On August 13-15 RM Auctions is holding its annual Sports & Classics of Monterey auction in California, starring an historic 1952 Jaguar C-Type sports racer (above) that was driven to victory in 1952 by the legendary Phil Hill and is expected to fetch over $3 million. 26 Ferraris and several other rare and valuable autos will be part of the 200 vehicles crossing the auction block over the course of the three-day event. The beautiful and rare C-Type (a precursor of the modern-day XK we wrote about recently), designated XKC-007, was one of just 53 examples built and one of the first Jaguar C-Types delivered to the United States.

Shipped to New York in 1952, this example was immediately driven to Elkhart Lake, Wisconsin, where it, along with XKC-009, made their competitive racing debuts as part of the company's North American sales effort for the model. It was at this meet that XKC-007 made Jaguar history when the eventual World Champion driver, Phil Hill – then just 25 – drove it to victory in the Sheldon Cup. Presented in period correct condition, it notably displays the signature of the great Phil Hill and retains its original, numbers matching engine.

The star amongst the stunning selection of 26 Ferraris is a 1953 166MM Spider Scaglietti estimated at $1.4 million - $1.8 million. The important car was given by Enzo Ferrari to his son Dino for a design project with Scaglietti. It is known as the first Scaglietti-bodied competition Ferrari and its attractive, rakish styling resulted in the prototype for the subsequent 750 Monza and 500 Mondial models. It was restored first in the 1960s and again prior to running the Mille Miglia Storica in 2005.

This past weekend many people went to see Johnny Depp as John Dillinger in "Public Enemies," spiking renewed interest in the gangster. That makes it perfect time to float a piece of Dillinger memorabilia on the market. The small pistol gangster John Dillinger was carrying hidden in a sock when he was arrested in Tucson, Arizona 75 years ago, six months before he was shot and killed in Chicago, will be up for bid at Heritage Auctions in Dallas (and online) on July 25.

The Remington .41 caliber Double Derringer was confiscated from Dillinger when he and members of his gang were taken into custody in 1934. According to Dennis Lowe, Director of Militaria at Heritage Auction Galleries, the gun ended up in the hands of Tucson Sheriff, John Belton who gave it to Deputy Probation Officer, Evelyn B. Jenney. Jenney's son, William LeBaron Jenney III, sold it to the current owner in 1959, who has held on to the gun for 50 years. The seller wishes to remain anonymous but is said to have put the piece up for sale because he is in poor health. The gun has been shown to friends and family over the years but never was never publicly displayed. The pistol is expected to sell for $35,000 or more.

Few things manage to demonstrate the difference between cultures as art. Take for example this Bentley Continental GT, donated to the hand of Brazilian pop artist Romero Britto. It may look good to some, and to others an absolute atrocity. Yet Britto's credentials as a renowned artist are known the world over, his works hanging in galleries, museums and prestigious private collections all around the world.

This Bentley will be part of Britto's upcoming exhibit at the Automobil Forum Unter den Linden in Germany from July 10 to September 6, after which it will be auctioned off to benefit multiple sclerosis research and the social integration of the mentally disabled.

The Lake of the Ozarks area is a popular place for second homes but some of the most luxurious homes in the region will be going up for auction soon. On July 18, Cates Auction and Realty is holding an auction of vacation homes that have original prices ranging from $1.2 – 3.7 million. As a story in the Kansas City Star reports that some of these homes were on on the market for a while.

In fact around 100 houses valued at $1 million or more in the Lake of the Ozarks area are for sale which is a very high number given the current economy. Some were spec houses created for buyers that never arrived, other homes were built for those planning retirement who have now opted to stay in the work force and some are owned by people who just no longer want to carry the burden of more than one mortgage.

The minimum prices for the properties haven't been listed but you can check out the offerings on the Cates Auction and Realty website. The most lavish home is the four-story waterfront property shown above which has an elevator, pool and five bedroom suites.

