style is simply not as desirable as a Dual Cowl, the car was no longer crisp, and market conditions have changed significantly in the years since the Gooding sale.

In this market, top-level restorations and all-original preservation candidates bring the most value across the auction block. This car had great history but it fell somewhere between restored and used, and that limited its bottom line here. At the end of the day, for a Packard with great history and an aging restoration, this August’s Mecum result was in line with the current market.

(Introductory description courtesy of Mecum Auctions.)