International Auctioneering

Het veilen van collector’s motorcars, de markt en trends

International Auctioneering

Het veilen van collector’s motorcars, de markt en trends

AM Driving Business Remarketing Fort Voordorp, Groenekan

21 April 2016

drs. Koen Samson Head of Office, Netherlands Certified General Valuer Arts & Antiques Contact Bonhams Motoring Network, Netherlands

Bestuurslid Federatie TMV

Bonhams HQ and main saleroom, London, New Bond Street 101

Main salerooms: London, New York, Hong Kong, Paris Salerooms: UK: London Knightsbridge, Edinburgh USA: San Francisco, Los Angeles Australia: Sydney Dedicated Motorcar sales: Europe: Le Zoute, Paris - Grand Palais, Monaco, Chantilly, Stuttgart (Mercedes-Benz) UK: London New Bond Street, Chichester (Goodwood), Newport Pagnell (Aston Martin), Beaulieu (National Motor Museum), Stafford, Hendon (RAF museum) USA: Amelia Island, Quail Lodge, Scottsdale Worldwide network of offices and regional representatives in 25 countries

Bonhams Netherlands De Lairessestraat 154, Amsterdam amsterdam@bonhams.com +31 20 6709701

De Internationale kunstmarkt beknopt in cijfers (bron: Tefaf Art market reports 2015/2016)

Global art market reached a total of just over $68.2 billion in 2014 In 2015 the art market reached a total of $63.8 billion, falling 7% on previous highest ever total in 2014 Global art market dominated by three major art markets US (43%), UK (21%) and China (19%)

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Global Art Market Share by value in 2015 – total $63.8 billion

US

UK

China

France`

Germany

Switzerland

Italy

Spain

Others

De Internationale kunstmarkt beknopt in cijfers (bron: Tefaf Art market reports 2015/2016)

European art market reached a total of just over $21.3 billion (miljard) in 2015 In 2015 the European art market accounted for 33% of global share, falling 1% on previous highest ever total in 2014

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19

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EU Art Market Share by value in 2015

UK

France`

Germany

Italy

Spain

Austria

Sweden

The Netherlands

Others

De Internationale kunstmarkt beknopt in cijfers (bron: Tefaf Art market reports 2015/2016)

Global Auction Market, sales at public auction of fine and decorative art and antiques accounted for 47% of global market in 2015, the dealer sector accounted for 53% (including an estimated 7% online sales) Auction sales reached $29.9 billion in 2015, dropping 9% year-on-year, following two years of growth

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Global Auction market 2005-2015

auction sales billion $

De wereldwijde kunstmarkt is enorm in volume en geld, enkele recente voorbeelden van recordopbrengsten op veiling

Francis Bacon, studies of Lucien Freud $142 mio (2013)

Picasso , Women of Algiers $160 mio (2015)

Giacometti, pointing man $141.3 mio (2015)

Modigliani, sculpture €43,2 miljoen (2015)

Jean Honore Fragonard, Portrait of Duc d’Harcourt £17,106.500

Chinese, Ming – plate, Yongle period dish € 480.000

case Chateau Petrus 1982 £ 43,700 (£3,600 per bottle)

17.82 ct unmounted pear-shaped diamond D colour. VS1 clarity $2,6 mio

5.3 ct fancy deep-blue diamond vs2 clarity £6,2 mio

Pair of 19th century sapphire and diamond earrings £1,5 mio

Rolex Daytona Cosmograph £71,500 (€97.500)

Fontana, Concetto Spaziale, 1952 £804,185

Castellani, Superficie Bianca 1985, acrylic on shaped canvas £278,500

Warhol, Dollar Sign 1982, acrylic and silkscreen ink on canvas £440,000

Banksy, Keep It Real, 2002, stencil spray paint on canvas £143,055

Welke factoren beinvloeden het huidige koop- en verkoopklimaat op de internationale kunstmarkt?

