The next fortnight sees one of the most concentrated periods of auction activity outside the Monterey Car Week auctions each August. Whereas Monterey attracts many cars at the very top end of the market, this next fortnight will see a lot of activity in cars above a million dollars, but not quite at Top 100 prices, essentially top 1,500 prices begin around one million dollars whereas an entry into the top 100 currently requires a car to have sold for more than US$4.6 million.
The action is spread across two main locations in Scottsdale, Arizona (aka Phoenix) and Paris, France, where the Retromobile Exhibition is held in the city which pioneered auto racing 120 years ago. All of the major auction houses are involved, with RM-Sotheby'sand Bonhams holding auctions in both locations, Artcurial holding the official Retromobile auction, and Gooding & Company rounding out the major auction events in Scottsdale.
The action is spread across two main locations in Scottsdale, Arizona (aka Phoenix) and Paris, France, where the Retromobile Exhibition is held in the city which pioneered auto racing 120 years ago. All of the major auction houses are involved, with RM-Sotheby'sand Bonhams holding auctions in both locations, Artcurial holding the official Retromobile auction, and Gooding & Company rounding out the major auction events in Scottsdale.
In the week leading up to the elite Scottsdale auctions, both Mecum and Barrett-Jackson also hold massive auctions, Mecum selling 3,000 cars in Kissimmee, Florida from January 15 to January 24 and Barrett-Jackson selling 1,700 vehicles at its Scottsdale auction from January 24 to January 31, 2016. Barrett-Jackson is the only one of the major auction houses which does not post estimated values on its cars, and is hence not included in this preview (though the cars it sells will be included in the post-auction report), while Mecum is likely to sell a number of million dollar cars and has been included.
The star of the entire fortnight is a 1957 Ferrari 335 S Spider Scaglietti which is in with a rough chance of breaking the world record for an automobile at auction. The record was broken for the fifth time in six years on August 14, 2014 when a 1963 Ferrari 250 GTO sold at Bonham's Quail Lodge auction (during Monterey Car Week) for $38,115,000.
The 1931 Bugatti Royale Kellner held the record for 20 years prior to that flurry of activity which saw its $8,532,588 price (astonishing for 30 years ago) topped by first the $10.9 million Ferrari California Spider in 2008 then a $12.4 million Ferrari Testa Rossa, a $16.4 million Ferrari Testa Rossa, Juan Manuel Fangio's $30 million Mercedes-Benz Silver Arrow W196, then the 250 GTO and all in quick succession.
Several cars have since been considered as threats to the record, but the $29.6 million fetched by Fangio's Silver Arrow is still the nearest price ever to the GTO's $38.11 million and $8.5 million is a huge gap.
There are still only five cars in history that have sold for more than $20 million and they have all sold in the last three years: the Ferrari GTO ($38.1 million by Bonhams on 14 August, 2014), Fangio's Silver Arrow ($29.6 million by Bonhams on 12 July, 2013), a 1956 Ferrari 290 MM for $28.05 million (RM-Sotheby's on 10 December, 2015), a 1967 Ferrari 275 GTB/4 S NART Spider for $27,500,000 (RM-Sotheby's on 17 August, 2013) and a 1964 Ferrari 275 GTB/C Speciale for $26,400,000 (RM-Sotheby's on 16 August, 2014).
Several cars have since been considered as threats to the record, but the $29.6 million fetched by Fangio's Silver Arrow is still the nearest price ever to the GTO's $38.11 million and $8.5 million is a huge gap.
There are still only five cars in history that have sold for more than $20 million and they have all sold in the last three years: the Ferrari GTO ($38.1 million by Bonhams on 14 August, 2014), Fangio's Silver Arrow ($29.6 million by Bonhams on 12 July, 2013), a 1956 Ferrari 290 MM for $28.05 million (RM-Sotheby's on 10 December, 2015), a 1967 Ferrari 275 GTB/4 S NART Spider for $27,500,000 (RM-Sotheby's on 17 August, 2013) and a 1964 Ferrari 275 GTB/C Speciale for $26,400,000 (RM-Sotheby's on 16 August, 2014).
Momentum says it's just a matter of time before another record is set.
This Ferrari 335 S Spider has an estimate of €28,000,000 to €32,000,000 ($30,520,000 to $34,880,000) and is hence the latest contender with a chance to become the most expensive car in the world. Its estimated price by Artcurial suggests it will still reach stratospheric heights in auction history, most likely becoming the sixth car to sell for more than $20 million, an evens chance of becoming the second car to sell for more than $30 million and an outside chance of the record. As we all know, anything could happen on the day if two people really want the same car.
For Paris-based Artcurial, a car in the top 10 would be yet another triumph as the company has grown from relative obscurity in the car area just a few years ago, to become one of the elite collectible car auction houses. The two highest estimates during this fortnight of auctions are both Artcurial offerings.
Built in 1957, this Ferrari 335 S Spider Scaglietti was first driven by Peter Collins and Maurice Trintignant in the 1957 Sebring 12 Hours, then by Wolfgang von Trips in the Mille Miglia in May of that year, where it finished in second place. Mike Hawthorn (World F1 champ in 1958) drove the car in the 24 Heures du Mans, setting the first lap record in the history of the event of over 200 km/h.
The car has many more prestigious races to its name including the Swedish Grand Prix and Venezuela Grand Prix in 1957, as well as the Cuba Grand Prix, which it won at the hands of racing legend Sir Stirling Moss in 1958.
The car goes to auction on 5 February, 2016, the final day of the auction period covered in this preview and we'll have a full report soon thereafter. There's also more detail below on the Ferrari 335 S Spider Scaglietti.
Retromobile's wonderful festival
Part of the charm of the Retromobile Festival is the diversity of the desirable objects that come to auction, and this one's a treasure. In the midst of Artcurial's offerings is a vintage yacht. "Moonbeam of Fife" was designed by William Fife III and built by Fairlie boatyard in 1903. It is in every respect a living relic of a different age, which is beautifully explained in the auction description. It describes the boat thus: "Everything is perfect on this iconic and stunning boat, from its hull design, simple and powerful rig, high-quality materials, its history, its racing performances through to its name which sounds like a track on a jazz record. A living work of art that continues to enthrall both connoisseurs and newcomers, and promises many more unforgettable adventures!"
Moonbeam was restored in 2006 by Fairlie Restorations (now Fairlie Yachts), its home port is Saint-Tropez, it has been maintained annually at the Monaco Marine boatyard, carries a captain, a second and a sailor (all year) and a hostess (7 months per year) and can support 24 guests for coastal sailing and 10 guests for off shore sailing.
The auction estimate of $545,000 to $1,635,000 is quite broad, and it will be worth watching how much interest it attracts.
We've scoured the lots of all the above auctions and produced a list of the cars likely to top the million dollar mark and they are listed below, complete with hi-res images and links to the official auction pages. We'll report back in early February when the final hammer has fallen.
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