Bonhams’ 2018 Italian Job: No doors blown off in Padua

Easing the 1960 Ferrari 250 GT Pininfarina Coupé over the line in a post-sale deal for €508,196 saved the Brits in another subdued Padua sale. Without that, the gross of €2.23m – €1m off last year’s result – would have looked even shakier.

The sell-through by number of 55% was an improvement on 2017 (48%), aided by a fifth of this year’s catalogue offered at No Reserve.

At a glance:
 
* Gross: €2,233,196 (2017, €3,237,595)
* Percentage sold by number: 55% (2017, 48%)
* Top-selling car: 1960 Ferrari 250 GT Pininfarina Coupé (pictured, top) post-saled for €508,196 gross, €441,910 net (est. €540k to €640k)
* Well sold? Pass
* Well bought? Hard to tell from the enigmatic ‘Sold’ declared by Bonhams, but we suspect the 2011 Porsche 911 GT3 RS 4.0 catalogued at €250k to €320k
* One to take away? €56.35k for the 2014 BMW i8, if new supercars are your thing

For out-of-towners, conducting sales in mainland Europe, particularly Italy, can be tough. RM knocked everyone sideways in 2016, selling the 423-car Compiano Collection for €47.7m, but this was an exception. Recent sales at Villa d’Este have been up and down, and Rétromobile usually works best for likeable local specialist Artcurial. Bonhams does well at Zoute and in Scandinavia.

For those markets not used to auctions, punchy (15% in this case, plus local VAT on top) buyer’s premiums are at odds with the rows of cars on sale at the associated Auto e Moto d’Epoca exposition. There, a car’s sticker price is to be negotiated downwards, not added to…

Back to the sale. The 250 GT Pininfarina Coupé probably sold for the right price. Non-original colours inside and out were minuses, but explaining how another Series II Pin’ Coupé achieved almost double at Zoute only a few weeks ago is a tough one. Quite likely a better car, but €480.8k better?

Elsewhere, it was the usual story of early E-types (a 1962 S1 3.8 FHC sold for €120.75k all-in), local ephemera such as the 1971 Lancia Fulvia Zagato that went for a lively €39.1k gross and all manner of Porsche 911s, not all of which sold. Naturally, the sale included a pre-War Horch, which went home unsold.

Next stop for the Brits will be auctions of Brighton Run cars (2 November) and high-level classics (1 December), both of which will be held on more reliable home ground in Bond St, London.

Bonhams at Padua, 27 October 2018 (2017)

Total gross cars: €2,233,196 (€3,237,595)
Number of cars not sold: 26 (31)
Number of cars withdrawn: 1 (0)
Total number of cars: 58 (60)
Number sold: 32 (29)
Percentage cars sold by number: 55% (48%)
Percentage by value average low/high estimate: 35% (39%)
Percentage of cars sold below low estimate: 75% (72%)
Percentage of cars sold not met avge of estimates: 81% (93%)
Percentage of cars sold met/exceeded top estimate: 6% (3%)
Average value of cars sold: €69,787 (€111,641)
Percentage of cars at No Reserve: 21% (7%)
Average year of cars offered: 1972 (1968)

Photo by Bonhams