Bonhams and Gooding & Co. have been left reeling with two miserable sales within two weeks of each other. For Gooding, its Concours of Elegance sale at Hampton Court Palace on August 30, 2024 had a sell-through rate of only 48 per cent, while Bonhams’ Goodwood Revival sale on September 7 saw a mere 51 percent (at the time of writing) of lots find new homes.
Although British sales for international auctioneers rarely reach the high points of other auctions around the world, in terms of either sky-high sell-through rates or estimate-busting theatrics at the top end, both results were a long way behind previous figures. For Gooding the situation was stark, from 79 percent in 2022, down to 50 percent last year – but in 2023, 47 cars were offered. This year there were only 23 cars up for grabs – and 22 of those failed to hit low estimate (again, figures taken at the time of writing).
For Bonhams, the Goodwood Revival 2024 was as dismal as the Friday weather – from a high of 71 percent in 2022 and 66 percent in 2023, at the time of writing 51 percent of lots had found new owners. However, nearly three-quarters of the no-sales were within ten per cent of the low estimate, so Bonhams’ phones are going to be molten by the end of the week, meaning that sales figure may well grow.
What’s driving the current sales trend? As stated above, international auctioneers often have a difficult time of it in Britain – RM Sotheby’s, for example, had a less-than-stellar inaugural Cliveden sale earlier this year, and that event had ample pre-sale promotion and plenty of broad appeal with regards to the cars on offer. As we’ve stated before, Bonhams is perhaps struggling to promote the key, big lots as effectively as rival auctioneers, early enough and loudly enough to draw an audience.
Another issue is the type of cars on display, certainly in the case of Gooding’s sale. If we compare 2024 and 2023, the Concours of Elegance sale last year saw heartland British fare with two of the very earliest Jaguar E-types, a brace of Enzo-era Ferraris with long histories and a Mercedes-Benz 300 SL. This year’s sale was filled with some amazing machines – the Bugatti selection was exquisite – but largely of a niche. The market for a Ballot or Pegaso is quite small at the best of times.
Bonhams had a more wide-ranging Revival sale, but there may be two factors at play here. Firstly, very few cars were offered at no reserve, whereas as more than a third were at Goodwood’s Festival of Speed sale earlier in the summer. The occasionally wet and wild Revival 2024 weather didn’t help, of course – and as our editor, David Lillywhite, has previously pointed out, it’s easy to be swept away by the sheer amount of other stuff happening at the Revival to simply miss the auction.
However, perhaps a broader reason why UK sales sometimes seem to disappoint may come down to the sheer number of them. Take September 14, for example: there are five different ‘event’ auctions happening on the same day (Bonhams, Manor Park, Historics, Barons and WB & Sons), with two more in the days prior, plus another four the week after. Add in a plethora of online-only auction portals, and the choice is seemingly infinite. When you consider that international auctioneers are perceived to be likely to charge more in buyers’ fees, it is perhaps understandable why such sales struggle to see the sell-through rate some might hope, buoyed by less expensive cars.
However, it is at the top end that recent sales were lacking their sparkle in terms of broad-appeal heavyweights. The $1m-plus sales weren’t great at Monterey, and maybe those who looked at the American results – particularly for Enzo-era Ferraris – have chosen to keep their powder dry for better days.
Despite the gloom, there were some highlights from both sales – but there were some lowlights, too. Here’s our pick from both auctions; what did you have your eye on?
Gooding & Co.
This 1933 Bugatti Type 43 A Roadster Sport Luxe led the way in terms of the figure reached – £2,981,250, just shy of its £3m-£4m pre-sale estimate. Offered from the Jack Braam Ruben Collection, chassis 43309 is one ten known survivors of the 19 Type 43 A Roadsters built. This was a world-record result, one of three claimed by Gooding & Co.
However, the other models – a 1935 Bugatti Type 57 Atalante (pictured below) and an ex-Mille Miglia Lancia Lambda – as with the Type 43, still missed their low estimate. In the case of the Atalante, it missed its estimate by some distance; against an estimate of £3m-£4m, it sold for £2,362,500. The Lambda, meanwhile, was closer: it sold for £528,750 against a £550k-£650k estimate. The general feeling was that such high estimates told the story of the auction – too fanciful for cars that don’t take the fancy of enough people at the same time.
The one car to breach its low estimate was the 1964 Aston Martin DB5 Convertible pictured below. Chassis DB5C/1504/R is one of 84 right-hand-drive examples built, and it was originally supplied to the UK. Presented with a rare removable hard-top, it came from 37 years of single ownership. Against a pre-sale estimate of £650k-£850k, it sold for £658,125.
Bonhams
Bonhams’ biggest result was for the above Porsche 993 Turbo, which was the last air-cooled 911 to leave the factory due to it going through the Special Wishes programme. As detailed in our sale preview, it wasn’t the last 993 built, but it was constructed as a tribute to Ferdinand Porsche, who passed away on the very day that it was completed. Against a pre-sale estimate of £700k-£800k, it mustered £614,200 – a lot more than half than what it was originally listed at as a sale through a dealer when it came to market earlier this year.
Notable no-sales included a 1985 Audi Sport Quattro (est: £495k-£595k), 2021 Aston Martin V12 Speedster (est: £700k-£900k), the works demonstrator 1935 Aston Martin Ulster (est: £500k-£700k), a 1926 Bugatti Type 35T Grand Prix (est: £250k-£350k) and an ex-Mikkola 1979 Mercedes-Benz 450 SLC rally car (est: £200k-£300k).
One of the more storied lots at the auction was this 1933 MG Magnette K3 Supercharged Sports-Racing Two-Seater. It is believed to have been used by Tazio Nuvolari, Captain George Eyston, Count Giovanni ‘Johnny’ Lurani and Mrs Elsie ‘Bill’ Wisdom, and be the winner of the 1933 RAC Tourist Trophy at Ards, the 1100cc class at the 1933 Mille Miglia and the third-place finisher 1933 International Trophy, Brooklands. However, its story – as explained here – has led to some controversy about its identity. On the day, the car sold for £525k against an estimate of £700k-£800k.
Other strugglers included a 1950 Bristol 402 DHC, which sold for just £74,750 against an estimate of £100k-£150k, and a 1959 Jaguar XK150 3.8-litre, which sold for £65,054.48 against an £80k-£120k estimate.
It wasn’t all grim news, with several cars hitting their marks – and there were a few that went beyond their high estimates. The above 1970 Aston Martin DBS V8, the 16th off the production line, looked fully Persuaders specification in its Bahama Yellow paint. One of just nine supplied in that hue, over the past years it had been restored by specialist Stratton Motor Company, with a fresh coat of paint and a retrim. Against a pre-sale estimate of £90k-£120k, it sold for £149,500.
Other cars to break their pre-sale estimates were a 1965 Catman XJ13 recreation, which sold for £253k against a £120k-£200k estimate, and a 1979 Gary Belcher Model T hot rod, which sold for £43,700 against a £25k-£35k estimate.
Further details
For more information on the Gooding & Co. sale, head here.
For more information on the Bonhams sale, head here.
