€951k Miura P400 tops Artcurial’s July 2021 Monaco sale

Despite a bumper 118-car catalogue and glamorous Côte d'Azur setting, in a sale that grossed just over €6.3m, around half the cars went home unsold at the Parisians' latest outing in Monaco.

Judging by Bonhams at the Goodwood Festival and here in the South of France, the vibrant market for more expensive classic cars at auction in the US – to be tested in the biggest way possible shortly at Monterey – has yet to make it to this side of the Atlantic.

Blame Covid, punishing buyers’ premiums of up to 16%, only average catalogues and more cautious European buyers – hardly any of whom will be able to travel to the US next month.

At a glance:
 
* Gross, motor cars: €6,307,732
* Percentage sold by number: 50%
* Top-selling car: 1968 Lamborghini Miura P400 €951,200 gross, €820,000 net (est. €85k to €1.2m)
* Well sold? In a 50% sold-by-number auction, not much
* Well bought? The Miura had a solid history in France from new, great period photographs and was in relatively original condition, restored some 15 years ago in Italy but not by an acknowledged expert. On balance, probably a fair-to-good buy that only needed some details putting right. Dollar conversion on the day pitches the car at around $1.12m

Not only was the sell-through-by-number poor, just one entry beat its upper estimate. Of those that did sell, half went below lower guide price. One just scraped over the line at €406k net/€470.96k gross, and that was the 1973 Porsche Carrera RS 2.7, an engine-matching example in rare Aubergine. The car was estimated at a broad €400k to €600k. The many non-sellers included the 1973 Carrera RSR 2.8, while the 1975 Porsche Carrera 3.0 RSR was withdrawn.

The 2018 Mercedes-Maybach G650 Landaulet carried a stellar estimate of €600k to 800k, though did sell, but for €542,000 net, €628,720 gross.

For those interested in the DB Aston market, you can come out from behind the sofa. A LHD DB5 delivered new to France, later converted to automatic for reasons unknown, not with a matching engine but claimed to have its first leather, one requiring extensive recommissioning to get it back on the road and no longer in its original colour of Platinum, sold for a strong €493,000 all-in (est. €400k to €600k). Budget €250k for a proper restoration in the UK. And you'd have to find a correct ZF 5-speed gearbox, which are not always easy to source nowadays.

All eyes, now, on Monterey Week, the first significant international selling event for the Big Three since Amelia Island in March 2020. A full K500 preview will give subscribers the inside line well in time for when the flag drops at RM on Thursday, 12 August.

Artcurial at Monaco, 19 July 2021 – results

Gross: €6,307,732
Number of cars not sold: 59
Number of cars withdrawn: 4
Total number of cars: 118
Number sold: 59
Percentage cars sold by number: 50%
Percentage by value average low/high estimate: 26%
Percentage of cars sold below low estimate: 56%
Percentage of cars sold not met avge of estimates: 92%
Percentage of cars sold met/exceeded top estimate: 2%
Average year of cars offered: 1978
Average price of cars sold: €106,911
Percentage of cars offered at No Reserve: 28%

With thanks to Hammer Price.

Photo by Artcurial