Bonhams Auction in Paris: A Close Call Success
22 February 2025 12 min read 11 images
Photo credit: Bonhams
Bonhams returned to the Grand Palais in Paris this year, although in a different wing due to ongoing restorations. The number of cars sold remained the same as in 2024, with 81 units in both cases, but while last year the number of cars offered was 96, this year it slightly decreased to 91. As a result, the sale percentage increased from 84.4% last year to 89.01% in 2025.
Despite the drop in the number of cars, their estimated value grew, rising from €19,020,000 last year to €22,605,000, as did the total amount sold, which went from €15,564,708 in 2024 to €16,748,600 this year. Consequently, the average price per car sold also rose from €192,157 to €206,773, a pleasant 7.6% increase. However, the number of cars offered without a reserve price also increased, from 59 (61.5%) to 62 (surpassing 68.1%).
Before, during, and after the auction, the two 1950s Ferraris were the main talking points — and for good reason. It felt like a throwback to the old days when suspicion was a given. The first was the 1950 Ferrari 166MM Touring Barchetta, while the other was the 1954-55 Ferrari Tipo 555 Super Squalo Formula 1. These were the top lots, both offered without a reserve price. Their estimates were identical, €4-6 million, which seemed rather low considering that about ten years ago, values were significantly higher. Today, a fair estimate would be €6-8 million.
The problem was that they might not have been entirely original. The Super Squalo had two chassis numbers: 555/1 and FL9001, while the 166MM Touring Barchetta had an even more complicated history. In the 1970s, its then-owner had sold the car to one person, while the documents were bought by someone else. This led to the creation of a second Barchetta with the same chassis number, which followed its own trajectory. The auction catalog did not clearly distinguish between the two; instead, it listed the owners of both cars. So, if one were to be a little cynical, one might have assumed that the auctioned car was the fake. It was never explicitly stated which one was which, but collectors had the same thought process, and the 166MM sold for €2,817,500, while the Super Squalo went for €1,983,750, roughly half the lower estimate. No surprise there.
The third most expensive lot was also offered without reserve and turned out to be a great deal, but not because it was questionable. The issue was that the 1925 Bugatti Type 35 GP is now 100 years old, and pre-war cars are becoming harder to sell. Nevertheless, originally delivered to Spain, it had remained in the Iberian Peninsula all its life. The engine was replaced in 1947 with one of the same type from another Type 35 of the same year, while the bodywork had been redone—clearly stated in the catalog. Certified by Pierre-Yves Laugier, the foremost expert on the model, it was estimated at €900,000-1,300,000 without reserve, but bids only reached €759,000, a great bargain for the buyer.
Jumping from one of the oldest cars to one of the newest, the BMW Mini John Cooper Works Buggy was certainly noteworthy. Built in 2017, the auctioned example was chassis number 9, a veteran of three Dakar rallies. In 2018, it finished 19th; in 2020, it secured a podium finish in 3rd place; and in 2021, it won the event with Stéphane Peterhansel, known as "Mr. Dakar" for his 14 victories. This car had a niche of its own, as Dakar collectors are rare, but its racing history made it hard to value. The broad estimate of €200,000-400,000 was justified, and the bids came quickly, selling for €368,000.
As seen at RM the day before, Porsche 911s performed strongly at Bonhams. A 1995 Porsche 993 Carrera RS, with nothing particularly special about it but over 111,000 km, estimated at €300,000-400,000, changed hands for €345,000.
Meanwhile, a rare 1975 Porsche 930 Turbo 3.0 in a stunning Ice Green managed to fetch €381,800, an unprecedented figure in Europe. The previous European record was €300,000, meaning a 27% increase.
But the "case study" of the day was the Horch cars. Near the end of the auction, three Horch cars from the same collection went under the hammer: a 1939 Horch 853A Sport Cabriolet by Gläser, a 1936 Horch 851 Limousine, and a 1938 Horch 830 BL Saloon.
Their estimates were quite surprising. The Cabriolet was valued at €80,000-120,000, despite a similar one selling for $362,500 at the Rudi Klein collection sale and another going for $335,000 the previous year. Did they really believe bids would stop there, or was this a strategy? For the other two, the €50,000-80,000 estimate for the 851 Limousine and the €20,000-30,000 for the 830 BL seemed reasonable, as they were pre-war sedans.
All three were offered without reserve, and bids poured in like hail. The 853A Sport Cabriolet was expected to perform well, but €414,000 exceeded previous results, while the two sedans sold for €345,000 and €241,500, multiplying their estimates by seven and ten, respectively.
In my opinion, the best deal was the 1959 Lancia Appia S3 GTE Zagato. Sure, it had a small 1,100cc engine with 48HP, but the Zagato version boosted it to 60HP and made it lightweight, allowing it to reach 160 km/h. Nicknamed “Bassotto” for its low, sleek profile, this was one of only 167 units with faired headlights. Once worth €80,000-100,000, it sold for just €57,500.
The car I would have bought? Probably the stupidest choice at the auction—which is exactly why I love it. The 2008 Force India-Ferrari VJM01 Formula 1, raced 16 times by Giancarlo Fisichella, later turned into an art car by Dexter Brown. What can you do with it? Maybe hang it on a (very large) wall in your living room. But €115,000 for an "useless" car? Seems like a great deal!
CLASSIC CAR MATCHER