Bonhams’ 2024 sale at Quail Lodge

The Brits were the heroes of Monterey Week last year when they sold one car, the ex-Maranello Concessionaires 1967 Ferrari 412P, for $30,255,000. It was the highest figure recorded by any of the international auction houses on the Peninsula, and the second most valuable car sold in 2023.

This year, with premium, the entire 107-lot Quail Lodge motor car catalogue totalled $11,222,820.

It was a sad day for a location which has seen many significant cars find new owners in the past: the 412P in 2023, the $38.12m, ex-Fabrizio Violati Ferrari 250 GTO in 2014, the McLaren F1 road car bought for $15.62m in 2017. Times change and, as we said in our Wednesday report, the Brits have been squeezed by the three other big international firms. This catalogue was never going to produce a big result.

Taking the positives, new face at a motor cars auction rostrum Harvey Cammell – Deputy Chairman of Bonhams UK and Global Director of Valuations and Private Collections – was terrific. He was joined by rising star Richard Stafford, who took part of the sale himself and introduced the lots presented by the more senior man.

They just need better material to work with.

At a glance:

* Gross, motor cars: $11,222,820 (2023, $55,490,440)
* Percentage sold by number: 79% (2023, 74%)
* Top-selling car: 2022 Ferrari 812 Competizione $1,611,000 gross, $1,460,000 net (est. $1.65m to $1.95m)            
* Well sold? A 1965 Ford Mustang Convertible (Est. $25k to $35k) achieved $224,000. Former musician owner the late Tom Petty was the reason.
* Well bought? 1955 Porsche 356 Pre-A 1500 Continental Cabriolet, $187,600. In at $300k to $350k, the downside of No Reserve. Ouch.

The chart-topping 2022 Ferrari 812 Competizione was an entry received after the catalogue had closed and provided 14 per cent of the gross. The inclusion of No Reserve muscle cars raised eyebrows but the gross would have been 30 per cent poorer without them.

To no one’s surprise, the expensive Porsche 928 that featured in the Tom Cruise movie Risky Business did not sell. Big figures might be achievable in the well-lubricated surroundings of a Barrett-Jackson auction – where it was sold for $1,980,000 in Houston in 2021 – but not at Quail Lodge in 2024. The previous owner probably still has a smile on their face.

Other results of note:

* 1969 Aston Martin DBS, $29,120. The runt of the DB Aston Martin litter (Fiesta Red with blue hide new, automatic and non-Vantage), the ex-Kuwait car was sold for less than the cost of a new Fiat 500.
* 1964 Ferrari 250 GT Lusso Berlinetta, ‘Sold’. Mostly unrestored car delivered new to the US in silver/black. Not bought on the hammer but a post-sale deal a few lots later saw the car snapped up by the trade. A model presently only on tickover, the prospect of a big restoration clearly put off private buyers.
* 1957 BMW 507 Series II Roadster with Hardtop, Not Sold. Generated little interest in the tent.
* 1962 Maserati 5000GT, Not Sold. Once the Car of Kings, make up your own metaphor for the fate that has befallen these. One of the more numerous Allemanos, this one was bought for $417,500 last March. $600k to $700k 15 months later? Good try, we say.
* 1967 Ferrari 330 GTC, $692,500. One of the few positive results of the day, generating fierce bidding right to the end. More please.

All prices include buyer’s premium.

It wasn’t Bonhams’ finest hour, though things were not always going swimmingly elsewhere at Pebble Beach and Monterey, as the results at Gooding and RM show.

Bonhams at Quail Lodge, 16 August 2024 – results (2023)

Gross: $11,222,820 ($55,490,440)
Number of cars not sold: 23 (28)
Number of cars withdrawn: 1 (0)
Total number of cars: 107 (109)
Number sold: 84 (81)
Percentage cars sold by number: 79% (74%)
Percentage by value average low/high estimate: 30% (62%)
Percentage of cars met or sold below low estimate: 57% (73%)
Percentage of cars sold below avge of estimates: 77% (86%)
Percentage of cars sold met/exceeded top estimate: 7% (6%)
Average price of cars sold: $133,605 ($685,067)
Average year of cars offered: 1968 (1962)
Percentage of cars offered at No Reserve: 65% (43%)

You can download a complete lotlist of all cars offered by Bonhams, Broad Arrow, Gooding & Co and RM Sotheby’s sorted by make and model HERE.

Monterey Week 2024 auction schedule:

Mecum – sales Thursday 15 August to Saturday 17 August. Hyatt Regency Monterey Hotel and Spa, 1 Old Golf Course Road, Monterey, CA 93940. Gates open at 08:00. See mecum.com

Broad Arrow – sales Wednesday 14 August, Thursday 15 August. Monterey Jet Center, 300 Sky Park Dr, Monterey, CA 93940. Auctions at 17:30 Wednesday, 15:00 Thursday. Preview Wednesday, Thursday, Friday. See broadarrowauctions.com

Bonhams – sale Friday 16 August. Quail Lodge & Golf Club's West Field, 27050 Rancho San Carlos Road, Carmel, CA 93923. Auction at 11:00. Preview Wednesday, Thursday, Friday. See bonhams.com

Gooding & Co – sales Friday 16 August, Saturday 17 August. Pebble Beach Parc du Concours, Corner of Stevenson Drive and Portola Road, Pebble Beach CA 93953. Auctions at 16:00 Friday, 11:00 Saturday. Preview Wednesday, Thursday, Friday and Saturday. See goodingco.com

RM Sotheby’s – sales Thursday 15 August to Saturday 17 August. Portola Hotel & Spa and Monterey Conference Center, 2 Portola Plaza, Monterey, CA 93940. Auctions at 17:30 Thursday, Friday and Saturday. Preview Wednesday, Thursday, Friday and Saturday. See rmsothebys.com

Photos by K500