auToMoBilSporTiSSuE #03144 145

quo VaDiS...?PHotograPHs: rM auCtions (1), BonHaMs (1), CLassiC anaLYtiCs (1), JEns PEtErHoFF (1)

'Tre Posti' from Gooding. Neither of them was sold at

the auction, because the owner's expectations were

too high, as I suspect. The McLaren went close to the

required price of US $12,000,000, even though in the

weeks before cars were being sold privately for US

$10,000,000. The Ferrari 365P, a car which is actually

difficult to pin a correct market price to, had bids as

high as US $23,500,000. Gooding had guaranteed US

$25,000,000 which meant it wasn't sold. The same goes

for another typical Blue Chip car, the Ferrari 250 SWB.

Despite all the records, these three results suggest that

even the wealthiest collectors are no longer prepared

to pay any old price. From America, in my opinion the

strongest market barometer, I keep hearing comments

that market has somewhat slowed down. In my view it

has nothing to do with reduced demand, rather than

exaggerated prices. According to the renowned Hagi

Index, the listed Porsche models have increased by a

one percent just in the last 12 months. However these

increases aren't reproducible year-over-year, so a lot

of collectors have their eyes focused on younger cars,

such as the Ferrari Daytona, the Bugatti EB110 and the

Porsche 911. We'll find out where the market is going in

Arizona in the middle of January, when we once again

hear “going once, going twice, going three times...”

auCTioN rESulTS aND prEViEWS

There's no question that most of the focus was on the

Ferrari GTO from the Violati collection, offered in a

special auction from Bonhams. In the build-up, the

press speculated about prices from 70 to 100 million US

Dollars. But the experts were unclear on who exactly

would spend such an amount of money, considering

the quite controversial history of the car. The reality

was different. At the end of the day, the car went to

an anonymous bidder for US $38,100,000. The price

was in line with Bonham's estimations, but the seller

was still disappointed; a couple of specialists had of-

fered him higher amounts in advance. Just imagine,

the last GTO which was auctioned in London in 1987,

has been sold for US $1,500,000 – based on constant,

current growth, it would be worth more than a billion

dollars 30 years later. Comments from my former col-

league Philip Kantor are attached.

Porsche 917K cut downThe other auction houses also had some sensational

cars on offer – above all the two 'locals', RM Auctions

and Gooding & Co. RM's centre piece was without any

doubt the Ferrari GTB/C Speciale, a car that was practi-

cally developed as a successor of the 250 GTO. Slightly

cheaper, but no less attractive, the Speciale was auc-

tioned for US $26,400,000. Further the result of a Fer-

rari 250 LM was as well remarkable. A while ago, the

car could have been bought at a fraction of the price;

in 1973, little more than a pile of bits was offered in a

newspaper advert. It read 'a real do-it-yourself LM. Not

an easy job. Make me an offer, help me to clean out my

garage'. Forty one years later and surprisingly certi-

fied by Ferrari Classic, the car brought US $11,500,000.

Gooding, after being the most successful auction house

the last few years, came to Pebble Beach with high ex-

pectations. Its top lots read like a who's who of valuable

cars – Porsche 917K Coupe, Ferrari 250 SWB, Ferrari

365P 'Tre Posti', and a McLaren F1. But maybe, given

the pressure, Gooding took too many risks in its pur-

chasing. The Porsche 917K, presumably a very origi-

nal car that supposedly played a leading role in Steve

McQueen's masterwork 'Le Mans', was given an esti-

mated price beyond the US $20 million mark. But the

car unfortunately never found its way to Pebble Beach,

probably as a result of some problems with the history

of the car arising during the build-up.

Not for any priceThe most exclusive 'couple' of the weekend, and also

my two favourite cars, were the two white three-

seaters, the McLaren F1 and the legendary Ferrari 365

1956 FErrari 250gT Tour DE FraNCE — rM auCTioNS, loNDoN

1962 aBarTh 1000 SporT 131-MC BECariS — BoNhaMS, gooDWooD rEViVal

£4.872.000

£122.460

BY JAN B.

