Artcurial leads the way

Cliff Goodall’s view

Artcurial seems to take us back to the early 2000s with the Paris auction. Back then, auctions were less theatrical, and the range of models on offer was more diverse, not focused on the sensationalism of top lots. While the results of this event may not be remembered as the most successful ever, with 69 cars offered and 51 sold (73.91%), and the somewhat subdued total estimate of €5,438,000 generating just €2,877,892 in takings, compared to nearly three times that amount last year, there was something appealing about it. The average price also halved from €119,047 to €56,429, despite the increase in the number of cars offered without reserve, which increased from 31.25% to nearly half.

Artcurial Paris, 22nd October 2023 So why do I find it appealing? The answer lies in the lots. Some offered intriguing insights into market trends, while others, particularly the top lots, remained stagnant. What does this mean? It reflects a measure of caution in a time of economic uncertainty, but it also represents a response to the tendency to push estimates higher. Artcurial has understood this, even though it might not have gone far enough. In times of euphoria, like the post-Covid period, pauses are needed to catch one’s breath. I will continue to closely monitor not just the overall market but its most sensitive segments. It will be both useful and interesting.

Let’s break the ice and start with the most expensive car. The 1981 Ferrari 512 BB, red with a black lower band and beige interior, a carburettor version (more desirable), matching numbers, and 38,000 km on the clock. It’s a beautiful car and an excellent indicator of market trends. In 2021, prices ranged from €180,000 to €250,000, and the following year, they climbed to €200,000 to €260,000. Looking at recent values, I would have estimated it at €220,000 to €250,000, but the auction house’s team was more cautious: €180,000 to €220,000. And they were right: sold for €202,640.

1981 Ferrari 512 BB sold for €202,640 ($213,815)

Speaking of declining prices, the story of the 1983 Rolls Royce Silver Spur is an interesting one. Chassis DCX06871 was originally sold to Marcel Dassault (of Dassault aerospace industries) with a very elegant livery - ‘Georgian Silver’ paintwork, a black vinyl roof and magnificent beige leather upholstery, an electric glass division between the front and rear seats. In 2022, with 11,507 km on the clock, it was offered with an estimate of €40,000 to €80,000 and sold for €73,444. In October 2022, it was again offered with the same estimate (€40,000 to €80,000) but without the same fate, selling for €45,296. Now, with 11,948 km (barely 450 km more than the first sale), it stalled at €35,760. Let’s not generalize: we’re talking about a car with a challenging place in the world of classics. But it’s good to know.

1983 Rolls-Royce Silver Spur sold for €35,760 ($37,730)

Useful for comparison is the 1989 Maserati Quattroporte, the third series and one of the rare Royales. With a 4.9-litre engine, the most powerful in the range, and an extended wheelbase, it was the car of the Italian Head of State. Its colour combination of “Canna di Fucile” and “Cuoio Naturale” interior make it exceptional. Estimated at €15,000 to €25,000, it easily exceeded expectations, selling for €29,800, underscoring the importance of the history that accompanies certain cars.

1989 Maserati Quattroporte III Royale sold for €29,800 ($31,445)

Another car with an increasing price is undoubtedly the Ferrari 456. The market is beginning to appreciate the elegance of this model, which marked Montezemolo’s arrival at Ferrari. Artcurial offered the “M” variant (second series with a manual transmission) in one of the most beautiful and rare combinations of its time: Blu Tour de France with a Rosso Cartier interior. Sold in France in 1999 with 55,000 km on the clock, it had recently been the subject of a major service with the bill coming to over €20,000. Just a couple of years ago, an estimate of €70,000 to €100,000 would have been unthinkable, but the final price of €85,824 now seems reasonable. This is a model to keep an eye on.

1999 Ferrari 456 M GT sold for €85,824 ($90,550)

The auction also featured a 2000 BMW M5, a highly regarded M5 model thanks to its naturally aspirated V8 engine and manual transmission. This one came in a rare dark blue with a two-tone interior (light and dark grey), three owners, and had covered approximately 70,500 km from new. The estimate was €35,000 to €55,000, but the market was more optimistic, and it changed hands for €57,216. In the United States, this model has already attracted attention, with a couple of examples selling for over $100,000 (both single-owner cars with less than 40,000 km).

2000 BMW M5 (E39) sold for €57,216 ($60,375)

Perhaps the best deal of the day was the 1963 Mercedes-Benz 220SE Coupé. One of the most prestigious cars of its time, it was originally white but today the car is elegantly finished in grey with a black roof, looking much improved. According to the catalogue, the car had a somewhat troubled history and had been little used in recent years, therefore a general service was recommended so that the car could be driven with peace of mind... you get the idea. The estimate was extremely low at €20,000 to €30,000, and it was sold without reserve, but doubts (and costs) affected the bids, and it was finally sold for €17,880.

1963 Mercedes-Benz 220 SE Coupé sold for €17,880 ($18,875)

As for the car I would have gone the extra mile for, it was the 2009 Renault Mégane R26.R, the car that remained the benchmark for driving fun for five years even after production ended. Left-hand drive (the car was originally designed for the English market, so LHD versions are particularly rare), just 36,000 km on the clock, the exceedingly rare deep-black livery, and a well-documented history. The estimate was €35,000 to €55,000, without reserve. It sold within the estimate at €45,296. As I write this, I’m thinking about my own R26.R... on a scale of 1:43 though!

2009 Renault Mégane RS R26.R sold for €45,296 ($47,815)