7/10 for Bonhams at the Greenwich Concours

At $417.5k all-in, it was the red 1949 Alfa Romeo 6C 2500 SS Cabriolet that topped the charts at the Brits’ East Coast sale on 2 June 2019. Despite 59% of the catalogue offered without reserve, sell-through by number was a modest – by US standards – 72%.

Only four cars sold above top estimate, with one being the only exceptional result of the sale: the 1961 Bentley S2 Continental Coupé, estimated at $165k to $195k, that was hammered sold at $220k ($246.4k gross). Although RHD, the imposing two-door sported air-conditioning and restoration work by pre-eminent British specialist P&A Wood.

There was blood on the floor with the No Reserve, all-Ford collection. The blue-collar market had something of a renaissance at Scottsdale in January but was clearly out of place in the refined enclaves of East Coast America. Take the 1965 Ford Galaxie 500 M-Code 'Cammer' Two-Door Hardtop. Estimated at $300k to $400k, it sold for $100k net, $112k with premium. Maybe put it on 22in chromed rims, pimp-out the inside and swap the special NASCAR engine for a crate motor to sell as a restomod?

The market for rare and original US muscle is either in serious decline, or needs to be offered with Good Ol’ Boy showmanship in the tobacco auction style by locals B-J or Mecum.

More traditional European fare did sell, but generally at depressed prices. There were no Ferraris.

Bonhams at Greenwich Concours, 2 June 2019 (2018)

Gross: $4,397,990 ($9,572,000)
Number of cars not sold: 28 (11)
Number of cars withdrawn: 1 (1)
Total number of cars: 101 (123)
Number sold: 73 (112)
Percentage cars sold by number: 72% (91%)
Percentage by value average low/high estimate: 38% (66%)
Percentage of cars met or sold below low estimate: 86% (37%)
Percentage of cars sold below avge of estimates: 95% (71%)
Percentage of cars sold met/exceeded top estimate: 5% (21%)
Average year of cars offered: 1960 (1964)
Average price of cars sold: $60,246 ($85,464)
Percentage of cars offered at No Reserve: 59% (72%)

Photo by Bonhams