Christmas at Bonhams: A successful tale of surprises and uncertainties

Cliff Goodall’s view

Over the past five years, Bonhams’ London auction has undergone a transformation, moving from the spacious Olympia to the more intimate setting of its renovated New Bond Street headquarters. This shift has led to more exclusive “boutique auctions”, with around 30 cars per event. In the latest auction on 15th December, 31 cars passed under the hammer and 25 were sold (a commendable 80.65%). However, the total sales of £2,872,125 fell short of the £4,285,000 estimate, suggesting that while the less expensive cars “marched at a brisk pace”, the top lots did not find buyers. The average sale price was £114,885, and notably, nearly half the cars (17 out of 31) were offered without reserve.

Bonhams, London, 15th December 2023 I said it was an exciting sale because there were certainly no shortage of surprises. Let’s begin with the most expensive car. It was a three-way competition: who would win between a 1964 Aston Martin DB5 (estimated at £475,000-£550,000), a 1970 Ferrari Daytona plexiglass previously owned by Lord Hesketh and Eric Clapton (£450,000-£550,000), and a 1957 Porsche 356A 1500 Carrera GS Coupé? Just like a competition, they jostled with one another, but in the end, they all crashed out of the race. Surprisingly, the Top Lot became a 1990 Aston Martin V8 Vantage X-Pack from the famous Hunter Green collection, a collection of 7 or 8 Aston Martins all in the same (beautiful) shade of green and all with negligible mileage. The current seller bought it in 2005. But the car presented on New Bond Street, perfect and ready to show off at the golf club, was no longer the same. In fact, it had undergone significant changes, including a switch from right-hand to left-hand drive and from manual to automatic transmission, as well as changing the odometer from miles to kilometres – none of which are minor details. Especially for collectors. The true mileage was also unclear. Despite these concerns, the car, estimated at £180,000-£240,000 (without reserve), shot up to £356,500. The reason for this price surge remains a mystery, possibly attracting an American buyer with its left-hand drive, automatic transmission and pristine condition. But there must have been at least two bidders... inexplicable. Interestingly, of the 17 Aston Martins (55% of all cars) at the auction, 15 found new owners.

1990 Aston Martin V8 Vantage X-Pack sold for £356,500 (€413,250)

Returning to Porsche, in this case, a 1965 911, with the added distinction of being the first right-hand drive 911 ever made. Effectively a prototype (registered as a ‘Prototyp für Versuche’ (Prototype for Testing) on the Porsche certificate), it had an unblemished history with only 60,700 miles on the clock. The only deviation from its original state was the replacement of the original - and troublesome - Solex carburettors with Weber ones (although the original Solex carburettors were included). How do you value a car with such a past? We’ve seen that these early models don’t command huge prices, and a standard example might be worth around £150,000, but the history of this particular car could double or triple its value, hence the correct estimate of £300,000-£500,000. However, at this sale, its six-cylinder engine faltered a bit, and it sold for the minimum estimate: £304,750.

1965 Porsche 911 2.0-Litre Coupé sold for £304,750 (€353,250)

Speaking of the Aston Martin V8s, the V8 Racing collection is noteworthy. The V8 Vantage, produced from 2005 to 2014, it was a veritable best seller, and the collector in question acquired seven 2010 models, each in a unique racing livery and with minimal mileage (between 285 km and 483 km). Offered at auction without reserve and estimated at £35,000-£40,000 each, they all sold within the range of £37,375 to £48,300. A potential race between the new owners could be an exciting prospect.

2010 Aston Martin V8 Vantage Coupé sold for £48,300 (€56,000)

It was unusual to see only two Italian cars at such a high-profile auction, with the only one sold a 1997 Lamborghini Diablo VT Coupé, the first all-wheel-drive Lamborghini in history, (not counting the LM002), right-hand drive – of the 529 produced, only a few dozen have this configuration. Despite only having covered 40,000 km and an attractive estimate of £150,000-£220,000, it only reached £136,850.

1997 Lamborghini Diablo VT sold for £136,850 (€158,500)

While the Diablo was a tempting choice, my pick of the day was the Rolls Royce Silver Ghost Top Hat. For me, the most important aspect was the year of production. Pre-World War I models (like this 1913 edition) are immensely more valuable than their later counterparts. Initially designed as a Landaulet, it was transformed into a Top Hat Brougham de Ville around the 1950s, a common practice for these classics. Adding to its charm is a rich history in film and television, having graced both the big and small screens. Cherished by its current owner since 1972, one might wonder how much a pre-WW1 Silver Ghost could be worth. £400,000? Not even close. The real deal was in its estimate of £150,000-£250,000, but the market didn’t reward it as expected: sold for £117,300.

1913 Rolls-Royce 40/50hp Silver Ghost "Top Hat Brougham de Ville" sold for £117,300 (€136,000)