Coming off the ten-car Thursday sale of no-reserve Maranello Rosso Ferraris, marked by the Monterey week benchmark sale of Ferrari 250 GTO s/n 3851GT, Friday’s Bonhams auction had high expectations to meet.
And meet them it did.
Bonhams offered 105 cars on Friday, selling 95 of them, a 90.5% sale rate and $41,550,100 in total sales.
The total is $10 million more than last year’s record Quail Lodge auction, $30 million more than 2012. The sell-through is 6.5 points better than last year and so much better than 2012 and earlier it barely resembles the same auction.
To what to attribute this breakout? Well, you might first identify the new guys, on the block and engaging with consignors and bidders, who are bringing a renewed vitality to Bonhams’ presentation.
Supported by stalwarts Robert Brooks and Malcolm Barber, Bonhams is a refreshed organization ceding initiative to fresh faces, approaches and presentations.
The underlying achievements of Bonhams at Quail Lodge in 2014 is masked by the Thursday Maranello Rosso results, an overwhelming package that blended the new guys’ vitality with the old guys’ contacts.
$41.6 million on Friday is still firmly in third place among the Monterey auctions, but the trend is emphatically ‘up’ and the fresh-faced, diligent, astute Bonhams’ team is on a roll that should continue to their ‘Preserving the Automobile’ auction at the Simeone Museum in October, Scottsdale and their new Amelia Island auction in 2015.
Bonhams has a premier team. They understand the cars, appreciate the market, work hard and return phone calls.
Quail 2014 demonstrates the success of the formula.
Here are the numbers for Bonhams’ Friday auction; the combined Thursday-Friday sale blows these out of the water, but this is the comparable 2013-2104 data set: