MGBGTV8 hits a record price at NEC auction

An exceptionally low mileage MGBGTV8 in Tundra sold at the Silverstone Auctions sale at the NEC Classic Car Show on Saturday 9th November 2019
NEC website

MGV8 Price Guide update
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Our article illustrates the impact on the value of an Exceptional condition very low mileage MGBGTV8 with even a modest use and annual mileage.
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Update: 191115
Posted: 191108

Factory MGBGTV8 in Tundra for sale
"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 very 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 was 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 listing for the NEC auction 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 incorrect badging on both front wings and a switch on the righthand side of the crackle-finish dashboard is disappointing. 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.

Posted: 191108


Factory MGBGTV8 in Tundra sold
Auction result - not sold at £28,000 and later sold for £31,500
Surprising postings on the auction website

Auction: the hammer appeared to have gone down at £28,000 which was a way short of the auction guide price of £30,000 to £35,000. The bidding started at £20,000 and rose in £1,000 increments to £28,000 and there is stuck until the hammer fell. The bidding was partly by telephone with a few bids from the auction room.
But later the auction webpage for the car said "Not sold"!
But later the auction webpage for the car said "Sold for: £31,500"
Auction website

Silverstone Auctions, NEC (November 2019)

Comment

The rapid changes after the end of the bidding are interesting. It seems likely a sale was concluded a short while after the auction. The price of £31,500 shown on the auction website appears to be the hammer price plus the buyer's commission of 12.5%. With the addition of the VAT on the buyer's commission the buyer would have paid £32,200. See our calculation below:

Chart
The chart at the head of the webpage shows the hammer price, price paid by the buyer and the net sale proceeds received by the seller.

See a full size chart.

The engine bay was a mess and one can only wonder why with an "exceptional" car with a high auction estimate the vendor did not invest modest funds to tidy up the engine bay to match the general appearance of the car. The engine bay had a black antirust coating everywhere spilling over on to the slam panel. For a car with less than 5,000 miles from new, it was puzzling why a chrome grille surround had been used to replace the original anodised aluminium unit which would have been a valuable originality feature. The Dunlop composite wheels did not have chrome rims but a grey/silver polished finish. Photo