€7.2m C-type headlines Bonhams’ €15m+ Monaco sale
After Bonhams readjusted the estimate on its well-patinated racing Jaguar in line with recent discoveries in its history, there was always the strong chance that the final figure of €4m to €5m would prove too much of a temptation to those looking for a ‘C’.
Bidding started at €3m, then swiftly raced over €5m, to finally settle on €6.3m. The car sold well, and the gross of €7,245,000 values it at comfortably in excess of $8million.
Working on published results, Bonhams' first Monaco auction for four years grossed €15,267,400. A quarter of the cars sold beat their upper estimates, although the overall sell-through rate on the night was a below-par 59%.
James Knight was at the rostrum and on more than one occasion had to admonish the lively saleroom to pipe down. As he put it: “I don’t want my auction to interrupt your conversation.”
It was a sparky performance that worked well for the 40 or so cars on offer, and the C-type was the subject of a frenzy of bidding in the saleroom and on the telephones until the winning German dealer finally trumped his rivals. Another entry most likely heading to Germany was the ex-Schumacher, 1991-1992 Benetton-Ford F1. At ‘No Reserve’, it showed the power of a competitive estimate (€220k to €280k) and the draw of the Schumacher name. All-in, it achieved €1,058,000, nearly four times its upper estimate.
And it was also an emotional evening: Bonhams had arranged for one of the C-type’s early owners and racers, Robin Sturgess, to be present at the sale; everyone remembered the sad plight of the great multiple World Champion Michael Schumacher, and after nine decades and a colourful, globe-trotting life, the ex-Glen Kidston Bugatti finally returned to the family fold.
Tempering this excitement was a high level of non-sellers, mainly due to unrealistic estimates (we’ll name the Aston Martin One-77 as the prime offender) or over-familiarity at auction – burnt orange Maserati Ghibli 4.7, we’re looking at you.
These apart, it was a successful return to the Principality by the Bond St house and nicely lines up RM’s big gig scheduled for later today.
Bonhams in Monaco, 13 May 2016, results:
Total gross cars: €15,267,400
Number of cars not sold: 17
Number of cars withdrawn: 0
Total number of cars: 41
Number sold: 24
Percentage cars sold by number: 59%
Percentage by value average low/high estimate: 59%
Number of cars sold below low estimate: 10
Percentage of cars sold below low estimate: 42%
Number of cars sold not met avge of estimates: 16
Percentage of cars sold not met avge of estimates: 67%
Number of cars sold above top estimate: 6
Percentage of cars sold met/exceeded top estimate: 25%
Average age of cars offered: 1973
Average price of cars sold: €636,142
Photos by K500