The Market

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Bonhams’ $5.9m 2022 Greenwich Concours sale

Bonhams’ $5.9m 2022 Greenwich Concours sale 6th June 2022

Aided by eight out of ten cars offered at No Reserve, the Bond Street firm sold 93% by number of its 59-car Greenwich Concours catalogue, in the process grossing $5,862,620. Top selling car was a 1929 Bentley 4½ Litre Tourer with reproduction Vanden Plas tourer bodywork that achieved $604,500.

The Brits last ran a proper auction at Greenwich in 2019. As the overview below shows, this year’s run of good results continued despite the catalogue lacking much in the way of star quality. Many of the entries came from long-term storage, with nearly a quarter Aston Martins; all-too-familiar at Bonhams' auctions nowadays.

There were bargains to be had, such as the restored and original colours 1953 Jaguar XK120 Fixed Head Coupé that went for $85,120 incl. premium. And the 1971 Mercedes-Benz 280 SE 3.5 Cabriolet selling for $208,320 gross, a No Reserve car with little paperwork needing recommissioning. The latter had a great specification: floor-shift automatic ’box, air conditioning and desirable original colour of Grey Blue Metallic over Blue, with a blue hood.

You have to feel sympathy for consignors of Astons nowadays. In a sea of No Reserve entries from Bonhams’ regular Middle East source, anything else sinks below the waves. However, the market recognises and prizes rarity, so the heirs of the late Judson Lutz must have been delighted at the result of his 1958 Aston Martin DB Mk III Drophead Coupé. The for-restoration LHD car, first delivered to Paris, carried an estimate of $120k to $160k but sold for $246,400 all-in. These are highly regarded models in North America, which explains the price despite a likely ca. $350k cost of restoration.

Bonhams at the Greenwich Concours d’Elegance, 5 June 2022 – results (2019)

Gross: $5,862,620 ($4,397,990)
Number of cars not sold: 4 (28)
Number of cars withdrawn: 0 (1)
Total number of cars: 59 (101)
Number sold: 55 (73)
Percentage cars sold by number: 93% (72%)
Percentage by value average low/high estimate: 80% (38%)
Percentage of cars met or sold below low estimate: 45% (86%)
Percentage of cars sold below avge of estimates: 71% (95%)
Percentage of cars sold met/exceeded top estimate: 7% (5%)
Average year of cars offered: 1966 (1960)
Average price of cars sold: $106,593 ($60,246)
Percentage of cars offered at No Reserve: 81% (59%)

Photos by Bonhams