Yankees fans can have a piece of the old stadium in their own back yard. Steiner Sports is selling the 20' x 20'; plot of sod from the area behind home plate that was used in the Yankees old stadium. The lot comes with the Yankee stencil, white sod paint, lawn flag, special grass seed and a letter of authenticity. Delea Sod Farms, the official sod farm of the NY Yankees™ will provide instructions to properly transplant the living sod into your own yard or local ball field and maintain it for years to come. The auction notes that the actual turf will be coming from northern New Jersey and will be shipped via a freight company which charges a steep $7.50 per mile away. Ten percent of the proceeds benefit Family Services of Westchester which provides social and mental health services for more than 30,000 people a year. The auction has a starting price of $15,000 and ends on July 9th.

[via The New Jersey Star-Ledger]

The coming months and years will likely see a flood of Michael Jackson memorabilia. Some will be common or have only a tangential relationship to the superstar. Others that have a direct connection to Jackson's iconography will be more valuable. Michael Jackson wore many gloves while performing and so they will be of varying prices but one of only two Michael Jackson electric-white gloves used during the 1984 Victory Tour is likely to fetch a high price when Profiles in History auctions it off in October.

The glove was consigned by its designer Ted Shell who went on the Victory Tour to protect and maintain the glove which is covered with bugle beads, Austrian crystal rhinestones and fitted with 50 small lights which were powered by a nine-volt battery in the cuff. After the tour Jackson gave Shell one of the gloves and kept the other. Joseph Maddalena of Profiles in History estimated the value at $60,000 to $80,000, but it could sell for much more. The glove is one of many Jackson items that will go up for sale at the auction on October 1 and 2, 2009. Other items include costumes, a platinum record for the 20 millionth copy of "Thriller" and one of his fedoras, another of Jackson's signature accessories.

In what is likely to be the first of several auctions, Michael Jackson's estimated $500 million debt was chipped away by $205,000. This is far ahead of the initial estimates of $10,000 to $12,000, showing signs of life in at least one corner of the auction market today.

The auction was not a knee-jerk reaction to the entertainer's death, as it had been scheduled prior to his demise. Items brought under the gavel include a sheer, long-sleeve shirt from the 1984 "Victory" tour. Clearly, the unexpected death pushed prices higher. The shirt went for $52,500, much more than the $1,000 to $1,500 anticipated, and a handwritten letter was purchased for $12,500 – up substantially from the $200 to $300 estimate.

Also on the block were a painting of Mickey Mouse conducting with Pluto singing (acrylic on cardboard) – signed ... twice ... by Michael Jackson. The first painting was in black paint, and the second was in white paint, over the original signature. It sold for $25,000, well above the $1,000 to $1,500 target.

[Photo via Julien's Auctions]

It's not quite as good as last year's $2.1 million but the Glide Foundation is still excited by the $1.68 million brought in by this year's charity auction to have lunch with billionaire Warren Buffett. The total is the second highest result for the annual auction. The Glide Foundation provides social services to San Francisco's homeless and poor. Buffett's late wife Susan was once a volunteer for Glide and Buffet's lunches have now raised more than $5.92 million for the charity since the auctions began in 2000. Last year's winner recently enjoyed his $2.1 million lunch with the Oracle of Omaha in New York City. This year's winner has decided to remain anonymous for the time being.

Why pay so much money for lunch with Buffett? The winner gets more than just a meet and greet with the billionaire. Mohnish Pabrai who won the 2007 auction for $650,100 told Bloomberg that both Buffett and his partner Charlie Munger "have been very gracious with access since the lunch." He has had two meetings with them since his lunch last June. The 2006 winner, Yongping Duan, who paid $620,100 for his lunch has said that he is always invited to the Sunday brunch that follows Berkshire Hathaway's popular annual shareholder meeting.

The 2008 winner Zhao Danyang of Hong Kong, brought his wife, son and friends for lunch with Buffett last week at Smith & Wollensky in New York City. Buffet already said after the lunch that he will see more of last week's winners. Zhao said of the lunch that the experience "can't be measured by money." Sounds like another satisfied customer.

