For the past week or so I’ve been catching up on Donald’s Osborne’s Instagram posts from the Concorso d’Eleganza Villa d’Este. As an Italian car fanatic, his enthusiasm is palpable and infectious. Held on the shores of beautiful Lake Como, it’s a bucket-list concours if ultra-elegant car exhibitions are your cup of espresso. In today’s Market Monday, we’re focusing not on the concours, but Broad Arrow’s 2025 Villa d’Este Auction.

The Concorso d’Eleganza Villa d’Este began on September 1, 1929, as a special event created by the Automobile Club of Como, the Villa d’Este hotel, and a group of Italian car designers. Held by the beautiful Lake Como in Italy, it quickly became famous for showing off some of the most stylish and creative cars of the time. Car makers and designers used the event to present their newest and most elegant vehicles. The top prize, called the Coppa d’Oro Villa d’Este, was given to the most impressive car, helping to make the event one of the most important in the car world.

After a break during World War II and some quieter years, the event made a strong comeback in the late 1900s. In 1999, BMW AG teamed up with the Villa d’Este hotel to bring it back to life. Today, the Concorso d’Eleganza Villa d’Este is once again a major celebration of car design, both old and new. It attracts car collectors, designers, and fans from all over the world and remains one of the most respected classic car events anywhere.

Hagerty’s auction arm, Broad Arrow Auctions, teamed up with BMW AG to become the official partner to the storied concours on the shores of Lake Como. Spanning two days, the sale included an exclusive sale of select BMW motorcars and more on Saturday, and a traditional multi-marque sale on Sunday. Think of Saturday’s lots as an aperitivo to the primo offerings on Sunday.

This year’s sale featured a total of 68 lots, with 26 cars offered at no reserve. Total sell-through for the event was a respectable 76% with 52 lots sold, however 19 of the tastier automotive morsels were passed after failing to reach a sellable number.

The top 3 sales included a 1948 Ferrari 166 Spyder Corsa by Ansaloni at $8,577,024, a 1938 Talbot Lago T150C Lago Speciale Teardrop Coupe at $4,100,201, and a 1989 Ferrari F40 Competizione at $2,629,322.

Looking at a cross section of sales by selecting well-known blue chip vehicles, one can see that with a couple of notable exceptions, most of the cars sold for relatively close to their market averages. The aforementioned Ferrari F40 “Competizione” sold for $200,000 above market value, despite having been modified to competition spec from a road car.

Other cars that performed well include the 1980 BMW M1 and Z8 sold on Friday, which hammered for $685,045 against a market average of $567,765. The M1 got very close to the high estimate, which surprised me a little given the car’s conversion to Procar spec. The Titanium Silver over red Z8 sold for around $50,000 above today’s market average price.

Conversely, a few lucky bidders walked away having secured some real bargains. A 1961 Porsche 356B Super Coupe sold at no reserve for just $58,839 including buyer’s premium. The average price for these cars is $75,254. Once you dig in to realize that it had a replacement engine and the unusual color combo of red over red, things start to make sense. Still, this was well bought.

One of my favorite cars, a 1964 Aston Martin DB5 in the lovely color of Caribbean Pearl over Fawn, sold just after the sale for $518,710 including buyer’s premium. While half a million dollars is a lot of money, the hammer price is $150,000 lower than the average for a DB5.

Last, a very nice single-family owned 1962 flat-floor Series 1 Jaguar E-Type sold for $111,142 after buyer’s premium. E-types values are a bit of a roller coaster, but the average price is about $150K for a decent Series 1 car. This was a nice buy for a numbers-matching E-Type.

I hope one day to have the opportunity to visit the Concorso d”Eleganza Villa d’Esta as it’s a premier European event and owing to its location, perhaps the most beautiful. I will need to lose 20 pounds and significantly upgrade my wardrobe, so it may be a while before I can realize the dream.

In terms of the event, Broad Arrow’s 2025 Villa d’Este Auction looks to have put on a very well-ordered sale and the prices essentially reflect the current state of the market, which one could call “flat,” or in my words: “tentative.”

European markets have as much turmoil right now as we’re experiencing in the US. While it’s not a bad time to sell, per se, it’s still a buyer’s market in my opinion. If you have an exceptional and desirable car, however, the odds are more in your favor.

Wolf and Mare provides appraisal services for sellers and buyers of collector European cars. If you’re interested in acquiring a professional appraisal, give us a call or drop a line!
The opinions shared above do not represent financial or investment advice.