Auctions Commentary from CCFS Market Analyst Richard Hudson-Evans
A show standard 1957 Porsche Speedster 356S T1 Speedster selling for £306,563 to top 79% sold Silverstone Auctions sales of £5.76m during Lancaster Insurance Classic Motor Show weekend at the NEC in Birmingham confirms the continued strength of Porsche prices. For the best performing Historic Automobile Group International marque index, the Porsche transaction charting HAGI P was 2.21% higher during October and Porsche prices, say HAGi, are 5.51% up for the year to date.
Other market significant valuations for Porsches during the two Silverstone auctions in Brum were a mid-estimate £258,750 for a 1975 911 Carrera 2.7 MFI, one of just 21 made, and £211,500, £61,500 above the guide price, for a Type 930 1989 911 Turbo with factory-done SE ‘Flachbau’ (flat-nose). A more than double lower estimate £202,500 was necessary to beat other bidders to secure the first UK SE Flachbau, the factory press car from 1985, and £108,563, forecast money, was available for a right-hand drive 993 1998 911 Turbo X50 with 430bhp X50 upgrade. A UK market 1988 928 S4 auto driven 18,500m by one registered keeper was in exceptional nick, hence the £49,500 paid, and a 99,400 miles from new in 1991 944 Turbo Cabriolet manual in rhd cost the next keeper £24,188.
Whereas the HAGI F index that monitors the fortunes of the Ferrari market declined by 1.47% last month, indicating more modest growth therefore for Prancing Horses of 2.96% for the year so far. While the HAGI MBCI was much the same in October as it was in September, increasing by a mere 0.18% , classic Merc prices have gone up by 6.37% this year to date and have advanced by a marque-topping 8.63% year on year. A UK delivered 1970 280SE 3.5 Cabrio, one of only 68 produced by the factory in rhd that had around 9000 miles of patination since restoration, attracted £249,750 with premium in the Midlands.
Among other noteworthy performers under auctioneer Jonathan Humbert’s smashing gavel, a ‘For the Love of Cars’ restored on C4 1969 Aston Martin DBS made a way over guide £174,375. The 6-cylinder engine had been upgraded to Vantage spec with triple Webers by RS Williams and the auto box swopped for a Tremec T5 manual. The 1958 Lotus Elite S1 Coventry Climax Coupe, originally raced by jazz musician Chris Barber and also Ant Anstead restored for C4, sold for £121,500, over £20,000 more than forecast – and a 1974 Jaguar E Type S3 V12 Roadster restoration project with the rarer manual-shift was taken on for £69,750, again £30,000 more than had been estimated. Whereas both really early Land Rovers with headlights behind their grilles had been restored already and also out-performed their Green Welly guides, a 1948 S1 finding £43,875 and a 1950 S1 £39,938.
There were takers for half of the dozen ‘Jewels in the Crown Collection’ cars with Royal, Pop and Celeb provenance. A 1984 Rolls-Royce Corniche Convertible that had been cruised for 13,700 miles, initially by the Emir of Qatar, sufficiently impressed one subject to part with £135,000, and a 2005 Phantom that had done 6000m in the service of Sir Elton John found a fan with £123,750. A paparazzi snapped 1994 Audi 2.5 5-Cylinder Cabrio auto that was employed post-separation by Diana Princess of Wales to convey the still Royal Princes to private engagements made an extraordinary £54,000.
Whereas an HM The Queen 2012 Bentley Mulsanne, an HRH Princess Margaret 1980 R-R Silver Wraith II and an HMQ transporting 2001 Daimler Super V8 all failed to appeal to commoners with the necessary £215,000, £90,000 and £50,000 required. A 1988 560SEL Merc armoured to B4 level to protect King Hussein and Queen Noor of Jordan in transit to Harrods provided reassurance to another shopper with £30,375. The 1972 Fiat 500L given by David Cameron as a birthday prezzie to his wife Samantha clearly appealed to one Remainer with £20,813.
Most more mainstream Fast Fords motored well in front of a Classic Motor Show audience, a UK rhd 1993 Escort Cosworth Lux with 20,600 mileage and model-appropriate ‘C6 OSY’ reg making £40,500, top estimate money, and a one owner 1990 Escort RS Turbo S2 original with 12,000 miles on the clock £30,375, £10,000 more than suggested. A 45,000 miles from new in 1987 Ford Sierra RS Cossie 2-Door with large whale tail realised the necessary £29,250 and a still original 1991 Sierra RS Cossie Sapphire 4-Door with much more discreet wing on the back went for £26,438. From the same year, a 12,000 mile and very original Fiesta RS Turbo sold for £19,688.
Exceptional pre-BMW Minis of all types proved to be popular with punters, too, with £28,688 handed over for a fully restored 1971 Cooper 1275S Mk3, £19,688 buying a 1967 Morris-badged Moke that had been originally employed on BMC Parade duties, £17,438 a 1964 Austin Countryman Woody restored in Cooper S style, and the generous £12,938 proceeds of a 1969 998 Super Deluxe Mk2 known as ‘Margo’ benefited Prostate Cancer UK.
By Sunday morning, 48 - or 76% - of the 63 Saturday sale cars had been hammered away for £3,077,277 including premium, while by close of play Sunday, and before any post-sales had been concluded, another 47 or 81% of the 58 Sunday cars had sold for an additional £2,687,557 gross. The pre post-sale and post-Brexit vote vital stats, 95 or 79% of the 121 cars sold for £5,764,834 with premium, amounting to an impressive sale total for a provincial sale and setting a new Silverstone house record for a collector vehicles auction at the NEC.