Friday 22 November 2019

Auction Previews - November 2019

This auction preview is going to have to be a short one as there aren't particularly that many amazing auctions this month. However there are two that are ridiculous which are the RM Sotheby's first Abu Dhabi auction set to take place on the 30th November after the final race of the F1 calendar, and the Silverstone Auctions auction at the Riyadh Car Show in Saudi Arabia. Two Arabian auctions filled with some truly amazing cars for sale.

Silverstone Auctions

Silverstone Auctions actually have 4 or 5 auctions this month however their Riyadh auction is one of the greatest line ups I've ever seen for an auction. Considering that they are not one of the big 4 auction houses (RM Sotheby's, Bonhams, Mecum and Gooding), they have one of the best line ups. Whereas most auctions have a few stars and the rest of the lots are generally half decent, Silverstone have opted for the role reversal as they have a few 'normal' cars such as the Rolls Royce Silver Shadow and a Porsche 993 C4S and a massive amount of insane cars. These will be in order of the lots at the auction beginning with a Ferrari 360 Challenge Stradale which is one of the cheapest cars to hit this auction which shows how amazing the auction is. This is followed by a 2005 Ford GT which is a superb example of the classic American supercar. Along next is the first of many extreme hypercars being the Porsche 918. One of the holy trinity of hybrid hypercars, the Porsche 918 is fitted with the Weissech package which adds the carbon body kit and an extra three noughts to the price tag. This specific example is finished in an ice white spec with a carbon roof, which should sell for over £1million. The next lot is a 2001 Lamborghini Diablo VT which is fitted with the highly desired manual gearbox from the final year of the Diablo's production. The cars now truly become insane with a 2015 McLaren P1, which is the second of the hybrid hypercar holy trinity. Finished in the secondary launch spec of Volcano Yellow, this example is extremely low mileage with less than 2000 miles from new and is another highly desired car. This is not the only P1 going under the hammer in this auction as they are also selling one of the five McLaren P1 XP's (Experimental Prototype). With a full carbon body and red accents, this car dates from 2015 and has been in private Saudi ownership since then, only leaving once to return to Woking to be personally serviced by McLaren. These two cars are both as desirable as the other. Next is the first of a pair, yes a pair, of Mercedes SLS Black Series', a limited series version of the insane SLS AMG. Fitted with the 6.3l V8 from the prior, this car featured a carbon aero kit as well as an increase in power to 622hp. Taking inspiration from the Mercedes SLS GT3 racing car that racked up 37 victories in the 2012 season, this car was a limited series masterpiece. Having one in one place is incredible however to have two, one of which has hardly been driven, is incredible. Next up is a Pagani Huayra Coupe, but not just a regular Huayra. This is the 'White Edition' which is number 5 of 100 produced, currently registered in South Africa with under 700km from new. With a list price of just under £2million with a decent mileage on it, one with under 700km will be sure to reach that price. ItalDesign also make an appearance with the final Zerouno finished in black with a tricolore stripe down the centre. At this stage of writing, there is not enough space for me to talk about every single amazingly incredible car in this auction so I may have to just mention the name of the cars which is a slight shame. However next is a Mercedes McLaren SLR 722S Roadster followed by a Mansory Vivere Bugatti Veyron, a Ferrari 599 GTZ Zagato Nibbio Spyder, a Gemballa Mirage GT, Lexus LFA, Aston Martin Rapide AMR, the incredible Pagani Zonda Riviera, the Bugatti Veyron Nocturne, a Ferrari 575 Superamerica, a restored Brabus Mercedes 300SL Gullwing, Ferrari 288 GTO, Aston Martin V12 Zagato, a Bugatti Chiron Sport, Gumpert Apollo S, Bugatti Veyron Grand Sport, Lamborghini Reventon, Ferrari F12tdf in Blu Electrico, Aston Martin Zagato Shooting Brake and a Bugatti Veyron Super Sport World Record Edition. These cars will be auctioned on the 22nd of November at the Riyadh Concours D'Elegance. Edit : They have later added a Bugatti Veyron Super Sport World Record Edition, a Bugatti Chiron 110 Ans, a Lamborghini Murcielago SV, a McLaren Senna and a white Ferrari LaFerrari.

