Auctions Commentary from CCFS Market Analyst Richard Hudson-Evans
The £1.85m Porsche 911 is here
The driven 12,730k since new in 1995 Porsche 911 GT2, one of 57 made, that inspired a bidding battle in Battersea Park that was not resolved until the winning contestant had paid £1,848,000 including 12% buyer’s premium was an extraordinary valuation, particularly in a nervous market. For not only was the RM Sotheby’s pre-sale estimate of £750,000-850,000 speedily and comprehensively overtaken, but there was also a clearly determined under-bidder who was prepared to better the increments set by his rival all the way until one bid from gavel fall.
Of the seven other 911s from the same collection, all with Porsche Certificates of Authenticity, four of them also achieved model record smashing results, all five going for more than their guide prices - a 1993 911 Turbo S Lightweight selling for £974,400, £724,400 more than had been forecast, a 1993 911 Carrera RS 3.8£716,800, £216,800 above estimate, a 1995 911 Carrera RS Clubsport £403,200, £143,200 more than predicted, a 1998 911 Turbo S £313,600, £73,600 more, and a 1977 911 Turbo £140,000, £10,000 more.
By contrast, and although a 1960 Ferrari 250 GT S2 Cabriolet did sell for £1,288,000, top estimate money, a couple of traditionally Prancing Horses were too shy to Prance under the spotlights at Batterea, notably an only 1471m since 2003 Enzo estimated at £1,200,000 or more running out of puff at £1,050,000, and even a brief canter away from the sanctuary of Battersea Dogs Home, a Classiche certified 1996 F50 could not be-re-homed for the £1,100,000+ sought.
The top seller at the mid-week evening sale - during which bidders from 33 countries, most participating remotely, spent £21.65m with premium on 65 or 76% of the 85 cars auctioned - was a 1960 Aston Martin DB4GT sold for £2,408,000, claimed by the auctioneers to be another record high auction price for the model. For various reasons however, the bulls charged past 20 of the cars in the sale, and even predatory bears were not prepared to make below reserve offers that vendors could not refuse.
At heaving and fully ticketed Goodwood meanwhile, a great many hefty bills were incurred by those Revivalists who are prepared to subject their genuine (rather than replicated) rolling assets to on-track risk, which proved to be even more considerable than usual. Whilst sheltering from a costume-soaking precipitation of theatrical proportions during the Saturday matinee in the Bonhams auction tent (by far the largest and most welcome umbrella at Goodwood), one was still aware of a crunch or two taking place around the circuit across the road.
It took a subsequent review of some of the bent metal and savaged ali-panels in close-up however to appreciate the really rather depressing mechanical carnage that had taken place. Whilst the two hours of excellent highlights coverage on ITV4 revealed the cause, not just the appalling weather on the Saturday, but driving standards that have been allowed to drift into the unacceptable, particularly for people who own and have to pay to repair their classics. For there was nothing gentlemanly about much of the driving, particularly by ‘guest’ pilots, who leaned on rivals as has become custom and practice in a BTCC scrapyard.
Will there soon be a shortage of risk-takers who are prepared to subject a genuine and increasingly valuable motor car with historically important provenance to such posh stock car racing? One at a time up a hill climb course maybe, but not mixing it in bangers and mash racing with hot shoes. It is hardly surprising therefore that real GTOs, 250GT SWBs, GT40s and Cobras are progressively disappearing from historic race grids to be replaced by spec-copy recreations that have been issued with HTP barcodes. What should concern future potential buyers is “Which Cat is the Grandmother?” as a very old TV commercial used to ask.
And if they continue to be cart-wheeled into extinction – as seen on TV at Goodwood - there will be no un-messed around with A30/35 road cars left. For rather like the need to re-supply Mini Cooper 1275S, Cortina Mk1 Lotus and GT, or Escort Mk1 and Mk2 competitors with 2-door shells, body-hungry motorsports consumers have very nearly consumed most of the standard cars. As always, the market and market makers will decide what happens next and at what cost.