Bonhams Goodwood Festival of Speed 2012 – Auction Report
Bonhams, Goodwood Festival of Speed, Chichester, Sussex, June 12, 2012
Report by Rick Carey | Photos courtesy of Bonhams
Bonhams sold $34.9 million at its Goodwood Festival of Speed auction.
It would have been handily over $35 million at last year’s more robust £/US$ exchange rate.
In the overall scheme of things, $35 million is a healthy auction, number 33 on my list of the top-grossing auctions of all time, but its place within Bonhams history is at the top of the chart, 67.8% more than the Brooks-Bonhams next highest grossing sale, $20,799,800 at Quail Lodge in 2008 (number 78 on the top-grossing auctions list, neither aided nor impeded by exchange rates).
Robert Brooks and Malcolm Barber, first as competitors and in recent years as partners, have set many auction records, but they are individual transaction records that have regularly startled the collector car hobby with eye-popping, curve-setting transactions.
Like the Goodwood Festival’s $7,908,098 for the Bentley 4 ½ Liter Supercharged Tim Birkin Brooklands record holder and $7,381,048 for ‘The Corgi’, the ex-Richard Solove, John O’Quinn 1905 Rolls-Royce Silver Ghost Barker Double Pullman, both records for the marque.
The Bentley surpasses the highest previous Bentley sale (Speed Six HM2868 by Christie’s at Le Mans in 2004) by $2.8 million and £2.275 million. ‘The Corgi’ squeaks past the prior Rolls-Royce record (Bonhams sale of the only surviving 1904 Rolls-Royce at Olympia in 2007) by just over $100,000, but is a substantial £1.2 million more on account of a failing £/US$ exchange rate.
Goodwood included two important collections, horologist (it would be misleading to characterize him as a watchmaker) George Daniels’ collection which included the Bentley, and Olav Glasius’ superb collection of significant Lotus cars.
It’s unlikely the Goodwood Festival sale foreshadows a fundamental shift in Bonhams business plan. They’ve become successful with a succession of focused seven-figure auctions, a history that represents over a quarter of the auctions in my twenty plus-year database.
In that context, the Goodwood Festival auction was ‘hitting it for six.’
[Thank you, Malcolm Welford, for the British equivalent of ‘hitting it out of the park.’]
Bonhams Goodwood Festival of Speed 2012 – Auction Report
Lot # 202 1908 Itala 12-Liter Grand Prix Car, Body by W. Vincent; S/N 871; Engine # 871; Red, Black fenders/Tan leather; Estimate $2,352,900 – $3,921,500; Competition car, original as-raced, 3 condition; Hammered Sold at $2,431,330 plus commission of 12.10%; Final Price $2,725,443 – RHD. 4-seat body, black centerlock wire wheels, single rear spare. One of three GP cars built by Itala for the GP de l’ACF, probably driven by Giovanni Piacenza, rebodied long ago with this 4-seat coachwork and with a long history in the UK with a series of enthusiastic owners; R. Wil-de-Gose, John Pole, ‘Sam’ Clutton, Dr. Bob Ewen, Jack Williamson and George Daniels. Cataloged with a series of marvelous vignettes and quotes from its history and in good, solid, running and driving condition. George Daniels Collection. Survivors from this age of heroes are nearly impossibly rare, having survived the scrap drives of two wars and the depredations of farmers to whom the whippy chassis were more valuable as hay carts than self-powered transportation. Despite the odds this Itala has survived, and in impressively complete and functional condition. It’s something of a miracle. The new owner becomes part of an important history, from Dieppe in 1908 through Brooklands and modern VSCC events. The price is what it took to own it, a chance of a lifetime.Lot # 204 1929 Bentley 4 1/2 Liter Supercharged ‘Blower’ Single-Seater; S/N HB3402; Engine # SM3901; Red/Red leather; Competition car, original as-raced, 3+ condition; Hammered Sold at $7,058,701 plus commission of 12.03%; Final Price $7,908,098 – RHD. Open wheel, black centerlock wheels, single aeroscreen. ‘Tim’ Birkin’s Dorothy Paget-backed famed Brooklands record setter, far and away the most successful of all the Blower 4 1/2 Liter Bentleys. Aged and used but well preserved