Shannons : 'No Reserve' Collection Creates Bidding Frenzy

SYDNEY – March 17, 2010: The largest private collection of classic cars and motorcycles to be offered with no reserve in Australia for many years created a bidding frenzy at Shannons Melbourne Autumn Classic Auction on March 15.

The Mangan Collection of 12 mainly late 1950s and early 1960s American cars and 16 predominantly pre-1960 British motorcycles drew an enthusiastic crowd of more than 600 to Shannons Cheltenham, Melbourne showroom and generated record numbers of phone bidders on most lots.

While the collection generated total sales of just under $500,000 in itself, the excitement it generated rubbed off on other lots in the auction, with Shannons selling 46 of the 53 vehicles on the hammer for an impressive overall clearance rate of more than 87 per cent.

Replacing Shannons traditional Melbourne Motor Show Auction in March, the event saw most lots sell at or well above their guiding range, with total sales of around $1.3 million.

The top seller of the Mangan Collection cars was a complete, but not running 1926 Lancia Lambda Series 6 Tourer that was sold above its pre-sale high estimate for $75,000. A very desirable 1960 Cadillac Coupe DeVille offered in generally good condition despite having been stored and not run since 1988 sold for $30,500, while a stylish 1935 Terraplane in generally good condition made an excellent $29,000.

A 1962 right hand drive Cadillac Biarritz Convertible in good condition sold for $20,000, as did a stylish 1971 Buick Riviera ‘Boatail’ coupe, while a 1962 Chrysler Imperial Le Baron sedan made $17,500 and a right hand drive 1960 Cadillac Series 62 4-window sedan brought $16,000. All these vehicles had not been driven for many years.

Amongst the 16 motorcycles in the collection, the top performer was a very desirable 1949 HRD Vincent Rapide B Series that sold for $49,000, while a 1937 Benelli 500TN went for $21,000, a 1950 model Ariel Square 4 4G Mk I made $16,000, a 1957 BSA Colonial S24 made $14,500 and a 1975 Norton Commando 850 Roadster brought $13,200. All five comfortably out-stripped their top pre-sale estimates.

Other significant sales at the auction were the $103,000 paid for a beautifully presented 1952 Jaguar XK120 Roadster that had covered just 1,525 miles since a total nut and bolt restoration in the early 1990s; $65,500 for an ‘as new’ meticulously restored and mechanically-enhanced 1967 right hand drive Chevrolet Camaro RS coupe; $67,000 for a very well presented 1975 Jaguar E-Type V12 Roadster and $40,000 for a 1965 Mercedes-Benz 230SL Convertible that had not been driven for many years and was in need of mechanical work.

A Pre-War Packard enthusiast paid $27,000 for a 1935 Packard 120A sedan, while an Italian Ansaldo 4C Tourer sold for $22,000.

Amongst the Australian classics on offer, a 1961 Holden EK Special Sedan in good original condition sold with no reserve for $16,000; a very original 1966 Ford Falcon XP DeLuxe Coupe sold unreserved for a very strong $18,000; a 1971 LC GTR Torana in good overall condition sold for $19,500; a 1997 Ford EL Falcon GT sedan stopped the hammer at $25,000 and a very neat and well-presented 1977 Holden LX Torana SS Hatchback converted from a six cylinder to a 253-cid V8 four-speed manual brought $27,000.

Shannons National Auction Manager, Christophe Boribon said a lot of the success of the auction could be attributed to the number of quality, sub-$50,000 classics offered with no reserve.

“The no reserve system is working very well for both buyers and sellers,” he said. “It has been proven in the United States through complete auctions using this concept for many years and the Australian market has now matured and embraced it.”