Historics and H&H: A Black Friday Decided by Bidders
07 December 2024 9 min read 8 images
Historics at Brooklands on November 23rd and H&H in Buxton on November 27th, during a reflective or, better, slightly declining market period, repositioned themselves within their traditional operational area, settling for results below expectations, and the reason is quickly explained: as long as the sector was growing, it was possible to accept reserves above market value in the hope that someone would see more value than there was (even from a future perspective), but today, anyone buying a car thinks much more before raising the paddle. Either the price is correct, or I wait for the next sale, because at this stage, the estimate will not rise.
With this premise, we approach the important data: 150 cars offered by Historics (103 sold) and 126 by H&H (76 successes), equating to 68.67% and 60.32%, respectively. So far, these numbers would even be better than last year (they closed at 56.7% and 55%), but the explanation comes in terms of value. Historics’ £4,112,350 turnover in 2023 became £2,583,811, while H&H’s £1,205,489 turned into £854,393 within 12 months—one of the least profitable sales for the English house since COVID. All of this while the number of cars sold increased in both cases (as did the number of no-reserve vehicles), and therefore, average prices fell by 28% for H&H and 46% for Historics, dropping from £46,000 to £25,000.
The weight of this balance, for both auctions, came from the Top Lots left unsold. For H&H, it was a 1965 Jaguar E-Type S1 4.2 FHC (£60,000-70,000), a 1968 Mercedes-Benz 280SL Roadster (£60,000-80,000), and a 1958 Mercedes-Benz 190SL Roadster (£70,000-90,000), leaving the honors to a car that didn’t even reach £50,000—numbers from a regional auction. For Historics, instead, of the five cars estimated above £100,000, only one passed (becoming the most expensive sale of the day), while expanding the view to the 15 most expensive cars, the failure rate stood at two-thirds.
Let’s start with Historics, which at the top of the list placed a 2008 Ferrari F430 Coupé. Even if it might seem like a normal red coupe with beige interiors from the outside, it had three characteristics that every Ferrari enthusiast dreams of: a manual gearbox, a single owner, and 2,456 miles. The estimate of £105,000–135,000 was much higher than the average price of an F430 in the UK, which hovers around £65,000–75,000. But the combination of these three rarities pushed the price beyond the maximum threshold to £139,568, almost double the normal. Special cars deserve equally special prices.
This concept is repeated with the 1980 Porsche 924 Turbo, also from Historics. Here, the condition was the key factor. When it had around 96,000 miles, this car was entrusted to the Official Porsche Center in Bournemouth for a complete restoration to make it the most beautiful 924 in circulation. How much did it cost? There are no official figures, but with all the original parts and over 550 hours of labor, the bill would have exceeded £150,000 (an exaggeration for a car worth much less). Remaining in the dealership until 2021, it was used very little by the owner, who brought it to auction with an estimate of £24,000–32,000, a figure close to the current world record for a 924 Turbo (£31,625). Once again, the “special” condition accelerated bids, reaching £33,176, a new record.
H&H’s selection was more modest, but at their headquarters in Buxton, they managed to place as the top lot a 1972 BMW 3.0 CS. Restored in 1987 at a cost of £6,444 (approximately £17,500 today, as they wanted to emphasize), in its current silver livery with black interior. Although the restoration was very dated, the car was still in good condition but lacked features that would make it particularly interesting. The estimate reflected this; £45,000–55,000, which became £49,500 when the hammer fell.
My eyes, however, were focused on a cheaper but attractive car: a 1954 MG TF 1250, which didn’t seem different from any other but had a truly special plus: being one of the few TFs registered for the Mille Miglia, making it eligible for the famous Italian race. Would this increase its value? “Normal” examples range from £13,000 to £18,000, and H&H, with its estimate of £16,000–18,000, placed it at the high end of the spectrum. It closed at £16,312, just above the minimum but roughly mid-market. Perhaps in Italy, it would have received more bids.
The story of the 1978 yellow Triumph Dolomite Sprint remains unresolved: very beautiful, with just 3,911 miles from new and, additionally, original SU carburetors alongside modified Webers that boosted power from 127 bhp to 165 bhp. The estimate of £18,000–22,000, higher than usual, proved accurate with a sale of £20,592. The oddity is that just three months earlier, the same car, with only 200 fewer miles, had been sold for £25,454. Question: why did the owner accept a £5,000 loss in three months?
We might wonder why vans are so sought after: a few weeks ago, ACA sold a couple of Ford vans well above estimates. Now, at H&H, an even less interesting Bedford HA 10cwt Van from 1981, completely in need of restoration, appropriately relegated to the edges of the sale and offered without estimate or reserve, was sold for £4,162. To be clear, that’s almost as much as a 1998 Porsche Boxster (in good condition)!
And now, my favorite part: what I would have taken home. For Historics, my choice was the 1955 AC Aceca. Besides being one of my favorite cars, it had a fascinating history: as a former official car, it raced everywhere in the 1950s: the 1956 Monte Carlo Rally, Tulip Rally, Liège-Rome-Liège, and the Geneva Rally. It probably could also boast participation in the 1957 Mille Miglia. Already, in my opinion, the estimate (£90,000–107,000) didn’t reflect this car’s historical importance, but selling below budget at £85,000? Absolutely not! True compliments to whoever bought it.
On the other hand, there’s the Lotus Seven. It’s one of the very few cars that have maintained the same design for over fifty years, and the 2008 Locost 7 GTS with its reliable Ford 1800 Zetec paired with a five-speed gearbox was the perfect mix of performance and drivability. Used for just 5,100 miles from new (presumably all on the track), it was estimated at just £6–8,000. It slipped away amidst the room’s indifference at £4,950.
SUPERMIND TRIVIA