LUEHN

… asked Saint Peter in the Gospel of John. Today, a few weeks after Pebble Beach, well-known collectors and dealers are asking the same phrase to the question of the current automobile market: Pebble Beach 2014 was the biggest auction weekend of all time, however it has been followed by something like

an autumn depression. But more on that later… Across the whole Pebble Beach weekend this year, for the first time nearly US $400,000,000 have been spent (compared to US $312,000,000 last year). From the 1235 cars on offer, 745

found a buyer, something like a 60 percent conversion rate (compared to 1251/749 in 2013). Thereby remarkable is the increase of the average price from US$416,696 to US $535,648. The general increase in prices is one impor-

tant factor which always attracts the best and most expensive cars to Pebble Beach.

JAN B. LUEHN, 38, began his au-

tomotive career at the presti-

gious Christie's auction house in

London, before starting his own

business in Brussels in 2006 after

three years of auctioning experience. Me-

anwhile, he lives and works as a car broker in

Münster, Germany, where he uses his experience to

trade in sports and racing cars. For AUTOMOBILSPORT,

Jan keeps track of the classic car market, and visits the

most important auctions.

The Classic Car Auction Yearbook 2013/14 sums it up: Currently, only the Top 100 listed cars

topped the million dollar mark. The latest book has 250 such cars. It's no surprise that Ferrari oc-

cupies the first rows. The market is hot, and cars like the 275 GTB/4, the 250 GT/L, and the 330 GTC are selling as if they don't cost more than a Golf. However the reality is far dif-ferent – a Ferrari Daytona will cost you more than €800,000 and you won't get a decent Lusso for less than €1,500,000 (if at all). And so it goes...

Since these cars are fetching such dizzying prices, a new mar-ket has developed – cars from the 1970s, '80s and '90s are in de-mand and still affordable, although prices are rising. Whether it's a Ferrari TR, a 512 BB, a Lamborghini Countach or even a good, original Series 1 Golf GTI, we can almost see the prices rising. Please keep in mind, my business is auctions, and we operate in the upscale market, with cars that have a high de-gree of recognition. My advice is pre-war cars, which have a comparable average price (apart from exceptional cars such as the Lagonda LG45 Rapide Team car, which has been auctioned at Goodwood). There is a generation change, which means there are plenty of cars on offer, and they are generally bearing a lot of fun to drive. You'd be surprised how easy these cars are to drive, once you get used to the start procedure. If you don't like the first advice, try this: Leave the 'Return on Investment' question in the second row, and make your decisions based on what you like, whether it is a 190 SL, a Lancia Delta Integrale, a Jaguar E-Type, an Alfa or a MG. If you like the car, you'll have fun with it – and no investment in the world can offer that.

Annette Abaci — RM AUCTIONS Germany

I think there are three types of collectors. There is the old-establishment, which has a good knowledge of history and the market, and are looking for high-priced cars to discover and buy. Then there is a more recent group, which I call the 'Life-style Collectors', who come into the scene through friends and like-minded people. The Jaguar E-Type, Austin Healeys, the Por-sche 356 and 911, these are the cars that are popular here. How-ever the prices in this group are rising; for a good E-Type you're looking at around €200,000 while the development of prices in the Porsche market is enormous. The third group are the inves-tors, who see classic cars purely as investments – which is fair enough. In the last five years, only a few sectors have offered a re-turn like historic cars did. The investors often come from the art scene. The sums invested are quite low, even when these cars are considered record-breaking at car auctions. When a high-priced painting quickly sells for 100 million US $, then 30 million US $ for a Ferrari 250 GTO seems to be quite cheap. How realistic the market is, has been proven by our auction of the Ferrari 250 GTO at Quail Lodge, which brought more than US $38 million. The car had both positive and negative aspects. Positive: The previous owner owned the car since 1965, the numbers all matched up, and the car had a good, early racing history. Negative: The car had a racing accident in which the driver was killed. The GTO has been fitted with a new body in the factory at that time, and after many years it now has had plenty of (quite beautiful) pat-ina. For the American market, that probably has not been the best choice. In the end, the price was somewhere in between a top car (around US $55,000,000) and a poor GTO (around US $20,000,000). This GTO fitted well into the market, which, for me, proves how realistically the market operates.

