Bonhams, Goodwood Festival of Speed 2010 Auction Report
Bonhams, Goodwood Festival of Speed, Chichester, Sussex, UK, July 2, 2010
Report by Rick Carey, Auction Editor
The number of replicas and boy-racer modified cars at Bonham’s Goodwood Festival sale this year was surprising. Three GT40 replicas, a Cobra replica (with V-6 power at that), several modified Mustangs, a re-engined Corvette, and more. Even the cover car, the dramatic ‘Knobbly’, was built up from a few period parts of nebulous origin. Particularly noticeable among them for U.S. observers were the strong results earned by the modified first- and second-generation Mustangs, results that similar cars on their home side of the Atlantic would find it hard, if not impossible, to match. They were drivers’ cars, with 5-speed gearboxes and upgraded suspensions, a category that struggles in the U.S.
Overall the sale did very well, selling 75 of the 93 cars offered (80.7%), a total of $5,365,532, a marked improvement from last year’s 45 of 68 offered (66.2%) and $3,807,558. Even more important, 22.7% of the lots sold brought hammer bids over their high estimate (8.9% last year) and the total of the sold cars’ hammer bids beat the total low estimate by 9%.
There were some exceptional transactions, too, notably the Riley 9hp Imp restoration project which beat its high estimate by 70%. On the other hand, the Healey 100/M seemed to be a genuine value, even taking into account the recent decline in the pound against the dollar.
An expanded list of the cars offered and sold is presented elsewhere. If you see a car there with a condition rating that isn’t covered here and you’d like to know what we thought of it, drop us an e-mail at [email protected].
Photos from the catalog, courtesy of Bonhams.
Lot # 315 1977 Ferrari 512 BB, Body by Pininfarina; S/N 20977; Red/Black leather; Estimate $75,895 - $91,074; Visually maintained, largely original, 3+ condition; Hammered Sold at $98,664 plus commission of 12.31%; Final Price $110,807 -- Lefthand drive. A/C, P/W, body color sills, blackwall tires, 5-spoke wheels. 4,413 km from new with only infrequent use. Engine freshly rebuilt, fully serviced and detailed to very attractive condition but evidencing some age to the upholstery and interior trim. Engine is very tidy. There is hardly any premium in this transaction for either of this 512 BB's principal attributes, its low mileage or its fresh engine rebuild and complete service. The bidders seem to have recognized its attraction and paid accordingly, even venturing over the high estimate to secure it. Even at that it is a sound value and not overpriced. Lot # 316 1966 Lamborghini 400GT 2+2 'America' Coupe, Body by Touring; S/N 0781; Engine # 0758; Silver/Black leather; Estimate $166,969 - $197,327; Older restoration, 2- condition; Hammered Sold at $197,327 plus commission of 11.15%; Final Price $219,337 -- Lefthand drive, sunroof, Borrani wire wheels, blackwall tires. Restored in the mid-90's, engine later updated for unleaded fuel and given a stainless steel exhaust system. Little used over the past twelve years and professionally maintained in very attractive condition. Neat and nearly fresh underhood. Seat cushions show a little stretch but little other wear or use evident. Sold by Brooks at Olympia just after restoration in December 1997 for $58,650 (£35,338) in nearly the same condition as presented here. Needless to say, the market's appreciation for early Lamborghinis is mirrored in the $160,000 and £110,000 increase. Even considering the engine work, exhaust system and regular maintenance the seller has earned an attractive return over the years while enjoying an extraordinary automobile. This is a curve-setting result. Lot # 318 1935 Riley 9hp Imp Roadster; Red/Brown leather; Estimate $30,358 - $45,537; Unrestored original, 4+ condition; Hammered Sold at $77,413 plus commission of 12.94%; Final Price $87,431 -- RHD. Silver painted wire wheels, driving and fog lights, folding windshield, fender mirrors, dual carbs, Scintilla magneto. Not used since about 1963 and in need of comprehensive attention although complete in all important respects from lighting through instruments. This is going to be a very rewarding restoration project that has all its important (and even unimportant) parts and should therefore be very straightforward. Riley 9 Imp values have been on a steep upward slope in the past few years but this is still something of a landmark for the triumph of appeal over historical values. Christie's set the standard at Rétromobile in 2006 with a largely original and freshly restored example that brought £88,300, $154,600, 50% over its high estimate. This car has the capability to be restored for an investment of less than that, but it's an optimistic buyer who put up this much cash in anticipation of lightning