The Market

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Bonhams at the 2024 Zoute Grand Prix

Bonhams at the 2024 Zoute Grand Prix 7th October 2024

Outdoing 2023’s blockbusting €26.8m gross at an impressive 88% sold by number at the fashionable northern Belgium resort was always going to be tough job for the Brits. How did it go this year?

Looking at percentage sold by number (94% this time) and the proportion of cars beating upper estimate (22% vs. 20%) even better. And that’s despite a smaller gross due to a couple of big-ticket entries not selling, and 2023’s figures boosted by the €4.83m Ferrari 250 GT ‘TdF’ and €1.035m Porsche 993 GT2.

At the equivalent of nearly $21m, yesterday’s auction in Belgium totalled more than Bonhams achieved at the Goodwood Revival last month and at Quail Lodge in August combined. Certainly something for the top brass in Bond Street to think about in a year that has seen several figures leave and often sub-optimal results recorded.


British auctioneer James Knight was at the rostrum for the entire event, playing to a packed, well-refreshed (“Please, you can party when I finish…”) audience there to enjoy the atmosphere of a well-run classic car auction at a great event.

And, clearly, buy some cars.

At a glance:

* Gross, motor cars: €20,578,675 (2023, €26,757,793)
* Percentage sold by number: 94% (2023, 88%)
* Top-selling car: 2010 Mercedes-Benz SLR McLaren Stirling Moss €3,220,000 gross, €2,800,000 net (est. €1.5m to € 2.5m)        
* Well sold? Leaving aside the No Reserve Kuwaiti lots at ‘come buy me’ estimates, how about the 2007 Mercedes-Benz SLR McLaren 722 Edition Coupé, a German-registered example with two owners and 3,000km recorded that was bought for €747,500 all-in against a €480k to €650k estimate?
* Well bought? Bucking the trend of more recent Porsche 911s overperforming, the 1996 993 Turbo X50 Coupé with a raft of Porsche Exclusive extras was snapped up for €195,500. Blame an ocean of light grey leather with wood inserts; an interior that might be a bit too ‘Exclusive’ for some.

The headlining 1951 Ferrari 340 America Berlinetta was an impressive car in an interesting colour with a good history but fell at the first fence due to: a) declining interest in that era and b) it being marketed to death over the last 12 months or more including display at Paris Rétromobile this February. If public auction is the action of last resort, a keen estimate with a No Reserve tag might have done the trick yesterday. Bonhams seemed to have had the saleroom vibe and clientele to do a deal in Zoute.

With the 1950s Ferrari not finding a new owner, it was down to a car from Bonhams’ familiar source in the Middle East to take top honours. The special-order SLR McLaren Stirling Moss – unique red with yellow-stitched red interior and wide driver and passenger seats. Nice… – smashed through its unreasonably low estimate to sell for €3,220,000 incl. 15% premium. No Reserve, and the chance of picking up a bargain, once again worked its magic.


Unlike the pestilence that Bonhams unleashed on the DB-era Aston Martin market, the effect of a horde of No Reserve SLR McLarens from Kuwait has, if anything, been a boost for the model, despite the extra customs duties and VAT liabilities on every sale. A delivery mileage 2008 SLR McLaren Crown Edition (est. €200k to €300k) from the same vendor sold for €483,000.

Other results of note (all prices gross)

* 1989 Lamborghini Countach 25th Anniversario, €529,000. One owner red car from new with fewer than 4,500km. Well sold.
* 2007 Mercedes-Benz CLK DTM AMG Cabriolet, €540,500. Super-cheap (€150k to €250k) estimate and No Reserve always meant this one was going to do well. Add taxes and duties to this figure. “Sold without any registration document” could mean trouble.
* 2011 Aston Martin One-77, €1,437,500. No, 1 of the 77 built. Great colour (Bronze Pearl) and only 550km but expect a big bill to get it running properly.
* 1959 Aston Martin DB4 4.7-litre Works Prototype, Not Sold. The sort of car that performs well in good times for the marque (£485.5k in May 2010 when a DB5 achieved £287.5k) but falters when the going gets harder.
* 1954 Bentley R-Type 4.9-litre Continental, €391,000. ‘Big’ engine is good, but non-original colours, automatic ’box, comfort seats and no spats for this RHD car offered in Europe less so. In the circumstances, fair value all round.
* 1956 Porsche 550 RS Spyder, €2,530,000. Way off its €3.4m to €3.9m estimate, probably the right price for car with replacement body, engine and transmission. Good entry for Goodwood, the Mille Miglia or Le Mans Classic.

So they did it again. Well done the Brits – over to RM to see if this late-season European enthusiasm translates to its top-tier events in London on 1-2 November and Munich on 23 November.

Bonhams at the Zoute Grand Prix, 6 October 2024 – results (2023)

Total gross cars: €20,578,675 (€26,757,793)
Number of cars not sold: 5 (12)
Number of cars withdrawn: 0 (0)
Total number of cars: 68 (96)
Number sold: 63 (84)
Percentage cars sold by number: 94% (88%)
Percentage by value average low/high estimate: 70% (68%)
Percentage of cars sold below low estimate: 27% (36%)
Percentage of cars sold not met avge of estimates: 64% (60%)
Percentage of cars sold met/exceeded top estimate: 22% (20%)
Average value of cars sold: €321,542 (€318,545)
Average year of cars offered: 1987 (1982)
Percentage of cars offered at No Reserve: 62% (54%)

Photos by Bonhams and Felix Schmit for K500