The GOODWOOD FESTIVAL OF SPEED sale in London

Quite some interesting cars for sale, but the reserve prices are pretty firm. I was planning to go but have other priorities. Anybody will visit it? What about the estimates?
The 1954 FERRARI 375 PLUS SPORTS RACING SPIDER is the highlight of the auction, interesting what it will do. Also a (yesyes) 275 gtb long nose alloy and a F40 are on sale (well for sale....). Any comments on cars and estimates?

ciao
Oscar

http://www.bonhams.com/auctions/

 

My first comment is on the buyers commission - 12% plus 20% VAT for a total of 14.4% commission!

The alloy 2 cam estimate after comm. is then $4.25m - $4.9m.
I guess these used to be worth about the same as a 4 cam but I guess they are more now, or maybe this would reset the market higher, I'm not sure.
If the alloy 2 cam sells for close to $5m what does that make a 4 cam worth?

 

Standard 4-cams are currently between US$ 3.3 M and 4 M, if the sun shines.
Mark, suggest you just keep yours. After all, you would have to re-invest the money and what else can you buy then?

Marcel Massini

 

Thank you Marcel, completely agree! And congratulations on your beautful new F12.

 

This annual event takes place near Chichester,in the UK county of West Sussex. Nothing to do with London. It is now,probably,the biggest speed weekend on the planet. Most of the F1 teams will be there. Bonhams,the auctioneers run an annual sale during the event. There are around six various Ferrari listed,inc one Dino GTS,plus a big list of other classics. Have a look at their site..Bonhams .com,and tap into Goodwood. The event starts tomorrow(Fri) till Sunday. I tell you what..If you Yanks want a week in UK,then you should not miss this!

 

The 375 Plus will be fascinating, particularly as there is no reserve. It should easily be the most expensive road car ever sold publicly in the UK, beating the Birkin Bentley (~£5 million) from two years ago. Although I imagine it will take something special to get near the overall auction record set by the Fangio Mercedes last year.

 

Marcel- who says money has to be re-invested? Why not wait. Sooner the prices will correct.
I think the bigger danger is not that you have to re-invest the money but when the time is right to buy another car at better prices- finding the right car again. That is more my worry!

 

Road car?
0384 AM is a very serious competition car, a true racing car and not really meant to be driven on regular roads (except the Mille Miglia or Colorado Grand, perhaps).

Marcel Massini

 

well it sold for Pds 9.600.000.....ex everything,

ciao
Oscar

 

and the 275 GTB alloy for 1.950.000 Pds (ex), still about 2.7 mil euro including commission.

But the two guys (clowns?) from Bonhams can learn something from RM, also the layout of the website and presentation was awful. They went very quick through the cars (as they need to get over with before teatime) and as I only watched online you have no clue how many people attended...

anybody joined it?

ciao
Oscar

 

GBP 10.753.500 all in. About 18 Million USD.

Marcel Massini

 

Bonhams does not list the 275GTB or 275GTS as sold. Did either sell after they crossed the block?

 

The room was packed out..general opinion was that F prices were mixed..F40 strong. Dino,GTS,LHD,ordinary car,ordinary price,...11Million for a car can be considered a fair result!. As far as other classic cars are concerned,A/Healeys and A/Martins are really coming on strong. No doubt,as we have talked here recently,in my book,probably the best thing to inverst in just now.

 

Oscar,

Did the 275GTB actually sell? Bonhams does not have it listed as having sold?

 

I don't think it did in the auction maybe afterwards?

 

I don't understand. I thought 375+ 384 would bring a lot more with all the rarity and racing history. The NART spyder sold last year was a very special car i know, but sold almost 10mil more. Is it usability, originality or historical value running the market. Is it the storys behind the 375+ that kept it from going higher in this auction? Regards

 

$1M for an Austin Healey?

 

http://www.ferrarichat.com/forum/vintage-thru-365-gtc4-sponsored-vintage-driving-machines/114840-375-0384-a-59.html

Most probably the long story behind it kept the price below what it theoretically could have been.

