Market Intelligence
Swiss Serenity: Bonhams Auction Provides Market Assurance
Bonhams' June 30th auction in Switzerland showcased stable market performance despite fewer sales, focusing on quality over quantity. Highlights included a McLaren P1, a McLaren Elva, and a Lamborghini Diablo VT Roadster.
When I was young, they told me that to sleep "peacefully," I only needed a 1000 Swiss franc note in my drawer. I never understood it until this weekend. What do auctions have to do with 1000 franc notes? Well, during these weeks of political uncertainty affecting all of Europe, including England as geography dictates, Switzerland has remained as steady as a 1000 franc note, providing market stability and proving it with Bonhams' sale at Bonmont on June 30th.
Sure, at first glance, the results aren’t as strong as last year, with a 68.51% sell-through rate (compared to 87.93% in 2023), but examining the no-reserve vehicles offered reveals why: last year, they represented more than three-quarters of the total offering, while this year, just over a third. Thus, despite fewer lots sold (37 out of 51), the total revenue remained nearly in line (CHF 8,219,050 versus CHF 8,838,325 in 2023), with the average price rising from CHF 173,300 to CHF 222,137. Essentially, last year they included more affordable, no-reserve cars aiming for numbers, while this year they were more selective, even at the cost of some certain sales, but focusing on quality.
