It was just beginning to snow when British auctioneer Peter Bainbridge, in the service of the Oldtimer Gallery, raised the hammer for the first time at 4 p.m. on December 29, 2017 in Gstaad to knock down an original poster of the 24 Hours of Le Mans from 1984. However, the automobilia was only a preliminary skirmish for the car auction, which then began at 17:00 in front of a large audience.
44 cars, including 1 Lamborghini tractor, were waiting to pass into new hands. They were estimated to be worth a total of around CHF 14.8 million (EUR 12.6 million), so each lot was expected to fetch over CHF 350,000.
The first time
It was the first time that Reinhard Schmidlin and his team had held an auction in the tent that normally serves as an orchestra stage for the Yehudi Menuhin Festival, among others, and naturally vendors, customers and observers were eager to see how successful this auction would be.
For Schmidlin, this new end-of-year highlight was not without risk; after all, it was the first auction to be held in English for a long time and it was held in an internationally renowned but not easily accessible tourist destination in the Alps. Many years ago, Bonhams had also held a Ferrari auction at the end of each year, but then stopped doing so.
Black Star - Bowie Volvo clearly exceeds expectations
The black Volvo 262C from 1981 had already caused a stir in the run-up to the auction, not least because of its estimated value of CHF 65,000 to 75,000, which was well above the usual prices for this vehicle, which are normally below CHF 20,000 for Classic Data Condition 2. The high estimate was justified by the fact that the car had once belonged to pop icon David Bowie, who died in 2016.
However, the bidders were not fazed. Bainbridge opened the bidding at 30,000 Swiss francs and shortly afterwards the hundred-thousand threshold had been surpassed. Room and telephone bidders refused to let up and finally drove the Volvo up to CHF 190,000, which meant a selling price of CHF 212,800 (EUR 183,008) including commission/surcharge and made the black Volvo Bertone Coupé probably the most expensive car of this type, a "Black Star" (which was also the name of Bowie's last CD).
Fabio Lamborghini's appearance
The appearance of Fabio Lamborghini, the nephew of Ferruccio Lamborghini, the founder of the well-known tractor and sports car manufacturer in Sant'Agata, added an Italian touch.
Fabio explained the advantages of the innovative 2R tractor from 1965 eloquently and with southern charm, which was subsequently knocked down for CHF 35,000, which was applauded by the audience.
Fabio Lamborghini's words of praise for the 400 GT Espada Series 2 from 1973 seemed to work even better than for the tractor. The fastest four-seater sports car at the time was knocked down for CHF 140,000, which corresponds to a sales price (including commission) of CHF 156,800 (EUR 134,848).
Newer cars less in demand?
Two McLaren cars were still registered after the close of the catalog, a 675 LT Spider from 2017 and a P1 from 2015. The P1 hyper sports car in particular naturally attracted a lot of interest, as examples from the limited production run of 375 cars are offered comparatively frequently at classic car auctions.
The P1, which was practically offered with delivery mileage, was announced for CHF 2.3 to 2.5 million. Brainbridge opened the bidding at one million, the bids climbed to CHF 1.9 million, but this was not enough for a sale. This was actually astonishing, as this sum would have already corresponded to a substantial increase in value, as these cars were sold new for EUR 1.03 million.
The elegant BMW Z8 from 2001 (highest bid CHF 170,000), the Ferrari 550 Barchetta Pavesi from 2001 (CHF 380,000) and the Jaguar XJ 220 from 1993 (CHF 350,000) fared little better than the two unsold McLaren. Bidders obviously tended to prefer older cars.
One third sold under reserve
Although the bids were actually quite acceptable on average and the average hammer price reached 86% of the estimate (including surcharge/commission, this would have been 96%, which would also be in line with international experience), 14 vehicles could only be sold under reserve.
These cars included an Alfa Romeo Montreal from 1973 (highest bid CHF 75,000), the Cadillac Series 62 Cabriolet from 1941 (CHF 115,000), the plastic Ferrari 308 GTB from 1977 (CHF 140,000), the Ford GT40 (Recreation GTD) (CHF 200,000) and the two Jaguar E-Type Coupés from Series 1 (Flatfloor 1961 CHF 190,000, Racing Coupé 1963 CHF 190,000).
