Classic Car Market Overview - July 2003

By Simon Kidston, President of Bonhams Europe
 
1986 Ferrari Testarossa

Artcurial's 'Sport et Luxe' Sale on 7th July saw few cars of interest on offer and many were returned unsold to vendors, including the Ferrari Testarossa previously registered to Princess Caroline of Monaco, hawked around the trade prior to the sale.

Canadian outfit Iegor held a small sale of classic cars on 9th July including a Bugatti Type 57C Cabriolet by Gangloff (CAN$281,750) and a standard Type 57 Cabriolet (CAN$241,500) alongside an array of more prosaic models

Bonhams' traditional Goodwood Festival of Speed Sale saw fewer quality entries than usual and most of the star cars failed to attract buyers, highlighting how difficult it is at present to source good quality private entries.

1973 Ferrari 365 GTB/4 Daytona Berlinetta

Top seller, and deservedly so, was the right-hand drive Ferrari Daytona with an astonishing 2000 miles covered from new which achieved £92,000 plus premium, leaving the black sister car formerly owned by Sir Anthony Bamford unsold - again, provenance is everything.
The Lagonda LG45 Drophead was spot on the money at £65,000, and the ex-John Whitmore Lotus Cortina drew a round of applause at £55,000, nearly double top estimate.

A Ford RS200 with no less than 600bhp will be joining a Swiss collection at £72,000, whilst bargain of the sale had to be a clean example of BMW's landmark M1 supercar at a very affordable £26,500.

 

A couple of weeks later Bonhams were in action again, this time at Lord's Cricket Ground where they held a record sale back in 1991. Although no 'mega' cars were on offer, the Bentley 8 Liter with replica touring coachwork raised a very deserved £143,000, the day's highest price.

The handsome Rolls-Royce Silver Ghost bodied by Hibbard & Darrin of Paris with town car coachwork stopped at £56,000, short of reserve, whilst the attractive early Rolls-Royce Corniche Convertible puzzled by not selling at mid-estimate. Bargain of the sale was the 1949 Bentley Mk6 bodied by James Young on one of their 'off' days, but gloriously quirky and almost certainly unique - a great deal of car and history for just £11,050.

Simon Hope's H&H team were back in Buxton on 23rd July for one of their regular sales of classic cars to suit all tastes and pockets. The Fittipaldi F8C show car at £5,100 offered great value even if the new owner decides to use it as a garden sculpture, whilst yet another XJ220 was offloaded, this time at £81,500 - how the mighty have fallen. At the other end of the spectrum a 1988 Jaguar XJS with 'go-faster' TWR skirts was an awful lot of car for the price of a good dinner (assuming Oliver Reed and Richard Harris are choosing the wine) and a Maserati Quattroporte at £1,600 will no doubt have fellow owners crying in their Lambrusco.

Back in London on 28th July, Coys of Kensington offered an interesting MG based collection from near Cologne in Germany, most of which were sold near bottom estimate. A Lotus 11 offered an entry ticket into a wide variety of events for just £38,000, and the Indian Chief motorbike from the same collection provided Marlon Brando style glamour at just £7,200, just over half bottom estimate.

August is the big month for classic car auctions, with no less than three flagship events taking place in Monterey, California, where Bonhams, RM and Christie's go head to head over the same weekend. Stay tuned.