The 2024 Goodwood Festival of Speed is behind us, as is Bonhams on-site auction at the event. Watching the live stream of the sale was an interesting experience this year. Engaging with the live chat as the wide variety of cars crossed the auction block was particularly enlightening. Quite a bit of chatter in the conversation was around perceived soft bidding and poor results as the sale unfolded. Now that the gavel is down and the crowds have dissipated, let’s dive into the results.

Bonhams had 74 total collector vehicle lots in Chichester at Goodwood, with 14 of those being offered at no reserve. Two lots were withdrawn, a 1998 Rolls Royce Silver Spur Limousine and a 1997 Ferrari F355 Spider. 

Of the 72 vehicles that crossed the block, a total of 43 hammered sold, either meeting their reserves or selling with no pre-set reserve price. This represents a sell-through rate of 59%, though that number is not inclusive of any post-event sales. 

Given this event was held during one of Britain’s great car events and on English soil, it makes sense that 45 of the total lots were right-hand drive, with 24 left-hand drive examples and a few that were monoposto race cars. Based on my early read of the data, I don’t see a correlation between sales price and the location of the steering wheel.

The top sales of the day belong to Mercedes-Benz, with a 1928 36/220 Sports-Tourer taking the #1 spot with a sale price of $3,726,825 (well over high estimate). The runner-up was a 1955 Mercedes-Benz 300SL Gullwing which sold for just over the high estimate at $1,473,117.

As with many auctions, there were some highs, some lows, and a lot of cars in the middle. Since everyone loves a bargain, let’s review what I consider the top 5 deals from the Bonhams Goodwood Sale.

A competition-ready version of a Guilia TI that’s been breathed on by the legends at Alfaholics, this lovely sporting sedan was listed at no reserve and sold for a mere $14,179. The house estimate was approximately $32-45K, so this was a stunning deal for the buyer, especially given the relatively recent expenses to bring it up to sporting condition.

While I sincerely believe it’s not possible for me to fit in one, I’d love to have a Lotus Elan. This particular car sold at Goodwood is a Sprint, or the last and most powerful version of the Elan introduced in 1962. Sprints in good condition in the US are valued around $38,000, but this one sold at no reserve for just $25,374.

Last week, we noted that this car was guided at a market-correct $194-260K, and even with its rebody status we expected a result in that range. That was despite a recent sale of another 6R4 for $540,000. The final sale price of $104,481 for this beast just reinforces the unpredictability of an auction and the dangers of “no reserve.” Gosh, though—what a win for the high bidder!

Yes, it’s right-hand drive. And yes, it’s the much-maligned F1 automated manual gearbox. But it’s still a 599 GTB Fiorano, a car that shot up in value during the pandemic, and so I thought the house estimate of $97-117K was a little low given the US values of these in the $150-180K range. Turns out Bonhams had it right. This car sold at $104,481 including buyer’s premium.

One of the more beautiful, stylish, and expensive 50s British roadsters, the Austin-Healy 150 BN1 has a market value around $77,000 for a good example in the USA. That’s why it’s all the more shocking this one sold at $56,718 or just below the high estimate. This does perhaps reinforce a general sense in the market that British cars are losing favor among modern automotive enthusiasts.

As with many auctions throughout the year, I provided a preview of my favorite cars at the Bonhams Goodwood Sale and a take on how I think those vehicles will do based on market conditions. Let’s take a look at how my predictions fared now that we have results to share.

What we said: “Based on sales of previous tributes, this is right-on, but could go higher due to its faithfulness to the iconic original.”

The audience at Goodwood didn’t seem as turned on by this car as I was. The winning bid of $119,407 was just under the low end of the house estimate. Perhaps Porsche values are finally starting to follow the rest of the market?

What we said: “This one has a wonderful racing and rally history, and its steering wheel has been held by none other than the great Stirling Moss. Reason enough to want it. Genuine DB2 race cars seldom appear at auction, so the guide of $1-1.5M is as good an estimate as I can figure.”

Sadly this rare British race car was bid to just $882,572, a little shy of the $1M that likely represented the reserve. This car was tough to value, but there’s no better venue for this car than Goodwood so I think we’ve found the current market price for a storied DB2 racer.

What we said: “This is a rather tidy example of a car inspired by a 1924 Mercedes Sportwagen. The giant range of the estimate indicates to me that the house isn’t sure of its value, but I’d say the high end of its $100-180K estimate is optimistic.”

I’m thrilled to say the audience at Goodwood appreciated this lovely pre-war Merc and bid accordingly. The car sold for $194,036. Who says pre-war is dead?

What we said: “I’m watching this one because the guided price is incredibly low at $51-64,000. Nice 308s are going for big money these days, occasionally topping $100,000. While it’s not a Quattrovalvole, it’s in good condition. I expect this to be bid over the high estimate even in this market.”

Finally a winning prediction! This lovely 308 sold for $77,614 or about $10K over the high end of the estimate.

What we said: “Like last week’s pre-war Bugatti, this one is assembled from a bit of a hodgepodge of parts, but executed to an extremely high standard. Type 13 Brescias average around $249,000 so I think this one will land somewhere toward the low end of the estimate of $230-280,000.”

A tough vehicle to value, this lovely build of a Bugatti Brescia from original and manufactured parts sold for $268,665. That’s pretty impressive for a car that is essentially a ground-up rebuild with no original coachwork.

What we said: “Essentially built in the 1990s to resemble the iconic pre-war race car, this one is registered in the Netherlands as a 1932 Alfa Romeo 8C 2300 Spider, but that doesn’t make it one. While I love the build, I think it lands in the middle of its $450-640,000 estimate at best.”

In cases like this one, I don’t shy away from saying I was wrong. This lovely pre-war build sold for a staggering $789,902, well over the high estimate. As a middle-aged fan of pre-war cars, I’m thrilled at the final number.

What we said: “For Ferrari collectors, it’s up there with the F40 in must-have lists and with only 499 made, are difficult to come by. A 2015 LaFerrari with more miles sold at auction in June for $3.7M, so the low end of the estimate of $3.6M seems achievable.”

A bit of a shocker given the love the LaFerrari typically engenders, this car did not meet its reserve and remains unsold at a high bid of $3,179,857.

Based on the number of no-sales at the Bonhams Goodwood Sale, I have a suspicion that we may be seeing a true correction and not just a flattening of the collector car market. This result continues a general trend of cars selling for the low end of their estimates and a fair number of no-sales for cars with reserves that are out of line with the current state of the market.

Despite the rising popularity and seemingly endless energy in the online auction market, sales are slowing there as well—with some recent high-profile vehicles selling for surprisingly reasonable numbers. Whether it’s just a summer slowdown or a more macro trend, only time will tell.

Wolf and Mare provides car finding, appraisals, and auction services for buyers and sellers of collector European cars. If you’re interested in acquiring an overseas car, give us a call or drop a line!