The European season opener is over, and the automotive crowds have once again dispersed from Rétromobile, the huge classic and collector car show held annually at the Porte de Versailles, a few kilometers south of the Eiffel Tower in Paris.
Rétromobile is more than just the network of trade stands that pack into the huge, indoor Parc des Expositions center and the concurrent major auctions that take place across the city, it’s also a chance for British and European trade and collectors to meet for the first time each year. With 93 percent of U.K. Hagerty Price Guide prices having fallen or remained static in 2024, there was a sense of nervousness before the event started, but this was swiftly dispelled as many dealers spoke of having had a good December and a prosperous new year. Looking at the catalogs of the major auctions—Artcurial at the event itself, RM Sotheby’s at the Salles du Carrousel in the Louvre on February fourth and fifth, and Bonhams at the Grand Palais on February sixth—they were packed with very high-quality cars, likewise the dealers’ and manufacturer’s stands.
And yet for all the confidence on show and despite the high number of no-reserve lots (now seemingly a common feature at all auctions, even at the top end), there were some big misses. That said, looking at many of the prices of the cars that did sell, they didn’t seem unreasonable; it might be that the sale rates say more about the pre-sale estimates than they do the willingness of buyers. Here are some of the cars that Hagerty believes set the tone of the Paris auctions 2025.
2022 Bugatti Centodieci
RM Sotheby’s
Estimate: €10M – €15M
Result: No sale at a high bid of €9M ($9.38M)
In April last year, I followed a Bugatti Centodieci into Bicester Heritage, the home of Hagerty’s U.K. Clubhouse. It took me a few moments to work out what it was, but let’s just say it has presence, and the crowds flocked around it. This example, apparently first sold to a Swiss collector, is one of ten made to celebrate the 110th anniversary of the founding of Bugatti, and takes a lot of design cues from its now-classic EB110 predecessor. Priced new at €8M before local taxes, this no-sale is an example of how difficult it can be to accurately value very new, ultra-exclusive hypercar models. The problem is there’s very little to compare it with: One Japanese dealer reportedly offered one before delivery (e.g. a build slot) for €12.5M and a couple more have passed through dealers with the price kept private. Back in 2023, RM Sotheby’s successfully sold a Chiron Profilée for €9.8M, but this was a one-off and sold during the middle of the post-COVID boom. The Centodieci bid up to €9M, a little less than the original outlay once inflation is taken into account, and didn’t sell.
2001 Ferrari 550 Barchetta Pininfarina
Artcurial
Estimate: €464,000 to €696,000
Result: Sold for €672,800 ($694,935)
This result was a record for the 550 Barchetta Pininfarina at public sale. This car has an exceptionally low odometer reading of just 915km since leaving the factory that gives it a certain exclusivity but also means it was potentially liable for ‘new car’ taxes in certain European countries. The market has long struggled to place the 550 Barchetta: undoubtedly beautiful and of the right era to expect growth, but not particularly rare in Ferrari terms with 448 examples made.
1981 Ferrari 400i
Bonhams
Estimate: €35,000 to €46,000 (no reserve)
Result: Sold for €92,000 ($95,386)
One of a number of the long-unloved 400/412 Ferraris that sold at Paris this year, and despite doubling its top pre-sale estimate, this car wasn’t even the most expensive example of the type sold. That honor went to a 1985 Ferrari 412 that sold at RM Sotheby’s for €120,750. Ten years ago, even the very best of these wedge-shaped 2+2s were under $40K and they suffered for that, often forgoing expensive servicing or having rust patched up rather than properly dealt with. Today, the really top cars, especially in great color combinations like this 400i (metallic green on green leather) have often been given full, expensive restorations. In that state, I’d argue that even €92,000 is a low price for a V-12 Colombo-engine Ferrari with four seats and a very cool shape.
