Professional job done by RM to get some big cars into new ownership at the Monaco sale. Prices were healthy...
Whether you were there or following online - if you had consigned a car - you could not fault Max Girardo's techniques for extracting the maximum bids - and the social media dialogue and commentary by Peter Haynes during the auction has moved the game on for enthusiasts to engage in the event. Other auction houses take note!
RM have done well - because they have now made an event which beforehand was the preserve of wealthy collectors - an inclusive event for enthusiasts all over the world - and some of those might soon put a toe in the water and either consign a car via RM or look at registering to bid.
Usual bears and bulls dialogue post event dialogue about prices:
Bears - "this is a crazy bubble/cannot last/investor - speculators ruining market for enthusiasts - cheap money will not last forever etc."
Bulls - "Some of the cars are undervalued - market has expanded with participants - specifically in Asia - more events to use the cars - auctions show transparent workings of the market (most of the time!) - current zero capital gains tax position on classic cars - long may it last!"
The reality is that your perspective is coloured by how wealthy you are - and how much you want the cars - and whether you own some of these cars and enjoy driving them at the moment.
I think the current market is quite straightforward.
- You are either very well resourced - so the cost of buying these usable commodities are still significantly cheaper than buying a dead shark or one of Tracey Ermins's soiled beds in the modern art world - and current values do not impact on your wealth - because as a proportion of your wealth - your classic car hobby is a mnior indulgence.
- You are not well resourced - but can work bloody hard and make a significant investment to own and enjoy some of these cars - and take the view even if they go down in price in the future - you have still got a great car to play with - the value issue is irrelevant. You do not see it as a "right" to make money out of your passion for old cars - but if it happens on paper - its a bonus
- You covet some of these cars - but simply cannot or won't make the sacrifices to buy one - in that it will represent a large proportion of your net wealth and you are anxious prices will fall.Ok - in which case accept you are not going to enjoy the ownership of some of these cars in todays market - and if you are waiting for prices to fall - what are you doing in the meantime - leaving your money in the bank? - And what are you driving at the moment at the weekends?
Finally - the cost now of restoring these cars proportionately to restore has gone up in the last 20 years - go and ask the major race/restoration shop on the cost today of a full restoration - and I am talking a "name" shop which enhances the value of your car.
Observation on cars going across the block - all prices below are hammer prices in Euros excluding buyers premium:
- Ferrari 275 GTB/C - Brandon Wang's? - an original car albeit without race history - makes 5.1m - well it's a lot more exotic than a 4 cam - and as one of 12 - very rare special car - if a 4 cam is 2.5m Euro - there is a convincing case for this to worth double the price of it's lesser sibling.
- Bugatti type 35B GP - 650k - bitsa - but continuous ownership for 50 years - ultra gorgeous and an exciting drive today - ultimate dual purpose racer/pub conveyance
- Alfa Romeo 33/2 Daytona - 1.125m - on estimate - road legal divine racecar
- Dino 206 S Spider - 1.85m - strong money - but a unique special and well documented car - probably a real blast to drive and not intimidating as a big Can Am monster for an amateur to play in the big ticket events
- Toyota 2000GT - 650k - a couple of these could be bought in Japan for 400k euros this time last year...
- Maserati 450S prototype - bid up to 3.5m close to what would buy it - questions on provenance - but with 500 bhp + this would surely gobble up D types and Ferraris for breakfast -
- Ferrari 599 SA Aperta - 620k - last one - but an amazing price?!
- Lancia Flaminia Zagato Sport - 510k - record price - a really classy car to event
- Alfa Romeo Giulia 1600 Spider Veloce - 40k - barnfind - amazing price seeing as a mint example is only another 20k - and you are going to invest a lot more in this car - barnfind frenzy continues!
- Lancia Aurelia B24S - 700k - not expensive really - one example won Cartier Style et Luxe at 2013 Festival of Speed
- Porsche 964 RS LHD - 268k WITH BUYERS PREMIUM ADDED - 12000 kms - ok i have a dog in the fight here owning a lhd 964 RS - but that was a big price - air cooled Porsche is better than money in the bank!!!
Cars which to me looked really cheap:
- Lamborghini Miura S 'Jota' - 400k - not original - but try replicate one for anything near this figure!!! (the 400s which sold for 750k - whilst original looks expensive in comparison)
- Renault RE30 - 210k - unique in running condition - invited to festival - a steal albeit a limited market
- Hesketh 308 F1 - 250k - 3 litre F1 historic racing is hot - this iconic car was bought with an aggresive opening bid - which seemed to scare off any rivals
- Maserati A6 1500 - 275k - MM participant in 2011 - cheap MM entry ticket in a Maserati?
- De Tomaso Pantera "rally car" - 50k - usuable, exciting, fairly cheap to run - the buyer nicked it!
- Mirage M12 Group C Sports Prototype - 86k - ok no race history - although tested in period at 220mph - has a 3.9 DFL and would get you in Group C racing for pretty modest expenditure
FULL RESULTS FROM THE AUCTION HERE:
