Shannons Summer Classic Auction Nov 08

Shannons hosted their annual summer classic auction in their Cheltenham headquarters on 24th November. Amongst assorted automobilia lurked 37 classic vehicles. Much pre-sale publicity was focussed on the final car of the evening, a 1997 Hummer H1 first owned by mercurial Aussie tennis player Mark Philippoussis, who spotted one at a Sydney motor show and put a deposit down immediately. This ultimate show of road-based machismo, a no reserve lot, sold for $69,000 against a pre-sale estimate of $40-50,000.

Of other no reserve lots, some keen prices were bid and taken from the floor, which was well filled but generally subdued throughout. The first lot, a pretty 1965 Karmann Ghia in White which garnered some serious get-down-on-your-knees inspection pre-sale went for a bargain $7500 (est: $8-12,000). Another non-reserve German, a 1980 Merc 450SLC with injected and thoroughly thirsty V8 with poor paintwork and ‘substantial underbody rust’ according to auction manager Chris Boribon went for a paltry $2300 ($8-12,000), after a tongue-in-cheek $1000 bid opened proceedings after an anxious wait.

Along with the Hummer, a cosmetically refurbished and highly presentable 1959 MGA 1600 Mk1 energised crowd and Shannons team alike as two telephone bidders slugged it out. Eventually this little gem sold for $21,500 ($14-18,000).

Frustratingly, other bidding battles often faded as low estimate values were breached. The key Europeans included a marvellous Mercedes-Benz 190SL in red (similar to another sold by Shannons four months previously for an Australian record $170,000) stalled at $96,000 which was not enough to find a new home. Admittedly the bidders could be forgiven for their disappointment as this was $6,000 above the bottom estimate ($90-105,000).

An original RHD HK 500 Facel Vega, very rare in Australia and with big-block Chrysler motivation was also passed in, at $108,000 ($100-125,000). This trend continued when a splendid blue Ferrari 330GT 2+2 with sumptuous light blue leather reached an impasse at $154,000 ($150-180,000). This was a very competitive price range in the current world market for its condition as described by Shannons.

The ‘no sale’ story continued through the American muscle machines with all three open air Corvettes and both sixties Mustangs failing to attract enough interest to move on. As for Aussie muscle- traditionally the best indicator of confidence in our collector car market- the news was similarly staid. Vehicles from each of the big three (Ford, GM-H and Chrysler) ranged from $32-165,000 pre-sale but each was passed in. Perhaps the biggest disappointment was the White A9X Hatch, fully restored with the cachet of a Neil Burns (ex-HDT) engine rebuild, which stalled at $108,000, well short of $130-160,000 estimates. An XA GT sedan, in the right shade of red with black bonnet and in storage since 1993 only attracted $67,000 against $68-76,000. The highpoint in Aussie attractions was an immaculate Grey E49 Charger, but it also hit the wall at $148,000 before it was passed in (curiously $8,000 above pre-sale estimate ($140-165,000)).

Small relief was provided by 1961 Holden EK, an older but well executed restoration that sold for $11,500 ($8-12,000). A Customline with several paint marks but in otherwise sound condition attracted solid bids to sell for $16,700 ($14-17,000). A 3.4 litre Jaguar Mk2, originally auto but now with a 4 speed overdrive manual, hit it’s mid-estimate at $14,000, an attractive price for a usable classic.

Shannons now look forward to 2009 and their showcase sale in March’s Melbourne International Motor Show. As Christmas passes and consumers settle into the economic conditions, the government is attempting to stimulate spending by improving borrowing conditions. The flow on effect should see investors turn back to quality classics, especially now that sellers are being forced to reduce their pricing expectations. 2009 is shaping up to be a buyers market and auctions should recover as a result.

For full auction results visit www.shannons.com.au

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