Market Intelligence
History: Love and Business
The Simeone Museum in Philadelphia is a paradise for car enthusiasts, hosting an auction each October where classic cars from the 1920s and 1930s are put up for sale. At this year's event, held by English auction house Bonhams, yielded the best results ever for the auction house, with a 64.28% sales percentage and $3.188m in takings. While the most expensive car was a 1931 Bentley 8 Litre Tourer with coachwork by Swallow, the most interesting cars were a 1935 Mercedes-Benz 290 Cabriolet A with original coachwork by Sindelfingen, a 1912 Babcock Model H 7-Passenger Tourer, and a 1913 Rauch & Lang Model J. These four pre-war cars demonstrate the resilience of this part of the market, as all three exceeded their maximum estimates.
Historically, Philadelphia is one of the most important cities in the United States. The Declaration of Independence and the American Constitution were both signed here. Its museums are equally as important but for us, there is only one: the Simeone Museum! It’s one of the most important in the world and is home to all kinds of delights: Alfa Romeo 8C 2900, Shelby Cobra Daytona, Porsche 917 LH and the list goes on forever...
At the beginning of every October, in this paradise for car enthusiasts, the English auction house Bonhams organizes an auction whose purpose is to remind us that, even without having millions of dollars to spend, you can take home some magnificent automobiles, often dating back to the 1920s and 1930s. So forget modern hypercars with a Cavallino on the hood or Bugattis fresh from the dealers. Here, the average year of production of the 56 cars up for sale was 1951.
The result? I think it’s fair to say very good but then the Simeone auction is for true enthusiasts - those who know everything about their passion and don’t care about the hardships of the world. The 64.28% sales percentage (36 out of 56 cars) is very good and the $3.188m takings (out of $4,218 on offer), which translates to 75.5%, are the best results ever for the auction house, demonstrating the resilience of this part of the market.