The Porsche 911 Speedster in the 1989 Turbolook was also knocked down with reservations at CHF 190,000, below expectations.
Reinhard Schmidlin's team will certainly be holding a number of talks with bidders and consignors over the next few days, some of which are likely to end in a deal after all, which could result in a sales rate of around 50 percent.
Too little interest in the Aurelia triple
It is certainly unusual to come across three Aurelia models from Lancia at one auction. However, the three models on offer were also special, especially the 1952 Vignale Coupé B52, which owes its design to Giovanni Michelotti. At CHF 750,000 to 850,000, the pretty coupé, which was only built once in this version (with a sliding roof), also called for a correspondingly large wallet, which was apparently not to be found on the evening of December 29, 2017. The highest bid was CHF 675,000, not enough for a knockdown.
The B24S Convertibile from 1956 (estimated value CHF 430,000 to 470,000) on the stage fared no better. Nobody wanted to bid more than CHF 370,000, so this car, like 14 others, remained unsold.
The pretty B20S GT Coupé from the 6th series from 1957 (estimated value CHF 145,000 to 165,000) was at least knocked down with reservations. However, the CHF 110,000 offered was probably not enough to bring the sale to a successful conclusion.
Not much better than the Aurelias was the fate of another interesting vehicle at the auction, a 1959 Jaguar XK 150, which was once converted into a sports estate and served as a towing vehicle for an ERA. The bid of CHF 175,000 was probably not enough for the consignor to close the deal.
Instead, a largely unrestored Jaguar XK 140 Drophead Coupé from 1956 was sold for CHF 145,600 (EUR 125,216).
A bang at the end
Only one car was offered without a reserve price, and that was the 1957 Mercedes-Benz 300 SL Roadster offered at the end of the auction. The auctioneer suggested CHF 800,000 as the first bid, and the car then rose to one million in four stages and was successfully knocked down. A fine end to the auction.
The 1961 Aston Martin DB4 Series III had already been sold earlier for CHF 380,800 (EUR 327,488), which was low compared to the estimate, but without reserve.
The wide range of items on offer at the Gstaad auction was convincing overall, but the bidders lacked a little bite and courage - there is no other way to interpret the result of the auction. In any case, the sales event was exciting, even if Schmidlin and his team probably only made half the money. But, as they say in Bernese German, "Gring abä u secklä" or loosely translated: "Don't give up, keep going ...".
Vehicles offered and sold
The following table lists all vehicles offered with estimated prices in CHF, as well as highest bids and sales prices (incl. 12% commission) in CHF and EUR. The conversion was made at the daily exchange rate (1 CHF = 0.86 EUR). Lot 143 was the only vehicle auctioned without a reserve price.
The "Status" column indicates whether a car was "sold", sold subject to reservation (sold under reserve) or not sold ("not sold"). In the "% Est" column, the highest bid is compared with the average estimated value. The information corresponds to the status at the end of the auction and is without guarantee.
The list can be sorted as desired by clicking on the column headings.
| Lot | Car | Year | CHF Est from | CHF Est to | CHF HP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|
| 101 | Morris Mini Traveller | 1966 | 32'000 | 38'000 | 32'000 | 35'840 | 30'822 | +2.4%
|
V |
| 102 | Jaguar XK 140 Drophead Coupe | 1956 | 160'000 | 180'000 | 130'000 | 145'600 | 125'216 | -14.35%
|
V |
| 103 | Alfa Romeo Montreal | 1973 | 85'000 | 100'000 | 75'000 | U | |||
| 104 | Porsche 911 T 2.2 Targa | 1969 | 95'000 | 115'000 | 85'000 | 95'200 | 81'872 | -9.33%
|
V |
| 106 | Jaguar XK 120 Cabriolet Autenrieth | 1951 | 225'000 | 250'000 | 145'000 | U | |||
| 107 | Iso Rivolta Lele | 1972 | 145'000 | 155'000 | 140'000 | U | |||
| 108 | Mercedes-Benz 190 SL | 1962 | 125'000 | 135'000 | 120'000 | 134'400 | 115'584 | +3.38%
|
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