striking twice. Lot # 325 2009 Tornado TSC GT40 Replica ; S/N 0546521947NSMITH9; Engine # E7TECA27; Dark Blue; Estimate $37,948 - $45,537; Non-factory replica, 2 condition; Hammered Sold at $39,465 plus commission of 15.00%; Final Price $45,385 -- 302 Ford V-8. Freshly built. This is half what it cost to build, a depreciation schedule that makes even the hit from driving a Taurus off the dealer's lot look modest. Goodwood might have been subtitled, ‘Ford Replicas at Britain’, there were so many on the docket, including three GT40 fakes (two sold, one went begging near the end) and boy- (or girl-) racer modified Mustangs. Lot # 327 1934 Aston Martin 1½-Litre Mark II Sport Sedan, Body by Bertelli; S/N K4/513/L; Royal Blue, Simca Blue accent/Grey leather; Estimate $166,969 - $197,327; Older restoration, 3 condition; Hammered Sold at $242,864 plus commission of 10.94%; Final Price $269,427 -- RHD. Sliding sunroof, silver wire wheels, rear-mounted spare, cycle front fenders, outside exhaust headpipes, trafficators. An older British restoration which was rebodied during restoration by Wakefields of Byfleet in the original Bertelli style with aluminum hood and fenders. It has plenty of miles on it but still is sound and presentable despite some paint cracks at stress points. A concours winner in the 80's in the UK, those days are well past but this is still an Aston that can be driven with pride. Sold by Bonhams at Greenwich, Connecticut in June 2008 for $155,500 (£79,000) and in no better condition today. The seller's bank account, however, is in much better shape, to the tune of nearly $100,000, illustrating the wisdom of selling particularly British cars in Britain. Lot # 334 1956 Austin-Healey 100/M Le Mans Roadster; S/N BN2L/23230L; Engine # 1B232304; Red, Black/Red; Estimate $68,306 - $83,485; Recent restoration, 2+ condition; Hammered Sold at $60,716 plus commission of 13.75%; Final Price $69,064 -- Lefthand drive. Silver painted wire wheels, blackwall tires, side outlet exhaust, louvered hood, hood strap, 140mph speedometer. First owned by Dr. George Snively (founder of the Snell Foundation) and raced in SCCA and international events including the Buenos Aires 1,000km. A factory 100/M with the Le Mans kit as well as other items as noted above. Restored in 2008 with BMIHT certificate attesting to its 100/M Le Mans-ness. With U.S. and international race history and a professional, comprehensive and sympathetic restoration, this is in some observers’ opinions (including mine) about as good as a Healey can get, a 100S being the only step up the ladder. I like this car a lot, and frankly like its price even better, a very good value that is surprising at the Festival of Speed where such a ride should be the goal of everyone on-site. Very well bought. Lot # 335 1959 MG A Twin Cam Roadster; S/N YD1/1580; OE White/Black; Estimate $48,573 - $57,680; Competition restoration, 3+ condition; Hammered Sold at $66,788 plus commission of 13.41%; Final Price $75,743 -- RHD. Centerlock wheels, Marchal driving lights, Halda Tripmaster, 3-point belts, timers, watches and more. Prepared engine with cams and 9.9:1 pistons built for Paul Channon who entered 46 historic rallies with it from 1986-2005, securing 25 class wins, 12 more podium class finishes and 9 overall wins. Comes with two boxes of history, manuals, parts book and spares. Considering its use, it is relatively unblemished and obviously well maintained to very high and consistent standards. Good cosmetics, panels and fits. This is about twice the price of a comparable condition MG A Twin Cam with neither this equipment nor this car's history. The bidders here looked beyond the fundamentals to see the history and potential for continuing Channon's record, an attribute that looms large in the UK and Europe where historic rallying is very active but has little value in the States where it is essentially unknown. Put this down to a UK car, in a UK sale, with UK events that means nothing for the U.S. market. Lot # 338 1937 Bentley 4 1/4 Liter 3-pos. Drophead Coupe, Body by Gurney Nutting; S/N B129JY; Engine # T7BR; Dark Blue/Beige leather; Blue cloth top; Estimate $273,222 - $364,296; Competition car street version, original, 1 condition; Hammered Sold at $303,580 plus commission of 10.75%; Final Price $336,215 -- RHD. Polished wheel discs, skirted rear fenders, covered rear-mounted spare, fitted luggage. Known history from new, used by Sean Connery in ‘Never Say Never Again’ and in Magnum, P.I. Restored in the U.S. and second in class at Pebble Beach, shown at Louis Vuitton in Paris. Beautifully done with concours paint, chrome, upholstery, interior wood trim and details. Particularly attractive coachwork with ‘helmet’ style front fenders, teardrop rear fenders and subtle chrome accents. An elegant and stately car