Anyone looking forward to a day at the magnificent Grand Palais, the venue for many Paris Motor Shows, when they made their way to the Bonhams auction on February 6, 2025, was in for quite a disappointment. As is well known, the auction has been held in a temporary venue for the last few years, but a return to the Grand Palais was planned for 2025, where Bonhams cars were lined up and auctioned off before Corona.
However, this plan could not be implemented due to an international conference that took precedence, which meant that the auction took place in a side room in the Grand Palais, but the cars were outside, most of them in an underground car park about a kilometer from the Grand Palais, barely lit and relatively silently placed between concrete pillars on parking fields.
In addition to the motorcycles and automobilia, there were 96 cars that went under the hammer from 14:00. Their total value had been estimated in advance at around EUR 27.8 million, 70% went under the hammer without a reserve price, including some very valuable examples.
The big question was, of course, whether this "alternative scenario" with the outsourced cars and the comparatively small auction room would have a negative impact on the result.
According to a global analysis, this does not actually appear to be the case, as 91% of the cars were sold and the average bid was 93% of the median estimate. Total sales amounted to EUR 17 million or EUR 195,000 per car. But only a look at the individual results provides clarity.
The surprisingly valuable Horch trio
Three Horch from the years 1936 to 1939 went under the hammer at Bonhams in Paris. They were valued very "moderately" with estimates between EUR 20,000 and 120,000, with the highest amount expected for the 853 A Sport Cabriolet from 1939. Experts in the field had already wondered about the low estimates in the run-up to the auction.
In any case, the bidders saw the value of the three Horch cars completely differently to the Bonhams specialists. The 1938 Horch 830 BL had been estimated at EUR 20,000 to 30,000 as a saloon, but the hammer only fell at EUR 210,000, which means a sale price of EUR 241,500 or CHF 227,010.
EUR 345,000 or CHF 324,300 was paid for the second saloon, an 851 from 1936.
And for the 853 A Sport Cabriolet from 1939, the new owner had to pay EUR 414,000 or CHF 389,160. The highest bids were 3.6 to 8.4 times higher than expected.
Expensive VW Beetle Cabriolet
A VW Beetle 1303 Cabriolet from 1979 beat the estimate by a smaller but still impressive margin.
EUR 30,000 to 50,000 had been expected for the virgin convertible, which had never been driven and was still protected in its delivery wax, but the hammer fell at EUR 65,000, meaning that the former gift from Volkswagen to its first owner to date cost EUR 74,750 or CHF 70,265.
A completely restored pre-war MG PA from 1936 and a BMW 327 Sport Cabriolet from 1938 also did well.
However, things went even better for a Ferrari 400i Automatic from 1981, which sold for EUR 92,000 or CHF 86,480 instead of EUR 30,000 to 40,000.
The disappointing fifties Ferraris
Other Ferraris had a harder time. This applied in particular to the two flagships of the auction, a Ferrari 166 MM Touring Barchetta from 1950 and a Ferrari Tipo 555 "Super Squalo" Formula 1 from 1954.
Both cars had an impressive racing history and were in good condition. Accordingly, EUR 4 to 6 million was expected for each of the two cars. Surprisingly, however, the two cars were offered without a limit.
In fact, James Knight as auctioneer had to start relatively low, at EUR 1 million, and in the end EUR 2.45 million was enough for the 166 and EUR 1.725 million for the Topo 555. The Barchetta thus cost EUR 2.818 million or CHF 2.649 million, the Monoposto "only" EUR 1.984 million or CHF 1.865 million.
On the whole, however, solid results
Nine Mercedes-Benz, nine Porsche, seven Alfa Romeo, seven Ferrari and five Bugatti went under the hammer at Bonhams on February 6, 2025. All of the Porsches and Ferraris were sold, one Mercedes-Benz and one Alfa Romeo were left standing, while only three of the five Bugattis found a new garage.
Bugatti cars also had the lowest average highest bids compared to the estimated value, but of course there was no match for Horch in this discipline.
Some favorable opportunities
If you compare Estimate with the hammer price, there were a few bargains to be had in Paris.
For example, EUR 16,100 or CHF 15,134 was enough to buy a Steyr-Puch 500 D from 1960, and for EUR 109,250 or CHF 102,695 you could take home a Mercedes-Benz 600 Pullman from 1967.
A Peugeot 404 Cabriolet from 1967 was available for EUR 31,050 or CHF 29,187, while an Alfa Romeo Giulietta Spider could be purchased for EUR 46,000 or CHF 43,240.
The 1959 Lancia Appia GTE Zagato was also rather cheap at EUR 57,500 or CHF 54,050, as was a Bugatti Type 35 Grand Prix from 1925, which had been owned for many years and cost EUR 759,000 or 713,460.
And even the EUR 34,500 (CHF 32,430) for an Alfa Romeo 1750 GT Veloce from 1969 seems good value, as does the EUR 86,250 (CHF 81,075) for an Alfa Romeo 1900 C Super Sprint from 1954.
All in all, things didn't go so badly for Bonhams, although the seller of the two Ferrari racing cars probably saw things differently, while the consignor of the Horch vehicles was certainly delighted.
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 | EUR Est from | EUR Est to | EUR HP | EUR SP | CHF SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|
| 101 | Steyr-Puch 500 D | 1960 | 30'000 | 50'000 | 14'000 | 16'100 | 15'134 | -59.75%
|
V |
| 102 | Fiat 500 Giardiniera Jolly | 1966 | 50'000 | 70'000 | 30'000 | 34'500 | 32'429 | -42.5%
|
V |
| 103 | Volkswagen 1303 Cabriolet | 1979 | 30'000 | 50'000 | 65'000 | 74'750 | 70'265 | +86.88%
|
V |
| 104 | Porsche 356 SC | 1964 | 60'000 | 80'000 | 58'000 | 66'700 | 62'698 | -4.71%
|
V |
| 105 | Peugeot 403 Cabriolet | 1959 | 50'000 | 70'000 | 38'000 | 43'700 | 41'078 | -27.17%
|
V |
| 106 | Peugeot 404 Cabriolet | 1967 | 35'000 | 55'000 | 27'000 | 31'050 | 29'187 | -31%
|
V |
| 107 | Bugatti Type 35B Grand Prix Recreation | 1928 | 360'000 | 480'000 | 320'000 | 368'000 | 345'920 | -12.38%
|
V |
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
