Market Intelligence
Bonhams calls, the Emirates answer
Bonhams rocks Abu Dhabi, selling modern and classic cars for $13.5 million at a 69.70% success rate. Highlights: a 1978 Lotus misses, 2006 McLaren shines, and a Mercedes-Benz exceeds expectations. The auction suggests a bright future for classic car sales.
Cliff Goodall’s view
Two Formula 1 Grand Prix events in a single week, Las Vegas and Abu Dhabi, and two auctions: RM Sotheby’s in the USA, Bonhams in the Emirates. A bold intersection, given the Arabian Peninsula’s past struggles with car auctions. I’ll spare the details of past failures but note that RM tried in Abu Dhabi during the F1, and the result was far from memorable. The reasons? A nascent market, the Emirates’ boom is very recent, differing tastes, and a lack of deep-rooted automotive history. The recent surge in flamboyantly customised supercars isn’t surprising. Observers now note that in the past three years, the local car culture has matured significantly, becoming more receptive to classic cars.
Hence, Bonhams’ decision to give it another go, and RM’s upcoming Dubai auction in March. Could this be a turnaround?
