Back to the Palace: Bonhams' CHF 7.5m Gstaad sale

Simon remembers selling a 250 LM at the very first Bonhams all-Ferrari event at the Palace Hotel 24 years ago for CHF 2.4m. This year a 1991 F40 road car topped the auction, achieving CHF 1.96m with premium.

Back in 1998, an F40 LM bought new by the creator of Asterix, Albert Uderzo, went for CHF 619,500. In 2022, Bonhams’ road car sold mid-estimate, and was Swiss taxes paid, but lacked all the paperwork (and mandatory catalysts) to remain in the country. Working with on-the-day exchange rates, that’s $2m.

At a glance:
 
* Gross, motor cars CHF 7,581,435 (2021 at Bonmont, CHF 10,314,350)
* Percentage sold by number: 89% (2021 at Bonmont, 89%)
* Top-selling car: 1991 Ferrari F40 CHF 1,955,000 gross, CHF 1,700,000 net (est. CHF 1.6m to CHF 1.8m)
* Well sold? No Reserve throws up some odd results: estimated at around CHF90k, the 1996 Porsche 993 Turbo went for CHF 243,800 all-in
* Well bought? With the familiar caveats of no papers, import tax liabilities and non-matching engine, the LHD manual 1969 Aston Martin DBS Vantage bought for just CHF 46,000

Once again a blizzard of symbols in the catalogue signified this was another Bonhams sale with a high percentage (over a third) of Middle East-sourced cars. So, in addition to the usual maze of Swiss-specific rules and taxes, bidders had to negotiate cars coming from outside the EU with minimal paperwork.

The good news for buyers was that all these cars were No Reserve and bargains were there to be had, even if the underground car park of the exclusive Gstaad Palace had a bargain basement feel to it.

The pair of Monteverdis attracted much interest. The giant four-door sold for CHF 112,125 gross; the two-door coupé an estimate-busting CHF 230,000.

Once again, a special-edition Porsche 911 did well, The low mileage (ca. 154km) blue with all-red interior 2011 Porsche 997 Turbo S Coupé (est. CHF 60k to CHF 90k) was a Kuwait-spec car in bright blue with all-red interior and sold for CHF 172,500 all-in.

Next year Bonhams will return to Bonmont near Geneva, the company’s Swiss sales alternating between the two venues from then onwards.

Bonhams at Gstaad, 3 July 2022 – results (2021 at Bonmont)

Total gross cars: CHF 7,581,435 (CHF 10,314,350)
Number of cars not sold: 6 (5)
Number of cars withdrawn: 0 (1)
Total number of cars: 55 (47)
Number sold: 49 (42)
Percentage cars sold by number: 89% (89%)
Percentage by value average low/high estimate: 63% (71%)
Percentage of cars sold below low estimate: 43% (36%)
Percentage of cars sold not met avge of estimates: 63% (64%)
Percentage of cars sold met/exceeded top estimate: 14% (21%)
Average value of cars sold: CHF 154,723 (CHF 245,580)
Average year of cars offered: 1976 (1983)
Percentage of cars offered at No Reserve:  64% (53%)

Photos by K500