Prewar Auction Deals: Lessons from Bonhams and RM Sotheby's
26 October 2024 11 min read 9 images
Photo credit: Bonhams, RM Sotheby’s
Before commenting on these two auctions dedicated to cars from the distant past, out of curiosity, I picked up a few auction catalogs from 20 years ago and compared them to the price lists of new cars you could buy back then. For the price of a Volkswagen Golf GTI (€26,000 in 2004), you could have purchased a Mercedes-Benz 190SL or, for just a couple of thousand euros more, a Ferrari 365 GT 2+2. Now, the Golf costs around €45,000, while the Mercedes far exceeds €100,000, and you can expect almost double that for a 365. The same goes for the BMW 320d Touring, which cost about the same as a Maserati Ghibli 4.9SS (Coupé), and if you were lucky enough to have the “magic” €100,000, you could choose between a Maserati Quattroporte 4.2 (€103,000), a Daytona (€96,000), or a Miura S (€105,000). To be clear, I'm talking about prices from the same period, allowing the market, over the years, to determine the values of certain models as time reveals their worth. Or forgets them: there is a category of cars whose prices haven’t skyrocketed—prewar cars. In fact, today they’ve become “uncool” as their market has thinned out (a polite way of saying most of those collectors have passed away).
However, these are cars that are still in high demand for events. Owning even a modestly valued one grants you VIP access to any rally or concours d'elegance—note that at the top concours d'elegance, pre-1945 cars still win most of the awards—and don’t forget the increasing rarity of these vehicles. So, by combining curiosity with patience, you can buy important cars at bargain prices. And it won’t always be this way if you buy wisely. Let’s take these two auctions as examples of where you could hunt for deals: in England on September 14, Bonhams hosted a sale at the Beaulieu Autojumble, while on October 9-10, RM organized a sale at the Hershey Autojumble, the world’s largest auto fair.
Let’s start with RM, which, thanks to 120 of the 159 cars offered without reserve (over three-quarters), achieved a fantastic 96.85% sales rate. For Bonhams, the rate was slightly lower at 66%, still in line—or slightly above average for English auctions. However, the overall values were modest: just $16,261,850 for RM, which nonetheless surpassed its estimate of $15,625,000, while Bonhams achieved £1,593,068 in car sales, lower than the initial estimate of £2,609,000. But it’s the average price that’s most telling: Bonhams saw just £37,048 per car, comparable to the price of a new car, while RM’s average didn’t exceed $105,596.
RM also, of course, sold the most expensive car: the 1935 Auburn 851SC Speedster. Now, imagine a car from the 1930s with a supercharger, 150 hp, and a top speed of 100.8 mph—you’re looking at the McLaren P1 of its time. This particular car was once owned by Tom Barrett, the founder of Barrett-Jackson and “The Greatest Name in Classic Car” circles in the 1970s, and later by Jerry Moore, the most important American car collector in the 1980s and '90s, who sold it to the Blackhawk Collection in 1995. In short: the Olympus of collectors. The price for this pre-supercar? Estimated at $750-850,000, it hammered at $781,000.
The second most expensive car sold was also interesting. Frank Wright purchased the 1932 Chrysler CL Imperial Convertible Roadster by LeBaron in 1974, when the car was already 42 years old (as if we were buying a 1982 model today). Estimated at $550-650,000, it sold for $572,000. But consider this: in 2008, the record price for a similar model was $660,000, at a time when you could have bought a Mercedes-Benz 300SL Gullwing, a Ferrari F40, or even an F50 (and still had some money left over). The price hasn’t changed much over time compared to other models.
Then there’s the world of Rolls-Royce, cars that were born “out of fashion” and are often still available on the market. One example is the 1930 Rolls Royce Phantom II Continental Weymann FHC by HJ Mulliner, once owned by the Countess of Granard. The design, color combination, and condition of this car captivated me. Imagine driving this to a concours d’elegance; with just $159,500, the winning bid, you’d outshine cars worth millions.
Other Rolls-Royces I would have loved to have for concours: the 1930 Phantom II Sports Saloon by Park Ward ($88,000), the very affordable ($38,500) 1933 20/25hp Torpedo Tourer rebodied in Barker style, and the “recent” (it’s still from the 1950s) 1956 Rolls Royce Silver Wraith Limousine, elegant in its two-tone paintwork. For $33,000, you’d need to pair it with a set of Savile Row suits.
Then there are the cars with uncertain or openly “muddled” histories. For example, a 1926 Bugatti Type 35A Grand Prix. Its history is “confusing,” with chassis number BC167 assigned by the Bugatti Owners Club, meaning it’s a reconstructed car using both original parts and modern reproductions. For instance, an original rear axle was combined with a newly rebuilt chassis. However, this car can deliver the thrills of one of the most successful race cars in history. The estimate of $300,000-375,000 was excellent, given the production costs, but it was a real bargain at $176,000.
Bonhams was no less impressive: for just £115,000, you could have taken home the top lot of the sale—a 1926 Sunbeam 3-Litre Super Sports. A nearly 100-year-old double-overhead camshaft engine! When Alfa Romeo’s RL produced 71 hp from its 3-liter engine, this Sunbeam offered 120 hp. Its top speed? 90 mph—lightning fast for its time. Out of 315 produced, only 42 remain, making it a rare gem with historical and technical significance. Sold for £115,000, though it was correctly estimated at £130,000-160,000.
Now, let’s look at the Jaguar 2½-Litre 'Trossi' Style Special. Based on a 1946 2.5-liter Saloon, it was rebodied in 2010 with a “Batmobile” design. But don’t think this is a whimsical fantasy—I’ve seen the original “Trossi Roadster” (which was a Mercedes-Benz SSK), and it’s a sight that still sticks with me decades later. Estimated at £110,000-130,000, it sold for £83,375.
The 1937 Lancia Aprilia Saloon is a favorite among rally participants. Compared to the outdated designs of its era, this model ushered in a new generation of cars, and its handling, with a powerful engine and independent suspension, reflects this. Fun fact: it’s the favorite car of the competitor who holds the most wins in the Mille Miglia historic rally. That should be enough for you. The Bonhams example sold for just £14,950.
My favorite? The 1935 MG J2 Tourer: the fourth model produced and the second-oldest surviving example. Owned by the same person since the 1960s, it was in need of restoration and had a completely out-of-place Ford 1172cc side-valve engine. But if you’re not seeking performance (you really won’t find it here), this is the car for you: buy it cheap (estimated at £8-16,000), have fun restoring it, and then enjoy driving it—you’ll be welcomed anywhere. The winning bid? Less than you’d expect: £7,475.
CLASSIC CAR MATCHER