by a succession of British enthusiasts. Wears its original body, slightly modified for drivers larger than the diminutive Birkin. Includes historic documentation and road equipment. George Daniels Collection. It would take a Le Mans winning Bentley to be worth more than this. A whole cast of famous Bentley Boys messed around with it and it’ll keep a current generation happy continuing its mythic history.Lot # 206 1932 Alfa Romeo 8C 2300 Lungo Spider, Body by after Touring; S/N 2211065; Engine # 2211065; Red/Brown leather; Estimate $3,921,500 – $6,274,401; Competition restoration, 2- condition; Hammered Sold at $3,764,640 plus commission of 12.06%; Final Price $4,218,750 – RHD. Cycle fenders, black painted centerlock wheels, fixed flat windshield, rear spare enclosed under bodywork. Raced at LeMans in 1932 by ‘Tim’ Birkin and Frances, Earl Howe. First to finish but 4th on handicap at the Ards Tourist Trophy. Later owned by Giuseppe Campari, rebodied by Farina as a drophead coupe and eventually sold to Marshal Italo Balbo. Eventually purchased by George Daniels who had the Touring-style LeMans body re-created by Rod Jolley during a restoration completed in 1998. Farina drophead body included. Clean, sharp and only lightly used. A genuine LeMans Alfa 8C, even if the body had to be re-made, and there’s always the Farina drophead accurately to represent the Marshal Balbo (the impresario of the Tripoli GPs) period. For its history and presentation it’s a sound value at this price even if it’s not as pretty as a Zagato or Touring Spider.Lot # 220 1957 AC Ace-Bristol Roadster; S/N BE321; Engine # 100D658; Red/Black leather; Estimate $266,662 – $313,720; Older restoration, 3 condition; Hammered Sold at $235,990 plus commission of 13.00%; Final Price $266,662 – RHD. Silver wire wheels, blackwall tires, three carbs on the engine. Raced and rallied when new, rolled at the Alpine Rally. Restored in the early 90’s and still clean and orderly but showing use. A good driver with sound paint and a good interior. Closed post-block at this price, a healthy price for an Ace Bristol with a somewhat checkered history and an upgraded 100D engine.Lot # 223 1930 Bugatti Type 46 Sport Sedan, Body by Lancefield; S/N 46534; Engine # 383; Black/Green leather, Heather cloth trim; Estimate $219,604 – $250,976; Older restoration, 2- condition; Hammered Sold at $250,976 plus commission of 12.94%; Final Price $283,446 – RHD. Black wire wheels, Marchal headlights and driving light, dual mirrors, Trico trafficators, sliding sunroof, dual rear spares, dual horns, rear seat center armrest, smoker’s kit, vanity, footrest. Attractive coachwork by Lancefield with good paint, chrome, upholstery and interior wood. Very orderly underhood. The only known Lancefield body on a Type 46 ‘Baby Royale’ maintained and preserved to high standards and bought reasonably for the quality of its presentation and the inherent quality of the Type 46.Lot # 224 1964 Alfa Romeo Giulia Sprint Speciale, Body by Bertone; S/N AR381237; Red/Black; Estimate $47,058 – $54,901; Modified restoration, 2- condition; Hammered Sold at $47,058 plus commission of 15.00%; Final Price $54,117 – 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. Fresh engine with only dyno time. Comes with FIA and HSCC papers. Choice. Sold here in 2004 for $31,426, then in 2010 for $52,368 with one subsequent race then the fresh engine. This result, GBP 34,500, is exactly the same as 2010’s. With concours prepared Sprint Speciales bringing six figure money, this is nothing if not a great value in a fully sorted and prepared car.Lot # 225 1925 Bentley 3-Liter Speed Model Sports Two-Seater, Body by Park Ward; S/N 1025; Engine # 451; Black/Burgundy leather; Black top; Estimate $203,918 – $235,290; Non-factory replica, 3+ condition; Hammered Sold at $310,583 plus commission of 12.76%; Final Price $350,206 – RHD. Burgundy wire wheels, single sidemount, electric fan, overdrive. Original coachwork but not the original engine (that was 1037, this is from chassis 443). Restored in the late 90’s for John Maylan and showing age and some use but still very presentable. Peter Gwynn collection. This original