Market Intelligence
Slip-up. Not for everyone.
In this auction, the hard game of hammer sales resulted in a higher price of risky choices. The complex structure of the sale, lack of clarity in descriptions, and difficulty in access to the cars all contributed to an underwhelming result. The top lot, a 1967 Ferrari 330 GTS, was the only car that sold within its estimates, while other cars sold for far less than their estimates. The best deals of the auction were two Porsches, which sold for far lower prices than expected, but the lack of clarity from the auction house on the condition of the cars means the result could be a gamble for the new owners.
The harder the game gets, the higher the price of the risky choices you make. It’s not a criticism, that’s not our role. It is a statement after the not-exactly-exhilarating results of the Bonhams Auction at Goodwood Speed Week. Clearly, they were wrong to defy one of the sacred rules of hammer sales: simplicity. The auction was held in London but the cars were exhibited in Goodwood, 67 miles away, not exactly around the corner. Then the sale was divided into two parts, first automobilia and some cars, and then, after a couple of hours, the other cars. Without considering the hygiene and social-distancing rules we now take for granted but which cannot be overlooked that inevitably complicate the registration and entry procedures.
The results speak for themselves. The first part of the sale closed with 47% of the cars sold and 37% in takings (and here too, it’s fair to make an observation: the estimates, in many cases were optimistic), but the effect of the interruption was substantial: in the second part of the sale, 37.9% of the cars changed hands but this was not reflected in the takings, which dropped to just 28.8%. Thankfully the top lot was fought for and sold successfully, accounting for almost half the total of the second part.
In the end, the final tally came to £5,610,407 sold against £17,151,000 offered (32.7%) and 44 successful sales out of a potential 99 opportunities (44.44%).
