Bonhams at the 2024 Goodwood Revival

The institution that is the Bond St firm’s annual auction at the world’s premier historic motor racing meeting took place on Saturday afternoon. As always, it was an opportunity to catch up with old friends, take a break from events on the track – and this year’s weather – while enjoying the effortless auctioneering style of veteran James Knight and new man at the rostrum Richard Stafford.

But did they sell many cars?

On the face of it, at 51% sold by number, no. But given the modest ambitions of the catalogue, and business in the UK best described as ‘subdued’ – as seen at Hampton Court 10 days ago and at Cliveden in June – it could have been worse. There was nothing stellar on offer; the catalogue was full of honest classics that would have found buyers in better times.

Top-selling car was the 1998 Porsche 911 Turbo (above) billed as the “last air-cooled 911 to leave the Zuffenhausen factory in period”. It is a German-delivered Sonderwunsch (Special Wishes) car but, unlike many, acceptable to today's tastes. The final selling price of £614,200 gross (say $810k) begs the question, would it have done better in the US during Monterey Week or at Amelia Island, events where interesting, more recent air-cooled Porsches rule? Maybe, but find a new owner at Goodwood it did. Pragmatism on behalf of the vendor saw money in the bank this month, rather than holding on, possibly in vain, for a different result next year.

At a glance:

* Gross, motor cars: £6,118,992 (2023, £8,527,707)
* Percentage sold by number: 51% (2023, 65%)
* Top-selling car: 1998 Porsche 911 (993) Turbo £614,200 gross, £535,000 net (est. £700k to £800k)
* Well sold? The Aston market has been in the wars recently, but it was heartening to witness a saleroom battle over the vibrant 1970 Bahama Yellow DBS V8. A non-Kuwait, very average automatic estimated at £90k to £120k, auctioneer James Knight (top) finally dropped the hammer at £130k. That’s £149,500 with Bonhams’ UK sales 15% sub-£500k premium
* Well bought? Realistic sellers let several entries loose below low estimate, so let’s go for another Aston, the 1935 1½-Litre Mark II Long-Chassis Tourer, a useable pre-War model with sporting attitude and one of the great badges bought for £149,500 all-in. Est. £150k to £200k

The single most viewed and discussed car in the sale was another Porsche 911, the two-owner 1973 Carrera RS 2.7 Touring, est. £400k to £500k. The right-hand-drive Bahia Red car (above) had a history file to die for and came from 48 years in single ownership. All numbers matched and the good quality, bare-metal restoration in 1998 really made it look ‘original’. Only the quirky installation of Ford Capri seats (a common mod in period for comfort) let the car down – easily fixed. In a fractious and picky market for the model, this was a well-deserved result for a great, ‘no-stories’ RS 2.7 Touring in a good colour. At £471,500 with premium, well bought.

Keyboard warriors had threatened to derail the sale of the 1933 MG Magnette K3 (above) consigned from the estate of Australian connoisseur Peter Briggs. The history of these cars is convoluted, and legions of MGA-owning (at best) marque followers debated its merits way past their bedtimes. Man with the gavel James Knight took a bid that should have been good enough to seal the deal, but was below the vendor’s initial expectations. It required 10 minutes of wrangling for it to be declared sold at £525,000 all-in, which nets back to £456,522 against a ‘confident’ estimate of £700k to £800k. Considering the circumstances, this was a fair result all round. The ex-Briggs 1934 MG NE Magnette Sports-Racing Two-Seater did not sell.

Stafford (pictured, below) took over the reins for Lot 148 onwards. It was a good start, as bidding on ‘148’, the 1922 GN ‘Akela’ 1100cc Brooklands 200 Mile Race two-seater came thick and fast from those who, a seasoned observer told us, “liked getting their hands oily”. It sold for £152,950. Est. £120k to £160k.

A raft of non-sellers spoiled the eventual results including the 1935 Aston Martin Ulster with touring two-seater coachwork, 1985 Audi Sport Quattro Coupé and 2021 Aston Martin V12 Speedster offered around its list price, totally unrealistic in today's market. See the performance at auction of all the other recent Aston Martin special editions.

It’s worth noting that Bonhams sold another quality 1930s Alfa Romeo 8C 2300 recreation. The Corto Spider achieved £552,000 on Saturday, following £608,600 paid for a similar car at the Festival in July.

In summary, business in Europe, and the UK in particular, is far quieter than in North America. The trade is not investing in stock. The wisdom of holding auctions at busy, expensive-to-attend events has long been debated. A saleroom packed with long-standing supporters of more mature years – “So nice to see so many familiar faces here…” – might look reassuring, but they’re selling unfashionable classics, not buying the latest must-have. Californian powerhouse Gooding & Co, with a $108m+ gross at Pebble Beach only a few weeks ago, did not do much better at Hampton Court at the end of August.

Adding a Porsche 550 Spyder, Bentley R-Type Continental, Ferrari 212 Inter Coupé by Ghia, Ferrari ‘Daytona’, Bugatti Type 57, Rolls-Royce 20/25, box-fresh recent Aston Martin Zagato or early post-War Delahaye into the mix would have made the catalogue look better – but the figures likely very similar.

Saturday’s auction was simply another in the run of low-key results seen across the board in Europe this summer. The fact that it was held at a high-profile meeting adds little to its significance and, if anything, partly explains it: you can go to a classic car auction almost every weekend, but visiting the Goodwood Revival is special, with every minute spent at the track to be savoured.

Bonhams at the Goodwood Revival, 7 September 2024 – results (2023)

Total gross cars: £6,118,992 (£8,527,707)
Number of cars not sold: 44 (36)
Number of cars withdrawn: 0 (1)
Total number of cars: 90 (104)
Number sold: 46 (68)
Percentage cars sold by number: 51% (65%)
Percentage by value average low/high estimate: 38% (37%)
Percentage of cars sold below low estimate: 61% (49%)
Percentage of cars sold not met avge of estimates: 91% (82%)
Percentage of cars sold met/exceeded top estimate: 7% (9%)
Average value of cars sold: £133,022 (£125,407)
Average year of cars offered: 1962 (1964)
Percentage of cars offered at No Reserve: 9% (11%)

Photos by K500