Artcurial: surprises at Le Mans

Cliff Goodall’s view

There are two Le Mans events. The first is the classic endurance race: a full-throttle 24-hour battle where car manufacturers showcase their cutting-edge technology (and aggressive marketing). On the other hand, there’s the Le Mans Classic: a reunion of cars that participated in the old editions of the competition. Two events, two auctions: RM organized a small auction for millionaires during the first event (see last week’s Roarington), while Artcurial, as always, remained faithful to the traditional version.

Here are the numbers from Artcurial’s sale on 30th June: 116 cars offered, 76 sold (65.51% success rate), €16,854,000 offered, with €9,222,504 changing hands. When comparing these figures to last year’s results (94 cars sold for €11,506,156), some may be tempted to make negative comments. However, it’s important to consider a few factors. Firstly, in 2022, there was no competition from RM, so potential buyers might have been momentarily “distracted”. Secondly, last year’s top lot alone fetched a staggering €3.4 million, whereas this year’s top lot went for €1.3 million (resulting in a difference of €2.3 million). Lastly, due to publication timelines, we do not yet have the post-auction sales data for this year, and the final result could potentially be even better than anticipated.
Now, let’s discuss the cars, but with a unique twist: I personally attempted to purchase one of them. This revelation will undoubtedly provide valuable insights for those unfamiliar with this captivating world!

1990 Porsche 962 C went unsold at €1,280,000 ($1,393,200)

Let’s start with a the top. All eyes were on the highly anticipated top lot: the 1990 Porsche 962C, which secured a remarkable third-place finish in the 24 Hours of Le Mans that year. The estimated value of €1.5m-€1.8m was considered too high, and bidding stalled at €1.28m, leaving it unsold. This shifted the spotlight to the 2007 Bugatti Veyron. Resplendent in its signature blue/black livery and with only 8,412 km on the clock, it was estimated at €1.25m-€1.5m. Prices for this model were around €800,000 in 2019-2020. However, collectors have begun to appreciate it more, and the final price of €1,370,800 aligns perfectly with market estimates. It wouldn’t surprise me if the buyer eventually makes a substantial profit in the years to come.

2007 Bugatti Veyron 16.4 sold for €1,370,800 ($1,492,025)

Meanwhile, a 1958 Mercedes-Benz 300SL Roadster (estimated at €1.2m-€1.5m) failed to find a new owner despite reaching a maximum offer of €1.1m. Cosequently, the task of upholding the event’s prestige was shouldered by the 1934 Aston Martin Ulster. During that era, numerous Ulsters participated in the gruelling French endurance race, making this auction an opportune moment to offer one for sale. Yet, the market for this model seems to be in free fall. The peak was reached in 2015 when one was sold for approximately €4 million, likely due to its exceptional condition.

1958 Mercedes-Benz 300 SL Roadster went unsold at €1,100,000 ($1,197,285)

Subsequent Ulsters sold between 2017 and 2020 commanded prices ranging from €1.8m to €2m. Fast forward three years, and a 1934 Ulster with a Le Mans 24 Hours racing history took centre stage. Despite an estimate of €1.1m-1.3m, the market has already moved on, leading to a final sale price of €1,013,200. To complete the picture, a few weeks ago RM auctioned another Ulster, this one having participated in the 1932 Le Mans race, selling it for €905,000.

1934 Aston Martin Ulster sold for €1,013,200 ($1,102,850)

While the performance of the “big-ticket” cars was somewhat lacklustre, vehicles with more modest price tags stole the show, exceeding expectations dazzling both bidders and spectators alike.

A prime example of this was the 1997 Land Rover Discovery 300 TDI Camel Trophy Mongolie. One of just 20 produced specifically the famous Camel Trophy expedition through the treacherous Gobi Desert, this particular model had covered just 33,500 km and came equipped with all the original expedition gear. In February, another similar Land Rover Discovery fetched €50,064 at Artcurial. With an estimated value of €30,000-€50,000, no one could have predicted that it would go on to set a new record for the model, ultimately selling for an impressive €89,400. Who would have anticipated that an extreme off-road vehicle would not only conquer the rugged terrain but also triumph in the auction arena?

1997 Land Rover Discovery 300 TDi Camel Trophy Mongolie sold for €89,400 ($97,300)

Another success story among the “smaller” cars was the 1969 Renault 8 Gordini 1300. This car, which had been part of the Renault Classic Collection since 1972, had a history of competing in the Gordini Cup and even participated in the prestigious Monte Carlo Historique in 2017, driven by the legendary Jean Ragnotti. With 50,000 km on the clock and equipped with a close-ratio “Montagna” gearbox, it was estimated to fetch €40,000-€60,000, however, the price quickly surged to €76,288. Such a result should come as no surprise, given the car’s captivating story and exceptional qualities.

1969 Renault 8 Gordini 1300 sold for €76,288 ($83,035)

The Ferrari F430 Challenge, presented alongside a Coupe and a Spider, offered some fascinating insights. The red 2005 Coupe, equipped with the F1 gearbox and 28,000 km on the clock, shared the same transmission as the Spider, which was a year younger in a fetching metallic grey exterior with red interior, and had covered 30,000 km. The Challenge, also from 2006 and painted in red, had participated in the Ferrari Challenge racing series.

2006 Ferrari F430 Spider F1 sold for €102,512 ($111,575)

Initial estimates placed the expensive Spider at €100,000-€140,000, €80,000-€120,000 for the Challenge, and the Coupe fell within the same range. Ultimately, the Spider sold for €102,512, the Coupe remained unsold, and the Challenge changed hands for €83,440. This leads to the question: why does the rarer, more extreme, and high-performance Challenge have a relatively lower value? The answer lies in its limited usability. As it is not street-legal, its usage would be limited to occasional outings on the track. Nonetheless, models of this calibre deserve more opportunities to be collected and used.

2006 Ferrari F430 Challenge sold for €83,440 ($90,800)

I had made a promise, and now I will unveil the car that I attempted to acquire. It is a car that I have adored ever since its release, and the market shares the same appreciation. I’m referring to the Alfa Romeo 4C Coupe. The one presented at Artcurial was a 2015 model. I had made all the necessary arrangements with my bank to place a bid. However, I ultimately decided against it due to a detail that initially seemed like an advantage but, as it turned out, transformed into a significant obstacle. The car was estimated between €70,000-€90,000 and had only one previous owner, with just 160 km on the clock. At first glance, you would think that such incredibly low mileage would be a highly desirable feature, but in reality, it sank my interest. In Europe, there is a law stating that if a car has less than 6,000 km on the clock, it is considered a new vehicle. This meant that if I had purchased the car, I would have had to pay VAT and other taxes, amounting to approximately 30% of its value. Thus, the initial price tag of €70,000 would have come very close to €100,000, vastly exceeding my budget. Regrettably, the car was eventually sold for €77,480, but unfortunately, not to me…

2015 Alfa Romeo 4C sold for €77,480 ($84,330)