Going, Going, Gone. For Half
February 8th, 2009 2:59 PM
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The “barn find” of a 1937 Bugatti Type 57S Atalante, that was thought to fetch $8.7m, finally went under the hammer at Bonham’s in Paris. According to the BBC, “it eventually sold for 3,417,500 euros.” At today’s rate, that’s $4.4m . . . about half. Even barn finds don’t keep their residual value as much as they used to.
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Bargain. Now the owner can use the 4 mil he saved to restore it. Although that might not cover it.
What was this thing worth new? Assuming $2,000 in 1937 (a wild guess on my part), the $4.4mm price tag today adds up to an annualized return of about 11%. That's about the same as a good stock certificate, only more difficult to carry in your pocket.
It's relatively low mileage, 99% original condition. I think it'd be a shame if it's restored. Just clean it up, get it running, maybe new upholstery. Things are only original once.
@ dgduris The Bug was easily prettier than the Bentley [but, then, compare their prices new].