bodied 2-seat roadster is very neat looking, and unusual, both important factors in its value. The Goodwood bidders appreciated it, a lot, and paid a premium price for it.Lot # 231 1965 Ferrari 275 GTS, Body by Pininfarina; S/N 7293; Engine # 7293; Red/Tan leather; Estimate $596,068 – $658,812; Older restoration, 2 condition; Hammered Sold at $784,300 plus commission of 12.30%; Final Price $880,769 – RHD. Borrani chrome spoke wire wheels, nearly full tool roll. One of 19 RHD 275 GTSs built. Restored to nearly like new condition with excellent paint and chrome and gently patinaed older upholstery. Driven since the restoration, but not much. Ferrari Classiche certified. This is a record-setting price for a 275 GTS, particularly in the attractive, but not exceptional, condition of this one.Lot # 234 1929 Alfa Romeo 6C 1750 SS Spider; S/N 0312897; Engine # 0312897; Red/Black leather; Estimate $596,068 – $705,870; Rebodied or re-created, 3+ condition; Hammered Sold at $517,638 plus commission of 12.45%; Final Price $582,108 – RHD. Red painted wire wheels, dual mirrors, dual rear spares, folding flat windshield. Once bodied with a James Young body, replaced in 2002 with this Zagato replica built by Western Coachworks. Engine rebuilt with a new supercharger and SU carburetor in 2004. Owned by AROC Pre-War Registrar Carol Corliss since 1964, sympathetically maintained with good paint, upholstery and brightwork without being over-restored. Any car, especially an old one, that’s driven a lot over the years is going to need continuing maintenance and repairs and this Alfa has a long term presence in British vintage and historic circles that substantiates its history. It’s fully priced in this transaction but gives its new owner a chance to become part of that history.Lot # 240 1925 Bentley 3-Liter Tourer, Body by Gurney Nutting; S/N 890; Engine # 886; Blue, Black fenders/Light Grey leather; Black cloth top; Estimate $172,546 – $203,918; Recent restoration, 3+ condition; Hammered Sold at $164,703 plus commission of 13.43%; Final Price $186,820 – RHD. Black painted wire wheels, dual sidemounts, folding windshield, full weather equipment. Owned by H.A. Stonor in the Sixties, then by the Sharpe family since. Restored in recent years, but only just completed and in need of attention to finish the work and shake it down. Very presentable cosmetics, sound and complete in fine driving/touring condition after it is fettled and settled. Compared with the 3-Liter Speed Model two-seater sold earlier for over $300,000, this is something of a value even if it needs work.Lot # 245 1954 Lotus-Climax Mk VI; S/N Mk6/24; Engine # FW499-28376; Silver/Red; Estimate $47,058 – $62,744; Facsimile restoration, 2 condition; Hammered Sold at $65,881 plus commission of 15.00%; Final Price $75,763 – RHD. 1098cc Coventry Climax engine. Built up from parts, but meticulously done to standards and with parts appropriate to the time. Great cosmetics, clean, sanitary and like new. FIA Historic Identity papers. Glasius collection. This is what started Colin Chapman’s reputation for gifted design and concept. Coupled with the desirable Coventry Climax engine, it’s always going to be a welcome entrant and was bought at a competitive price.Lot # 248 1955 Lotus-Climax Mk IX Sports Racer; S/N 102; White, Blue stripe/Red; Estimate $117,645 – $149,017; Competition restoration, 3 condition; Hammered Sold at $163,134 plus commission of 13.44%; Final Price $185,063 – RHD. Silver painted wire wheels, hood-mounted driving lights, driver’s wraparound windscreen, Coventry Climax 1098cc Stage II engine with dual sidedraft Webers. Raced when new by Tony Page in the UK with best result being a 4th in class in the 9-Hour at Goodwood. Uprated during subsequent racing then restored for vintage racing in the early 90’s with a new Shapecraft body and the current engine. Sound, orderly and presentable but shows historic racing use and age. A great track car. Olav Glasius Collection. Offered but not sold by Coys at Monaco in 2006, the price it brought here is generous by any standard. Even if it had been freshly restored and race-ready this would be all the money.
