Bonhams steps back in time... to 2015

In an almost complete duplication of its results last year, Bonhams has just closed the doors to its big Goodwood Revival marquee, having grossed £11.4m at a sell-through rate of 62%. This compares eerily with £11.73m / 63% 12 months ago.
 
Key points:
 
· ‘Time-warp’ Porsche 550 Spyder sells for £4,593,500 all-in, a world record
· Ex-Roy Salvadori Frazer Nash Le Mans Replica grosses £603,333
· Aston Martin Two-Litre Speed Model ‘Red Dragon’ headliner does not sell
· 19% of cars sold beat top estimate (16% in 2015)
 
Redolent with the evocative aroma of wet tweed and warm fox-fur stoles, the packed saleroom was one of the few shelters from constant showers all afternoon. Bonhams had reversed last year’s decision to drive the lots across the block, the result being space to view the cars right until the time they came up for auction. The tent was well-attended by the right crowd and had a good cross-section of trade and private buyers, with American, French and German accents evident.

The red Ferrari 275 GTB had a hastily printed ‘This Lot has been Withdrawn’ notice tucked under a wiper blade, and is believed to have been sold to the UK trade prior to the auction. Bonhams’ post-event press release makes no mention of this, its website listing it as sold for £1.5m.
 
The headlining Porsche 550 was a genuinely unspoilt car right down to the original, hardly ever seen intact fabric hood. While Gooding’s blue Seinfeld car (sold for $5,335,000 last March) was well restored, this matt silver example was untouched. Starting at £2.8m, bidding rattled up to the mid-£3ms before settling on £4.1m – £600k under its punchy low estimate. The buyer’s agent had flown in from the US, and his client will pay £4,593,500, or $6.4m. It’s a new auction record for the model.

The homely pre-War Aston ‘Red Dragon’ racer lacked the visual wow factor to match its pre-sale estimate and stalled short of reserve. Best Buy was the ex-Salvadori Frazer Nash 'LM Rep’: British motor racing history in the metal, and acquired under estimate.
 
Those in the know rated the original DB5, neither a barn-find project nor a concours winner. Selling for £455,100 with premium, the buyer got something of a bargain. Compare that with the identical price for the less fashionable but shinier 1967 DB6 Vantage.
 
Another car making waves was the highly original 1971 Ferrari Dino 246 GT with only two owners and 25,253 miles from new. The interesting colour scheme of Oro Chiaro added to its appeal. Offered early in the sale when the saleroom was filled to bursting, it smashed its pre-sale estimate of £150k to £200k to sell for £266,000k net, £299,420 gross.

With talk in the saleroom still of RM’s success with the limited-edition 1990s Porsches earlier this week, it was a hard ask for Bonhams to match that buzz. Auctioneer James Knight and the team put on a good show with a varied catalogue and some gems that did the job.
 
Bonhams at the Goodwood Revival, 10 September 2016 (2015)
                                                     
Total gross cars: £11,358,178 (£11,731,122)
Number of cars not sold: 32 (33)
Number of cars withdrawn: 1 (0)
Total number of cars: 85 (88)
Number sold: 53 (55)
Percentage cars sold by number: 62% (63%)
Percentage by value average low/high estimate: 58% (38%)
Number of cars sold below low estimate: 27 (29)
Percentage of cars sold below low estimate: 51% (53%)
Number of cars sold not met avge of estimates: 35 (40)
Percentage of cars sold not met avge of estimates: 66% (73%)
Number of cars sold above top estimate: 10 (9)
Percentage of cars sold met/exceeded top estimate: 19% (16%)
Average value of cars sold: £214,305 (£213,293)
 
Photos by K500