that needs nothing. Sold by Bonhams at the Goodwood Revival in 2004 for £188,500, $337,209 at the time. Today's £ price is £221,500 even though the currency swing since 2004 has made it virtually the same in dollars. Its prime show days are behind it, but its condition is so exquisite it's hard to imagine actually driving it anywhere. Catalog photos by Simon Clay. Lot # 353 1965 Aston Martin DB5 Vantage Convertible; S/N DB5C/2118/R; Engine # 400/2370/V; Black/Light Grey; Black cloth top; Estimate $607,160 - $758,950; Recent restoration, 2+ condition; Hammered Sold at $758,950 plus commission of 10.30%; Final Price $837,122 -- RHD. Chrome wire wheels, AM-FM. Restored by Aston Martin Works Service in 1994, then re-restored by Aston Service Hamburg. Better than new, with excellent paint, chrome and interior showing only a little driver's seat cushion stretch to separate it from showroom condition. Underhood is like new, right down to the paper tags. An exceptional, and rare, automobile with four owners from new. Whew! This is a lot of money even for this car's rarity, specification and outstanding restoration. The buyers have spoken, however and this will be a new benchmark. Lot # 355 1968 Ford Mustang Fastback; S/N 8T02S158648; Black, White stripes/Black vinyl; Estimate $34,912 - $39,465; Modified restoration, 3+ condition; Hammered Sold at $34,912 plus commission of 15.00%; Final Price $40,148 -- Originally a 390/325hp big block but now with a 351 Windsor. 5 (yes, five)-speed, underdash gauges, P/S, no P/B, Torque Thrust style wheels, Goodrich Radial T/A tires, subframe connectors. Attractively presented. This mixed-up Mustang would find it hard to bring much more than its pound price in dollars in the States. This is the US market equivalent of a competently presented S-Code '68 Mustang for a car with a Windsor smallblock and various desirable but non-original upgrades. In other words, expensive. Lot # 360 1958 Cooper-Climax Type 45 Formula 1/Formula 2 Racing Single-Seater; S/N F2-11-58 (see notes); BRGreen/Black; Estimate $91,074 - $106,253; condition; Hammered Sold at $81,967 plus commission of 12.78%; Final Price $92,440 -- Apparently raced when new in the UK by Dickie Stoop, then acquired in 1987 by the previous owner who raced it in US vintage events until 1994. The chassis was replaced by a Sid Hoole assembly in 1989 after an accident. The original frame was retained and comes with the car. 2-liter Coventry-Climax power. Stored since '94 and in good, clean condition although needing careful recommissioning before being raced. Variously reported as originally numbered F2-11-58 or F2-19-57. This is the number used when Bonhams sold this car at Brookline, Massachusetts in 2007. It appears to have neither had nor needed attention since then, although the 2.2 litre block and spares that accompanied it then have become separated. Its price in Brookline was $117,000 and it was observed then that ‘it is questionable how much, if any, profit there is left in the car’. Now we know, although the £ price in 2007 was 58,400, lessening the pain here where it brought £60,900 with commission but only £54,000 hammer. The new owner came out well on the exchange. Lot # 370 1933 Singer Nine Sports Team Car; S/N 48500; Engine # 49606; Blue/Grey leather; Estimate $60,716 - $91,074; Competition restoration, 3 condition; Hammered Sold at $54,644 plus commission of 14.17%; Final Price $62,386 -- RHD. Body color wire wheels, dual rear-mounted spares, cycle fenders, dual aeroscreens, dual carbs. One of three Riley team cars, driven by Kay Petre at the Light Car Relay at Brooklands. Survived apparently mostly untouched until the early 70's when it was rebuilt by Don Bingham in its present condition (well, probably somewhat fresher then that is now, but it's no slouch today.) A charming little racer that needs nothing to be used. Let's be honest, 972cc, even with an overhead camshaft, dual carbs and hydraulic brakes (with drums barely bigger than bottle caps) isn't going to be a performance revelation. It is, however a real, historic, very original and completed car with significant history. It brought no more than it deserved, and an argument could be made that it brought less, even in dollars to a U.S. buyer. It is a sound value at this price and will be a welcome entrant at all kinds of events, particularly with Danica Patrick or Simona de Silvestro behind the wheel (but not Milka Duno, the Venezuelan chicane.) Lot # 374 1980 Lister-Jaguar Replica Knobbly Sports Racer; S/N None; Engine # KH64898; Green, Yellow/Black; Estimate $379,475 - $455,370; Non-factory replica, 3+ condition; Hammered Sold at $318,759 plus commission of 10.71%; Final Price $352,912 -- RHD. Centerlock Dunlop wheels, braced paperclip rollbar. Said to have a damaged, discarded and repaired original Lister frame