Bonhams – Goodwood Festival of Speed sale 2015 – results & analysis
We’ve already reviewed the auction in our Goodwood blog (full article here) but in summary we were pleasantly surprised at what turned out to be a solid and sensible result for Bonhams which reflects well on the market and the buyers that they are appealing to. Elsewhere in the UK we have seen some auction houses crank the heat up to 11 on certain marques and models which seem to be coming into the country faster than we can find them homes and this is potentially an area for concern – for those looking to make a quick profit on their classics, at least.
Bonhams managed their estimates effectively with over 50% of sold lots selling in or above the pre-sale estimate.
What did well?
E-type Jaguars sold well as a rule as did XK120’s demonstrating the depth of support for good E-types. The ex-Richard Hamilton Porsche 911 2.4S sold for a stonking £350,000 + premium even though many people didn’t seem to know who he was.
The Aston Martin Works Ulster saw some vigorous bidding, eventually selling for £2.6 million + premium and it felt like a good buy – what a stunning car it is. Another Aston , a 1988 V8 Vantage Volante sold for an impressive £272,000 + premium.
The Mercedes-Benz CLK GTR roadster with a bold estimate of £1.4-1.8 million still managed to find a buyer at £1.5 million including premium which was a result and the team at Bonhams knew it.
What didn’t do so well?
Ferrari and Mercedes entries didn’t perform well as some will have been hoping in terms of outright sales prices. Both marques are beginning to become the victims of being over-marketed with owners expecting too much return on “investment” and this is particularly true of a marque with the build volumes of Mercedes. Have a look at our heatmap to spot the cars that came in under estimate or didn’t sell.
Patterns and trends
Good collectors cars continue to do well. The cosmetic appearance of most cars at the auction was good with a lot of fresh paint and trim on display – the restorers must be busy!
|Sold over estimate||18||20.45%|
|Sold under estimate||23||26.14%|
|Sold in lower half of estimate||21||23.86%|
|Sold in upper half of estimate||6||6.82%|
|Sold in lower half of estimate or below||44||50.00%|
|Sold in upper half of estimate or above||24||27.27%|
|Sold at median estimate||1||1.14%|
|Sold within estimate – ACCURACY||28||31.82%|
Image credit – Bonhams