Philip Kantor — BONHAMS Head of Department Motor Cars Europe

NEW DEMaND gENEraTED ThE MarkET iS rEaliSTiC

auToMoBilSporTiSSuE #03146 147

1937 MaSEraTi 6CM — BoNhaMS, gooDWooD rEViVal

£606.300

AUCTIONEER LOCATION MAKE TYPE YEAR ESTIMATE SOLD FOR

Bonhams Quail Lodge (USA) Ferrari 250 GTO 1962 no Reserve USD 38,115,000

Bonhams Quail Lodge (USA) Ferrari 250 MM 1953 USD 6,500,000 - 8,500,000 USD 7,260,000

Bonhams Quail Lodge (USA) Ferrari 250 GT SWB Speciale Aerodinamico 1962 USD 4,000,000 - 7,000,000 USD 6,875,000

Bonhams Quail Lodge (USA) Ferrari 250 GT Cabriolet 1958 USD 6,500,000 - 8,500,000 USD 6,820,000

Bonhams Quail Lodge (USA) Ferrari 312 T3 1978 USD 1,500,000 - 2,000,000 USD 2,310,000

RM Auctions Monterey (USA) Ferrari 275 GTB/C Speciale 1964 no Reserve USD 26,400,000

RM Auctions Monterey (USA) Ferrari 250 LM 1964 no Reserve USD 11,550,000

RM Auctions Monterey (USA) Ferrari 275 GTB/4 1967 no Reserve USD 10,175,000

RM Auctions Monterey (USA) Ford GT40 Roadster Prototyp 1965 no Reserve USD 6,930,000

Gooding Pebble Beach (USA) Ferrari 250 GT California Spyder SWB 1961 USD 13,000,000 - 15,000,000 USD 15,180,000

Gooding Pebble Beach (USA) Ferrari 250 GT Cabriolet 1959 USD 4,500,000 - 6,000,000 USD 5,610,000

Bonhams Goodwood (GB) Fiat Abarth 850TC 1961 £20,000-30,000 £34,500

Bonhams Goodwood (GB) Abarth 1300 Sport SE010 Quattro Fari Prototype 1969 £180,000-250,000 £186,300

Bonhams Goodwood (GB) Fiat Abarth 124 Rallye 1973 £50,000-80,000 £51,750

Bonhams Goodwood (GB) Abarth 1000 Sport 131-MC Becaris 1962 £110,000-150,000 £122,460

Bonhams Goodwood (GB) Abarth Simca 2000 GT Corsa Beccaris 1965 £160,000-240,000 £219,900

Bonhams Goodwood (GB) Fiat Abarth Rallye 131 Supermirafiore Group IV 1978 £35,000-50,000 £69,820

Bonhams Goodwood (GB) Fiat Abarth 750 Bialbero Record Monza Zagato 1959 £70,000-12,000 £70,000

Bonhams Goodwood (GB) Abarth 2000 Sport SE014 1970 £110,000-160,000 £124,700

Bonhams Goodwood (GB) Abarth 1300GT Periscopa Sinona E Basano 1967 £180,000-220,000 £214,300

Bonhams Goodwood (GB) Austin Mini Cooper 1275S 1964 £40,000-50,000 £85,500

Bonhams Goodwood (GB) Williams Supertec Renault FW21 1999 £40,000-50,000 £91,100

Bonhams Goodwood (GB) OM 665 SS MM Superba Supercharged 1930 £800,000-950,000 £1,255,900

Bonhams Goodwood (GB) Alfa Romeo Giulia Sprint GTA 1965 160,000-180,000 £169,500

Bonhams Goodwood (GB) Maserati 6CM 1937 £600,000-900,000 £606,300

Bonhams Goodwood (GB) Abarth-Osella SE 021 Prototype 1972 £150,000-200,000 £163,900

