Market Intelligence
Bonhams: a slippery road
The article discusses the recent attempt by Bonhams to organize a physical auction in Brussels after a virtual period due to the Covid-19 pandemic. Unfortunately, the auction did not go as planned with only 54% of the cars sold, and they only managed to bring in 37% of their estimated value. The most expensive car sold was a 1952 Mercedes-Benz 300 Adenauer Cabriolet, which was the last of its dynasty of large four-door sedans with folding roofs. Other cars that went under the hammer include a 1959 Fiat 600 Multipla and a 1971 Aston Martin DBS Vantage Sports Saloon. The article highlights that there were many deals to be made at the auction, but the prices for some cars were lower than expected due to issues such as non-original engines and undisclosed modifications.
While waiting for a vaccine that permanently frees us from Covid-19, many auction houses, after a “virtualization” period of 4-5 months, are attempting to organize physical auctions with mixed results. It’s almost as if they’ve agreed together, as starting 1st September many sales have returned to being organized in fantastic venues with physically examinable cars and buyers who greet each other with warm bumps of the elbow before fighting over the lot that interests them, by waving their palettes.
Bonhams tried its luck, too. But whereas RM set its sights on a great classic (Auburn) and Gooding pulled out some seriously heavy artillery in London, Bonhams fought an uphill battle from the very first lot. By pure coincidence, the event in Brussels was the first one post-lockdown and this forced them to stake their reputation on a formula that hadn’t been tested, in a nation without its own historical automobile heritage (although the museum where the auction was organized is gorgeous) and without any related event that could attract additional collectors. Let’s just say if you were there, it was because you wanted to buy, you didn’t chance there by accident.
In addition to the “non-amicable” environment, the cars didn’t exactly help as you’d be hard pushed to say they were the most desirable ones on the market. With only one Ferrari (a 365 GT4 2/2 at that), few Porsches and just two pre-war Mercedes as a top lots (both unsold) the sale was never going to be a truly outstanding one. It’s no surprise that just 33 (54%) of the 61 cars on offer were sold, while they only managed to bring home 37% of their estimates (€2,055,050 compared to the total minimum estimate of €5,540,000). Indeed, this result of “just over 2 million” is hardly what you’d call a flattering result; remember that the top lot at Retromobile sold for more than double that figure.