Bonhams Goodwood Festival of Speed 2012 – Auction Report Page Two
Lot # 249 1956 Lotus Eleven Le Mans Sports Racer; S/N 211; BRGreen/Red; Estimate $211,761 – $274,505; Competition restoration, 2 condition; Hammered Sold at $211,761 plus commission of 13.11%; Final Price $239,525 – RHD. Silver painted wire wheels, full width wraparound windscreen, 1098cc Coventry Climax engine with dual sidedraft Webers, deDion rear axle, disc brakes. 1956 Lotus factory entry at Le Mans driven by Cliff Allison and Keith Hall, crashed after hitting a dog on the Mulsanne Straight. Factory special Eleven with 8 inch wider frame, covered headlights and driving lights, larger seats and footwells to 1956 regulations. Subsequently raced in the US, restored by Crosthwaite & Gardiner to ’56 Le Mans specs and appearance for Dieter Holterbosch and unused since in pristine condition, probably better than when it was scrutineered for Le Mans. Olav Glasius Collection. Elevens are highly desirable sports racers, even when fitted with a side valve Ford engine and live rear axle. In Le Mans specs with the wider passenger compartment required by the post-1955 disaster regulations and meticulously restored, they are among the most intriguing and potentially competitive historic race cars available. Add in real Le Mans history and this is car that will be welcomed at any event, tour, show or vintage race. The entry ticket alone is a substantial component of this result; the itself car is a good value.Lot # 251 1962 Lotus-Buick V8 Type 19 ‘Monte Carlo’ Sports Racer; S/N 962; Black, Aluminum sills/Red vinyl; Estimate $235,290 – $313,720; Competition restoration, 2 condition; Hammered Sold at $219,604 plus commission of 13.07%; Final Price $248,309 – RHD. Black alloy wheels, wraparound windscreen, covered headlights, driver’s rollbar, BOP aluminum V-8 with four sidedraft Webers, Hewland 5-speed transaxle. First owned and raced in the USRRC and SCCA by Rod Carveth. Long term in the Rosso et Bianco collection, retained by Evert Louwman after its dispersal and restored to USRRC condition for Olav Glasius. Fresh and unused, although the pictured ‘Buick’ engine doesn’t have Buick heads. Olav Glasius Collection. The 350 pound 215 cubic inch BOP aluminum V-8 was a powerful, lightweight alternative to Lotus’s favored Coventry Climax FPF and quickly vaulted the Lotus 19 to contention in American road racing. With this car’s history and excellent, fresh restoration it should be a highly satisfying entry in the popular historic USRRC series, especially in its sinister black Rod Carveth livery and at this realistic price. [A Mk IX with the same chassis number was sold by Christie’s at Earls Court in 1987 for $45,704 and by The Auction in Las Vegas in 1991 for $54,600.]Lot # 253 1963 Lotus-BMW Type 23B Sports Racer; S/N 23-S-85; White/Red, Black vinyl; Estimate $133,331 – $196,075; Competition restoration, 2 condition; Hammered Sold at $141,174 plus commission of 13.67%; Final Price $160,468 – RHD. Black wobbly wheels. 2 liter BMW engine with dual 45DCOE Webers, Peterson dry sump, Hewland transaxle. Apparently (as evidenced by the Lotus ID tag) one of three 23Bs built with the BMW engine. Carries original bodywork with FIA-required spare wheel and tire storage. Formerly owned by Bob Sutherland. Freshly restored in 2011 for Olav Glasius, run at last year’s Goodwood Revival but otherwise hardly used at all and in like new condition. Olav Glasius Collection. Offered by Christie’s at Pebble Beach in 2000 where it no-saled at $48,000, then sold by Bonhams at Quail a year later for $46,000 in tired, used, parlous condition with bodywork by Bondo, this result is what a comprehensive, professional can do. The price it brought is probably less than what the seller had in itLot # 254 1963 Lotus-Ford Type 27 Formula Jr.; S/N 27/JM/6; BRGreen, Yellow stripe/Red leather; Estimate $117,645 – $149,017; Competition car, original as-raced, 3 condition; Hammered Sold at $139,605 plus commission of 13.69%; Final Price $158,711 – 1-liter