1973 Porsche 911 2.7 RS Lightweight
RM Sotheby’s
Estimate: €1M to €1.4M (no reserve)
Result: Sold for €713,750 ($740,801)
Selling well under estimate and midway between the U.K. Hagerty Price Guide’s ‘fair’ and ‘good’ values, this car seemed to be significantly underpriced, especially as it has a significant period race/rally history and is reportedly extremely original. However, there had been a certain amount of chatter about the car’s restoration history on specialist forums prior to the sale. Once the epitome of a collectable road-going Porsche, the demand for early 911s, even in their rarest form, has diminished over recent years with more modern examples taking their place as the car to have. A good example was another 911 RS sold by RM Sotheby’s in Paris, this time a 2011 911 (997) GT3 RS 4.0, which sold over top estimate for €471,875. This is a car Hagerty identified on the U.K. 2024 Bull Market as having potential for growth, and it seems the forecast may have been accurate.
1967 Alfa Romeo 2600 SZ
Artcurial
Estimate: €150,000 to €200,000
Result: Sold for €250,320 ($258,556)
Just five prototypes and 100 production examples of this car were built, based on the standard 2600 Spider chassis but bodied by Zagato to a design by the legendary Ercole Spada. The result is striking, but it had significant flaws when new: Alfa specified the body must be built in steel, and the engine should not be significantly altered, resulting in a heavy car that didn’t perform particularly well. That said, this one seems to have had many of the issues ironed out thanks to a reportedly ‘exceptional’ restoration by Carrozzeria Touring in 2006 and sits well on Borrani wire wheels. Bidders agreed—this unusual grand tourer found a new home at a price that was 25 percent over top estimate.
1931 Talbot AV105 ‘GO51’
RM Sotheby’s
Estimate: €950,000 to €1.25M
Result: No sale
This is a car that suffers from the ‘dead brand’ issue that has affected many old British marques: without any recent examples, many people just don’t know what they are. Twenty years ago, this would have been celebrated as one of the famous Talbot works ‘GO’ racing cars, this one personally owned by Arthur Fox, whose company Fox & Nicholl prepared them for competition. GO51 raced at Le Mans, at Brooklands, and in the arduous RAC Tourist Trophy in Ulster. In 1936, it was even pictured driven by Goldie Gardner at the launch of the police “Flying Squad.” Despite recent Mille Miglia and Le Mans Classic history, the reserve was too high and bidding stopped at €820,000, a price that I would consider fair in today’s collector market.
1950 Ferrari 166 MM Touring Barchetta
Bonhams
Estimate: €4.6M to €6.9M (no reserve)
Result: Sold for €2,817,500 ($2,921,930)
With a fourth-place finish in the 1951 Mille Miglia and various other major period races to its name, this car has a very significant history. That it sold well under low estimate was surprising, although in line with other public 166 MM Barchetta sales over the past few years. Interestingly, it seems the car seemed to have been purchased over the telephone using the same bidder paddle as the ex-Mike Hawthorn, Nino Farina and Piero Taruffi 1954/55 Ferrari Tipo 555 ‘Super Squalo’ Formula 1 single seater that followed it a few lots later and also sold well under estimate (€4.6M to €6.9M) for €1,983,750. If the two cars are in fact off to the same owner, then they’ve just obtained two very important racing cars with eligibility for a wide range of top races and concours d’elegance.
1964 Ferrari 250 LM by Scaglietti
RM Sotheby’s
Estimate: €25M+
Result: Sold for €34,880,000 ($36,300,000)
As an ICJAG concours judge who has been responsible for inspecting cars in the sports racer category, this car ticked every box for me. Not only does it have a truly exceptional period racing history with six 24-hour races completed including an outright win of the 1964 Le Mans 24 Hours by Masten Gregory and Jochen Rindt for Luigi Chinetti’s NART and has recently reportedly been fully shaken down by Ferrari in order to compete once more, but it also retains a huge amount of its original racing patina. The last element is rare: so many racing cars have been either totally and repeatedly rebuilt over the years as they continued to complete or have been restored to sterile perfection unlike the car that originally emerged from the factory. Thanks to 54 years in the Indianapolis Speedway Museum (IMS), this still has holes in the seats, grime on the steering wheel and Dymo-tape lettering on the dash. Bidders agreed, setting a new record for the model, for LM winners in general, and for a Ferrari that wasn’t a 250 GTO.
Report by John Mayhead for hagerty.com
