Bonhams Triumphs at Zoute 2024 Auction

I had never been to Zoute, Belgium, on the coast of Flanders, where the highly successful Zoute Grand Prix takes place annually. I understood, thanks to the quality of the cars and the wealth of opportunities for attendees, including the Bonhams auction, why people rave about it. I highly recommend visiting! Unfortunately, I'll only focus on the auction, my specialty, where I can share more interesting insights and make fewer mistakes. Comparisons to the 2023 edition should be based on percentages rather than absolute numbers, as there were 68 cars offered compared to last year's 96, with 59% being no-reserve cars, up from last year's 54%. In this context, the excellent 82.29% of cars sold last year was far surpassed, reaching an impressive 92.65%, exceeding even the major auctions at Pebble Beach! The turnover was €20,578,675, with an average price per car of €326,646, aligned with 2023. For Bonhams, this was a real success, especially considering that this figure is close to the combined totals from Pebble Beach and Goodwood auctions.

Perhaps the most remarkable statistic is that at the moment, 18 out of 63 cars sold (almost a third) exceeded the maximum estimate. Among these was the top lot: a 2010 Mercedes-Benz SLR McLaren Stirling Moss. Let's be honest, the low estimate was a bait: the last one sold for €3.4 million (a record), so how could this one be valued at only €1.5-2.5 million? Admittedly, the first thing you noticed was the color, red with red interior, which put it at a disadvantage compared to the silver (with red interior) of the other, but mostly because it came from outside the European Union, meaning duties (a total of 32% in Belgium). Either way, it was easy to predict it would exceed the estimates, and it did: €3,220,000. If we added a million in duties, it would’ve set a new record!

2010 Mercedes-Benz SLR McLaren Stirling Moss sold for €3,220,000 ($3,531,000).

The second most expensive car was undoubtedly the deal of the day, and perhaps the last few years. We know that the Porsche 550RS Spyder, once a must-have for every top-tier collector, has been suffering from declining interest lately. The 1956 model at Bonhams was in a rare yellow, and the reason is simple: it was delivered new to the Equipe National Belge, which used it in prestigious events (GP of Spa, 1000 km Nürburgring), but the highlight was racing in the 24 Hours of Le Mans in 1957, something only ten of the 90 produced can claim. In short, it seemed like a very tempting example. Now, the money: the current record is around €5 million (set in 2017), but at this year’s Pebble Beach, a couple of examples estimated at €3.5-4 million each didn’t sell. Bonhams did well to lower the estimate to €3.4-3.9 million, but the market was unexpectedly harsh, and someone snapped up a major car for a “bargain” price: €2,530,000. I wish I had been the one raising the paddle.

1956 Porsche 550 RS Spyder sold for €2,530,000 ($2,774,250).

An excellent result was achieved by the 1974 BMW 3.0 CSL Batmobile. Bonhams’ example had been handed over by BMW Motorsport to their driver, Hans Joachim Stuck. Only 57 examples were made of the second series. This was number 31 and had participated in the 2006 Concorso d’Eleganza at Villa d’Este. Completely restored in 2007 by Classic Heroes (a BMW expert), it was a perfect candidate for new events. In 2022, in Monaco, a museum piece sold for €578,250, but that was an exception, as the previous record was €270,000. However, the value began to rise: in May 2023, it reached €286,000, and last year at Zoute, it jumped to €368,000. I thought the estimate of €300,000-400,000 was excessive. I was wrong: it sold for €402,500. One last curiosity, the seller had bought it in 2010 for €128,800.

1974 BMW 3.0 CSL “Batmobile” sold for €402,500 ($441,500).

Zoute is just a few kilometers from the Netherlands, so bringing a Spyker here was both a risk and an opportunity. However, this 2014 C8 Spider was not just any piece but the last produced before the company went bankrupt. Moreover, it had only 739 km, a unique color combination, and had recently been serviced by the renowned SpykerEnthusiast. A few months ago, another example of the same model with 27,000 km went to auction for €264,000, while at this year’s Pebble Beach, a C8 Laviolette with 128 km set a brand record at $582,000 (about €530,000). The estimate of €400,000-500,000 was high but not out of market range; the price paid of €575,000 not only set a new brand record but indicates a rising trend for Spyker.

2014 Spyker C8 Spyder sold for €575,000 ($630,500).

The result for the 1958 Alfa Romeo Giulietta Spider Veloce is inexplicable. Typically, I’d say, “’50s cars are dropping” and the Giulietta Spider (even in its rare Veloce version) is no exception. A flawless example, purchased in California in 2020, had undergone a €100,000 restoration. In practice, with an estimate of €60,000-90,000, you were paying for the restoration and getting the car for free. Born in 1958, it wasn’t eligible for the Mille Miglia. The sale for €103,500 was a pleasant surprise. Its perfection after restoration paid off.

1958 Alfa Romeo Giulietta Spider Veloce sold for €103,500 ($113,500).

Lamborghini has perhaps been the most appreciated brand in recent years. Five years ago, the Bull brand was the market’s Cinderella (excluding the Miura), but today, after the Countach’s explosion, the Diablo has shifted into high gear. Just three years ago, €130,000 would’ve bought you one with 13,000 km. This price almost doubled within a year, then stalled, but at Zoute, one with 37,000 km sold above estimate for €264,500. A new record for a physical auction, and now the price is set to soar.

1992 Lamborghini Diablo Coupé sold for €264,500 ($290,000).

A new record was also set for an MG B, which had held its previous record since 2004 (20 years!). Of course, the example had to be special to break this barrier, and it was: one of six with a steel-bodied “Coupe” Berlinetta. I must say, I liked it a lot in person, but would I have paid €90,000-130,000 for it (even without reserve) as it was estimated? Probably not, but rarity has its price, and €120,750 is 90% rarity and 10% MGB Coupé. Previous record: €84,000.

1964 MG B “Coune" Berlinetta sold for €120,750 ($132,500).

What would I have brought home? This time, I was serious: just a year ago, I missed out on an Alfa Romeo 4C with few kilometers, and ever since, it’s been stuck in my head. When I saw Bonhams’ 2014 model, one of the first 500 “Launch Edition” with just 3,300 km and a single Belgian owner, I started losing sleep: buy or not buy? Then came the estimate: €50,000-70,000 without reserve; maybe I’d get it for less. But with fewer than 6,000 km, I’d also have to pay VAT if I registered it in a European country, so we’re talking about another 20% or so in the vast sea of Zoute’s delicacies. I forgot to look at it! At that point, bidding blind seemed risky. It sold for €80,500, and my feelings were at ease.

2014 Alfa Romeo 4C "Launch Edition" Coupé sold for €80,500 ($88,250).