Bonhams Announces Auction Record for Ferrari 121

Gstaad, Switzerland (December 23, 2008) — A 1955 4.4-litre Ferrari 121 LM Spyder Corsa two seater made the top price at the $7.2m Bonhams Gstaad Sale on December 20, selling post-block at $3.5m, achieving a new auction record for this model.

The car in question, lot 205, came from the late Antoine Midy Collection in France and was bought post-sale by a fellow European car collector.

James Knight, Head of Bonhams International Motor Car Department said, “Although the car just failed to sell under the hammer at the Palace Hotel in Gstaad, the interest expressed pre-sale remained and we have had a happy outcome following the sale.”

Bonhams hosted its annual Ferrari and other prestigious Italian marques auction sale at the magnificent Palace Hotel in the Swiss ski resort of Gstaad where clients and collectors attended from all over the world.

In the packed saleroom (at full occupancy), collectors saw a lower than average sell though rate (15/36), but for those motorcars that sold, healthy prices were achieved. The 1967 Ferrari 275 GTB/4 Berlinetta at $981k, 1933 Alfa Romeo 6C 1750 Cabriolet by Castagna at $343k, and 1965 Ferrari 275 GTS Convertible at $562k, being notable highlights.

James Knight, who was the auctioneer at the sale commented, ‘We were obviously touched by the instability of the current economic climate but I feel other factors came into play as well. The market is witnessing an element of re-alignment for some models, such as Daytonas and Boxers and the weakness of particular currencies inhibited some participation. This naturally meant selective bidding that affected selling percentages. However, the cars we sold made, in my view, good money. The 275 GTB/4 and 3500GT Vignale Spyder were tremendous results. Having now sold a number of other cars since the auction we are very pleased with the outcome.”

‘We look forward to 2009 and our first sale of the year at Retromobile in Paris next February where some exceptional motor cars are consigned.”

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