but otherwise assembled from a new Bob Smith body, some period parts (‘understood’ to be the final drive, de Dion tube, wheels and ‘numerous other smaller parts’) for the Hayashi collection, later extant in the U.S. and subsequently historic raced in the U.K. A very cool historic racer but without a shred of history or even very much that originated in period. On the other hand, it's faster than a D-type. I think the estimate is on the far side of optimistic and the price realized is all the money on a very good day for this car's history which is shrouded in mystery even for its recent historic racing in the UK. No mention of FIA papers, either, not even one of those Historic Technical Passports which attests to the historic accuracy of its specifications, which severely limits its use. This is a rich transaction (for the seller.) Lot # 375 1986 Ford RS200 Coupe, Body by Ghia/Tickford; S/N SFACXXBJ2CGL00194; Engine # GL00194; White/Red cloth; Estimate $106,253 - $121,432; Unrestored original, 2 condition; Hammered Sold at $88,038 plus commission of 12.59%; Final Price $99,119 -- RHD. All wheel drive, 350hp, adjustable boost, 9 1/2’ wide Speedline wheels, comfort and convenience accessories, 4-light rally cluster with two more Hella flamethrowers in the fascia. Homologation special for Ford's ‘Killer Bee’ Group B rally car. Concours maintained in like new condition. This is still one of the most outrageous examples of an entire manufacturers' series of extreme high performance all wheel drive rally supercars. Not to be trifled with and still capable of challenging accepts of acceleration, braking and cornering, especially on loose surfaces. Is it worth a Hundred Large? Apparently it is, and who's to argue with the bidders' pocketbooks? Lot # 379 1965 Ford Mustang Convertible; S/N 5R08A794354; Burgundy/Black, White vinyl; Estimate $27,322 - $30,358; Visually maintained, largely original, 3 condition; Hammered Sold at $27,322 plus commission of 15.00%; Final Price $31,421 -- 289/225hp, automatic, disc brake upgrade, styled wheels, gold line tires, pushbutton radio, heater. A nice driver. A healthy but not unreasonable price for a sound car. Lot # 380 1932 Lagonda 2-Litre Supercharged Low Chassis Tourer T3; S/N OH10056; Engine # 1805/2B1158; Black/Green leather; Estimate $129,022 - $144,201; Older restoration, 3+ condition; Hammered Sold at $151,790 plus commission of 11.50%; Final Price $169,246 -- RHD. Zoller supercharged, Lucas ‘bulls-eye’ headlights, driving lights, spotlight, full weather equipment, single sidemount with mirror, fabric-covered body. Restored in 1986 with later engine and supercharger rebuild, magneto overhaul, stainless steel exhaust and electric fuel pump. Not concours, but very presentable anywhere else, especially on tour or in circuit events. Sold by Bonhams at Lord's Cricket Grounds in July 2003 for £32,000, $59,022 at the time, with material subsequent mechanical work but little in the way of cosmetics, the result today is a home run for the seller and a stretch for the buyer. Nifty, but not original in its Zoller supercharger configuration, this is an optimistic price. Lot # 391 1964 Alfa Romeo Giulia Sprint Speciale, Body by Bertone; S/N AR381237; Red/Black; Estimate $53,127 - $60,716; Modified restoration, 2- condition; Hammered Sold at $45,537 plus commission of 15.00%; Final Price $52,368 -- Leather rim Alfa steering wheel, fire system, roll bar, steel wheels, 4-point belts, Webers with short velocity stacks, Colotti limited slip, close ratio gearbox, headers, oil cooler, bullet outside mirrors, hood pins. Raced from new, restored for historic racing in the 80's, later owned by Lord Brockett but escaped being buried. Cosmetically attractive and mechanically above reproach. Comes with FIA and HSCC papers. Choice. Sold by Bonhams at the Goodwood Festival in 2004 for £15,000, $31,426 at the time, the passage of time has done nothing to diminish the attractiveness or value of this Sprint Speciale, only inflate its value. This is still, as it was in 2004, a very good value for the money, however. Its preparation couldn't be duplicated for anywhere near the money it brought here. Photos by Simon Clay.Lot # 393 1965 Ford Mustang Fastback; S/N 5E09C384586; Black, White stripe/Black vinyl; Estimate $37,948 - $45,537; Modified restoration, 3 condition; Hammered Sold at $31,117 plus commission of 15.00%; Final Price $35,784 -- Originally a 289/200hp but now modified beyond that with a 5-speed, P/S, upgraded suspension, Torque Thrust-style wheels with Cooper Radial G/T tires, front disc brakes, traction bars, strut tower and K-braces, Flowmaster exhaust. Well used. Generously priced for its many modifications, potentially a terrific driver but worth no more than the price paid in pounds in US dollars in this condition. A kid's cafe racer.
