Bonhams Auction at Christmas: An Avoided Risk

Bonhams in London on December 12th played its last card of the year. Was it a risk so close to the holidays? At first glance, it might seem so, but in reality, things didn’t go badly. Comparison with last year is not very indicative: the percentage of no-reserve cars dropped from 55% to 33%, but the estimated value showed that the level of cars in 2024 was much higher than the previous year. In fact, the average price per car sold rose from £115,000 to over £203,000.

Now, the curiosity is to understand the dynamics, but through the cars, we can learn more about the meaning of this auction.

Let’s start with the top lot, a 2006 Koenigsegg CCXR Coupé. First and foremost, the first and only owner was Bard Eker, the main shareholder of the Swedish factory who kept the first production model for himself. A fun fact: to get European approval, the model had to drive a certain distance, and Koenigsegg “cheated” by increasing the mileage. The 18,000 km recorded are not real; Bonhams experts estimate less than a third. Regardless: single owner, left-hand drive, the first example, around 6,000 km. The estimate was £1.4-1.8 million but remained unsold at £1.1 million. This figure reflects the lack of interest in these “unheralded” hypercars, as they rarely reach valuations comparable to their Italian or German competitors.

2006 Koenigsegg CCXR Coupé went unsold at £1,100,000 (€1,326,000).

At this point, the top lot was the 1925 Bugatti Type 35A. The seller was none other than Hugh Conway, one of the world’s leading Bugatti experts and a true legend. He had owned it since 1978, but, let’s be honest, the world has changed in almost 50 years. Born as a 35A, it was modified into a 35T in 1958 and frequently used both before and after. On the brink of 2025, no expert would buy a car that has been heavily modified! For this reason, the estimate was fairly low and broad, £475,000-675,000, and it sold for £552,000.

1925 Bugatti Type 35A / 35T 2.3-litre Grand Prix sold for £552,000 (€665,500).

Aston Martins, however, performed very well. Five out of six changed hands, most above estimates. For example, the 1995 Aston Martin DB7 Coupé. It had great strengths and enormous flaws: it had only 5,000 km but had been sitting idle since 2016, requiring a full overhaul. It featured automatic transmission but a beautiful color combination (green with cream interior). Despite being left-hand drive, it was registered in the UK, implying duties. The £15,000-20,000 estimate perfectly reflected this “clash” between pros and cons. It sold for £24,150.

1995 Aston Martin DB7 Coupé sold for £24,150 (€29,100).

Another standout was a 2008 Aston Martin DBS Coupé. Since a massive collection from the Gulf hit the market, Bonhams seems to specialize in modern cars with low mileage. The DBS had covered just 1,900 miles but had been idle since 2018 and needed deep maintenance. The real gem, however, was its rare manual gearbox. The estimate was cautious (£65,000-80,000), but the result surprised everyone: £140,875.

2008 Aston Martin DBS Coupé sold for £140,875 (€169,800).

Many offered cars had negligible mileage, but the Bentley Continental GTC was different. It had 1,825 miles, which is low, but three-digit mileage cars abounded in this auction. It featured a beautiful color combination: blue with a light interior. Estimated at £25,000-35,000, it sold for £55,775, the highest price paid for this model in recent years.

2007 Bentley Continental GTC Convertible sold for £55,775 (€67,250).

Restomods seem to be struggling lately, at least in Europe. The market appears a bit schizophrenic. One day they set records, the next they flop. The 1974 Porsche 911 3.2 Carrera Classic was on the wrong side of the market. It had failed to sell at H&H in October with a £200,000-240,000 estimate. Reoffered at Bonhams with a lower estimate (£130,000-180,000), it still didn’t sell, receiving a £95,000 bid.

1974 Porsche 911 3.2-Litre "Carrera Classic" went unsold at £95,000 (€114,500).

The day’s gamble for Bonhams was the 1910 Mercedes 35PS Landaulette. Despite the youngtimer trend, Bonhams offered this 1910 vehicle—too recent even for the London-to-Brighton. Restored 50 years ago, it had a ‘70s body style, which is out of fashion now. Bonhams was cautious, estimating £100,000-200,000, signaling uncertainty. It did well, selling at the lower end for £109,250.

1910 Mercedes 35PS Landaulette sold for £109,250 (€131,500).

This time, I chose a cliché for the car I’d take home: the 1984 Lamborghini Countach 5000 S Coupé, white with white interior and the famous spoiler. I couldn’t find anything more outrageous! One of 321 carbureted examples, it was sold new by Achilli Motors in Milan to a Saudi royal family member before moving to Norway in 1987 and changing hands again in 2005. Estimated at £375,000-475,000, it sold for £391,000. “Dear Santa, I’d like a Countach…”.

1984 Lamborghini Countach 5000 S sold for £391,000 (€471,250).