Bonhams, Greenwich Concours d’Elegance, Greenwich, Connecticut June 2, 2013
Report and photos by Rick Carey, Auction Editor
Now in its sixth year, Bonhams brought an eclectic mix of cars to Roger Sherman Baldwin Park during the 2013 Greenwich Concours d’Elegance weekend.
Eclectic is the operative term. Nineteen of the lots brought hammer bids under $10,000 while six were bid to over $200,000 and five of those sold. Two lots, the Bugatti Type 43 and the Aston Martin DB6 Vantage Volante, were well and truly expensive cars at $875,000 and $825,000 (with commission) respectively.
The essence of Greenwich is that it’s a spectator-based event. Crowds (not quite “hordes”, but close) of day-trippers come through the gates to see the cars on display in the Concours’ two-day format (American cars featured on Saturday, European cars on Sunday with about a 50% overlap between the two days.) They walk through Bonhams’ preview and no small number are intrigued by the cars on offer, particularly those that are modestly priced.
It would be interesting to know the conversion rate that Bonhams gets, i.e., the number of walk-up bidders who have seen something accessibly priced and intriguing during the preview and register to bid. In any event, Bonhams puts a good slug of cars across the block, sells most of them for reasonable, market prices and makes a contribution to bringing new collectors into the hobby.
It’s always fun – except those years when it rains and the preview tent turns into a quagmire like it was last year after a big party and lots of rain the preceding week.
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*Bonhams reduced its buyer’s commission in 2013 to a flat 10% from prior years when it was 17% of the first $100,000 and 10% for the balance of the successful hammer bid. On a comparable basis with prior years Bonhams 2013 Greenwich would be somewhat (roughly 7%) higher in average and median sale. The total sale also would be higher, but by a smaller percentage, maybe 6%.
Bonhams Greenwich Concours 2013 – Auction Report
Lot # 319 1961 Aston Martin DB4 Series III Coupe; S/N DB4/664/L; Goodwood Green/Tan leather; Estimate $525,000 – $575,000; Visually maintained, largely original, 2- condition; Not sold at Hammer bid of $450,000 – Chrome wire wheels, blackwall tires — Good paint, chrome and interior. Interior is lightly worn and soiled. Underbody was restored like new but shows some age and limited use. A remarkably clean and well-maintained DB4, inside and out, top and bottom. — Astons have been on something of a roll recently, but the bidders here in Greenwich were unpersuaded and appropriately handicapped this good, clean example with excellent maintenance and attention as needed with a reasonable high bid. Lot # 320 1963 Triumph TR4 Surrey Top; S/N CT21834L0; Signal Red/Black leather; Black leatherette top; Estimate $35,000 – $40,000; Older restoration, 2- condition; Hammered Sold at $33,500 plus commission of 10.00%; Final Price $36,850 – 8-spoke American Racing grey painted alloy wheels, blackwall tires, overdrive — Very good fresh restoration done top to bottom. Not concours but better than driver condition. — An unusual variant, a Targa-ish creation with fixed wraparound rear window, removable vinyl top section and rollup windows, that offers an attractive combination of open motoring and secure weather protection. Nicely presented in excellent condition, the bidders in Greenwich (where rollup windows and secure weather protection are often highly desirable) responded and gave it a full retail price appropriate to its configuration and condition. Lot # 321 1955 Austin-Healey 100/4 Roadster; S/N 49655404; Engine # 1B221424M; OE White/Red; Estimate $40,000 – $60,000; Visually maintained, largely original, 3- condition; Hammered Sold at $35,000 plus commission of 10.00%; Final Price $38,500 – 3-speed, overdrive, silver painted wire wheels, Dunlop radial blackwall tires, Moto-Lita woodrim steering wheel — Fair but sound old repaint, worn old interior, aged, thin chrome. Grungy engine in a rattle can repainted engine compartment. Underbody painted assembled. Can be driven as is but soon will be a restoration project. Missing its chassis number identification plate. — Titled by its body number. A good, largely sound and usable old car that brought a modest price compared with more straightforward BN1 Healeys and should be a sound value for its new owner. Lot # 324 1930 Bugatti Type 46 Sports 4-seater; S/N 43286; Engine # 133; Dark Blue, Black fenders/Burgundy leather; Blue cloth top; Estimate $1,000,000 – $1,200,000; Concours restoration, 1 condition; Post-block sale at $795,455 plus commission of 10.00%; Final Price $875,000 – RHD. Polished alloy wheels, blackwall tires, Marchal headlights, driving light and fog light, rear-mounted spare — Originally Grand Sport bodied, modified in its present coachwork some time in the 30’s. Restored by Jim Stranberg’s High Mountain Classics, then earned a class third place at Pebble Beach in 2006 and “French Curves” award at Hershey in 2011. The deep paint is nearly flawless except for around the hood louvers. The radiator surround and headlamp bezels have light patina. The driver’s seat is lightly worn while the rest of the interior is immaculate. Jaeger eight-day clock and matching Jaeger gauges. A gorgeous show car with excellent history, still nearly fresh with excellent paint, interior and chrome. — Offered by Bonhams at Quail Lodge in 2011 and sold here in a post-block transaction at a representative price for a practical, quick, responsive supercharged 2.3 liter Bugatti straight eight. It is essentially a Type 35C with room for kids (or grandkids) and eligible for all kinds of