Bonhams Retromobile- Sale Results Feb 09

In the midst of a global recession, the Bonhams auction at Retromobile last Saturday provided evidence that the market is still strong for prestigious classic cars at the right price. The total of €11.25 million was up on last year’s result, and more than 70% of the lots found buyers. However, there were a number of cars in the upper price estimates which didn’t achieve their reserve, indicating that there is possibly just a bit of caution amongst buyers at the moment.

The featured car, the ex-Earl Howe 1937 Bugatti Type 57S Atalante went for €3,417,500, slightly above estimate; “Black Bess”, the ex-Roland Garros Bugatti Type 13 sold above estimate at €2,427,500, and two other Bugattis, a 1934 Type 57 Ventoux Coach and a 1934 Type 57 Sports Saloon, also found buyers at €166,750 and €306,700 respectively.

Of the other cars mentioned in our preview of the sale last week, the 1929 Duesenberg Model J was passed in at €1,356,823, slightly less than its pre-sale estimate. The 1929 Isotta Fraschini Tipo 8A Roadster also failed to make its estimate, the highest bid reaching €361,845. The alloy-bodied Ferrari 250GT SWB surprisingly failed to attract a buyer, bidding stalling at €1,329,360. A 1964 Lotus 30 Mk 1 Group 7 Sports-Racer and a 1973 De Tomaso Pantera Group 3 were both unsold, reaching €180,897 and €206,097.

In probably the biggest surprise of the sale, a Citroen DS23EFI Cabriolet sold for a stunning €337,500. Possibly the world’s most desirable Citroen, this is one of only three convertibles built on the DS23 platform, and the only one with fuel injection. The car was one of many rare Citroens sold during the show, including another DS Convertible (€172,500), and an SM ‘Opera’ Saloon, a Chapron-built long-wheel-base four door version of the classic GT, which sold for €194,500.

Among the high priced exotica there was also the odd (almost) everyday, usable classic at reasonable prices. The €41,400 paid for the stunning Alfa Romeo Giulietta Sprint Speciale seems like an especially good deal, but someone also snapped up a very low mileage Maserati Indy for only €32,300, and an increasingly rare Honda S800 was acquired for a bargain €12,075.

James Knight, Group Head of Bonhams’ Motoring department commented: “The sale attracted unprecedented exposure, we had a packed saleroom of over 1,500 people and I am very pleased with the results. I felt the Type 57S Atalante made a market correct price and was pleasantly surprised with the result for Black Bess. I was staggered by the price achieved for a DS23 Cabriolet – I have no idea what the record was, but I reckon we must have smashed it! By the time the sale finished we had achieved a success rate of over 70%. The sale result endorses my assessment of the market. There is a healthy interest for rare and interesting motorcars and a ready market for most other cars as long as they are priced at levels to encourage interest. This was just the start to 2009 we were looking for and we can draw confidence from the results.”

Further information including sales results can be found here

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