Gstaad Auction Report by Andreas Birner

26.12.01

Brooks is now Bonhams
In 1998, auctioneers Brooks hosted a sale dedicated to Ferrari automobiles for the first time in the exclusive and chic Swiss town of Gstaad. Even after the merger with the auction house Bonhams (resulting in the new cooperation Bonhams & Brooks) and the latter's more recent second merger with auction company Phillips UK, this tradition has remained unchanged. So, when the fourth Ferrari auction in a row took place in Gstaad again on December 18, 2001, only the host's name had changed: Bonhams.

A beautiful Setting
The sale was again held in the super-exclusive and world-famous Palace Hotel, and the venue once again attracted an international "who's who" of Ferrari collectors, enthusiasts, dealers, restorers and historians. The lobby of the Palace Hotel was very crowded on Tuesday (the day of the sale), whereas visitors had been really scarce on Sunday and Monday when the lots were available for viewing.

33 of the 35 Ferrari on sale were displayed as usual in the hotel's underground car park which had been adequately decorated. Two highlights of the auction - the 375 Indianapolis and the 375 MM - and the majority of the items of the traditional memorabilia sale were on show in the sale room. For the first time, the event also included a sale of Patek Philippe wristwatches and diamond jewellery; one has to admit that the date of the sale was definitely perfect for this kind of item, being so close to Christmas…

Held by Robert Brooks
The Ferrari auction was performed by Robert Brooks in his well-known professional way, spiced with jovial remarks and British humour which obviously always tempts the bidders to raise their hands again and again. To have a good start, many auctions' first lot is sold at "no reserve" - so at Gstaad: A white 1989, low-mileage Testarossa from the property of a Danish diplomat was a steal at 52.200,-SFr. The next lot was a beautifully restored 275 GTS in yellow with a black leather interior; hammered at 247.700,-SFr, the car was a good buy below European market price. A Swiss-registered 330 GT 2+2 Series I was the next no-reserve sale of the auction. At 41.760,-SFr, the very original car would have been interesting even for a buyer from the EU (who would have to pay additional duty and / or VAT), since a so well preserved example should fetch a remarkable higher price. Maybe the car's original colour of non-metallic grey (probably called "Grigio Notte" - "Night Grey") kept the bidders from paying more.

The Steal of the Auction
The next lot was - in the eyes of the author - THE steal of the sale: The excellent 275 GTB/6C Longnose changed hands for 336.500,- SFr only. S/n 08951 is a factory six-carb example and the last 275 GTB/2 Longnose known to have been supplied new in this much sought-after configuration. With a well documented ownership history in the USA and Germany, it had been owned by Bobby Doyle in the UK recently. A fortune had been spent on the car's restoration in the early 1990's. In the author's opinion, a car in this configuration and condition might well sell at a price between 380.000,-SFr and 420.000,-SFr, so… the new owner may feel proud and happy about the buy of the day.

An Expensive 512 BBi
Berlinetta Boxers are - unfortunately - known as almost "sale-proof". There are many on the market, few of them in excellent condition, and nobody buys these Pininfarina masterpieces due to high maintenance costs and decreasing prestige. So… the next lot of the sale, a 1984 512 BBi with only 4.447 kms on the clock, was not expected to change hands by many insiders. But… it ended up at a hammer price of incredible 116.720,-SFr. Even more surprising is the fact that the buyer was reportedly a Swiss car dealer!

250 GT California Spider LWB
The 250 GT California Spider LWB s/n 1411GT, which was the next car to be sold, suffers from an unlucky fate: having been sold new to the famous Italian opera star Mario Del Monaco, it subsequently spent 15 years of its life rotting in an orange orchard in Lousiana/USA prior to being rescued by Bonhams' attorney Martin Emmison. It was restored and fitted with another 250 GT-engine, s/n 0939GT. Since there had definitely not much been left to restore, s/n 1411GT is known to have rather been "rebuilt" than "restored" - a fate which usually does not help the market value of a classic Ferrari. Owned since 2000 by Bobby Doyle, the beautiful car fetched 647.300,-SFr; a price which is way below the market price of a "no-stories" example, but good value for the new owner - especially if he (or she) doesn't care that much about history or originality.

No buyer for 375 MM Berlinetta
The next car, Lot 256, was the star of the 2001 Bonhams Ferrari Auction: Engelbert Stieger's mighty 375 MM Berlinetta Pinin Farina s/n 0416AM. The Stieger family reportedly set the bottom line for this car somewhere in the region of 4.000.000,-SFr, but bidding stopped at 3.200.000,-SFr, and thus the car remained unsold. Seven (!) individuals were claimed to show interest in the car in the aftersale, but according to the author's knowledge, s/n 0416AM didn't sell up to now.