events, particularly in this fine and thoroughly detailed condition. Lot # 337 1984 Ferrari 308 GTSi QV, Body by Pininfarina; S/N ZFFLA13B000045085; Red/ Black leather; Estimate $35,000 – $40,000; Visually maintained, largely original, 3 condition; Hammered Sold at $38,000 plus commission of 10.00%; Final Price $41,800 No Reserve – 5-spoke Ferrari alloy wheels, Pirelli P7000 tires, A/C, P/W — Euro-spec car. Fresh belt service and extensive old service records, four owners from new. Good older paint, sound interior but smells musty and mildewy inside. Odometer shows 36,370 believable miles. — A sound and ostensibly well maintained, clean and orderly car with a reassuring history and fresh service, this is a modest premium price appropriate to the quality of the car and its history. Lot # 341 1967 Aston Martin DB6 Vantage Volante; S/N DBVC/3610/R; Grey/Dark Grey leather; Black cloth top; Estimate $800,000 – $900,000; Older restoration, 2- condition; Hammered Sold at $750,000 plus commission of 10.00%; Final Price $825,000 – RHD. Chrome wire wheels, blackwall tires, P/W — At one time registered to the London Symphony Orchestra, probably used by Leonard Bernstein during his association with it. Excellent paint, chrome, interior and top. Underbody was done like new and shows a few careful miles. — One of 29 original Vantage engine DB6 Volantes built, made even more desirable by the 5-speed ZF gearbox and the hint of celebrity attached to it. Sold at Coys in London in June 1991 freshly restored in these colors for $149,764. Compound annual rate of return (before deducting carrying costs) = 8.1%. It’s about 6% assuming an annual carrying cost of $5,000, but without taking into account the psychic income of driving and appreciating it. The new owner starts with a much higher basis but still has the same subjective ROI. Lot # 342 1961 Alfa Romeo Giulietta Sprint Speciale, Body by Bertone; S/N AR10120177251; Red/Grey, Red vinyl; Estimate $130,000 – $150,000; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $120,000 – 5-speed, silver steel wheels, blackwall tires, radio missing with no blank plate — Good paint, chrome and interior. Orderly but not restored engine and chassis. An attractive driver with a European-style functional restoration. — It’s notable that this Giulietta still has its 1,290cc engine when many Sprint Speciales have been updated with 1600 Giulia engines during their middle years. Neat and orderly, but hardly comparable with some other Sprint Speciales seen recently at auction with showcar restorations, the Greenwich bidders made a reasonable offer for this car’s presentation, an offer that could have reasonably been accepted by the consignor. Lot # 351 1946 Dreyer Midget; S/N None; Red “Jahar”/Black leatherette; Estimate $12,000 – $15,000; Competition car, original as-raced, 4+ condition; Post-block sale at $8,636 plus commission of 10.00%; Final Price $9,500 – V8-60 with dual Stromberg 97 carbs on an Edelbrock intake, Edelbrock aluminum heads, tube shocks, two-wheel brakes, I/O gearbox — As raced many years ago. All there and generally sound but very old and needing comprehensive re-awakening after being dormant for many years. — An excellent basis for restoration to vintage racing condition, at a price that is less than the sum of its parts. This is a good value. Lot # 365 1960 BMW 600 Limousine; S/N 133279; Light Yellow/Tan vinyl, Brown cloth; Estimate $35,000 – $45,000; Older restoration, 2- condition; Post-block sale at $27,273 plus commission of 10.00%; Final Price $30,000 – Blackwall tires, hubcaps, chrome tube bumpers, spare (original) engine, sliding side windows — Sound paint and interior. Dull aluminum trim. Very clean and like new engine with the spare looking even better. More than good enough to be driven and enjoyed. — With the popularity of microcars at a peak, this result is modest for a sound, usable, clean and very presentable 600. The rear side door makes it practical for running errands and especially good for transporting grandkids. Lot # 382 1963 Chevrolet Corvette Coupe; S/N 30837S113761; Engine # 3113761 F0411RF; Silver/Black; Estimate $75,000 – $100,000; Cosmetic restoration, 3 condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000 – RF-coded 360 hp FI block badged 340hp and appropriately topped with a 4-barrel. 4-speed, cassette stereo, spinner wheel covers, narrow whitewalls — Decent paint, chrome and interior. Orderly underhood, sound upholstery, dull interior aluminum trim. A decent driver, represented as numbers-matching. — I looked very carefully at the block stamping on this Corvette and am highly confident it is an RF, not the 340hp RE, block although other than for ease of service it is hard to comprehend why anyone would downrate a Fuelie. Bill Mitchell’s split rear window drove Zora Arkus-Duntov to distraction but it has become highly sought after, one of the few instances where a coupe is more valuable than the corresponding convertible. No matter what the engine block is the car is eminently usable and brought a reasonable price.
[Source: Rick Carey]
Rick’s comments are as interesting as the pics, I always learn a lot from his analysis of the cars, prices, and points of interest. Thanks Rick !
Rick Carey’s reports are always a good read; I always enjoy them, and find them to be very informative. That said, I felt that unfortunately one big part was missing from this report, which was the Automobilia part of the auction. Bonhams Greenwich auctions have an Automobilia auction every year prior to the selling of the cars, and as always, there were some great items sold, and the market on some seems to be on an upswing with quite a number of lots selling above the high estimates.