Market Intelligence
Zoute auction. Superboom at Bonhams
This article covers Bonhams' recent auction in Zoute, where the auctioneer, Maarten ten Holder, introduced a "dynamic concourse" formula, starting the offers at 35%-40% of the minimum estimate, instead of the usual 50%, generating a frenzy of offers. Of the 73 cars offered for sale, 69 were sold, 26 of which exceeded their maximum estimates, resulting in a €23,372,936 ($22,747,825) turnover and an average price of €338,738 ($329,675) per car. The highlight of the auction was the 1957 BMW 507 S1, which was sold for €2,093,000 ($2,037,020). Other notable sales included a 1968 Lamborghini Miura P400, which was sold for €1,115,500 ($1,085,665) and three modern "special bodied" cars. The auctioneer's skills were praised for successfully placing these cars, which were built to very personal specifications.
Maarten ten Holder, the sensational auctioneer of Bonhams confirmed his talent once again in Zoute, a small seaside resort with his highly original “dynamic concourse” formula. In fact, he started the offers at 35%-40% of the minimum estimate instead of the usual 50%, immediately generating a frenzy of offers. At that point, the energy of the auctioneer kept the pace high obtaining extra raises and results in the process.
The result? Of the 73 cars offered for sale, 69 changed hands (94.52%) and of these 26 (over a third!) exceeded their maximum estimates. An exceptional number, which, when you place it next to the €23,372,936 ($22,747,825) turnover (out of €25,399,000 estimate, or 92%) and an average price of €338,738 ($329,675) per car, in all likelihood makes this the best Bonhams auction this side of the Atlantic. Congratulations.