The re-released Omega Seamaster Ploprof watch was a big hit with collectors who lusted after the original Ploprof watch of the 1970s. So it makes sense that Omega's contribution to the Only Watch 2009 auction represent this iconic timepiece - but in gold. It is ironic that was is essentially a very dedicated diving instrument should be milled in 250 grams of solid 18k red gold. This watch will help you sink when diving. For this one-off timepiece you can clearly see the note on the dial of "1/1 Only Watch" There will not be any more of these to go around. Plus, as the watch will be up for auction it is anyone's guess right now at how much it will go for. Aside from being in red gold, the Only watch version of the Seamaster Ploprof is nicely done with a white dial, bezel, and rubber strap. Like the Blancpain Fifty Fathoms, the bezel is covered with a sapphire crystal to protect it but keep it legible.

If you aren't familiar with the Ploprof watch functionality, allow me to cover it briefly. The 2009 (including this model) version of the watch is water resistant to 1200 meters, has an automatic helium escape valve, and a button (gold and white ceramic) at about 2 o'clock that is meant to release the rotating diver's bezel. The watch is over 55mm wide and 17.5 mm thick. The hands and hour indicators on the watch are also in red gold. Inside the watch is the Omega Calibre 8501 automatic movement that has been Chronometer certified. The individual who purchases this timepiece will no doubt be the envy of many, and few will just laugh of them for the ludicrous nature of the watch as some may see it. The Only Watch 2009 auction will be held in Monaco on September 24th this year.

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

Seeing the item you're bidding on is all well and nice, but more and more auctions have been taking place online. Classic and exotic automobile auctions are no exception, and now venerable Canadian house RM Auctions is launching their first event that will take place exclusively online. The docket is stacked mostly with classic American motors – including a pair of '53 Cadillac Series 62s, a smattering of classic Corvettes and a handful of Ford T-Birds – but also includes a few European sportscars as well. Registration begins on July 10 for the auction taking place on August 9, but you can check out the lots on RM's website right now.

As the world mourns Michael Jackson's death, some are beginning to focus on the future value of Jackson memorabilia. Perhaps no one else is as close to it as Darren Julien, chief executive of the Julien's Auctions. Julien's Auctions specializes in Hollywood collectibles. Earlier this year his company was set to sell around 1,400 Jackson items for auction including Jackson's Rolls Royce, Jackson portraits, costumes and even the gates to Neverland Ranch before the auction was called off by Jackson. It's not known yet if an auction could now take place but even the catalogs that Julien's Auctions had created for the event could be highly collectible.

Jackson-related keepsakes are already on the rise on eBay and elsewhere but buyer beware. Joe Orlando, President PSA/DNA Authentication Services warns of a potential explosion of fake Michael Jackson autographs and counterfeit memorabilia: "This happens every time a famous Hollywood, sports or political celebrity passes away," he says. "Online auctions and flea markets are suddenly filled with spurious signatures, and frankly many collectors don't know exactly what they're buying." Jackson did grant some fans autographs but he was reclusive and didn't offer fans frequent autograph access like some other celebrities. Orlando says that even if the signature is accompanied by what appears to be a certificate of authenticity, that may not offer consumers enough protection. "Collectors who purchase autographs or memorabilia need to know the reputation of the seller and the reputation and expertise of the authenticators. The bottom line is that a certificate or letter of authenticity is only as strong as the name behind it," Orlando said.

Michael Jackson also inspired quite a bit of art. Andy Warhol and Jeff Koons are just two of the artists who used Jackson as a subject. Check out this ArtInfo piece for more on Jackson as a muse.

Its mid-May performance was nothing to scream about, so Sotheby's didn't take any chances at last night's contemporary art auction in London. Three works by pop art king Andy Warhol moved for $10.5 million, accounting for 25 percent of the $42 million in sales. In all, 40 lots came under the gavel and came in just under the high estimate of $45 million. A surprisingly high 92.5 percent of works found buyers.

