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Discussion Starter #1
Dear friends

I'm just back from Bonham's Gstaad auction and would like to give you idea's and observation (not results, since that is up to Bonhams to make it available to the public!

Generally:

1. I assume the auction was a desaster for Bonhams since , as it seems the 3 big money lots (121 LM, 212 Export and 250 TdF) did not sell (at least not at the actual auction...maybe they became aftersales but I doubt it)

2. On most cars, the high bid prices stopped well before the low estimates in the catalogue (again I do not know if vendors have been pushed by Bonhams shortly before the sell to lower their estimates, therefore a low bid may still prove to be a sell after all)

My car condition statement is not written in stone as I'm not a restorer or specialist, its based on seeing many hundred cars so far and differenciate them on that expereince gained.

When I write n.s. (no sale) it means that the highest bid was at least 15% below the lower estimate in the catalogue.

The high bid prices from below are calculated without commission nad the expressed Euro value is rounded to the Swiss Franc:

Lot 201, 365 BB condition 2: Euro 96'000 n.s.
Lot 202, 246 GTS cond. 3: Euro 101'000 n.s.
Lot 203, F40 cond. 1: Euro 210'000 n.s.
Lot 207, 275 GTB/4, cond. 1 (a perfect car!!): Euro 610'000 n.s.
Lot 208, 250 GT Boano prototype (0435GT) cond. 3-4: Euro 210'000 sold without reserve

Lot 209, Daytona Plexi, Perfect, perfect(!) concours car +1: Euro 235'000 sold
Lot 210, 365 BB, condition 2-3: Euro 120'000 sold
Lot 211, 308 GTB Vetroresina, cond. 2-3,: Euro 42'000 sold
Lot 212, 246 GT (ex Hans Hermann) cond. 3: Euro 102'000 n.s.
Lot 214, 512 BBi, cond. 3-4: Euro 62'000 n.s.
Lot 218, 250 GT Lusso condition 1-2, very beautiful: Euro 447'000 n.s.
Lot 221, 275 GTS, cond. 2-3: Euro 378'000 n.s.
Lot 223, 512 BB carb., cond. 3-4: Euro 65'000 n.s.
Lot 224, 250 GTE 2+2, cond. 3-4: Euro 84'000 n.s.
Lot 225, 275 GTB short nose, cond. 2: Euro 530'000 n.s.
Lot 227, 365 GTB/4 conv., cond. 3-4: Euro 143'000 sold
Lot 228, 365 GTB/4, cond. 3-4: Euro 187'000 n.s.
Lot 229, Enzo, cond. 1: Euro 714'000 n.s.
Lot 230, 250 PF Series 2, cond. 2: Euro 142'000 sold
Lot 231, 246 GT, cond. 2: Euro 87'000 n.s.

Well I hope this helps you to catch the state of the market at present. Again, I do not know if some cars have been sold in a after auction sale where the auction house tries to bring buyer and seller pricewise together to get their commission after all.

I have talked with many vendors and prospective buyers as well as with the Bonhams representants. The general chorus is that the market is very soft for low - to mid tier Ferrari's (everything below Euro 600'000)
 

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It will be very interesting to see what happens in Phoenix in January.

It would not surprise me to see similar low sales results.
 

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As the General Manager said at Bonhams "S**T Happens".

More importantly, I wonder what after auction sales did go through, and at what prices?

Funny, when running a business I remember saying "cash is king", why did I listen to "portfolio management"!!!!!!!!
 

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I think it's also a reflection of the prior greed that fueled the ridiculous escalating prices.

We are probably now going to see a big change in exotic car buying habits and auctions.
 

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What a disaster for Bonhams. Now lets see if dealers start to drop prices.

It still looks like good cars can bring reasonable offers but cars with needs (condition 3-4) are a very tough sell. Also surprised to see so many Condition 3-4 cars at Bonhams most prestigious sale.
 

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Discussion Starter #9
Thanks Onno, yes you are right. There are some sales which I considered no sales. They sold at the prices indicated by myself as high bids. Either they became after auction sales or the vendor became very afraid just right before the auction and lowered their sell level under pressure from the auction house.

These lots are:

Lot 202 246 GTS sold

Lot 207 the PERFECT 275 GTB/4 (why was the seller ready to sell it at Euro 610'000 (minus 10% = Euro 550'000 net for a PERFECT 275 GTB/4 best I've ever seen !)

Lot 209, the PERFECT Daytona Plexi did not sell for the 235 Euro highbid, sorry for the mistake.

Lot 212, 246 GT ex H. Hermann did sell for my price indication (again vendor lowered the price)

Lot 224, 250 GTE did sell for my price indication (again, vendor lowered the price)

It seems official now that none of the high class cars sold, also not lot number 220, the 308 GTB GR4 Michelotto car.

If all cars would have been sold (just the cars), I calculated that Bonhams would have a turnover of roughly 20 Mio. Swiss Franc. Now in reality, the turnover is a meager 3.5 Mio. Swiss Francs.
 

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I have a feeling all the auctions for a while will feel a pinch!

January at Scottsdale will make a difference.
 

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Here is the official list off the Bonhams website:

202 Same owner (the 2nd) since 1978,1975 Dino 246 GTS Chassis no. 07620CHF179,550
207 1967 Ferrari 275GTB/4 Chassis no. 09617 CHF1,078,627
208 1956 Ferrari 250GT Berlinetta Prototipo Chassis no. 0435GT Engine no. 0435GTCHF362,700
211c.1977 Ferrari 308GTB Vetroresina Coupé Chassis no. 21025CHF69,600
212 Formerly the property of legendary racing driver Hans Herrmann,1969 Ferrari Dino 246GT Chassis no. 00742CHF174,000
213 1961 Maserati 3500GT Vignale Spyder Chassis no. AM 101.1319 Engine no. AM 101.1319CHF346,050
215 One of 24 built,c.1961 OSCA 1600GT Coupé Chassis no. 00103 Engine no. 00103CHF75,400
221 With Ferrari Certification,1965 Ferrari 275GTS Spider Chassis no. 06819 Engine no. 06819CHF618,000
224 1962 Ferrari 250 GTE Chassis no. 3003CHF150,800227Ex-Mel Blanc, the voice of Bugs Bunny,1972 Ferrari 365GTB/4 ‘Daytona’ Spyder Conversion Chassis no. 14995CHF251,700
233 The property of a deceased’s estate,1963 Autobianchi Eden Roc Cabriolet Chassis no. 110B122004091CHF17,400
234 The property of a deceased’s estate,1990 Maserati Quattroporte Royale Saloon Chassis no. AM330 49 5978CHF27,840
235 The property of a deceased’s estate,1984 Ferrari Mondial Qv Cabriolet Chassis no. ZFFLC15B000050893 Engine no. F105A01876CHF20,880
236 1964 Ferrari 330GT 2+2 Berlinetta Chassis no. 6219 Engine no. 6219CHF127,600
 

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There were some great looking cars at the auction, thats for sure. I particularly liked the black Enzo with the black rims:happy2:

Chris
 

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Here is the full list including both sales and high bids.
Very interesting. What is the usual percent sold at the auction?

Chris
 
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