Which one would you have bought?
02/07/2015
In view of the results and the euphoria generated by the barn finds from the Baillon collection, which were auctioned by Artcurial yesterday, February 6, 2015, at the Rétromobile in Paris , classic car enthusiasts, especially those who belong to the driving guild, must be surprised. In addition to the vehicles, some of which were incomplete and in any case corroded almost beyond recognition, Bonhams and Artcurial also offered complete and restored examples of the same type, which could be taken home immediately and did not require restoration work that can quickly run into hundreds of thousands of euros.
Three examples clearly show the apparent absurdity. While Artcurial sold three Delahaye 235 Coupés with Chapron bodywork in condition 4 or 5 for € 100,000, € 58,000 and € 90,000 respectively (before surcharges/commissions of 16%), the bids at Bonhams for two complete and gleaming examples a day earlier did not exceed € 120,000. Of course, each of the cars may have its own history, but whether one of the Baillon examples will really be worth four times as much as the Bonhams cars after a €300,000 restoration is certainly doubtful.
A Facel Vega Excellence from 1960 fetched €120,000 as a barn find at Artcurial, while three hours later a fully restored example that was once driven by Holloywood actress Ava Gardner fetched just €40,000 more. And a far-flung example offered by Bonhams only achieved a top bid of € 155,000 (unsold). Facels are complex vehicles to restore, and the cost of a rebuild can quickly run into mid-six-figure sums. Do the math ....
And then another example, which looks less dramatic in terms of the figures, but makes little more sense than the previous examples.
Part of the Baillon collection was also a Ferrari 308 GTSi from 1982, which was estimated by Artcurial at € 5,000 to € 10,000, which is of course incorrect given the fact that a lot of work is still needed to complete the restoration that has begun and the existing engine comes from a 328, i.e. it has 32 valves and 3.2 liters of displacement. The buyer offered € 28,000, a few hours later he would have received a 328 GTS from 1987 in very good condition for € 58,000. He could also have bought a beautiful Rolls-Royce Corniche Cabriolet for € 30,000 or a Fiat-Abarth 124/1300 for € 28,000 (at Bonhams).
The examples could go on and on: a beautiful Porsche 356 SC from 1964 fetched €48,000 at Bonhams, while the same car from 1963 went for €75,000 as a barn find!
How to explain all this? We'll just let it go and enjoy the fact that at least normal, drivable classics were affordable in Paris ...
... and of course we also report in detail on the other auctions in Paris.
