Bonhams in Miami: The Right Strategies Steer Away the Threat of a Feared Hurricane

During the Miami GP weekend, the dark clouds weren’t only the ones that forced Formula 1 teams into hasty tire changes during the downpour—they also loomed over the Bonhams auction. On May 4, the British auction house gave it another try: it was hard to do worse than 2024, but the change in strategy paid off. They offered cars likely to appeal to F1 spectators — fewer million-dollar hypercars and more modern supercars around $100,000, better suited to vacation-ready Miami. With a pleasant side effect. The number of cars offered without reserve jumped from 1 to 18. And while these represented just 4.55% of the 22 cars in 2024, this year they were nearly half of the 38 on offer.

The results came quickly: cars sold leapt from 11 to 26, and even the sell-through rate soared from 50% to a far more respectable 68.42%, much more in line with the expectations attached to the Bonhams name. In terms of value, the “less is more” strategy paid off. Against an estimated total of $23,485,000, the final tally jumped to $10,816,600, up from $7,184,800 in 2024 (+51%) even though the estimate was only slightly higher than the $22,305,000 from the previous year (+5.3%). The average price clearly dropped from $653,164 to $416,023 — but that was exactly the intended effect. In the end, just like in the Grand Prix, the storm never came, and this year the auction found the good weather that last year had been missing. There were high expectations for the only Formula 1 car offered at the auction: the Brawn BGP001. At the end of 2008, Honda decided to exit the circus, and Ross Brawn seized the opportunity: he bought the team (for one pound!), kept the drivers, built a car under his own name and won the World Championship. A story with surprising twists that we’ll tell in detail soon on Roarington. The auction car was chassis number 01 of just three built. Barely 12 months later, in 2010, Ross Brawn sold the team to Mercedes, and a great new story began. Bonhams valued this example at $4.5–6.5 million, but was that realistic for the market? Apparently not: an interesting car, but not driven by iconic champions — Button and Barrichello — and with a rather dim history. Bidding stopped at $3.8 million—not exactly peanuts, but still far from Hamilton’s Mercedes-AMG ($18 million) or Schumacher’s Ferrari ($15 million).

2009 Brawn BGP001 Formula 1 went unsold at $3,800,000 (€3,356,000).

Now, onto another lot: just last week I mentioned how Singer Porsche 911s are losing ground because “there are too many of them”. The top lot at Miami confirmed the trend: a 1990 Porsche 911 Classic Turbo Reimagined by Singer sold for $1,680,000 — below the $1.75–2.25 million estimate. It wasn’t just another Singer 911 — it was the first example of the new Classic Turbo model equipped with the 3.8 Turbo engine introduced just a few years ago. It was also the first of its kind offered at auction and had just 270 miles on the clock. Two Singer sales in seven days showing decline — but why? Maybe the trend is over? Let's wait to see at least one more example before judging—and reporting.

1990 Porsche 911 Classic Turbo Reimagined by Singer sold for $1,680,000 (€1,483,500).

The only other competition car in the auction was a 2021 Ford GT MkII—but let’s take a moment to compare it to understand more about the market. The comparison car? A 2019 Ford GT Carbon Series. Here’s the spoiler: the MkII, estimated at $800,000–1.1 million, sold for $722,400, while the older Carbon Series, estimated at $750,000–1 million, beat it at $828,800.

2021 Ford GT Mk II sold for $722,400 (€638,000).

So why did that happen? Not age — the newer car was cheaper. Not mileage — the Carbon had 4,072 miles, the MkII only 40. The key is usability. The 2019 is road-legal “with plates and headlights”, while the GT MkII is track-only. So even though the newer car was technically better in every way, bidders preferred a car they could use more often. And honestly, I agree with them.

2019 Ford GT Carbon Series sold for $828,800 (€732,000).

Also interesting was the Ferrari F430 Spider. This was the kind of example every collector dreams of: one owner, just 6,300 miles, Daytona seats, Scuderia shields on the fenders, factory Challenge wheels (not aftermarket), and most importantly a manual gearbox. The estimate was sky-high: $400,000–500,000 when a standard example goes for $100,000. Even for a manual 430 (where the gated shifter usually triples the value), it was steep. So it’s no surprise bidding stopped at $340,000 and the car didn’t sell.

2006 Ferrari F430 Spider 6-Speed manual gearbox went unsold at $340,000 (€335,500).

If I had to bet on the next “hot” car, I’d put more than one chip on the Ferrari 458 Italia. Why? Just look at it and tell me you're not dazzled. Even over 15 years after launch, it still looks modern. Bonhams had a rare example in Rosso Dino (a shade leaning more orange than standard Ferrari red) with just 8,845 miles, 20-inch wheels, Scuderia shields on the fenders, and just the right touch of carbon fiber. It came from the “Orange Collection” (hence the Rosso Dino), and the estimate was $170,000–220,000 — already high compared to not long ago. But enthusiasts disagreed and the car launched from pole position, closing with a “time” of $257,600.

2014 Ferrari 458 Italia sold for $257,600 (€227,500).

But probably the car I would’ve taken home (and maybe the best deal of the day) was the 1994 Bugatti EB110 GT. Forgive the term, but it was a “plain” EB110 GT: no famous owner, a dull silver paint with dark grey interior, and high mileage (30,400 km), all of which dragged down its value from the $1.45–1.65 million estimate (just a few months ago, a white example sold for over $1.7 million). Sure, the spec wasn’t ideal — but for $250,000 more you were only getting a rarer color. That’s why this was a real bargain, but the “discount” wasn’t enough for it to sell during the auction. It took Bonhams’ post-auction specialists to close the deal at $1,375,000 (and with the difference, you could’ve bought that Ferrari 458 Italia).

1994 Bugatti EB110 GT sold for $1,375,000 (€1,215,000).