Bonhams and RM: 2018 US Vintage Fall sales

There’s life left in the market for American pre-War cars, though the days of Packards, Duesenbergs and Cadillacs lining up at a Monterey sale like a still from a Scorsese Mob movie are long gone. The US East Coast in the Fall is now one of the few remaining outposts of the genre.

The Philadelphia story: Bonhams at the Simeone Museum, 8 October 2018

The Brits kicked off proceedings with a small (50 cars) catalogue at arch-enthusiast Dr Fred Simeone’s wonderful museum in Philadelphia.

As always, and in keeping with the location, the emphasis was on originality. As with the action at Hershey, it was an auction for enthusiasts of the Golden Age of motoring – no saleroom-fresh Ferraris or Porsches here.

The strong winds that propelled Bonhams such distances at Zoute failed to make it across the Pond. The sale’s sell-through of 72% was low by US standards and nearly three-quarters of the cars that did sell failed to meet reserve. The cover lot 1927 Bentley 6½ Litre All-Weather Touring Car went home unsold, so it was down to another Bentley, from Derby rather than Cricklewood, to take top honours.

Estimated at $175k to $225k, the hammer on the unusual, Gurney-Nutting-designed 1936 Bentley 4¼ Litre Airflow Saloon (top) fell at $170,000. That’s $190,400 with premium. 

Pass the chocs: RM at the AACA Eastern Division Fall Meet, Hershey, 11-12 October 2018

As the general classic car auction market cools, like a tray of Reese's Peanut Butter Cups placed in the fridge overnight, so the task of selling entries from the ‘Laurel and Hardy’ or ‘Great Gatsby’ eras becomes ever harder.

Not even Canadian Titan RM Sotheby’s can work miracles. Despite more cars at No Reserve (66%) and an average year of manufacture that's now – clutch your pearls – 1941 (1932 in 2015), the sell-through was down to 88% from 95% last year. This is still impressive, and the percentage of cars going above top estimate actually increased, but the average value of cars sold was significantly down from $94.9k to $81.9k.

For the record, top-seller was the 1930 Cadillac V-16 Roadster (above) that burst over its upper estimate to sell for $495,000 with premium.

The vendor of the 1911 American Eagle Touring should be breaking out the tonic wine: estimated at $50k to $80k, it was hammered away for $220k, that’s $242k all-in – one helluva lot of Brasso.

 

Bonhams at the Simeone Foundation Automotive Museum, 8 October 2018 (2017)

Total gross cars: $2,572,616 ($3,044,104)
Number of cars not sold: 14 (12)
Number of cars withdrawn: 0
Total number of cars: 50 (66)
Number sold: 36 (54)
Percentage cars sold by number: 72% (82%)
Percentage by value average low/high estimate: 37%
Percentage of cars sold below low estimate: 72%  
Percentage of cars sold not met avge of estimates: 86%  
Percentage of cars sold met/exceeded top estimate: 11%
Average value of cars sold: $71,462
Average year of cars offered: 1941  
Percentage of cars offered at No Reserve: 32%

RM Sotheby’s at Hershey, 11-12 October 2018 (2017)

Total gross cars: $10,564,600 ($15,801,875)
Number of cars not sold: 17 (7)
Number of cars withdrawn: 1 (4)
Total number of cars: 146 (139)
Number sold: 129 (132)
Percentage cars sold by number: 88% (95%)
Percentage by value average low/high estimate: 71%
Percentage of cars sold below low estimate: 54%
Percentage of cars sold not met avge of estimates: 72%
Percentage of cars sold met/exceeded top estimate: 17%
Average value of cars sold: $81,896
Average year of cars offered: 1941 (1936)
Percentage of cars offered at No Reserve: 66% (62%)

Photos by Bonhams/RM Sotheby’s