Much cheaper was Lot 257: The 275 GTB/2 Longnose s/n 07269 was sold at no-reserve and fetched 247.700,-SFr. Not much money for a Longnose example, but s/n 07269 started life as a Shortnose model that was later rebodied to Longnose configuration. The car's overall condition was not that good either and may explain the bottom-range price.

A 365 GTB/4 Daytona was the only car which had been withdrawn from the sale in advance, but it was replaced by the late entry of a beautiful 365 GTC/4 Spyder Conversion. The nicely done car looks impressively good in its dark metallic blue livery with beige leather upholstery. Reportedly entered by an Israelian collector based in Geneva, the Ferrari with s/n 14477 was sold without reserve for 80.000,-SFr plus premium to Albrecht Guggisberg of the famous Oldtimer Garage Ltd. in Toffen near Berne.

The 288 GTO that was next was sold at 364.250,-SFr - a remarkably high price since s/n 55683 is not accident-free: owned for most of its life by Australian Geoffrey Thornton (who always kept the car at Garage Foitek of Zurich), s/n 55683 had been sold to the UK in recent years. In April of 2001, the car had unfortunately "…an argument with the side of a cliff in the South of France" (quote from the catalogue).

The Scandal
Lot 260, however, caused some kind of a scandal: the car is a fake 250 Testa Rossa Spider Scaglietti owned by Dutchman Dr. Paul F. Schouwenburg. Built around a new frame, a genuine 250 GT TdF-engine (s/n 1401GT), some original 250 TR parts and incorporating a newly built body, this replica was "born" in 1996. This auction report does not offer enough space to reveal all the details of the case, but in short the problem can be explained like this: Dr. Schouwenburg decided to number this replica with s/n 0720TR, a genuine 250 TR which was damaged in a garage fire in the USA in the late 1960's. The car's remains were later used in the recreation of 250 TR s/n 0720TR, owned today by German collectors Ingeborg & Harald Mergard.

Aware of the fact that the legitimate s/n 0720TR with the continuous history had been reconstructed, Dr. Schouwenburg decided to number his replica also as "0720TR". In August of 2001, he had already been warned about offering his car while using this serial number, but he entered the car in the Bonhams sale at Gstaad as a no-reserve lot - interestingly at a rather ridiculous estimate of 1.300.000,- to 1.700.000,-SFr. Although this replica surely has a higher value than similar examples due to the genuine 250 GT Tour de France-engine in it, the estimate was way too high for a car like this. In short, the replica was seized prior to the auction by the local police following a court order caused by legal actions started by Ingeborg & Harald Mergard to prohibit the sale of the car. A court action will start in Geneva in April 2002.

One of seven RHD 365 GTS/4 Daytona Spider
Going back to the totally original cars, the next one on sale was the wonderfully preserved 365 GTS/4 Daytona Spider s/n 15963, one of only seven RHD examples. This medium metallic blue ("Blu Dino metallizzato") Daytona Spider was sold new to Diana Glass, heir of the well-known Marks & Spencer department store chain. During its life, s/n 15963 covered only 15.904 miles and is all-original except a repaint in its original colour. No wonder that the car changed hands at 691.700,-SFr, which is at the top end of the market value, especially looking at the limited market for RHD examples (despite being rare).

A modified RHD 308 GTB raced in the FOCGB Pirelli Maranello Challenge was sold for 77.720,-SFr. Lot 263 was a silver 250 GT Lusso (s/n 5359GT) from the property of the renowned Swiss Ferrari-restorer Bruno Wyss. The wonderful example found a new home for incredible 303.200,-SFr - a result which is on the very top end of the market. Also owned by Bruno Wyss for a number of years was a black 250 GTE (s/n 4745GT), which was sold as lot 264. At 86.750,-SFr, it was good value.

Another Top Lot Unsold
One of the top lots of the sale was the 212 Export Berlinetta Touring Le Mans s/n 0112E. Owned by a Mr. Brown, Jr. from Australia and currently on offer by renowned dealer Adrian Hamilton, s/n 0112E remained unsold at 1.200.000,-SFr.

Lot 266 was a very late 250 GT Coupé Pininfarina, s/n 2027GT. This car is the fifth from last made of its kind, but fitted with a non-original engine of the correct type (s/n 1865GT). Hence the rather low hammer price of 83.420,-SFr was within the expected range. Being basically the open version of the aforementioned model, the next car of the auction was the white 250 GT Cabriolet Series II s/n 1805GT from the Geneva-based collection of Wolfgang von Schmieder. The car's livery of white paint with cream leather interior is for sure a matter of taste - let's see whether the car's new owner, Marseille-resident French dealer Jean Guikas of "GTC" fame, will have it repainted or retrimmed. He paid 175.500,-SFr.

