On March 2, 2023, the hammer fell at Bonhams as part of Amelia Island Week at Fernandina Beach Golf Club to sell 102 cars and some automobilia.
The total value of the vehicles was almost USD 34 million, so each car was expected to fetch around USD 329,000. 53 percent of the cars were auctioned without a reserve price.
77 percent of the cars were successfully knocked down, achieving an average selling price of USD 158,604.
However, only half of the ten most expensive cars found a new garage, which meant that Bonhams also lost a lot of revenue. This ultimately settled at USD 12.53 million.
The good sales rate was of course helped by the fact that 53 percent of the cars were auctioned without a reserve price. On average, 84 percent of the median estimate was bid.
Jaguar ahead of Porsche and Mercedes-Benz
With 10 cars each, Jaguar and Porsche were represented with the largest contingents. Jaguar was ahead of Porsche in terms of sales quota with 90 percent.
Jaguar also performed significantly better than Porsche in terms of the highest bids compared to the Estimates.
Mercedes-Benz was represented by nine cars, while Rolls-Royce and Aston Martin, followed by Bentley, represented the British car industry with 8, 6 and 5 cars respectively. All Rolls and Aston cars were sold, and the highest bids were at the level of the median estimate.
Mercedes-Benz was somewhat less successful, but shared this fate with Ferrari, where the sales rate was also only 60%.
In addition to the major brands, there were many exotic cars for sale in Amelia, e.g. from Pierce-Arrow, Autobianchi, Crane, Knox or Napier.
A fifth of pre-war cars
On average, the cars on offer were around 60 years old, but 22 vehicles were built before the Second World War. Only 41 percent of them found a new owner.
The oldest car to go under the hammer was a 1903 Knox Model C for USD 55,000 to 65,000, which was ultimately sold for USD 44,800.
The most expensive pre-war car was a Mercedes-Benz 630K 'La Baule' Torpedo Transformable from 1928, which found a new owner for USD 731,000.
On average, the highest bids for the pre-war vehicles were just over 76% of the median estimate; overall, this figure was 84%, as the 1939 cars landed at almost 86% of the median estimate at the highest bid.
Bugatti masterpiece not sold
The most valuable car in the auction was a 1937 Bugatti Type 57S Sports Tourer with unique coachwork by Vanden Plas. Bonhams described the car with chassis number 57541 in advance as a Grand Prix car in touring car guise. 3.3 liters and 200 hp were certainly a house number back then.
In 2016/2017, the car was carefully refurbished at a cost of around 1,200 hours to make it look exactly as it did when it was delivered new to New York.
The price was estimated at USD 10 to 12 million, but the bidders did not want to go that high. They stopped at USD 8.5 million and the Bugatti remained unsold.
A cheap Maserati 5000 GT?
Of the 32 Maserati 5000 GTs built, 20 were coachbuilt by Allemano. Chassis AM103.028 is one of these rare examples and it was offered by Bonhams with a comparatively low estimate of USD 500,000 to 800,000, with no reserve price.
However, the car seemed to have suffered quite a bit in the past almost 20 years and was not driven, which is probably why an extensive work package is required before it can be put back on the road or used in concours.
This was apparently also the view of the interested parties, as no one wanted to bid more than USD 375,000. Nevertheless, the Allemano-5000 GT was sold for USD 416,500 (EUR/CHF 392,450).
Varying levels of interest in Facel
Three Facel Vega were looking for a new owner at Bonhams, the usual suspects, namely a HK500 from 1961, a Facel II from 1963 and an Excellence from 1960, with estimates ranging from USD 80,000 to 180,000.
The prices differed considerably more at the end, with the Facel II selling for USD 175,840, the HK500 for USD 81,200 and the Excellence for just USD 38,080.
The contested rarities of the Hendricks Jaguar collection
The non-public collection of important Jaguar sports and racing cars that Thomas C. Hendricks had put together for himself and which had been hidden away for the last 20 years generated a great deal of interest and in some cases prolonged bidding battles.
The XK120 LT3 factory lightweight racer from 1951, once driven by Phil Hill, fetched USD 775,000, significantly more than expected.
The 1959 Lister-Jaguar two-seater also fetched a good price, selling for the same amount.
And for an early flat-floor E-Type from 1961 in rather modest condition, three times the estimated value was offered, i.e. USD 117,600 was invested.
The remaining cars in the collection changed hands plus/minus the level of expectations, including the restoration candidate MG TC from 1949, which was worth USD 6720 to the new owner.
Super classics with varying demand
38 of the 52 super classics found a new owner.
The most expensive car sold was a 1966 Ferrari 500 Superfast Series 2, which was even offered without a reserve price. USD 1.93 million (EUR/CHF 1.814 million changed hands in the end).
A Ferrari 330 GT 2+2 from 1966 was sold slightly below expectations, USD 318,500 was enough for the acquisition.
USD 238,000 was paid for a 1963 Chevrolet Corvette C2 327/250 HP, which was more than expected.
A Ferrari F355 Spider changed hands for USD 137,200 (EUR/CHF 128,968).
Among the unsold super classics were cars such as a 1934 Bugatti Type 57 Stelvio Cabriolet (top bid USD 440,000), two pre-war Cadillacs with V8 and V16 engines, an interesting 1973 Ferrari 365 GTB/4 Daytona (USD 540,000), a 1992 Ferrari F40 (top bid USD 2.55 million) and a 1951 Porsche 356 Pre-A 1300 Cabriolet (USD 320,000).
Cheap cars
At Bonhams, if you were interested in the right car, you could also find a classic for a reasonable price.
An Autobianchi Bianchina Panoramica from 1967 cost USD 12,320, an MG A from 1961 cost USD 22,400, a Mercedes-Benz 560 SL from 1989 was available for USD 35,840 and a Porsche 911 SC 3.0 Targa from 1978 could be had for USD 47,040.
The MG NA Magnette from 1934 was available for USD 56,000 and a Lotus Esprit S4S from 1995 for USD 54,320.
As many as 21 cars were knocked down for less than 70% of the median estimate.
Bonhams was probably not entirely satisfied with the result of the auction, especially as some of the expensive flagships did not meet with sufficient interest. Perhaps the consignors had gambled a little too high?
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | Autobianchi Bianchina Panoramica | 1967 | 25'000 | 35'000 | 11'000 | 12'320 | 11'580 | 11'580 | -58.93%
|
V |
| 102 | Mercedes-Benz 560 SL | 1989 | 45'000 | 65'000 | 32'000 | 35'840 | 33'689 | 33'689 | -34.84%
|
V |
| 103 | DeSoto Firedome Sportsman Coupe | 1959 | 15'000 | 18'000 | 18'000 | 20'160 | 18'950 | 18'950 | +22.18%
|
V |
| 104 | Porsche 924 S Coupe | 1988 | 20'000 | 30'000 | 24'000 | 26'880 | 25'267 | 25'267 | +7.52%
|
V |
| 105 | Ferrari F355 Spider | 1995 | 90'000 | 130'000 | 122'500 | 137'200 | 128'967 | 128'967 | +24.73%
|
V |
| 106 | Excalibur Series 1 Roadster | 1969 | 45'000 | 65'000 | 39'000 | 43'680 | 41'059 | 41'059 | -20.58%
|
V |
| 107 | Jaguar XJ6 Vanden Plas Sedan | 1996 | 20'000 | 30'000 | 10'000 | 11'200 | 10'528 | 10'528 | -55.2%
|
V |
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All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