This year's London results for Sotheby's are off 73 percent from the late June 2008 contemporary art auction, indicating that low expectations played a role in last night's success. The average price last year was around $2.2 million, dropping this year by 48 percent as a result of a protracted art market recession. Well, Tobias Meyer, worldwide head of contemporary art for Sotheby's calls it "a performing transitional market," but you know what that means.

If the latest results tell us anything, it's that death is the cure for dying. An ailing art market is now showing signs of life thanks to the dead guys whose art continues to be in demand. Earlier auctions focused on lower cost, less prominent, "cutting edge" artists as an attempt to get collectors to open their wallets in smaller increments. Now, we're looking at a possible flight to quality. Ninety percent of the pieces auctioned had been under the hammer before.

So, is there any meaning in today's art market? Eh, maybe. It's schismatic. It's fun. And, at least it gives bloggers something to write about.

Getting our hands on the out-of-production Ford GT is cause enough. We wouldn't need any more justification. We'd need the cash, but not the justification. But just in case, the Ford Motor Company and RM Auctions are offering up a pair of early production Ford GTs to benefit the Juvenile Diabetes Research Foundation. The pair – including the sixth example produced, in red with white stripes, and the seventh, in white with blue – will be offered at the Meadow Brook and Monterey auctions respectively, which are both coming up in August. Each example is expected to fetch somewhere in the $150,000-$200,000 range, so if you've got the cash on hand and were looking for another excuse, here it is.

A Florida home once owned by Richard Rochon, co-founder of private equity investment firm Royal Palm Capital Partners, heads to auction next month. This is no ordinary home, but is a huge Renaissance-style mansion in the Royal Palm Yacht & Country Club area of Boca Raton. The home was on the market for $21.9 million. Rochon's lender, Thornburg Mortgage Inc., filed a foreclosure notice on the home in December.

The auction of the 25,000 square-foot waterfront home is scheduled for July 11. There is no minimum bid but potential buyers must show up with a $250,000 deposit to participate. The home has six bedrooms, an elevator, wine room, an indoor lap pool, a theater, and 475 feet of boat dockage space. The property includes a waterfront terrace, outdoor pool and spa, cabana bath, summer kitchen and a practice putting green. The home is a slightly larger version of other huge mansions I've seen in the Boca area. Some distinctive details include a two-story formal living room with a hickory floor, coffered wood ceilings, his and hers offices and a master wing that includes a bedroom with double-height ceiling and stone arches. The Royal Palm Yacht & Country Club is a private, by-invitation only club with a Jack Nicklaus Signature golf course, a 30,000-square-foot golf clubhouse, fitness center, clay tennis courts, swimming pool, and two championship croquet courses. The auction website is here.

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Paintings by Claude Monet and Pablo Picasso may have sold for $20 million, but the overall take of $61 million was off 74 percent from last year's Christie's Impressionist art auction. Forty-four lots came under the gavel last night with results good enough to beat the minimum estimate by ₤250,000 ($400,000) ... but you have to remember that the low end of the estimate is already low-balled. Even though expectations were roughly met, it was a tough night in London.

Last year, 81 lots fetched more than $250 million, close to $100 million of which came from Monet's "Le Bassin aux Nympheas." Monet was among the stars at Christie's this year, too, but at a fraction of the amount. As expected, the number of high-profile pieces coming to auction is down because the auction houses are no longer guaranteeing minimum prices.

Only 68 percent of the lots brought under the gavel moved this year mostly in the range of $450,000 to $900,000. In this "middle market," a third of the lots failed to sell, and only two were able to beat their high estimates. Usually, Christie's is able to hit a sale rate of 80 percent for this sector.

So, what does this art auction teach collectors across the market? Hitting low estimates is no sign of recovery. Lower standards that are barely met is far from an upswing. Managing expectations is far from art market managing returns.