375 Indianapolis to the Books
Bonhams' shareholder Evert Louwman was and is the owner of the mighty 375 Indianapolis s/n 02, which was the next lot to be offered by Robert Brooks. S/n 02 has been totally rebuilt after Carlos Monteverde's accident at Imola in October 1998 and is in pristine condition. But bidding stopped at 1.400.000,-SFr, leaving the car in Mr. Louwman's huge collection.

365 GTS/4 Daytona Spider sold to Bosch Collection
After the quick sale of a 308 GTBi, the next lot on offer was the second genuine 365 GTS/4 Daytona Spider in the auction. Being a LHD example delivered new to a client in the Lebanon, the red w/black example (s/n 15535) went for 658.400,-SFr to the impressive and still growing collection of John Bosch who attended the sale in the front row together with his father, Jan Bosch.

A nice Dino 246 GTS remained unsold at a bid of 85.000,-SFr, but since the Swiss-German vendor set the limit at 90.000,-SFr, it is well possible that the car will be sold after further negotiations. Much money was paid for an ex-Albert Obrist 328 GTB (s/n 81143): The dark metallic grey Ferrari fetched 82.100,-SFr - definitely a tribute to its incredibly low mileage of only about 800 kms.

The most intensive battle of the auction arose for the next lot, a beautiful silvergrey 250 GTE, s/n 3571GT. Two telephone-bidders - according to Robert Brooks, both from Italy - fought lengthy for the car, rising the price to 98.960,-SFr.

Also a 250 GTE, but this time in disguise, was lot 274: a 250 GTO '62 Replica, produced by the late William Favre in Switzerland in the 1980's. Based on 250 GTE s/n 3839GT, the nicely done replica changed went to a new owner for 219.950,-SFr.

Next was a very interesting car, 275 GTB/6C Longnose Alloy w/outside filler and roll-bar, s/n 08067. This car, in the most desirable configuration available for this mode, once formed part of the collection of Charles Zwolsman which was liquidated earlier this year by the Dutch government. S/n 08067 was then reportedly sold to Bonhams' backer Evert Louwman. However, the car now has a new owner, Belgian collector Stanislas de Sadeleer, a resident of Gstaad. The rare 275 GTB was worth 403.100,-SFr to him.

A 365 GTB/S4 Daytona Spyder Conversion by Straman didn't sell at 170.000,-SFr. The 365 GTC which was next did, at 142.250,-SFr. This is very good value since the car is very nice. Compared to the price of this 365 GTC, the 134.480,-SFr for the not-that-good 330 GTC some lots earlier was expensive.

250 GT SWB fetches Highest Price
The most expensive car among the sold lots of the auction was lot 279: The 250 GT SWB Berlinetta s/n 2443GT from the famous Collezione Maranello Rosso of Fabrizio Violati. It is still debateable whether this car is a "Lusso" or a "Competizione" version since it combines a steel body with a competition engine. According to some sources, this engine spec is original - well possible since s/n 2443GT was sold new to Swiss privateer Willy Lambert for racing purposes. The car is now equipped with a renumbered spare engine. Original or not - this car is definitely "hot" and very competitive in historic racing. It went to Belgium for 1.640.750,-SFr.

The next lot was the beautiful 400 Superamerica Coupé LWB Aerodinamico Pininfarina s/n 4679SA. Entered in the sale by a collector from Bergamo/Italy, this car looked incredibly elegant in its gold metallic livery with black leather interior. For unknown reasons, it ended as a "DNS" at a high bid of 520.000,-SFr. Dutch collector Edgar Schermerhorn had shown fundamental interest in the car (would have made a nice pair together with the 500 Superfast which he bought at the Gstaad auction in 2000), but apparently he didn't want to pay that much.

A Dino 308 GT4 was a cheap Christmas present at 24.940,-SFr, and an excellent metallic brown 308 GTS went to Denmark for 44.080,-SFr. 83.420,-SFr were definitely not much for a very nice 365 GT4 BB, but the vendor did let it go at this bid. The last car of the sale, a 365 GTC/4, didn't sell at 38.000,-SFr.

Verdict
In all, the high bids of the motorcar sale summed up to 14.720.230,- SFr. Lots in the value of about 8.107.230,- SFr were actually sold, while cars for 6.613.000,- SFr remained unsold. Seven cars of a total of 34 cars which were actually part of the auction were not sold, leaving 27 lots successfully traded. This quota is very good, especially in the difficult current economic situation. The outcome of the auction is somehow surprising for the author, who has to admit that he had expected that the "big guns" would sell while the cheaper cars would not. Well, it went the other way around. Of the most expensive cars in the auction, only one car actually sold, the 250 GT SWB.

Bonhams have already announced their next Ferrari Auction at Gstaad which will be held again in December 2002.

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