On this Market Monday we are covering the results of the Bonhams Miami Auction, which took place literally on the circuit at the Miami Grand Prix in Florida. 

The auction had a recipe for excitement, with the auction block and bidding action located at the base of the podium at Hard Rock Stadium. Memorabilia lots ahead of the cars included a number of race-worn helmets from Formula One legends, including THE helmet from Niki Lauda’s infamous crash at the Nurburgring. That lot was withdrawn for unknown reasons. 

This is the first major auction to follow Broad Arrow’s Porsche-only Air|Water auction in California, whose poor performance we covered last week. So how did Bonhams Cars make out in the heat of Miami Gardens? Read on to find out.

Bonhams hasn’t officially released their results, but as with many auction houses the final sales prices including buyer’s premiums are posted online. I also use live data sources to track auction results, and was able to actually catch the live stream of this auction on Saturday night.

Bonhams Cars had a line-up of 23 vehicles, and by the end of the night only 12 of them had sold. This sell-through-rate of 52% is lower than the 61% sell-through for Broad Arrow’s recent auction and worse than Bonhams’ 69% sell-through rate at Amelia Island this year. This is not a particularly inspiring trend leading us into the second half of Q3 2024.

Of the 12 sold lots, 50% of them were no reserve auctions and would have sold no matter what.

Highlighted below are our top sellers, based on how they performed against their auction estimates and average market values.

Someone will be living out their Thomas Crown fantasies with this beauty. Offered at no reserve, this “Remastered” Meyers hammered for $78,000 or $87,360 with buyer’s premium. Precious little is stated in the catalog on the build, other than it uses the reborn Meyers’ new body kit. 

The only Ferrari at the Bonhams auction to sell, this Ferrari 599 GTO reached a high bid of $810,000 with an all-in price of $970,200. Average values hover around $725,000, so this car’s low mileage and recent service must have appealed to bidders. 

After some really disappointing no-sales earlier in the year, it’s nice to see a Gullwing actually sell at auction. In a common, but beautiful, silver over red conbination with steel wheels instead of the coveted Rudge wheels, this one sold at $1,624,000 with buyer’s premium. 

Once again, no reserve sellers were stiffed at auction. All four of our biggest losers were no reserve cars and sold for significantly under their low estimate and market values. 

Take pity on this seller. While this car has perhaps a singular taste, it’s still a one-off prototype constructed by a legendary coachbuilder. As a 1 of 1, you would literally be the only owner. This 4-wheeling SLK concept with a retracting hardtop convertible hammered for only $65,000 or $72,800 after buyer’s premium. It was last listed for sale at $217,517. Ouch.

The Z8 has been a darling of collectors, perhaps spurred by Steve Jobs’ passing and the remarkable price obtained for his example back in 2017. The average value for a Z8 hovers just above $200,000, so the high bid of $175,000 for this car was well under market. This was a no reserve lot and cost the high bidder $196,000 after buyer’s premium to take it home.

Zagato took what was an otherwise pretty car and turned it into something achingly beautiful. Zagato only built 99 of these, with few coming to the USA in left hand drive. The last time a DB7 Zagato sold at auction was at Artcurial in February, where it hammered for $353,118. The Bonhams Miami Auction car, sold at no reserve for some incomprehensible reason, sold at $150,000 or $168,000 after buyer’s premium. We are quite jealous of that high bidder.

I don’t specialize in American cars and therefore can’t speak terribly well to the value of a nearly-new NASCAR Cup Car. But I can certainly imagine a car driven by Jacques Villeneuve and raced at Daytona would have a provenance worth paying for. This car, offered at no reserve, sold for $168,000, which is $132,000 below its low estimate. Given these cost around $350,000 to build, that’s an incredible buy.

One can assume lubrication wasn’t the issue in Miami but perhaps admittance was. Attendance at the Bonhams Miami Auction required Formula1 Grand Prix tickets, and we can tell you from experience they are pricey. Well-heeled bidders likely spent $20,000 and up for their club or hospitality tickets, not accounting for all the other costs of attending the most expensive race on the calendar. The delta between the low estimate and high bids for a number of these lots is equal to a couple of Paddock Club tickets, for example.

The market continues to struggle relative to the highs of the pandemic and both sellers and auction houses need to reset their expectations accordingly. Sellers who can do so should consider holding on to their investments until the market rebounds at some point in the future.

If you simply must sell, consult an appraiser to determine the true market value of your car. An auction house does not and will not provide you with an impartial opinion of your vehicle’s worth. Auction estimates are marketing tools, not appraisals.

Then, price the vehicle according to your time horizon. Wolf and Mare offers both appraisal and consulting services to ensure you don’t get bitten by the market whether you sell via an auction or at retail.

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!