Smaak, Mode

Verzamelen

Uniciteit, Zeldzaamheid, Conditie, Originaliteit

Marktfris

Herkomst/Provenance, History

Luxury goods

3 D’s Debt, Death, Divorce

The Monaco Sale 13 May 2016 1968 DE TOMASO VALLELUNGA COUPÉ

Concours condition - €320,000 - 360,000

Investeren

Het proces naar de veiling 1. Initiele contact met client (acquisitie / eigen initiatief) • Bekend / nieuw / verzamelaar / collectie • Eventueel via consultant / adviseur

2. Voorgesprek met client / adviseur

3. Assessment en taxatie van object / collectie

4. Maken van een definitief veilingvoorstel en marketingplan

5. Contractbespreking / tekenen van contract

6. Inname van object / (inplannen) transport naar sale location

7. Maken van catalogus beschrijving en fotografie / video

8. Marketing, catalogus, client search (buyers/bidders/wishlist)

9. Events, kijkdagen en veiling

Volume versus

Collector’s Motorcars

‘Two Worlds’ The Monaco Sale, 13 may 2016

1953 JAGUAR C-TYPE, SPORTS-RACING TWO SEATER

Single family ownership since 1963 €4,000,000 – 5,000,000

Generic ‘every day’ cars ↔ Unique collector’s cars

All market segments ↔ Top and high end of luxury market

B2B ↔ Primarily directly to private end-user / collector / museum

Volume sales ↔ ‘Curated’ sales coinciding with renowned motoring events on top locations

Volume versus Collector’s Motorcars USP’s: Curated sales Coinciding with high end (motoring)events Targeted quality marketing Catalogues ‘to be used as reference works’ Exceptional client services Personal contacts with clients/museums/collectors Passionate expertise

Collector’s Motorcars, The market and trends

De Internationale classic-car markt beknopt in cijfers (Diverse bronnen)

Gestage globale groei sinds 1998

Total sales at primary auctions around the world went from $144 million in 2000 to $281 million in 2006. In 2008 they reached $457 million, dipping back to $421 million in 2010 following the global economic crisis (though fewer cars came to market in those years, prices did not fall significantly). In 2012 sales reached $610 million, then last year (=2015) they soared to $1.16 billion.

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GLOBAL SALES VALUE CLASSIC-CARS

De Internationale classic-car markt beknopt in cijfers (Diverse bronnen)

MID 2015: The Historic Automobile Group International (HAGI), an independent investment research house, says the values of “exceptional historic” cars have gone up compared with the end of 2008, HAGI claims values have gone up by 163 per cent since.

FEB 2016: According to HAGI their TOP Index – which measures the performance of the rare collector car market as a whole – finished up 16.57% YTD with growth of 98.16% over the last three years. Growth in 2015 was seen mainly at the top end of the market.

The Monaco Sale, 13 may 2016 1967 JAGUAR E-TYPE SERIES I 4.2 ROADSTER concours condition €230,000 - 260,000

De Internationale classic-car markt beknopt in cijfers (Diverse bronnen)

From January – Februari 2016 the global Classic Car market reached a total of ca. $350 million, with a selling rate of 72-74% of total consigned cars Bron: Classicsandsportfinance, 18feb 2016 / Hagerty news 24 feb 2016

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Global Classic Car Auction Sales Jan-Feb 2016

Paris USA UK RoW

Bonhams Key Facts, 2015

Bonhams motoring department hosted 23 auctions worldwide in 2015 (USA, UK, Europe)

Bonhams Motoring department is one of the largest auction houses to hold auctions of classic motor cars, motorcycles and related memorabilia. The auctions are held globally at some of the most premier locations in conjunction with internationally renowned motoring events

Bonhams returns to Monaco, the inaugural The Monaco Sale will take place 13 May 2016

2016

By the end of 2015 Bonhams sold around 1,200 motorcars and 550 motorcycles

In 2015 Bonhams expanded its portfolio to introduce three new auctions: The Amelia Island Auction The Goodwood Members’ Meeting Sale Chantilly Concours d’Elegance Sale Conducted single-owner sales: Carriage Collection Sale and the Frederiksen Collection Sale

