Forgotten Gems: The Miracle Auctions

While waiting for the Monterey Car Week auctions, we will have a look at one of our classics: "What did we miss?" Let's start with the auction records we haven't talked about, shall we? At a time when everyone is "afraid" of the real market trend, a series of cars have pushed their highs upwards, proving that not all cars are equal.

For example, the Subaru Impreza P1. The upward trend of this model is evident if you look at a graph: the most expensive sold did not reach €24,000 until 2016, €27,500 in 2017, and €29,500 in 2020, during the Covid period. Then it exploded: €34,500 in 2021, €59,500 in 2022, and €86,500 in 2023. Let's look at this last one: 14,975 miles, one owner, never modified, chassis 3407 sold at Iconic Auctioneers for €86,700, a new record.

2001 Subaru Impreza P1 sold for €86,700 ($94,400).

Another rally queen from the same auction house, although not a winner, is the official Austin Rover Group B. The offered car was one of the nine that actually participated in Group B, this chassis was driven by Tony Pond in the 1986 Monte Carlo Rally and by Marc Duez in the infamous 1986 Portugal Rally. After its competition days, it was scarcely used, first in the Williams F1 museum and briefly in the RAC Club hall at Pall Mall. Given its importance, it was estimated at €415,000-535,000 and sold at the high end of the estimate: €504,500, more than double the previous record (€233,750).

1985 MG Metro 6R4 Group B sold for €504,500 ($549,250).

Another record was set in June when Bonhams organized a sale of Mercedes-AMG cars, all pulled from the same garage and all in need of major overhauls. Mercedes, especially AMGs, are the "hot" brand of 2024, and with no-reserve and conservative estimates, a "barn find" collection, and the trendiest cars of the moment, success was guaranteed. The 450SLC "The Green Machine" had the famous 6.9 engine that made the 450SEL famous, and its first owner (a German bank CEO) used it to race across Europe. The AMG accessories are super cool, and the rarity (less than a handful are known) alone was worth more than the €40,000-60,000 estimated. After a bidding frenzy, it sold for €316,900, more than three times the previous record for an SLC.

1976 Mercedes-Benz 450SLC Coupe 6.9 "The Green Machine" sold for €316,900 ($345,000).

Even long-discontinued brands have seen their glory days with new records. Mention Saab, and everyone thinks of the famous 900 Cabriolets that dominated fashionable spots in the early '90s. It was the chic alternative to German cars, driven by those who "had it but with elegance", like doctors, architects, and engineers. The offered car was the epitome of that era: a 1990 Turbo 16 Cabriolet with one owner and only 6,000 miles. Sure, the color wasn't the best, a red with leather interior. H&H knew they had something special on April 24 and were right: €40,000. The previous record was €28,500.

1990 Saab 900 Turbo 16 Convertible sold for €40,000 ($43,500).

Now let's move on to the Chevrolet Corvette Split Window Coupe sold by Mecum in Kissimmee in January. A typical 1963 Corvette with a 327/360 engine and some special but not extraordinary accessories. Excellent restoration based on a 36,000-mile car. This was one of seven offered from the "Split Window Colorama" collection. The collector put together seven Corvettes, all from the same year, differing only in color. Did the idea work? Absolutely, the cheapest sold for €161,500, while the 327/360 we talked about sold for $379,000, about double that of similar-condition models.

1963 Chevrolet Corvette Split Window Coupe sold for €379,000 ($412,500).

Modern collecting is all about youngtimers, though we love to debunk this myth. But the world evolves. Once, James Bond and Steve McQueen were the kings of auctions, now they have a new rival: Netflix. In February, Bonhams sold all the props from the Netflix series "The Crown," a global streaming success. Among the clothes and furniture was a 1987 Jaguar XJ-SC 3.6 Cabriolet, green with light interior, used by Elizabeth Debicki as Princess Diana. Considering the model is the least desirable of the range and the poor condition of the offered model, I would have valued it at €35,000-60,000. But Bonhams, amid a surge of bids, managed to reach €83,300.

1987 Jaguar XJ-SC 3.6-Litre Cabriolet sold for €83,300 ($90,500).

Speaking of modernity, another interesting car comes straight from California. In April, Broad Arrow organized the sale of a Porsche 944 Turbo Cup, nicknamed "Dicom" after its competition sponsor. Why did it make my special list? Incredible but true: it was used in the video game "Forza Motorsport 7." Sold for €133,200. The video game reference didn't boost bids, but just mentioning it signals new times.

1988 Porsche 944 Turbo Cup "Dicom" sold for €133,200 ($145,000).

And then there were the curiosities, cars I'd never seen or even knew existed. Or those worth more than their cost. In other words, the cars I would have taken home. Definitely the pair of "old" Lotus cars from the Graham Nearn collection. Offered at H&H's June 19 auction, they represented important pieces of Hethel's history. For example, the 1952 Lotus MkVI prototype. Chassis 1 was the car that finished second in its class at the 1952 Silverstone race, driven by Colin Chapman himself. Thanks to this success, he received £100 in deposits to build more after the race. Lotus was born! Truly magnificent.

1952 Lotus MkVI Prototype sold for €53,400 ($58,150).

Then there was the other MkVI, from 1953, used at Goodwood (also by Chapman) and as a "Works Demonstrator" featured in magazines like Autocar and Autosport. Both cars came from the Graham Nearn collection, who, if the name means little, his work says much more: he is the founder of Caterham, the brand most closely linked to Lotus. The price for these two pieces of history? €53,400 for the 1952 and €48,600 for the 1953. Much less than some flash-in-the-pan bidding frenzies.

1953 Lotus MkVI "Works Demonstrator" sold for €48,600 ($52,900).

And if you're not interested in racing, then a Rolls Royce bodied by an Italian will delight you. If someone mentioned it to me, I'd think of a pre-war model, but the model offered by Aguttes in Paris on June 23 was a 1968 Silver Shadow. The first owner was Pierre Scapula, an architect, jewelry collector, and castle restorer, when he wasn't sleeping at the Ritz in Paris. As an aesthete, he didn't settle for a "common" Rolls but called on Giovanni Michelotti from Turin to reinterpret it, resulting in this unique model. Stationary for about twenty years, it needed a good restoration, but the estimated €25,000-45,000 allowed for ample margins. It sold (rightly) for €36,720.

1968 Rolls-Royce Silver Shadow One-Off Michelotti sold for €36,720 ($40,000).