Bonhams and Broad Arrow Group in USA: Incompatible but interesting

Cliff Goodall’s view

Two American auctions that could hardly be more diverse. The first was Bonhams, which brought 80 remarkably heterogeneous cars without reserve to Greenwich (CT) on the 4th June, with an average price of $45,537. Conversely, on the other side of the United States, in Atlanta, Georgia (home to Porsche of America), Broad Arrow Group brought 65 Porsches on the 10th of June, less than a third of which were without reserve. Average price? $337,300.

Here are the numbers: Bonhams sold all its 80 cars, average price $47,278 and $3,782,276 in total, against the pre-auction estimate of $3,643,000 (103.82%). Broad Arrow Group sold 55 out of 65 cars on offer (84.62%) and $19,472,920 in takings out of the $21,925,000 original estimate (88.82%), with an average price of $354,053.

While the auctions might seem incomparable, that won’t stop me from discussing the individual lots.A very interesting case, that also happened to set a new record, was the 1964 Porsche 904 Carrera GTS, a rare matching-numbers example, red, one of the last racing Porsches that could be registered and driven on the road, originally sold by the factory 'Verkauft von Werk' to Italian racer Ernesto Prinoth followed by a long-term, 53-year single ownership in the hands of the same Californian enthusiast. Now some important numbers to understand the context: the last 904 to sell at auction went for €701,000 in September but it had been stationary for 30 years. The previous one, sold at Amelia Island in 2022, was a former ex-works car that had also raced at Le Mans and was sold for $2.2 million, nearly reaching the record of $2,420,000 set in 2015. This Broad Arrow one was estimated at $2.4-2.8 million. Was it worth it? The market said yes and at $2,535,000, it set a new record for the model.

1964 Porsche 904 Carrera GTS sold for $2,535,000 (€2,312,800)

Bonhams' top lot was also red but came with a prancing horse from Maranello on the hood. More specifically, a 2020 Ferrari F8 Tributo. With this type of car, the details make all the difference: for example, this particular red was not the typical red but a (very expensive) Rosso Barchetta, slightly darker, echoing the tone of the 166MM of the early '50s, and then the accessories; the "Vintage colour" Grigio Scuro leather with matching stitching, the two-layer paint (and the bill continues to rise), rear exterior parking camera, Scuderia Ferrari shields, a number of options and features that added over $30,000 to the cost (just for accessories). All this to be used only for 263 miles and then to offer it for $325,000-$375,000. The bidders agreed: $342,700.

Ferrari F8 Tributo sold for $342,700 (€312,650)

Continuing the theme of bidders and their choices, there was one model that taught the market a lesson. The Mercedes-Benz 560SL Roadster from the '80s (R107 series for aficionados). Bonhams had two examples up for sale: one was from 1987, finished in a stunningly beautiful Diamond Blue Metallic over Royal Blue leather, from the estate of Tom Ferrara, showing 62,831 miles on the odometer at time of cataloguing with 62,800 miles and an original hardtop. The other, from 1989, was red, with just under 62,000 miles on the clock and came with a hardtop. Completely comparable cars in my opinion, but not for the experts at Bonhams who valued them at $14,000-$16,000 and $45,000-$65,000 respectively. In itself a way to create uncertainties and the market was not fooled: the blue one doubled its estimate, selling for $28,000, the red one halved it, changing hands for $24,640.

1987 Mercedes-Benz 560SL sold for $28,000 (€25,550)

Returning from Broad Arrow, I was very curious to see how the two Porsche Carrera GTs on offer would fare. After the surge in popularity in 2022, the price of the hypercar from the early millennium has folded this year: at the beginning of the year, the price of the 5 sold (and three unsold) settled between $1,033,500 (for an example with 4,900 miles on the clock) and $1,595,000 (3,310 miles). At auction this time there was a “heavily used” one with 16,800 miles under its belt and an estimate of $1-1.3 million - and one in a unique colour, although not original and with only 2,300 miles on the clock. The estimate for this one was $1.5-1.8 million. Despite strong interest, the model failed to break through: the cheaper one just scratched the lower end of its estimate at $1,028,000 while the other just missed it at $1,462,500. In my opinion, the market is showing signs of stability: the conditions were slightly lower than those mentioned as a reference, so the slightly lower price was correct.

2004 Porsche Carrera GT sold for $1,462,500 (€1,334,300)

The car that went very well was the 1981 Porsche 924 Carrera GTS Club Sport, mentioned in the post-auction press release as setting “the new world record for a 924 Carrera GTS”. However, I am meticulous, and I checked. It wasn't true. Broad Arrow sold this one for $401,000 (pre-sale estimate $375,000-$450,000), the record dated back to last year when one was sold at RM in Amelia for $417,500. Why did I say it went well? The record-setting one had only been driven 63 km while this one had covered 3,609 km.

1981 Porsche 924 Carrera GTS Club Sport sold for $401,000 (€365,850)

Thanks to the lack of reserve and the arrival of summer, a couple of convertibles took home the title of the deal of the day at Bonhams. The first was a 1983 Rolls Royce Corniche Convertible, followed by a 1964 Citroën DS19 Cabriolet. The British car, with just 27,900 miles on the clock and finished in gold with red fine coachlines, had been largely undriven since 2013, so a mechanical recommissioning was necessary. Probably only the restorer's bill could tell whether the $50,600 paid for it was a good deal, but considering it was estimated at $60,000-$90,000, some work has already been paid for.

1983 Rolls-Royce Corniche Convertible sold for $50,400 (€45,985)

The Citroën has had a somewhat troubled history: the striking yellow colour with a black leather interior was definitely wrong for this model but having been in the Gotz collection (known for his collection of rare Citroën DS models) it seemed correctly estimated at $180,000-$220,000. Then a last-minute notice from the auction house: not being able to find the chassis number and verify that it was a Chapron-built Décapotable, the estimate plummeted to $70,000-$90,000. The final selling price was a consequence: $101,920. Now the question is, was it worth it?

1961 Citroën DS 19 Décapotable sold for $101,920 (€92,985)

I started with Broad Arrow and I'll finish with the same. Have you noticed that at a Porsche auction, I never once mentioned the famous three digits, 911? For this reason, the “car I would have taken home" was... a 1979 Porsche 911 3.3 Turbo, distinguished by its unique colour. An extreme rarity, verging on one-of-a-kind, this Moonstone paintwork (as it's named) is an ethereal lilac, almost bordering on white. which, like all “unusual” colours, gives a striking three-dimensional personality to the vehicle. The addition of a limited-slip differential and an electric sunroof were a delightful bonus. The only feature that didn't win me over was the (original but exclusively for the American market) 'Turbo' decals on the sides. The estimate was $300,000-$375,000, and the final sale price was $318,500. Broken down as follows: $200,000 for the car, $118,500 for the colour. At least for me…

1979 Porsche 911 Turbo sold for $318,500 (€290,585)