MGBGTV8 tipped to hit a record price at NEC auction

Silverstone Auctions will have their auction at the NEC Classic Car Show at the NEC from Friday 8th to Sunday 10th November 2019.
NEC website

MGV8 Price Guide update
Last update to the end of April 2019 released early in May. More

Buying a selling advice on the buyinganmg.com website
It's a website packed with useful information and advice.
www.buyinganmg.com

Driving an "Exceptional" classic car rather than storing it as an investment - what are the costs?
Our article illustrates the impact on the value of an Exceptional condition very low mileage MGBGTV8 with even a modest use and annual mileage.
See our article

Two more Exceptional MGBGTV8s
See our Pricewatch news reports on two other high priced Exceptional condition sales. More


191010

Factory MGBGTV8 in Tundra
"Incredibly original V8 with only 4,425 miles"
Estimate: £30,000 to £35,000

The auction listing says "in May 2014 with just 4,059 miles, it was purchased by its most recent owner who has a penchant for totally original, low mileage classics and added to his collection storing it correctly and using it only occasionally. Although in lovely original condition, a little fettling and detailing to the engine bay would bring the car to the next level and, given that top examples of this model are now making substantially more than the estimate suggested here, this low-mileage, well-historied, four-owner V8 should amply reward the remedial tidying-up now required. What a great find!" Auction website
Silverstone Auctions, NEC (November 2019)

Comment

Preparation of the car - the auction listing says "little fettling and detailing to the engine bay would bring the car to the next level" which begs the question why the seller has not made an effort to deal with that so the car is prepared for auction as a truly "exceptional and original" example of the model to attract potentially record breaking bids.

Full nut and bolt MGBGTV8 restorations by well regarded specialists can cost owners up to £37,000 and occasionally more.

Exceptional cars - a mint, rot free car means a lot to the right buyer. An example with such a low mileage is very unusual and if that mileage can be proven a buyer with deep pockets may see a record price achieved particularly an auction located within such a large classic car motor show at the NEC in November.

Price estimate - the auctioneer's estimate with the addition of their buyer's premium at 15% on the hammer price and VAT thereon will be £35,400 to £41,300 !

History - this car was seen on offer with Hairpin in December 2018 for £35,000 and believed to have been sold, although the auction listing says the "it was purchased by its most recent owner in May 2014".


Authenticity - if you are buying a car on the basis it has all the original features then the badging on both front wings is incorrect as is a switch on the righthand side of the crackle-finish dashboard. A couple of replacement parts in the engine bay are not original either but to be fair they are all that are available from most parts suppliers.

Factory MGBGTV8 in Damask

Sold at Historics auction in May 2019 for £33,600!
One of our Pricewatch volunteers attended the H&H auction at Brooklands on Saturday 18th May 2019 and says the "very high value lots were within the restricted auction area - for example the Aston Martin DB6 and its peers. Surprisingly, the MGBGTV8 was also within this restricted area, given its somewhat low estimated price (£13,000 to £18,000) and I can vouch for a continued high level of interest shown in this MG over the seven hours I was at the auction. Bidding was strong resulting in the exceptional price including buyers premium and VAT thereon of £33,600".
See our full report. 190520 & Auction site
Historics, Brooklands (May 2019)

Comment


Fully restored car smashed the previous marque record
Classic Car Weekly had a feature on the sale of a "recent nut and bolt restoration of a genuine Factory built MGBGTV8".

"Utter authenticity during restoration"
The auctioneer, Historics, is reported as saying "this was a classic case of quality is king. It's a a truly exceptional car, the skills lavished to maintain utter authenticity during restoration has paid dividends through a sale price that has shattered its previous sale estimate". The CCW article adds "the previous highest price realised by an MGBGTV8 was £17,600 achieved by a car at a CCA auction in 2016".

Authenticity? - "it's a pity that given the high level of restoration undertaken on this car to "maintain authenticity", a number of aspects were not original - for example the random placing of the nearside wing badges, non original offside wing badges, leather seats and trim and steering wheel".

Bidding with deep pockets drives prices up
CCW's auction guru Richard Hudson-Evans, said "it's extraordinary, but it's also what happens at the top of the market when two or more people decide that they want a car - the money is irrelevant - they are prepared to pay whatever it takes for it".