Bonhams Goodwood (GB) Maserati 4CM 1933 £400,000-600,000 £427,100

RM Auctions London (GB) Ford Cortina Lotus Mk2 1969 £40,000-60,000NR £22,400

RM Auctions London (GB) Lancia Aurelia B24 America 1955 £520,000-620,000 £560,000

RM Auctions London (GB) Jaguar XJ220 1993 £110,000-140,000 £162,200

RM Auctions London (GB) BMW 319/1 1937 £150,000-170,000 £140,000

RM Auctions London (GB) Lamborghini Miura P400 1968 £530,000-700,000 £649,600

RM Auctions London (GB) Shelby Cobra 289 1964 1,100,000-1,400,000 £1,176,000

RM Auctions London (GB) Ferrari 250GT Tour de France 1956 £4,100,000-5,200,000 £4,872,000

RM Auctions London (GB) OSCA Tipo J Formula Junior 1959 £90,000-125,000 £212,800

RM Auctions London (GB) Ferrari 275GTB (Aluminium) 1966 £1,900,000-2,200,000NR £1,969,000

RM Auctions London (GB) Peugeot 205 Turbo 16 Group B 1984 £60,000-95,000 £156,800

Kindly supported by Classic Analytics

ThE highlighT oF ThE 2015 pariS

'rETroMoBilE'rM auCTioNS aWaiTS ThE FaMouS DElahayE

RM Auctions will kick off the 2015 European auction

season as usual as part of the Salon Retromobile in

Paris. Even in 2014 Place Vauban became the histori-

cal backdrop for one highlight after the other, and

along with the record price for a Jaguar D-Type sold

at auction (€3.7m) there were other gems going un-

der the hammer such as Porsche models 956, 904 and

917/30, a Lamborghini Miura, a Gordini Type 24S, and

a Rondaeu M482.

In February 2015, the heart of the auction in Paris

for RM Auctions will be a 1935 Delahaye 135 S (chas-

sis number 46094). Emile Delahaye, who inspired by

a Benz built his first car in 1895, paved the way for

sporting success through a road race between Paris

and Marseille. He then moved his young company to

Paris, and focussed on solid commercial vehicles. It

was a smart move, particularly during WW1, when

his trucks were very popular with the army. And his

Delahaye brewery and fire brigade vehicles have been

so 'en vogue' that they were even exported to North

and South America.

Jean Francois, an energetic chief designer, breathed

new life into the company, and a sporting program

was soon back in the agenda. That culminated in René

Dreyfus taking victory at the 1937 race in Montlhéry,

which paid a cool one million francs in prize money.

In the same year there were two Delahaye 135 S en-

tries at Le Mans, with Joseph Paul and Marcel Mongin

finishing second, and Dreyfus/Stoffel in third. They

were only beaten by the Bugatti 57G with Jean-Pierre

Wimille at the wheel.

Illustrious ownersPaul's Delahaye – chassis number 46094 – had two more

outings at Le Mans, and was always kept at home. After

WW2, the car had more sporting success in the hands

of Willy Mairesse. Other owners have since included

well-known figures such as carmaker Jean-Philippe

Peugeot, and Renault F1 team manager Jean Sage. Now,

this car brimming with racing history will go under

RM Auctions' hammer. The experts at RM, who will

have 60 rare cars on offer in Paris, are predicting that

the Delahaye could fetch €1.6m.

BY JoCHEn Von ostErrotH

PHotograPHs: rM auCtions / JEan PauL tissot (1), anDré VauCourt (1), roBErt wEBEr (1)

HIGHLIGHT IN PARIS 2015:

DELAHAYE 135 S (CS) WITH A

GOOD LE MANS HISTORY (SEC-

OND PLACE FOR PAUL/MONGIN IN 1937) AND A DOCUMENTED

RECORD.

auCTioN rESulTS aND prEViEWS