engine, yellow wobbly Lotus alloy wheels. One of the first aluminum-skinned monocoque Type 27s, raced from new, later owned by Jan Deken in Holland and eventually by Evert Louwman since 1966 and totally original and as last raced, including the original Lotus sheet metal. ID numbers may be 63/13 or 24-6-63. Olav Glasius Collection. This survivor quality Lotus 27 poses a real quandary for its new owner because preparing it to race safely today will irreparably compromise its originality. The bidders seem to have grappled realistically with the question and come down on the side of paying a serious price for its preservation and originality.Lot # 255 1967 Lotus-Ford Type 47 Competition Coupe; S/N 47GT48; Red. White/Black; Estimate $109,802 – $141,174; Competition restoration, 3+ condition; Hammered Sold at $101,959 plus commission of 14.31%; Final Price $116,547 – RHD. Lotus-Ford 1594cc engine, Hewland FT200 transaxle, centerlock alloy wheels, Avon racing tires, slide throttle fuel injection. Originally owned by Clive Vandervell (of the bearing family.) Restored in the early 90’s and unused since. The lack of halfshafts makes it easy to roll around. Olav Glasius Collection. Sold by Coys at Silverstone in July 1993 in partially restored condition and completed subsequently. While it looks like a Europa, it isn’t, instead being one of Lotus’s more successful giant killer GT cars. It has all the right original stuff (except those halfshafts) and brought a healthy price from the Goodwood bidders despite the age of its restoration and its need for no small amount of expensive re-commissioning.Lot # 256 1969 Lotus-Ford Type 61 Formula Ford; S/N 61M-X-F3-219; Red, White, Gold nose/Red, Black fabric; Estimate $23,529 – $31,372; Competition restoration, 2- condition; Hammered Sold at $21,176 plus commission of 15.00%; Final Price $24,353 – Restored some time ago with a Scholar FFord engine and unused since restoration. No Reserve. Olav Glasius Collection. The need for thorough checking and updated preparation seems to be fully discounted in this price.Lot # 257 1961 Ford Thames Replica Lotus Cars Ltd. Van; S/N N400VZ11012011; BRGreen/Green; Estimate $23,529 – $39,215; Recent restoration, 2+ condition; Hammered Sold at $31,372 plus commission of 15.00%; Final Price $36,078 – RHD. Replica of one of the Ford Thames vans used to tow Lotus team cars. Equipped with a 2.5 liter Ford Zephyr six. Done completely and to high standards throughout including hand lettered livery. Olav Glasius Collection. Said to have cost GBP50,000 to restore and looks like all the money was well spent. The ideal complement to a racing Lotus from the Sixties, even at this price.Lot # 269 1928 Bentley 4 1/2 Liter Supercharged Tourer; S/N NT3131; Engine # NT3131S; BRGreen/Black; Estimate $784,300 – $1,098,020; Modified restoration, 3+ condition; Hammered Sold at $1,098,020 plus commission of 12.21%; Final Price $1,232,135 – RHD. Built up from a frame, axles and miscellaneous parts. Restored by Dennis Keen with shortened 9 foot 9 1/2 inch wheelbase, supercharger, new engine, D type gearbox, Vanden Plas style Le Mans tourer body by Metcalfe & Rosedale, etc., etc. Completed in 1990 and toured since. Dual aeroscreens behind a folding windshield, dual sidemounts, luggage trunk, cycle front fenders, dip beam light, headlight stoneguards and enough instruments for Spitfire plus a modern rally computer. Good cosmetics throughout, shows age and use but also superb care and attention. Unusually charismatic and imposing, there is no more appropriate argument for Bentley owners willing acceptance of cars built up from a few bits than NT3131. It’s easy to succumb to the allure of this machine, even if WO Bentley would be chagrined to see the Blower, which he disliked, honored by this much effort. Appropriately patinaed and lovingly maintained, this is a driver’s car and it brought an enthusiastic price.Lot # 272 1912 Rolls-Royce 40/50hp Silver Ghost Double Pullman Limousine, Body by Barker; S/N 1907; Engine # 127; Beige, Grey