International market report: Classic marketplace

1 January, 2017

 

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“Jump in — the water’s warm!”

I do hope that in my column last month I did not present a picture of glass half full in the classic marketplace. It appears that good cars will continue to do well, and this was perfectly demonstrated at Amelia Island last month when Bonhams, Gooding and Company, and RM Sotheby’s grossed around US$126M between the three of them — 25 per cent up on 2015! There are good buys to be had, and there is money to be made if you are seller — just do not expect to get big money for an average car any longer. The market has been hot, but collectors are now only paying top dollar for special cars and not just everyday classics. Cautious optimism therefore is the order of the day.

Classic investment

TV comedian Jerry Seinfeld’s 18 Porsches — 16 of which sold — did well as expected, with Gooding and Company also selling a 1961 Ferrari 250GT SWB California Spider for US$17.2M. RM Sotheby’s, meanwhile, headed the list with 87 per cent of its cars sold. As auctioneer Eli Rodriguez said, “Anyone can jump in, the water’s warm”. Bonhams sold the Bugatti T57S with Vanden Plas body we discussed last issue for US$9.375M. This was a little short of its estimate, but still a lot of money for a not particularly pretty car, even if it is a rare Bugatti.

You do not have to go all the way to the States to get a good car, though. If the Maserati Vignale Spyder that was sold at Amelia Island by Bonhams is to your taste, then Theodore Bruce Auctions in Australia has another coming up at the Motorclassica auction on October 22 in Melbourne, while, on March 14, in Sydney, Shannon’s sold a 1957 Porsche 356A Speedster for A$411K, a bargain perhaps when compared with the US$1.54M paid for Seinfeld’s 1958 356A Carrera Speedster GS/GT.

Royal connection

For the present, though, all auction eyes turn to the UK, where, on April 19 and 20, at the Imperial War Museum in Duxford, H&H has a very British sale taking place. It includes a trio of Bentley Continentals and a nice selection of Aston Martins and Jaguars, including a 1961 E-Type 3.8 Competition Roadster with an estimate of £700K to £900K. The cream of the crop, though, at this sale, and the car that is causing the biggest stir, is the 1954 Lagonda 3.0-litre drophead coupé with an estimate of £350K to £450K. At this price, it needs to be a special car, and that it certainly is. It was built to special order for HRH, Prince Philip, Duke of Edinburgh, as his daily-driver. Just 20 MkI Lagondas were made, and this one — in bespoke Edinburgh Green livery with original grey leather upholstery — was fitted with a power hood, floor-change gearbox, a radio telephone (with its own frequency!), and an extra vanity mirror on the passenger side for Philip’s wife, Her Majesty, the Queen. Prince Philip owned it for seven years — before switching to an Alvis TD21 DHC, which is still at the palace, apparently — and this remarkable Lagonda has been in its current (third) owner’s care since 1977. This one ticks all the boxes, and I would not be surprised if it fetched over half a million pounds at the end of the day.

So, even though, year on year, the market has been slightly down — according to the Historic Automobile Group International (HAGI) index — there are some wonderful motor cars to be bought and sold. There is plenty of reason for optimism in the marketplace in 2016. It is definitely still a glass half full. 

NZ Classic Car magazine, November/December 2026 issue 408, on sale now

Star status for classic Porsche
A long search ends: finding the right car
Unveiled at the Frankfurt Motor Show in 1963, the Porsche 911 heralded an iconic lineage of sports cars, known for their exceptional performance, remarkable racing reliability, and adaptability, second to none.
New Zealand Classic Car, in conjunction with Star Insure, recently conducted a photo competition to find 13 suitably impressive classics to grace the pages of the magazine’s 2027 calendar. A flood of entries showed that Kiwis recognise eye-catching designs and restorations. Many are handy with a camera, too, and have entered some outstanding results.
The choice was not straightforward, with multiple stunning entries, and Geoff Long’s immaculate 1990 Porsche 911 (964 Factory designation) took top honours. Fortunately, Geoff had Ethan Hanlon handy to take the accompanying photos while working in his office.
“I’ve got a young employee who is doing work experience in my office at the moment, and he’s a very avid photographer. So, I said, I’ll buy you breakfast and then why don’t we go and take some photos. He found the right spot, and he spent over an hour photographing.”
Originally sold new in Japan, hence the right-hand drive, the Porsche was resident there for four years before being exported to New Zealand, as Geoff recalls.
“I bought it two-and-a-half years ago, but I looked for it for over two years, because it’s just the colour scheme, interior and exterior I was after. The service file that came with it is extensive; I mean, it’s been beautifully looked after, which is what I wanted to continue, as it does get driven. It doesn’t sit in the garage.”

Classics on the green

Many pretenders vie for the title, but the Pebble Beach Concours d’Elegance gets my vote as the biggest thing since sliced bread.
The 71st edition of the world’s pre-eminent and best-known concours event featured 28 classes, judged by a 180-strong jury, which also chose the recipients of 26 special awards.
The size of the event, the number of visitors, and, most mind-numbingly, the sheer number of amazing cars, is almost overwhelming. There are so many quality cars to gaze upon, and so many people gazing at those cars, that it is almost impossible to cover everything.
Notable among the many attractions were the centenary celebrations of the 24 Hours of Le Mans, an elegant Talbot-Lago Grand Sport, Hermann Graber’s Swiss-bodied cabriolets and coupés, the jewels of Otto Vu Italian V8s, early Alfa Romeos, Lincoln and its centenary, and cars with unorthodox propulsion systems.