Classic Car Market Overview - April 2003

By Simon Kidston, President of Bonhams Europe
 

My apologies for a lengthy absence since the last market report but it's been a busy time in the auction world since the season really kicked off at the end of January.

1966 Ferrari 275 GTS
Photo RM Auctions

7th February saw RM offering a wide variety of cars, including the usual vast array of Americana and a selection of European classics, down in Boca Raton, Florida. Highlights included an Aston Martin Vanquish and a Bentley Azure, neither of which sold, and a Ferrari 275 GTS which seemed fairly priced at $159,000. The sale rate was reasonable but there was nothing to write home about.

Heineken Collection at Christie's

A few days later saw two major sales taking place during the Retromobile show in Paris. Christie's had consigned some interesting but expensive cars to their sale, held in a corner of the exhibition hall, plus cars from the estate of the late Freddie Heineken, which were all keenly priced.

1932 Bugatti T55
Photo Craig Phillips

The English dealer vendor of Christie's Aston Martin DB4GT more than doubled his money in two years, reaching EUR668,250 (actually below the estimate!) whilst top seller was the late Bill Serri's re-bodied Bugatti Type 55, which raised a hefty EUR1,680,250 and will be joining Pierre Bardinon's Ferrari collection in France. A heavily rebuilt Bugatti Type T35B (show me one that isn't) drew EUR943,250, showing that these cars are regaining the recognition they deserve.

 

 

1959 Ferrari 250 TDF 1333 GT
Photo Christie's Images Ltd.2003

The open headlamp Ferrari Tour de France which came to the sale from Britain also did very well, its patina attracting much favourable comment. The hammer went down at EUR1,108,250.
Freddie Heineken's cars deservedly raised top money, especially the ideally specified Bentley R-Type Continental at EUR272,250 (no, they are not all worth that now) but even more surprising was his Bentley S3 Convertible at EUR151,250. I hope the buyer does not lose interest in a hurry…
Two highlights failed to sell, the Ligier JS3 which has a tiny market, and the Jaguar XJ220 which is about as fashionable today as the music of the same period.

The following day the newly named Articurial (incorporating the old Poulain Le Fur) enjoyed a sell-out auction nearby when they offered the Mercedes-Benz collection of the late Rolf Meyer, who died racing his 300SL Gullwing. These cars were rumoured to have been sold on behalf of the German tax authorities following a collapse in value of the estate's assets due to the stock market crash whilst the estate was frozen after Meyer's death - a sad story if true.

1929 Mercedes-benz SSK ex-Carlos Zatuszek

Nonetheless the heirs must have been pleased to see the interest shown in Meyer's collection, including EUR3 million paid for the much talked about Mercedes-Benz SSK (Is it real? Are there two chassis?), not to mention EUR350,000 paid for Marshall Tito's Mercedes-Benz 600 Landaulet, plus countless other staggering prices. It just goes to show how buyers get into the mood of an auction, and if things start off well they will be encouraged to keep on spending, even if they know they are paying too much. The opposite is also true.
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