accent/Grey cloth; Older restoration, 1- condition; Hammered Sold at $6,588,121 plus commission of 12.04%; Final Price $7,381,048 – RHD. Nickel trim, CAV lighting, etc. Numerous paint cracks on the bodywork. Some scratches on side window glass appear to have been done while sanding window frames for revarnishing. One of the most important Silver Ghosts, not only for its survival with its original body and engine but also because it is recognized by millions as the prototype for the Corgi model car. Wonderfully restored and equipped with lavish accessories and accoutrements including a complete (original) tea service and picnic set housed in the rear compartment footrest. Unique coachwork intended as an owner-driver limousine, without a division and with the front compartment as luxuriously trimmed as the rear. A stunning automobile. The most expensive car of the Richard Solove Collection at Gooding’s Pebble Beach auction in 2007, selling for $2,970,000 to John O’Quinn. This result is almost beyond belief, more than double its price just five years ago, but it is a singular Rolls-Royce, with a famed history and magnificently equipped. A benchmark sale.Lot # 274 1957 AC Aceca V8 Coupe; S/N BE605; Engine # 9K113610; Red/Black leather; Estimate $86,273 – $109,802; Original, modified for competition or performance, 3+ condition; Hammered Sold at $86,273 plus commission of 14.73%; Final Price $98,979 – Lefthand drive. Chrome wire wheels, blackwall tires, wood dashboard panels. Converted some years ago with a 289 Ford V-8, T10 gearbox and Salisbury differential. Good older paint and interior all showing some age. A sound and usable example of the Cobra coupe AC and Shelby never got around to making. It would probably be worth more with the original Bristol engine, but wouldn’t be nearly as fast. This result is appropriate to its condition, history and potential.Lot # 283 1968 Ford Escort Twin Cam Mk1 Rally Saloon; S/N BB49HT35069; White, Matte Black hood/Black; Estimate $101,959 – $117,645; Competition car, original as-raced, 2 condition; Hammered Sold at $97,253 plus commission of 14.42%; Final Price $111,276 – RHD. The 1969 Circuit of Ireland and Welsh Rally factory team winner, rallied until 1991. Restored in Group VI specification with a new body shell, 1850cc Twin Cam engine, racing gearbox and all equipment to 1969 specs including a Halda Twinmaster. Completed in 2010 with little subsequent use and still in factory racing condition with good cosmetics and sanitary preparation. Historic rally participants are less concerned with minute details of originality. In fact, if this largely newly constructed Escort is any guide, they’re not concerned at all. A successful and traceable history and magnificent preparation are more than sufficient. While this result is under Bonhams low pre-sale estimate, it’s not far below and reflects this car’s pretty much new everything, like George Washington’s axe.
Why the variable changes in commission rates, all on the same day with the same hammer man operating the rostrum, from a low of 12.00% to a high of 15.00%. There are some strange variables e.g. 12.45, 13.33 and 13.44?
David:
Most auction companies have a fixed buyer’s commission rate. Bonhams uses a split commission rate.
The SCD report gives the effective commission on the entire price.
For Goodwood the buyer’s commission was 15% of the first £50,000 and 12% of anything over that.
Thus, any lot hammered sold for £50K or less has a flat 15% commission. Anything over that has a variable effective rate calculated by taking the all-in price, dividing it by the successful hammer bid and subtracting 1.
The commission on the ‘Birkin’ Bentley, hammered sold at £4.5 million, was actually 12.0333…%, the difference being the extra 3% of the first £50K.
The effect diminishes to relative insignificance at a value like that, but for a lot like the Aceca V-8, hammered sold for £55K the extra 3%, £1,650, becomes material, which is why the effective commission is 14.727272… rounded to 14.73%.