As auction regulars will know, the market for classic cars has been a bit up and down of late with widespread fluctuations going on, most pre-1980 cars coming down in value since the high point of c.2016. However, the situation is more nuanced than that and while average cars are finding the going a bit harder than it was, the very best cars are still keenly sought after and can fetch record prices.
This was perfectly demonstrated at the Brightwells June sale which had a special British Icons section and saw some exceptional prices for top quality cars and lively trade for the lesser cars provided they were pitched at the right level. By the time the dust had settled, 72 of the 121 cars on offer had successfully changed hands for a total of £900,000.
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Top price of the day went to a very nice 1963 Jaguar E-Type S1 3.8 Coupe with just a few paintwork imperfections here and there which fetched a creditable £70,560. Okay, it would probably have made about £10k more a few years back, but it was a very good result in the current market.
Next best was a stunning 1964 Austin-Healey 3000 MkIII BJ8 which had only done a dozen miles since a full restoration. Sadly it had no invoices whatsoever to document the work carried out but the condition was sufficient to propel it to a £50,400 result. Again at least £10k less than it would have made a few years ago but still a healthy price for a car with no history.
The real stand out result was for a superb 1973 Triumph TR6 Pi which had been fully restored in the mid-1990s with various choice upgrades including a strengthened chassis and fast road engine. These enhancements clearly paid off and it attracted a great deal of bidding, finally going for a mighty £40,320. This was a house record for Brightwells and, we believe, the second highest price ever achieved for a TR6 at a UK auction.
Almost as impressive was the price achieved by a gorgeous 1977 Triumph Stag. With only 39k miles from new and in excellent condition throughout, it deserved every penny of the £24,360 required to secure it. Again, a record price for a Stag at Brightwells and close to what the very best concours examples can achieve.
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Also much admired during the viewing was an impressive 1964 Bentley S3 Saloon with just three owners from new and a believable 49,500 miles on the clock. In well above average condition for one of these, it fetched a healthy £39,200 which is good going in the current market, Rolls and Bentleys from this era having struggled a bit of late. In fact a tidy 1983 Rolls-Royce Corniche Convertible failed to find a buyer at £38k - £40k while a nice 1999 Bentley Arnage 4.4 with 81k miles went for a modest £9,520 – suggesting these somewhat ostentatious gas guzzlers are not really in tune with current market trends.
Equally aristocratic was a lovely 1963 Mercedes-Benz 220SE Coupe W111 supplied new to the American market and recently restored to a high standard in Sweden. Tricky to value at the best of times, the 220 is considerably less sought-after than the top-of-the-range 3.5 version but we would still consider it well bought at £34,720 given the quality of the car. Had it been RHD it would undoubtedly have fetched rather more, the LHD market being very subdued since Brexit which has driven away most of the European bidders who were once strong players at Brightwells and other UK auctions.
MGs have a loyal following and are always popular at auction. Of the 17 on offer all but 6 were sold, top price going to a LHD 1955 MG TF 1500 which made £14,780 and would again have done better in RHD.
Of the 17 pre-war cars on offer, 10 successfully changed hands so there is still plenty of life in that sector provided sellers are realistic in their expectations. Top price went to a nicely presented 1934 Morgan Super Sports ‘barrel back’ three-wheeler which made £28,000. A trio of Austin Sevens also did well, a pair of really lovely 1926/1927 Chummies making £14,110 and £14,780 respectively, while a 1927 Seven with a replica C-Cab Van body also made £14,780.
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Brightwells are well-known for selling Land Rovers and of the seven on offer all but two were sold, top honours going to a fastidiously restored and uprated 1976 Series 3 88-inch that fetched a mighty £29,120. This was another record price for the model at Brightwells and illustrates how the once ‘top dog’ Series I has been steadily losing ground to its later S2 and S3 siblings in recent times.
Classic Aston Martins have been having a torrid time at auction lately, the market being flooded with dozens of DB models being disposed of by a single Middle Eastern collector who had amassed a huge collection of Astons over the past few years (some say that he bought as many as 3,000). The 1990 Virage Coupe on offer was not one of those cars, having come from a private Cotswold collection, but it still looked stonking value at just £28,000 especially with desirable 5-speed manual ‘box and sensible 65k miles.
Also good value was a pleasingly original 1985 BMW M635CSi which had just been recommissioned following 22 years in storage. Again with desirable 5-speed manual ‘box but slightly leggy 131k miles, it looked like a lot of car for £20,720, this being under half what you would expect a low mileage cracker to make. It just shows how mileage-sensitive these more modern classics really are.
Other results of note included a really super 1968 Morris Minor Tourer which had been professionally converted from a saloon and nicely restored and upgraded about 10 years ago. A much-loved car that had taken its lady owner on many European jaunts, it deserved every penny of the £11,260 required to secure it. A 2011 Morgan Plus 4 with 43k miles did predictably well at £24,200, while a unique and impossible to value 1967 Daimler 2.5 V8 Convertible found its level at £22,400. A lot less than it cost to build, we suspect, but evidence that the market never looks too kindly on cars that were not offered by the factory in period.
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A final mention must go to what was undoubtedly the most surprising result of the sale, a Bugatti Type 35 replica built on a humdrum 1976 Morris Marina donor vehicle. Innocently estimated at £6k - £8k and not even drivable due to a transmission fault, it sparked a fierce bidding war between multiple bidders which saw it romp to a remarkable £25,760 finish. To be fair, it did look a cut above your average Bugatti replica, with a particularly nice aluminium body and an intriguing mystery surrounding the long-defunct firm that made it, but still… It just goes to show that anything can happen at auction!
Altogether a most interesting sale with some strong results and a few surprises which nicely illustrated the complexities of the current dynamic market. It seems pretty clear that the investor brigade have now turned elsewhere for quick returns which opens up a more tempting spread of cars for the enthusiast. This can only be good news for the long-term health of this passion-driven hobby and will mean that more classic cars go to people who will use and appreciate them and enjoy looking after them properly.
The next Brightwells Classic Car Auction will be on 31st July with a closing date for entries of 19th July so if you are thinking of selling, please don’t hesitate get in touch by calling 01568 611122 or by emailing classiccars@brightwells.com for a free, no obligation valuation. It will include a special ‘Japanese Icons’ section and we already have some interesting early entries so your car will be in good company!