As a number of ‘star cars’ fail to sell at Bonhams’ Goodwood Revival sale, Matthew Steeples suggests that bidders are now more cautious and prices have peaked
It seems the Top Gear presenter Chris Evans thought he could ride the peak of market and offload some of his car collection at the Bonhams Goodwood Revival sale but it seems, in reality, that he missed the point and “forgot his toothbrush”. One of his lots, guided at £250,000 to £350,000, a replica of the Chitty Chitty Bang Bang car failed to sell on Saturday with bidding reaching just £120,000. It was later reported by the Sunday Mirror that a post-sale offer of £190,000 was allegedly accepted for the vehicle.
A 1989 Ferrari 328 GTS Targa that was originally owned by the former Formula One champion Nigel Mansell (guide £100,000 to £130,000) sold mid-range for £115,000, but a 1966 275 GTB/6C – also owned by Chris Evans – in an unusual shade of mint green failed to meet its £2.6 million to £2.9 million.
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Whilst a 1964 Daimler SP250 roadster, originally supplied to the Metropolitan Police and still in police specification, plodded past its £50,000 to £60,000 reserve and eventually sold for £72,000, but other lots that did not move included the 1971 Ferrari 365 GTS/4 ‘Daytona’ Spider (guide price £2.3 million to £2.6 million) and the 1992 Airstream 350LE Class A motorhome (guide £70,000 to £90,000) that we featured Saturday.
Though the ‘Blue Lena’ 1965 Bentley S3 Continental Flying Spur (guide £400,000 to £600,000) formerly owned by The Rolling Stones’ Keith Richards achieved a punchy £763,100, the overall picture presented at the Goodwood Revival sale was similar to the other British auctions this season: With many cars going for their reserves or failing to sell on the hammer, prices are down and bidders are now more cautious.
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2 comments
Greedy sellers!!!!! Their avarice is coming back to bite them in the bum!!!!!!!!!!!!!
As nobody needs a classic car, they are the ultimate discretionary purchase. Is this failure to sell signalling the start of a downturn in the broader economy. I remember that earlier recessions were presaged by a stall in the classic car market.