Market Intelligence
Bonhams, MPH and the grass on the other side…
The article discusses the recent online auction held by Bonhams, a London auctioneer, and their attempts to attract younger collectors by introducing modern and affordable cars. The auction achieved a 48.2% sales rate, with the top lot being a pre-war 1927 Bentley 3-Litre Speed Model which sold for £225,000. Other notable cars sold included a 1993 Porsche 911 Turbo 3.6-Litre 964 Coupé and a 1995 Land Rover Range Rover 4.6 HSE. The article explores the performance of these cars and highlights the growing interest in classic cars among collectors.
If we also take into consideration Brooks, Bonhams is the oldest European auction house for historic cars. The Brooks auction house was founded in 1989 following the impulse of Robert Brooks, the famous auctioneer at Christie’s who, in 1987, sold the Bugatti Royale Kellner for £5.5 million, a price that broke all previous records for a historic car (remaining undefeated until 2007). Robert Brooks, along with super-collector Evert Louwman, bought Bonhams in 2000 and from that moment became chairman of the entire auction house while his company transformed into the Motor Cars department of Bonhams. This was until 2018 when the two partners sold their respective shares to the Epiris investment fund and Brooks withdrew from business, not before selling his final lot... obviously a car!
It is therefore easy to understand how, among the leading players, Bonhams has always been the one with the most classic approach, a London auctioneer who grew up in the early ’80s with “only” Bentley Blowers and Rolls Royce Silver Ghosts on his mind. To this day, it still has this underlying characteristic, suffice it to say that in all the non-virtual auctions held this year the top lot was a pre-war car.
The new owners, however, have tried to remove some dust from this brand by introducing some innovations that should entice younger collectors to their sales. In the case of the historic car department, in particular, the idea was presented under the acronym MPH: cheap cars (under £50,000) that were principally modern. Of course this target is also the easiest to intercept should the auction be carried out online.