• 1966 Ferrari 275 GTB Competizione – Scottsdale - $9,405,000

• 1959 Ferrari 250 GT Competizione Alloy Berlinetta – Quail - $8,525,000

• 1972 Maserati Boomerang Coupe– Chantilly - €3,335,000

• 1936 Aston Martin Works Ulster – FoS - £2,913,500

• 1961 Porsche RS-61 Sypder Sports-Racing Two-Seater, ex. Sir Stirling Moss – FoS - £1,905,500

• 1971 Ferrari 365 GTS/4 Daytona Spyder – Quail - $2,640,000

• 1931 Mercedes-Benz 770 Cabriolet D – Mercedes-Benz Sale - €2,311,500

• 1930 Duesenberg Model J Disappearing Top Roadster, - Frederiksen - DKK 17,825,000 (£1,764,675)

• 1998 Mercedes-Benz CLK GTR Roadster – FoS - £1,513,500

• 1938 Mercedes-Benz 540 K Cabriolet A – Mercedes-Benz - €2,760,000

• 1985 Ferrari 288 GTO Coupe – Quail - $2,365,000.

• 1965 Aston Martin DB5 Convertible – Grand Palais - €1,897,500 (£1,430,715)

• 1930 Cord Model L-29 Town Car – Amelia Island - $1,760,000

Bonhams Key Facts, TOP LOTS 2015

Bonhams currently holds the WORLD RECORD for the most valuable car sold at auction 1962-1963 Ferrari 250 GTO Berlinetta, ex Jo Schlesser/Henri Oreiller, Paolo Colombo, Ernesto Prinoth, Fabrizio Violati $38,115,000, sold at Quail Lodge, California, August 2014

The two-day Quail Lodge auction grossed $108,000,000 (€96.2 million / £71.8 million).

Bonhams’ PREVIOUS WORLD RECORD 1954 Mercedes-Benz W196R Formula 1 Racing Single-Seater, ex-Juan Manuel Fangio £19,601,500 sold at Goodwood Festival of Speed (FoS), 2013

Wat beinvloedt het huidige koopklimaat van collector’s motorcars?

Smaak & Mode

Luxury market

Investeringsklimaat

Transparante en bereikbare internationale markt

Ex-Donald Healey

1953 Austin-Healey 100‘S’ coupé,

€856.569 sold at Bond Street Sale, december 2015

Wat beinvloedt het huidige koopklimaat van collector’s motorcars?

Smaak & Mode

Pre-war cars uit de mode Post-war 1950-1970’s hip and happening Opkomst van auto’s uit de Jaren ’80-’90 Porsche Ferrari Alfa Jaguar Aston Martin Mercedes-Benz Land Rover ‘Jongensdroom’ / ‘poster cars’ is binnen bereik gekomen en wordt nu gekocht Feel good factor en rijdbaar, ‘sportief klassiek’

1955 Mercedes 300 SL Gullwing coupe £898,333 sold at Bond Street sale

Wat beinvloedt het huidige koopklimaat van collector’s motorcars?

Investeringsklimaat

If you know your stuff, classic cars can make far more than any bankaccount

bankrentes, onroerend goed, stockmarket niet sterk – verschuiving van investeringen

Hedonistisch rendement, feel good factor, Luxury

Gestage groei in de klassieke automarkt sinds 1998

In Nederland - Belastingvoordeel, geen box 3

Weinig geleend geld in huidige markt (in tegenstelling tot vroege jaren ‘90)

Wat beinvloedt het huidige koopklimaat van collector’s motorcars?

Vier belangrijkste factoren in de huidige- en toekomstige markt

ZELDZAAMHEID

ORIGINALITEIT

CONDITIE

HISTORIE

ZELDZAAMHEID

1965 Aston Martin DB5 Convertible

Chassis no. DB5/C/1920/L

1 of approximately 19 ever made

Estimate:

€1.600.000 - €1.900.000

€1.897.500 sold at Grand Palais Sale 2015

ZELDZAAMHEID

Over-excitement with restoration projects

1963 Aston Martin DB5 - restoration project

Estimate: €60.000 - €100.000

€ 546.000 sold at Aston Martin Sale 2014 –

Bonhams

ZELDZAAMHEID

2005 Ferrari 575 Superamerica

1 of only 43 examples, with manual gearbox

Estimate: €500.000 - €600.000

€819.088 sold at Bond Street Sale - Bonhams

ORIGINALITEIT

1929 Bentley 4½-Litre Saloon

Chassis no. PB3527

Estimate:

