Bonhams has announced the purchase by private treaty of the WilliamsF1 Reserve Collection, ahead of its scheduled auction on December 14 at WilliamsF1 headquarters in Grove, Oxfordshire.

A private collector who wishes to remain anonymous bought the Reserve Collection for a substantial undisclosed sum.

The Williams F1 Reserve Collection of Formula One cars and related collectibles and memorabilia has attracted worldwide attention since Bonhams first announced it would be sold.

The auction, scheduled for December 14, will be replaced by an open day, providing would-be bidders, catalogue holders and enthusiasts with the unique opportunity to visit the nine-times Formula One Constructors' World Champion team's stunning in-house museum.

Anyone who has already purchased a Sale catalogue and who prefers not to attend this open day function will be fully refunded upon application to Bonhams.

WilliamsF1's founder and Principal, Sir Frank Williams said: "I would like to thank Bonhams for securing this sale. I am delighted with this outcome against the background of interest in other recent Formula One auctions. As much as securing an important sale, I am also thrilled that there is plenty of interest in Williams which has enabled us to sell every last item in the catalogue."

Robert Brooks, Bonhams Chairman added: "We were thrilled to be selected by WilliamsF1 to handle the dispersal of its Reserve Collection, and we invested enormous effort in judging and directing our promotion for this sale, to maximise the return on every Lot. I am confident we have achieved the best possible result for our client."

Further details of the December 14 open day at the WilliamsF1 Museum complex in Grove, Oxfordshire, are available at bonhams.com/cars