RM Sotheby's at Le Mans, Bonhams in Switzerland: good sales but cautious offers
28 June 2023 4 min read 8 images
Photo credit: RM Sotheby’s
Cliff Goodall’s view
For RM, it was a (high-risk) gamble, while for Bonhams, it was a confirmation. In the second week of June, two auctions captivated the interest of the European market. RM organized a sale to commemorate the centenary of the 24 Hours of Le Mans, presenting a modest selection of just 22 vehicles, with only two offered without reserve. The average price per car was over £1.6 million. Meanwhile, Bonhams chose the well-established Bonmont location in Switzerland, bringing 58 cars to their event, a remarkable 44 of which were offered without reserve.
As a result, Bonhams’ outstanding performance came as no surprise (87.93% of lots sold), while RM achieved a commendable outcome with a slightly lower success rate (72.73%, equivalent to 16 cars changing hands). Different vehicles and circumstances led to significantly contrasting average prices: €1,229,672 for RM and 173,300 Swiss francs (176,572€) for Bonhams. The tasting menu of these two events consisted of eight courses, each one offering a captivating glimpse into the state of the market.
At Le Mans, RM presented cars that had participated in the iconic 24 Hours race (hence the limited number of cars). And just like on the racetrack, Ferrari emerged victorious under the auctioneer’s hammer. The 1955 Ferrari 121 LM, a classic “barchetta” that can enchant any collector, stole the spotlight. This car, once driven by the Ferrari Scuderia, made its mark in the 1955 Mille Miglia and later took on the gruelling French 24 Hours of Le Mans, driven by renowned drivers such as Taruffi (Mille Miglia) and Trintignan and Schell (Le Mans), where it retired from the race. After being sold at the end of the season, it found further success in America, securing four victories with Ernie McAfee behind the wheel and.
Acquired in August 2017 (still sporting its American livery) for $5.72m, the car underwent a meticulous restoration at Ferrari Classiche, reverting to its original red colour scheme and earning the prestigious Red Book certification. At Le Mans, its estimated value ranged from €5.5m-€6.5m. Ultimately, it changed hands for €5,742,500. However, one can only speculate about the cost of the restoration and certification. This value confirms a trend identified last year: the market for these exceptional automobiles appears to have reached a plateau. We will continue to monitor it closely.
I don’t particularly enjoy discussing unsold cars, although they do play a role in the market. However, this particular case is worth observing: an Alpine A210 Coupé, with three Le Mans appearances (1967, 1968, and 1969), two class victories (1967 and 1968), as well as notable performances in the 12 Hours of Reims, the 500 km of Nürburgring, and the 9 Hours of Kyalami. The car was offered by RM with an estimated value of €1.2m-€1.5m but went unsold, with the highest bid reaching €1 million net.
Hold on! Let’s take a closer look at its story: Gerard Gombert, the passionate collector who acquired the car in the early 1970s, unfortunately passed away, leading to the dispersal of his collection in an epic sale where the Alpine A210 changed hands for an impressive €872,800, surpassing even the most optimistic expectations. Keep in mind that the vehicle had no documentation and had been idle for four decades. The restoration, which turned out to be less costly than anticipated with an engine refurbishment costing €42,000, could have resulted in breaking even if the offered million had been accepted. Was the owner right to refuse?
Staying on the subject of estimates and sale prices, the Porsche 919 brought relief to collectors of the brand after a 962 in Rothmans livery failed to find a buyer. To celebrate its 2014 victory, Porsche produced a small series of engineless replicas for use in events and motor shows. Being a “full-scale model,” albeit an official Porsche creation, it was estimated to sell for €80,000-€120,000. However, the final sale price reached €216,000 (a non-inconsiderable 150% above its pre-sale estimate), which didn’t come as a surprise. In 2021, another identical replica sold for €204,000. At this point, I believe that this is the true market value.
At Bonhams, one standout from the auction was the 2020 Bugatti Chiron, which went unsold but was eventually negotiated off the auction floor. With only one owner and 5,500 km on the clock, it had an estimated value of 2.5-3 million Swiss francs (SFR). However, the spotlight was stolen by a 1990 Ferrari F40. Initially estimated at 2-2.5 million SFR, it sold for 1,955,000 SFR. Interestingly, at the previous Bonmont edition, the top lot was also an F40, selling for the exact same price of 1,955,000 SFR. Incredible! These two cars, with their similar histories, seem to maintain a stable price, although surprises are always possible with this model.
This is a tale of perceptions: lately, I have found the behaviour of the Bonhams team somewhat intriguing. They tend to emphasize flaws in many cars, which, like most sellers, they could easily overlook. Take, for instance, the 1970 Monteverdi 375L High-Speed Coupé: while it wasn’t in pristine condition and had been dormant for about a decade, labelling it as requiring restoration was a slight exaggeration. Was the estimate of 70,000-100,000 SFR too low? It would have been reasonable had a full restoration been necessary, but it seemed rather low, considering a similar model fetched 230,000 SFR last year. Considering the necessary repairs, the final selling price of 155,250 SFR doesn’t come as a surprise.
The car that truly surprised me was the 1973 yellow Porsche 911 2.7 Carrera RS. It tops the list of my favourite 911s, so every time one comes up for sale, I secretly hope it won’t be sold – thus driving down the price and bringing it within my reach. However, this time my hopes were dashed. Although the car had non-original but correct type engine and transmission, and the restoration dated back at least three decades, along with a Swiss registration (potential customs duties), it changed hands for just 316,250 SFR, which is 15% lower than the lowest price observed in the past five years. Even the estimate of 350,000-450,000 SFR was on the conservative side, but it aligns with two upcoming auctions by RM in Switzerland. It serves as a reminder to keep a watchful eye on the market.
I will conclude with an intriguing market twist. In the 1950s and 1960s, the entry-level model in the Fiat line-up was the 500, while those who could afford it aspired to “upgrade” to the 600: a more spacious car with a more powerful engine, suitable for families.
However, the market has shifted. In the Swiss valleys, an interesting occurrence took place, where the same collector brought two perfectly preserved editions of these two small cars. Given their rarity and the opportunity to participate in the Mille Miglia, the 1956 600 Trasformabile was estimated at 35,000-45,000 SFR, while the 1962 500D Trasformabile had an estimate of 25,000-35,000 SFR. But here comes the twist: the price of the 500 nearly doubled, reaching 41,400 SFR, while the 600 only achieved a third of its estimate, settling for 12,650 SFR.
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