RM Sotheby's

Much like Silverstone Auctions, RM Sotheby's key auction is in the Middle East, more specifically the United Arab Emirates at the final Formula One race of the season. Each and every car in this auction has its own story, some more than others but this auction is significantly smaller with only 42 lots with two of these being automobilia. However the smaller the auction does not necessarily mean that the small amount of lots lose any quality. The auction begins with a slightly dangerous lot for the consigner at least. It is an Aston Martin One-77 which is being auctioned off charitably in order to raise money for parks in Africa. However the car is being auctioned off with no reserve, meaning there is no minimum price it has to sell for. In theory this means that it could sell for £200k but the estimate placed upon it by RM Sotheby's is £1.5million. Next up, after a BMW Z8, is the first significant sale being the 1992 Benetton B192 which was the first car that Michael Schumacher drove in his full time debut for Benetton and driven to a 3rd place in the German and Italian Grand Prixs. This has an estimate of £850k - £1.25million due to the name on the side of the car. Next along is another classic F1 car being the Ferrari 126 C2 which is the only surviving of seven produced for the 1982 Formula One season. This car was driven to multiple podiums by both Patrick Tambay and Mario Andretti. This model was also the last car that legendary driver Giles Villeneuve drove as he crashed at Zolder, which ended up firing Giles out of the car and into some metal fencing which killed him on impact. This car has an estimate of £2million-£2.75million. Next in the long run of Ferraris includes a Verde British 275 GTS, a 458 Speciale Aperta, an F12tdf, an F355 Berlinetta, an F40 and a Daytona. Two of the cars I have not mentioned I need to talk about in detail, the first of which being the F2002. This car was driven by the legend himself, Michael Schumacher, in his world championship winning season of 2002. A portion of these proceeds will be donated to the Keep Fighting Michael foundation, which adds to the value of the already valuable F2002. This was the most successful season that Ferrari had in F1 as with this car, Michael Schumacher and team-mate Rubens Barrichello finished on the podium in every single race. This specific car was driven to victory in San Marino, Germany and France, and was the polesitter car in the Spanish GP of that year. The cars current owner took it back to Fiorano for an engine and gearbox change where he made it available for Corse Clienti racing and provided a Ferrari Classiche certification. This plus all the other factors make the estimate of £5.5m-£6.5m seem like a real bargain and whoever buys this will be the owner of an extremely important model. The second car to be spoken about in detail is only the second variant of the model to come up for auction which is the highly exclusive Ferrari FXXK. Based on the LaFerrari hypercar, this is a track only version of the LaFerrari built in small numbers for certain customers. The XX programme allows for 30 of Ferrari's most loyal customers to buy special versions of these cars but not to own them. They are instead allowed to drive them on certain tracks when they want to. The FXXK has 1035bhp which is an 85 horsepower jump from the road car and only has 250km from its one person ownership. Typically, there is no way to auction XX cars but Ferrari has allowed it but, I believe, only through RM Auctions. Previously an FXXK sold for just over £3million but this model has an estimate of £4million to £4.5million, which would smash auction records for a Ferrari XX model. Next along, they have a 2017 Ford GT for sale with prices up to £1million which is astonishing given that the cars cost around £400k new. Sotheby's just keep bettering themselves with a Jaguar CX-75, one of the stunt cars used in the James Bond film 'Spectre'. Originally, Jaguar were going to put this car into production but they ran out of money so only made 6 or 7 prototype cars. Nobody really knows how many of these were made, between 6 to 10 of them for sure. Due to the strange circumstances of this car, the estimate is just over £1.2million as a top estimate, but none of these have ever come up for auction before so this will be interesting. A Jaguar XJ220 is also featured in this auction followed up by a blue carbon fibre, 2014 Koenigsegg Agera R. One of two finished in this spec and one of 18 in total, this was the centrepiece of the Koenigsegg brand until the RS replaced it. This is a fairly high mileage Agera R with 4400 miles when these cars are usually garage queens, as well as an interesting car as it is able to run on E100 biofuel making it an extremely innovative car. Much like the Jaguar CX-75, this is the first time one of these cars is for sale in a public auction so the £2.5million top estimate could be very different. There are a plethora of high end Lamborghini's going under the hammer such as a Countach LP400S, a Diablo VT Roadster and a Diablo VT with 19 miles on the odometer from new. Along with these are a Lamborghini Diablo GT which is a one of 80 model exclusively for the European markets with an estimate of just over £750k max however last year one was sold for £815k in Monte Carlo. The other Lamborghini for sale is the Concept S which was built originally for a design showcase for the Geneva motor show however the customers loved the design so much that it was planned to make production. However, another twist to the tale is that only one mechanical model was made being this one as well as one design model with resides at Lamborghini HQ. This one off has been privately owned but now is up for sale for £1.6million as a top estimate. After the Lamborghinis we have a yellow Lexus LFA and a Maserati MC12, the latter having a top estimate of £3.5million. McLaren are only represented by two cars which are the newest GTR models. First is a P1 GTR based obviously on the hybrid hypercar McLaren P1 finished in a black and orange livery fairly reminiscent of some of the older Gulf liveries held by the F1 GTRs. Second is a McLaren Senna GTR, of which not many are actually complete yet. Based on the Senna this car has an incredible aero kit to make the regular Senna look like a Corvette C8. Both of these cars are set to sell in the £2million range. Much like the Silverstone auction, there are too many insane cars to talk about them all so I will have to just list them with some highlights having a little description. Left in the auction is a Mercedes 300SL Gullwing, Mercedes G63 6x6, Mercedes SL65 Black Series, a one of 75 Mercedes SLR Stirling Moss, a one of one Pagani Zonda Aether, a Singer Porsche 911, a Porsche 911 Carrera 2.7 RS Touring, a Porsche 911 Carrera RSR, a Porsche 911 GT2 RS Clubsport, a Porsche 911 Speedster 997, a Porsche 911 Sport Classic, a Porsche 918 Spyder, a one of one Rolls Royce Phantom Drophead designed for an Arabian Sheikh and finally a one of one Zagato Raptor Concept car. This auction will take place on the 30th November after the final Formula One race of the season. 