€200.000 - €350.000

€933.855 sold at Beaulieu Sale 2015 – Bonhams

HISTORIE

Ex - Rijkspolitie

1962 PORSCHE 356B 1600 CABRIOLET

Chassis no. 156096

Estimate:

€140.000 - €200.000

€235.750 sold The Zoute Sale 2014 - Bonhams

CONDITIE

1960 JAGUAR XK150 3.8 Litre DHC

Chassis no. S838656DN

Estimate: £100.000 - £150.000

£427,100 sold at Bond Street Sale, December 2015

Jaguar XK150 sells for record £427,100 at Bonhams auction Dec. 2015

ZELDZAAM - ORIGINEEL - CONDITIE

1986 Renault 5 TURBO 2

Estimate:

€55.000 - €75.000

€80.500 sold at Grand Palais Sale 2015 – Bonhams

ZELDZAAM - HISTORIE - ORIGINEEL

Ex-Donald Healey

1953 Austin-Healey 100‘S’ coupé

ONX 113

Chassis no. BN1 142615

Estimate on request

€856.569 sold at December Sale 2015 – Bonhams

ZELDZAAM – HISTORIE

Press-release 11 April 2016

THE 1954 ASTON MARTIN DB3S: CAR OF THE SILVER SCREEN RACED BY THE GREAT STIRLING MOSS, NOW OFFERED AT BONHAMS

A rare Aston Martin Works team car, chassis number DB3S/5, which was campaigned in period by such legendary racing drivers as Sir Stirling Moss, Peter Collins and Roy Salvadori, and latterly went on to co-star with Terry-Thomas in 1960s movie classic ‘School for Scoundrels’, will be offered at Bonhams Aston Martin Works Sale on 21 May 2016. It is estimated at £6,000,000-7,000,000.

© Vantage Magazine

Maar wat maakt het verschil, - case study Austin Healy 100

€60.000

€1.000.000

€ 200.000

Maar wat maakt het verschil, - ‘the first is the best’ – case study E-type

Type I - €150.000 and often a lot more Type II - III €75.000 and often quite a lot less

Maar wat maakt het verschil, - smaak, generatie ‘jongensdroom’ / ‘poster car’ – case study Porsche 911, 2004 vs 2015

2004

1973 Porsche 911 2.7 Carrera RS Touring Chassis no. 911 360 1036 Engine no. 6631012 £24,725 (~€35,300) sold at Bond Street Sale, December 1, 2003

1973 Porsche 911T 2.4 Coupe Chassis no. 911 350 1561 Engine no. 6532736 £12,650 (~€18,050) sold at Goodwood FoS June 25, 2004

Maar wat maakt het verschil, - smaak, generatie ‘jongensdroom’ / ‘poster car’ – case study Porsche 911, 2004 vs 2015

2015

1973 Porsche 911 2.7 Carrera RS Touring Chassis no. 9113601018 Engine no. 6630992 $918,500 (~€836.569) sold at New York Sale, December 2015 RM auctions

1972 Porsche 911T 2.4-Litre Coupé Chassis no. 911 2100229 $115,500 (~€109.240 ) sold at Amelia Island auction, March 2015 Gooding & Company

Maar wat maakt het verschil, - smaak, zeldzaamheid, – case study Ferrari 275 GTB

Delivered new to Clint Eastwood 1966 Ferrari 275 GTB Berlinetta Chassis no. 8359 Engine no. 8359 558,085 CHF (~€368,300) sold at Gstaad, December 18, 2004

One of only 30 examples 1966 Ferrari 275GTB/2 6C Berlinetta Long Nose Chassis no. 08557 Engine no. 08557 1,241,468 CHF (~€752,329) sold at Gstaad, December 19, 2007

