The top seller in the first of four auctions during Retromobile week in Paris was a 1962 Ferrari 400 Superamerica Aerodinamico, the Earls Court and Chicago Motors Show stands exhibited Series II LWB with numbers still matching that had been in the Matsuda portfolio in Japan in the late 1990s sold immediately afterwards for 2,950,000 euros (£2,271,500) to head a 19.03m euros (£14.65m) grossing RM Sotheby’s sale Wednesday evening in Place Vauban.
The top seller in the first of four auctions during Retromobile week in Paris was a 1962 Ferrari 400 Superamerica Aerodinamico
As heavily armed soldats with trigger fingers reassuringly poised circulated outside the auction tent in this centre of Government and historic monuments target zone, 48 of the 61 cars on the carpet did change keepers and a 79% sale rate was achieved.
One of the few rolling assets that exceeded its guide price band, and did so under the hammer, was a major retrospective event eligible Porsche 550 with Wendler Spyder body, the 1955 Frankfurt Show car that was raced at the 1956 Sebring 12 Hours and which cost the next owner-driver 2,744,000 euros (£2,112,880). A mid-estimate 2,016,000 euros (£1,552,320) was forthcoming for a pride of place displayed 1957 BMW 507 Series II Roadster on Rudge wheels with hardtop.
The 2004 ‘Malibu Enzo’ of internet search fame, which had been totalled in 2006, but totally built-up with factory-new and supplied components plus upgrades to satisfy Ferrari Classiche certification, and had been dash-signed by Ferrari Old Boy and FIA Chef Jean Todt, fetched 1,568,000 euros (£1,207,360), just over the lower estimate with premium.
Other barometer readings for the Prancing Horse market were a 1997 F50, the 266th of 340, with matching numbers and Classiche pass number, sold for 1,275,000 euros (£981,750), and a 4000k from new in 1989 F40 for 1,036,000 euros (£797,720). Once again, both these stallions only just cleared their lower estimate figures. A 1955 Mercedes-Benz 300SL Gullwing, a Mille Miglia Storica regular, flapped away more easily, attracting a well within estimate 1,176,000 euros (£905,520).
The very first production DB5 left hooker from 1963 (like so many classics briefly owned by the seriously acquisitive Nicholas Cage between takes)failed to find the at least 1,100,000 (£847,000) being sought, but a right to left-hand drive converted during restoration 1966 Aston Martin DB6 manual did scrape home at392,000 euros (£301,840). A 48,000 euros below estimate 112,000 euros (£86,240) bought a 1956 left-hand drive example of the 640 Austin-Healey factory-built 100Ms, rather than one with a BMC dealer-supplied ‘Le Mans’ kit of bolt-on goodies.
One down, three more auctions to go in Paris, and then market watchers will have a much clearer over-view of where we really are, what the prices are actually doing, and we can gauge where sentiment and fashion may lead us next.
For discounting Russo & Steel results, which are still being finalised, circa $250m was spent on oldtimers in the recent US 2016 season-opening auctions, the sale totals down by close on 15% from the amount spent at the same fixtures one year ago. The average price per classic bought at the auctions in Phoenix and Scottsdale was 13% less, too, than it was in 2015.
RM Sotheby’s sale total was only 1% down, their sell-through rate 85%, while Barrett Jackson sale total was 21% down on 2015, but they claim that 99% of lots were sold. Gooding’s gross was 17% down this year over last, their sale rate 86%, Bonhams 28% less, though 84% of their vendors’ cars sold.
By contrast at Kissimee, US market leader by volume Mecum report a $92m sale total (£64.17m), 30% more than at the same sale last year with a similar percentage increase on the average spend too, and with a 78% success rate. This means therefore that virtually eight out of every classics being auctioned by them sold and did so for higher prices.
And there is every chance that in Paris this Friday afternoon, and to meet a monstrous death duty bill, Equipe Artcurial may shift the Bardinon Collection 1957 Ferrari 335 Sport Scaglietti-crafted Sports-Racer – tamed by such legends as Mike Hawthorn and Peter Collins amongst a roll-call of deceased pilotes - for a new European record price for any auction car, if not a new GTO-beating World record. Stay tuned.