Sunday 10 November 2019

Auction Price Changes over Time

As mentioned in the previous post, I am a large fan of car auctions. Having previously discussed the most expensive cars to ever cross the block, I have found another interesting topic surrounding the auction world. RM Sotheby's will be my case study for this post as they have a section of their site to see all previous auction results from 2000 to now. By scrolling through these previous results, I have compiled a list of the greatest changes in sale prices at RM Sotheby's auctions.

Jaguar XJ220 (Arizona 2009)

A fairly unsung hero of the 1990s to begin with in the form of the Jaguar XJ220. This car was meant to be the 90s supercar and was even the world's fastest car at one stage before being upstaged by the McLaren F1. There were only 283 examples made, meaning they're not common and a 3.5l twin-turbo V6 producing 542bhp, so it wasn't a slouch either. Even so with all these factors building up, RM Sotheby's sold one in 2009 for $154,000. Hardly a cheap car purchase but compared to now when there's one at an estimate of £350k-£400k and one sold in 2017 for £418,500, the buyers of 2009 will be very happy with the timing of their purchase. 

Mercedes Benz CLK GTR Coupe/Roadster (London 2009)

This may be cheating to have a double bill but they were too good not to mention. This legendary car was the homologated edition of the Mercedes Benz CLR LMP car of the 90s. Therefore it was only made in very small numbers with 20 Coupes and only 6 Roadsters. Powered by a 7.3l Mercedes V12, that would be used in the Pagani Zonda, producing 604bhp. The current value of the two cars are as follows. The last time a CLK GTR Coupe sold at auction was the RM Sotheby's Monterey auction of 2017 and it sold for $4.5m. The last CLK GTR Roadster to sell at auction was the 2015 Goodwood Festival of Speed which sold for $1.5m. But what were the prices of the cars that sold in 2009? The Coupe sold for £522,000 and the Roadster £616,000. That is a truly insane buy. 

