BMW 333I among five collector cars to top R1 million at Cape Town auction

MOTORING NEWS - At least five collector cars smashed the R1 million price barrier at a packed auction of classic and collectable automobiles in South Africa’s Mother City over the weekend.

According to Creative Rides CEO Kevin Derrick, that’s nearly double the number of R1m-plus sales recorded at the last national collector car auction barely four months ago in Johannesburg – “supporting our recent prediction of a sizzling local collector car market in 2023”.

“Saturday’s auction star was unquestionably the 1957 Alfa Giulietta Sprint Veloce Lightweight 750E Conrero racer – the second-last lot of the day (watch video here).

“The opening bid of R1m started an all-out battle pitting bidders on the sales floor against online bidders from around the globe, which finally ended when the hammer fell at R2.7m,” says Derrick.

“We weren’t at all surprised by the level of interest in this car considering Bertone’s tiny production run (believed to be between 100 and 200 cars), which has made the Alfa Giulietta Sprint Veloce Lightweight one of the rarest cars in the world.

Eager bidders inspect car. Photo: Bartlett Communications

“We also don’t know of any other 1957 Veloce Lightweight chassis that was then further modified for racing by Virgilio Conrero at his Autotecnica Conrero facility. Top that off with a virtually concours restoration and what you have is a unique classic of extreme value and outstanding beauty.

“The winning bid was made in Cape Town on behalf of a Swiss national and the 1957 Alfa Giulietta Sprint Veloce Lightweight 750E Conrero racer will soon become part of an acclaimed car collection in Switzerland.”

Other classic and collectable cars that fetched in excess of R1m at Saturday’s Creative Rides auction were:

The 1987 BMW 333i – R1.255m.
The 1962 Alfa Giulia Sprint SS – R1.25m.
The 2017 BMW M4 GTS – R1.175m.
The 1987 Ferrari 328 GTS – R1.1m.

Bidding Battles

Derrick says while competition was lively throughout the auction, the day was made particularly memorable by three fierce bidding battles.

“One was, of course, for the Veloce Lightweight.

“The second battle was waged over the BMW 333i. Scores of bidders scrambled for a piece of the action until about R1m, at which point several threw in the towel. But those who remained fought hard as the price went up by a further R150 000.

“At the R1.15m mark the field narrowed even more, and at R1.18m only two bidders were left standing; neither willing to give ground. It was an epic online stand-off between South Africa and New Zealand – each bidder in turn tendering R10 000 increments until the price reached R1.24m.

“The ‘killer’ bid that saw the hammer fall at R1.255m was finally delivered from New Zealand, where the BMW 333i will soon be shipped to join its elated new owner.”

Derrick says Saturday’s third bidding war was inspired by a 1994 Nissan 300ZX Twin Turbo.

“We knew this lot would excite buyers, because it was one of the first true Japanese supercars. Nissan 300ZXs are soaring in popularity on the global collectables market because millennial buyers are crazy about Japanese cars in general and Z-cars in particular.

“Most remarkable about our range-topping auction model was that it had only had one owner and it was sold with its original pink slip and full service history.

“Scores of local and international bidders registered for this lot and when it came up, bidding was fast and furious. In the end, the winning bid of R600 000 came from Japan.”

Local Cars Draw International Interest

Creative Rides Auctions Director and Lead Auctioneer Joff van Reenen says South African car collectors bidding in Saturday’s 79-lot sale were joined by bidders from 14 other countries.

Foreign bid registrations were received from:

England.
Scotland.
Switzerland.
Italy.
India.
Dubai.
Mozambique.
Botswana.
Angola.
Mauritius.
New Zealand.
Japan.
Saudi Arabia.
Namibia.

Van Reenen says international buyers are increasingly aware of the South African collector car market because the stock is interesting and fresh, and strong international currencies offer “bang for buck” at local sales.

“Creative Rides has long recognised this growth potential, and our data shows that a gradual expansion of the buyer pool will stimulate the local market, to the benefit of all buyers.

“We’ve therefore invested in next-generation auction technology to bring South African classic and collector car sales to remote buyers everywhere.

“Auction tech has enabled us to expose our sellers’ prized assets to a much broader market, because we provide a secure platform for real-time digital bidding in our live auction events.

“As long as you have a smart phone, you can compete on the Creative Rides app against bidders in the sales room from your office in Japan or your beach house in Umhlanga.”

Busting Collector Car Cost Myths

Derrick says one message driven home at Saturday’s auction was that investment collector cars are accessible to any South Africans who own vehicles.

“Car enthusiasts across the economic spectrum should be looking to classic and collectable cars as a wealth creation mechanism, which is particularly important in South Africa.

“At this auction several cars under R100 000 were available for novice collectors. In fact, the hammer fall price range was R50 000 to R2.7m.

“A fair number also carried auction estimates of less than R300 000, which is the cost of a newish second-hand car in South Africa.

“The biggest difference between buying a collector car and a new mass-produced car is that collectables are investments that appreciate in value, whereas most new models depreciate the moment you drive them off the lot.”

Derrick says in the run-up to this weekend’s sale, the auction cars were viewed online by more than 2 million enthusiasts in 56 countries.

For details of the next Creative Rides classic car auction download the Creative Rides app, visit creative ride auctions or follow Creative Rides on social media.

2017 BMM M4 GTS, fetched 1,175m at Auction on Saturday in Cape Town