Market Intelligence
Bonhams at Goodwood: everyone on track!
Bonhams at Goodwood event saw lower sales this year, but buyers found bargains like the 1963 Chevrolet Corvette. The 1931 Bentley fetched £563,500, showing acceptance of adjustments.
When you hear the name “Bonhams at Goodwood,” you immediately conjure up thoughts of million-dollar cars, but then you add the Members Meeting and the prices fall immediately. Compared to the more famous Festival of Speed and Revival, this is more of a “banging doors” event, with ex-BTCC cars that are worth five digits, not seven like their “wealthy siblings.”
This year’s Bonhams at Goodwood was a bit lacklustre, but it must be said that last year’s event was Oscar-worthy. While the number of cars on offer increased from 74 to 94, only 5 more than last year changed hands, dropping the percentage of lots sold from 85.14% to 72.34%. Things were a lot worse when we look at the value: in 2022, they sold nearly £6.8 million worth of cars with a pre-sale estimate of £6.15 million (110%), but this year, despite a 46% increase in the overall value of the cars on offer to £8,976,000 (€10,141,850), total takings dropped to just £6,276,938 (€7,092,220). In other words, they only took home 70% of the estimated takings. With more cars but less revenue, the average price dropped from £107,794 (€121,795) to £92,308 (€104,300), considerably lower than the FoS (£140,000 on average) or the Revival (£154,000 in September 2022).