The fifth from last 1966 Ferrari 275GTB Chassis no. 08933 Engine no. 08933 $3,850,000 (~€2,868,250) Quail Lodge, August 15, 2014

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1968 73 78 82 87 89 91 96 00 05 10 2014 2015

Price development Ferrari 275GTB/4 Berlinetta

UK£

Maar wat maakt het verschil, - zeldzaamheid, smaak, ‘poster car’, – case study 1974-1976 Lamborghini Countach LP400

1976 Lamborghini Countach LP400 Coupé Chassis no. 1120204 £166,500 (~€191,800) sold at Goodwood Revival September 16, 2011

1975 Lamborghini Countach LP400 'Periscopica' Chassis no. 1120126 Engine no. 1120126 $836,000 (~€629,500) sold at Quail Lodge August 16, 2013

2011 2013

Maar wat maakt het verschil, - zeldzaamheid, smaak, ‘poster car’, – case study 1974-1976 Lamborghini Countach LP400

1975 Lamborghini Countach LP400 'Periscopica' Chassis no. 1120066 Engine no. 1120070 $1,210,000 (~€888,140) sold at Greenwich Concours June 1, 2014

1975 Lamborghini Countach LP400 'Periscopica' Chassis no. 1120070 Engine no. 1120068 £953,500 (~€1,171,851) sold at Goodwood FoS June 27, 2014

2014 2014

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Price development 1974-1976 Lamborghini Countach LP400

€

The Monaco Sale, 13 may 2016 The ex-Michael Schumacher, Nelson Piquet,

Martin Brundle 1991-2 BENETTON-FORD B191/191B

FORMULA 1 SINGLE-SEATER €220,000 - 280,000

No Reserve

Where is the market taking us…

Top end, best of the best…

The Monaco Sale, 13 may 2016 1985 Ferrari 288 GTO Berlinetta €1,300,000 – €1,700,000 1964 Ferrari 250 GT Lusso Berlinetta €1,600,000 - €1,900,000 1925 Bugatti Type 35 GP two-seater €1,000,000 - €1,500,000

the 1980’s and 1990’s

1990 Ferrari F40 Quail Lodge, August 13, 2004 - $304,200 Quail Lodge, August 15, 2014 - $1,430,000

2004

2014

the 1980’s and 1990’s

Ford Escort RS £60,000 sold at local UK sale

the 1980’s and 1990’s

1990 Mercedes-Benz E190 2.5-16 Evolution 2 Sports Saloon €143,750 sold the Mercedes-Benz Sale, Stuttgart 19 March 2016 - Bonhams

1990-93 Porsche 962 C endurance racing competition coupe €1,495,000 sold at Spa Francorchamps Sale 24 May 2015 - Bonhams

the 1980’s and 1990’s

1990 Mercedes-Benz SLR MCLAREN ‘STIRLING MOSS’ One of only 75 made Bought directly from Mclaren €2,300,000 sold the Mercedes- Benz Sale, Stuttgart 19 March 2016 - Bonhams

the 1980’s and 1990’s

The Monaco Sale, 13 may 2016 Factory prototype 1980 LANCIA-ABARTH SE 037 €320,000 - 400,000

1998 McLaren F1 – LM Chassis No. SA9AB5AC4W1048073 £731,250 (~$1,255,556) sold at Christie’s Sale - December 2003

… Rowan Atkinson has sold his McLaren at £8.000.000 in 2014

1998 McLaren F1 - LM Chassis No. SA9AB5AC4W1048073 $13,750,000 sold at RM Auctions, Pebble Beach - August 2015

2003 2015

… and beyond …

Iconic recent models in limted production numbers 1st Ownership ‘As new ‘condition Service history Complete documentation

… and even further beyond...

Het verkopen van aankooporders van iconische modellen met een gelimiteerde productie

Capital Cars & Classics 23-24 April 2016 10.00 - 18:00 Kromhouthal, Amsterdam

Bonhams will attend both events, showing previews for our upcoming sales The Monaco Sale, 13 May 2016 The Zoute Sale, 7 October 2016

Visit bonhams.com/motorcars.

Visit bonhams.com/amsterdam.