Classic Car Market Overview - April 2003

By Simon Kidston, President of Bonhams Europe
 

Another surprise also occurred on 19th February when provincial UK auctioneers H&H offered a nicely restored early Mercedes-Benz 300SL Roadster which set a recent auction record at £160,000. There seems to be no obvious reason for this, and 300SLs have certainly not almost doubled in price overnight.

22nd February saw RM offering a colossal Lincoln collection (400 in all) ranging in value from less than $100 upwards. If you ever fancied owning a four-door Continental convertible like John F. Kennedy's, this was the place to be and there seem to have been plenty of bargains as everything was offered without reserve.

Two days later Bonhams held one of their regular sales at Hendon's RAF museum, mostly everyday fare highlighted by a shiny red Ferrari Lusso converted to 4 litre specification which sold for £91,700 - good value compared to its sister Ferrari 250 SWB.

Coys at Islington Business Centre

Coys of Kensington were in action in London on 3rd March in Islington, also with a fairly pedestrian selection which at least pays the bills. A 1991 Alfa Romeo SZ was a lot of car for £15,000 although I rather liked the Facel Vega HK 500 at £22,500. The Ferrari Daytona also seemed good value at £53,000 - when will they ever recover?

Despite a torrential downpour which almost rained off the Concours d'Elégance, RM fared reasonably well at Amelia Island in Florida on 8th March. RM's own Ferrari LWB California Spyder again failed to sell, but their 400 Superamerica was announced as sold at $341,000 although rumour has it that this car is the subject of some post auction…."discussion". The Ferrari F40 at $308,000 reminds us what a significant premium US specification examples of recent supercars can command (even if many owners are prouder of telling you how few miles their F40 has covered rather than how fast they have driven it).

 

1959 Maserati 5000 GT
Photo RM Auctions

The Touring-bodied Maserati 5000 GT offered at Amelia Island was my car of the sale, a stunning creation restored to perfection and, in my opinion at least, worth every cent of the $495,000 paid by a smart US collector.
Despite recent 'big number' transactions on similar cars, RM's Mercedes-Benz 500K Special Roadster did not sell at just over $2 million, but then again this was an early version with low doors and short tail - not the version collectors want. As they say, the devil is in the detail.

Other recent news: effectively a brand new GT40 was sold by Christie's in London on 24th March for £192,250 (will it be eligible for anything?) and sales were lacklustre at Artcurial on 31st March and H&H on 9th April, where the quality of cars offered and the sale rate seem to have been low.

US colossus Barrett-Jackson held another of their marathon events in West Palm Beach, Florida, on 11th April (the part of town better known for drive-by shootings than designer boutiques), where the sale rate appears to have been pretty good. If it's stylish presentation you are after then try the European auction houses, but if you are not fussed and just want a quick sale (or purchase), visit a Barrett-Jackson auction; it's worth it for the entertainment value alone.

Finally, Coys of Kensington were back at their Islington venue on 26th April with the usual array of mostly road cars and moderns. The sale rate appears to have been good, including £21,500 for an Alfa Romeo Giulietta SS, £64,500 for a Lagonda M45 Le Mans replica, a lowly £28,000 for the alloy bodied Lamborghini 350GT (but I did not see the car) and £45,000 for a rather nasty looking Lamborghini Miura S (I remember breaking down in it years ago in a cloud of steam).

Oh - I almost forgot - Bonhams had a sale in Geneva on 10th March and that was not half bad either…