Bonhams at the Goodwood Revival 2015: “One too far”?

“Cramming four major European auctions into just over a week means something had to give, and it has,” observed Simon from Bonhams' latest sale at the Goodwood Revival.

As we reported from the saleroom on Saturday evening, few of the really big-ticket items sold, leading to a final gross of £11,731,122. The figure for cars sold by number was helped by several post-sales yesterday and the day after the sale, but works out at a lower-than-usual 63%.

You couldn’t fault the presentation, particularly driving the cars over the block. The mobile phone signal was good this year, so that's not a reason. We might say a Friday sale could have helped, as the Saturday of the Revival was packed with alternative entertainment on the track, but Bonhams would probably counter this with the view that a Saturday sale gives an extra day of viewing.

The pre-sale estimates on the Chris Evans cars were always bullish, so without healthy results for his ‘Daytona’ Spider, 275 GTB 6/C alloy and Lusso, the sale total was always going to suffer. Add in the non-Evans R-Type Continental Bentley and ex-works Porsche 908/03 that also failed to find buyers, and the percentages start to tumble.

Some relief was provided by the ex-Keith Richards, £763,100 Bentley Continental Flying Spur and the Ferrari F40 that was sold on Monday morning for an undisclosed sum. The two Evans ‘recreations’, the Jaguar XKSS and 250 GT SWB went well, and the Aston Martin Ulster 2/4-Seater changed hands at a 2014-level £740,700.

Simon’s verdict is simple:

"It's simply one too far: the European classic car market is inevitably smaller than its American counterpart, and if most of your offerings are mid-level, you're unlikely to attract many US buyers.

“Cramming four major European auctions into just over a week means something had to give, and it has: just look at the percentage sold rates, or even more telling, how many cars were hammered not just below mid-estimate, but below bottom estimate. The auction houses need to rethink their strategy and improve quality, bring reserve pricing back to earth and ultimately return to guiding sellers, rather than being dictated to by them.

“Everyone will be watching the next round with interest."

Bonhams at the Goodwood Revival 12 September 2015

Total Gross: £11,731,122
Average of estimates: £27,468,500
Number of cars not sold: 33
Total number of cars offered: 88
Number sold: 55
Percentage cars sold by number: 63%
Percentage by value average low/high estimate: 38%
Number of cars sold below low estimate: 29
Percentage of cars sold below low estimate: 53%
Number of cars sold below avge of estimates: 42
Percentage of cars sold below avge of estimates: 76%
Number of cars sold above top estimate: 10
Percentage of cars sold above top estimate: 18%

All photos by K500 - Copyright