 

At this price level the air is rather thin.
I think the result achieved by Bonhams is about right for this particular car.
As for the NART Spider last August: that price was basically paid for four letters: NART.
At an auction you always need two to tango (or at least one and the chandelier).

Marcel Massini

 

Thank you Marcel; i get it now. Regards

 

I was at the auction.

275 was not sold, imho the high bid was not real. Auctionhouses have the right by law to bid the object up to low estimate.
The auctioneers did their job really well and took the time for the cars which had any interest , only they are busy with those cars for months and are already aware upfront if the interest is big . Only when they start with a lot, and there is no going in the lot, why waste to much time, with so many lots to come.
RM and Bonhams are both very respected auctionhouses, only the roots are totally different.
Bonhams is still a bit old fashioned English style, and RM is the American way.
personally I love the people at RM.

As of the 275, it is very nice example , I looked through the files , but found nothing there from the time it lived in SA, I specially looked for that, because I know we had a file on that, I must go and look if I can find it back so I can send it to the owner.

PS
Oscar, stop looking at those auctionhouses, your 275 brought you enjoyment and pleasure, do not think of it as money, just keep enjoying that car, the money will not make you happy like that car has done.

Tonnie

 

I was in the auction too and agree with you except for the the last twenty or so lots were a bit rushed IMO. Bonhams had to clear the space ASAP as Goodwood need it for the ball tonight, and I wondered if they had a specific finishing time?

 

RM is NOT American, it is Canadian.

Marcel Massini

 

Yes, you are right, that is why they are the best, they are mixture of the best of both worlds.

 

Interesting comment Edmond. Still i am not sure that prices will correct sooner,,might be sometimes..or later.

first the are new comers on the market, read an article on an Italian chef/restaurant owner and Masterchef jury member,,,who collects Berkel slicing machines,,he has 40 of them,,noticed as i bought a vintage one for my chalet,,,and he said i also bought 3 classic Ferraris, this is new to me..so every time a car sells at record price new comers who have money and want to look smart and not miss an opportunity are late comers into the game. This is the essence of bubbles,,but there is still room for people to come into this market and continue to fuel demand.

second the ECB, thanks to pressure of governments and actions of Mario Draghi will embark on some further form of QE as [or if] growth in the US and Europe will diverge further as it is not possible to have zero growth and zero inflation in Europe , and limited growth and inflation in the US and ECB doing nothing while the FED is moving slowly in its tapering mode. This will support demand in Europe, albeit a smaller market than the US, for any assets, from real estate to cars for a certain period of time, let say the next 2 years. Beyond that, nobody is really capable to make an valid comments!

So from any car i have sold in the last 10 years, i could not buy them back in the next 12 month except at a very significant premium. And i don't think i am a dumb seller, it is just market are moving faster. Well i was able to buy other interesting cars,,and their value also moved up, more or less depending of which cars, and in any case as i buy cars to drive and race them i don't care too much. And i don't regret anything as i want to experience other cars, ultimately the 100 cars i wanted to have/drive when i was 25!

so it is true that unless we just exchange cars, which i have been advocating with some auction houses and brokers friend for a while, but seem impossible because matching all needs is very difficult, some people still want cash more than cars, and new comers want cars and have nothing to exchange,,,then there is a risk that after selling we cannot find any suitable car we want to buy or even buy back the car we just sold! so definitely this is a factor slowing down the market as only estates selling and next generation if not interested as much as their parents in cars is a very low supply against people amassing collections like Leslie W, or new comers buying into cars [ met a friend of a friend at MM who bought in last 2 years an F40, F50, 288 and a La Ferrari, and for first time a mid fifties Maserati, never had a real classic car before..].

The fear from sellers that they cannot find another interesting car to buy and that they cannot even buy back their own cars after they sold, will definitively slow down the market, limiting supply to those who trade up, need cash, or do a back to back transactions as people do for real estate in London where you have a chain of transactions linked together [in one case i have heard of 17 properties in the same chain and one the top of the chain buying a smaller property in the chain from someone who withdrew to keep the process alive!!] . All this limited supply and increased demand for the reasons mentioned above will support price raise until views on investments and central bank money supply change fundamentally.

At lest my views both on investments and cars.