Bugatti EB110 GT (London 2009)

Built in 1993 to commemorate the 110th birthday of the founder of Bugatti, Ettore Bugatti, the EB110 GT was a lighter, more powerful and more aerodynamic version of the standard EB110. Powered by a 3.5l V12 producing upwards of 550hp, this was one of the most powerful road cars in the world at the time. Designed by Gandini and produced in very limited numbers, this model is one of the greatest cars ever made, as well as one of the fastest at 213mph. This car in 2009 sold in London for £220,000 and a mere 10 years later, one sold in Arizona for £967,000, which shows the amazing inflation these cars have.

Shelby Cobra 427 (Monterey 2009)

The Shelby Cobra has a fascinating history which helps its price at auction significantly. Originally, the Cobra began as the little AC Ace that was emerging in the British sports car market in the 60s, alongside the AC Aceca. Carroll Shelby, an American engineer working at Ford, took one of these Ace's and dropped a 7.0 supercharged V8 into it, and creating the Cobra. This then launched the Shelby motor company which spent its days racing at Le Mans with the Cobra Daytona Coupe, creating interesting road cars such as the Series 1, legendary muscle cars such as the Ford Shelby GT500 Mustang and spent his later days before his death in 2012 by supercharging Mustangs. All of this heritage leads to the 2009 Monterey auction by Sotheby's which had an original Shelby Cobra 427 for sale. This car sold for a exceptionally small £66,000, around the price of a second hand Aston Martin V8 Vantage today. A similar car sold with Bonhams for £977,000 with a top estimate of £1.2m. Someone in 2009 got very, very lucky. 

Mercedes Benz 300SL (Monterey 2004)

A little further back in time when Sotheby's was only just starting out in automobiles, they sold a Mercedes 300SL for £236,000, not particularly cheap at all. Coined as the original supercar, some believe the Lamborghini Miura is responsible, the 300SL was a masterful piece of engineering with gullwing doors and long smooth styling referenced in the 2012 Mercedes Benz SLS AMG. The long hood is the key beauty element in this car and the prices since then have risen just slightly. The price of one in 2017 sold by Gooding and Co comes to £4.5m. Quite an increase on the £200k that they sold for 13 years prior. 

Ferrari 275 GTB (Monterey 2004)

The greatest bargain I have seen in auctions happens to be this car, the Ferrari 275 GTB. This is the car that succeeded the Ferrari 250 series which features the GTO, GT SWB and TR, so it had a lot to live up to. Ferrari's designers perfected the design with the long nose similar to the long hood of the previously mentioned Mercedes 300SL as well as the beautiful curves. Rarer, faster and debatably more beautiful than the legendary Ferrari 250 GT SWB, this car is a stunner to anyone who can see one (I have not seen one yet sadly). This crossed the block for £178,500 in 2004 and now they can sell for up to £3,500,000 such as the longnose variant that sold at Knocke-Heisse in Belgium last year. Or if you can find a Competizione variant, look forward to upwards of £10m coming your way.

Case Study - Ferrari Legganda e Passione 2009

This whole auction is a treasure trove for low prices and any person who managed to pick up a car in this auction most definitely made a profit. Rather than the explanation of previous entries, I will simply name the car, the price it sold for and the price it is now to show the changes. Ferrari 365 GT 2+2, £77,000, £250,000. Ferrari Dino 246 GT, £82,500, £380,000. Ferrari 288 GTO, £385,000, upwards of £3m. Ferrari 330 GT 2+2, £60,500, £450,000. Ferrari 250 GT Ellena Coupe, £275,000, £960,000. Ferrari F40, £260,000, £750,000. Ferrari 250 GT SWB, £440,000, £1.9m.  Ferrari 250 GT SWB Competizione, £1.1m, £7.9m. Ferrari 250 GT TDF, £2.3m, £7m. Ferrari 250 GT LWB California Spider, £2.1m, £9.8m. Not too bad then