Category: Uncategorized (Page 21 of 32)

The numbers don’t look good. A paltry 61% overall sell-through resulting in a 20% drop in net sales over last year, falling short of the predicted ^$400 million+ mark. The majority of lots selling below—often drastically below—house estimates. And yet, we also saw the fifth highest result in the history of auction sales and while not as strong as 2022, the overall total was still the second highest ever (not accounting for inflation). With a similar sell-through to 2022 (78%), it likely would have approached or perhaps eclipsed half a billion dollars. That’s a staggering sum to think about, over the course of three days. While the market as an aggregate has softened over its post-pandemic peak, it appears to remain healthy.

So why the weak sell-through? In some cases it’s a simple case of supply and demand. For instance, of the 11 Siata 208 CS Berlinettas with Fiat 8V engines and Balbo bodies, two were on the block this year, one at Broad Arrow; the other at RM Sotheby’s. Neither sold (but both are now available for post-auction offers). This was in addition to two 1953 Fiat 8Vs. There were a number of Porsches with significant competition provenance on offer. All but one sold, whereas road cars like this 918 Spyder and this 959 Komfort met or exceeded their estimates.

Some of the more surprising non sales:

• 1967 Toyota 2000 GT – A rare (one of 98) left-hand-drive 2000 GTs in highly original condition and 41,000 original miles and documented history including 45-years with a single owner. Estimated to sell at ^$900,000 – ^$1,100,000, it barely kept pace with the youngster, a 1995 Honda NSX R that sold for ^$632,000. The 2000 GT is now available for post-auction sale for ^$750,000
• 56 Porsche 550A Prototype ‘Le Mans’ Werks Coupe – The sole surviving example of the fastback roofed 550A, the car finished 1st in class and 5th overall at the 1956 24 Hours of Le Mans as a Porsche Werks factory entry. Bidding stalled at $5,000,000, over a million shy of a 550 Rennsport Spyder that had never seen any competitive action, which sold at Bonhams Goodwood sale seven years ago.
• 1971 Ferrari 365 GTB/4 “Daytona” – Another indicator that the Daytona market may have peaked, this is a GTB/4 in a gorgeous Rosso Nearco that had undergone a high quality restoration while paying attention to its originality, including the numbers matching motor. It has a known history and retains its factory books. What at one time looked to be a dependable million-dollar investment, the Daytonas now look to have taken a back seat to their six-cylinder stablemates, the Dino 246. Huh.
• 1954 Aston Martin DB2/4 – Aston Martins did not do well this year. There were a few DB5s and even a Bond car, the 1973 V8 from “The Living Daylights.” Neither of which sold. One of the most appealing lots, a mechanically restored DB2/4 that otherwise retained a fabulous patina, has a rare sliding sunroof, and has a known history including 40-year ownership, stalled after some early enthusiasm. It’s now available post-sale with an asking price of ^$230,000.