Swiss Serenity: Bonhams Auction Provides Market Assurance

When I was young, they told me that to sleep "peacefully," I only needed a 1000 Swiss franc note in my drawer. I never understood it until this weekend. What do auctions have to do with 1000 franc notes? Well, during these weeks of political uncertainty affecting all of Europe, including England as geography dictates, Switzerland has remained as steady as a 1000 franc note, providing market stability and proving it with Bonhams' sale at Bonmont on June 30th.

Sure, at first glance, the results aren’t as strong as last year, with a 68.51% sell-through rate (compared to 87.93% in 2023), but examining the no-reserve vehicles offered reveals why: last year, they represented more than three-quarters of the total offering, while this year, just over a third. Thus, despite fewer lots sold (37 out of 51), the total revenue remained nearly in line (CHF 8,219,050 versus CHF 8,838,325 in 2023), with the average price rising from CHF 173,300 to CHF 222,137. Essentially, last year they included more affordable, no-reserve cars aiming for numbers, while this year they were more selective, even at the cost of some certain sales, but focusing on quality.

Let's start with the two top lots because they are very interesting. The most expensive was a 2015 McLaren P1 with a single owner, unique "Mauvine Metallic" color, and about 14,000 km. Right behind was a McLaren Elva with a single owner and 350 km. In this case, the color was green and white, and it had many accessories. Both cars had the same estimate: CHF 700,000-1,200,000, and the final prices were CHF 966,000 (P1) and CHF 920,000 (Elva). At first glance, these figures might ring alarm bells since the average price of a P1 is around CHF 1.2-1.5 million, while another Elva was auctioned at RM in Monaco with an estimate of €1.1-1.5 million. However, looking deeper reveals a different story worth knowing.

2015 McLaren P1 sold for CHF 966,000 ($1,072,750).

Experts consider the Elva a "difficult" car, with many offered but few sold. Initially planned for 499 units, production was reduced to 249 and finally to 149 (reportedly, the last units were sold at a deep discount). The auction world was clear: of the six offered at major auctions, only one was sold. The RM one I mentioned remained at €900,000. So the real news today is that another McLaren Elva was sold. Now, estimates will have a new, more accurate reference point.

For the P1, the discussion is typical of all modern hypercars: they are collected from day one and rarely driven long distances (Americans call them "trailer queens"). A unit sold in January with 12,000 km went for around CHF 975,000. The price of this one with 14,000 km at CHF 966,000 is fair.

2021 McLaren Elva sold for CHF 920,000 ($1,021,700).

Then there's the case of the 2006 Ford GT Heritage Edition. The model is beautiful, with a single owner and 10,820 miles from new. The estimate of CHF 350,000-450,000 shouldn't be a red flag, but something I just said should be. Okay, let me tell you how I got there: there are a handful of Ford GTs in Europe, probably counting Heritage editions on one hand, but a single-owner one must be unique. Reading the entire description, I discovered the car was sold in Dubai, and the Emirati seller is now auctioning it, hence the miles, not kilometers. For the buyer, this means additional duties and costs. To the CHF 362,250 you need to add 13% import duties; 4% Swiss car tax; and 8.1% Swiss VAT. The total is CHF 90,000, exceeding CHF 450,000.

2006 Ford GT Heritage Edition sold for CHF 362,250 ($402,300).

My favorite? A 2002 Aston Martin Vanquish with American specs, owned by only two people: Greg Norman, the most important golfer of the '80s and '90s, and Claude Nobs, the founder of the Montreux Jazz Festival. The estimate of CHF 70,000-100,000 reached CHF 75,900. So many memories for that car! Let's leave them to the buyer.

2002 Aston Martin V12 Vanquish sold for CHF 75,900 ($84,300).

A Lexus LFA hadn't been seen since November, so given the market's speed in this period, this 2013 LFA was worth watching. Here's the story: a 2011 LFA with 6,500 km sold for 657,500€ (about CHF 630,000) in November 2023. This Bonhams one sold for CHF 517,500 (at the lower end of the estimate of CHF 500,000-700,000) but had 27,670 km. At this price, it's the cheapest sold in the last three years, but it had the most kilometers. I'd say the market for this model is stable if not growing.

2013 Lexus LFA sold for CHF 517,500 ($574,750).

Can we talk about an auction in Europe without mentioning at least one Prancing Horse? This time I'll talk about a frequently overlooked but interesting Ferrari, the 612 Scaglietti. Actually, I'll talk about two 612 Scagliettis to explain a trend. Both from 2004, with the same color, blue with tobacco interior. Question: why was one estimated at CHF 70,000-100,000 and the other at CHF 220,000-300,000? Regular followers might have guessed: manual transmission or not? The cheaper one (with 7,200 km) had the practical and modern F1 gearbox, while the one estimated five times as much had the rare – only 43 produced – manual gearbox (with 52,000 km).

2004 Ferrari 612 Scaglietti sold for CHF 97,750 ($108,550).

That the first sold for CHF 97,750 – at the high end of the estimate – while the other remained unsold at CHF 190,000 doesn't surprise me, but rather confirms my idea: other Ferraris from that period (599 and 430) were for performance enthusiasts. The 612 Scaglietti was the family grand tourer Ferrari, without needing the pleasure of manual shifting. Would I have accepted the CHF 190,000 offer? Probably.

2004 Ferrari 612 Scaglietti Six-speed Manual Transmission went unsold at CHF 190,000 ($211,000).

The deal of the day was made by whoever bought the 2000 Lamborghini Diablo VT Roadster. Not only because the Diablo is a model in high demand, but also due to its color combination: black exterior and red interior, truly diabolical. With 63,500 km, estimated at CHF 350,000-450,000 (no reserve), sold for CHF 276,000, to me it’s a steal: whoever bought it, reselling it with 7/8,000 more km, won’t struggle to recoup their money or maybe even make a profit. If it had 1,000 km, every extra mile would lower its value, but from 63,500 km to 73,500 km, the price doesn’t change and the buyer enjoys it much more! Good purchase and good mood, congratulations.

2000 Lamborghini Diablo VT Roadster sold for CHF 276,000 ($306,500).