October’s Zoute Auctions 2025 provided an intriguing take on the European market during a very busy period: RM Sotheby’s Tailored For Speed Collection auction took place in Zurich around the same time and, as you can read in our post-event report here, many top estimates were burst and a lot of money was spent.
So how did this affect Bonhams and Broad Arrow, the latter making its debut at the Belgian event? On October 12, 2025, Bonhams returned to the site of its renaissance last year with more than a 100 lots, including several from the collection of former Cartier CEO Bernard Fornas. For 2025, it achieved a total of more than €15.5million and an 87.5 percent sell-through rate. Two days earlier, Broad Arrow had held its sale at the Approach Golf resort, with 146 lots up for grabs, of which 78 percent sold, netting €26.3m.
Both Bonhams and Broad Arrow had a much wider-ranging lot list than the hypercar- and supercar-focused RM sale, which had plenty of no-reserves. Nevertheless, the supercar/hypercar market proved popular at Broad Arrow – while the top sale went to a 1967 Ferrari 275 GTB/4 at a comfortably mid-estimate €3,015,625 (pictured above), seven of the top ten cars were built post-1990, and five were post-2000.
Bonhams’s top-ten list was a little more widespread, although its top sale was a 1991 Ferrari F40 (pictured above) which scraped to just above bottom estimate with fees at €2.645m, and four of its top ten were built post-2000. Bonhams had less success with its hypercars, failing to find homes for its 2014 Ferrari LaFerrari, 2005 Maserati MC12 Stradale, 2018 Italdesign Zerouno, 1993 Jaguar XJ220 and 1999 Lamborghini Diablo SV. Indeed, of its ten cars of all types estimated at €1m-plus, just two sold – the aforementioned F40 and a 1963 Ferrari 250 GT Berlinetta Lusso.
We’ve unpacked some of the wider stories from both sales – what was tempting you at the Zoute Auctions 2025?
Bonhams
The collection of Bernard Fornas brought in €2.2m alone for Bonhams at the Zoute Auctions 2025, led by the above 1963 Ferrari 250 GT Berlinetta Lusso. Chassis 4439 was originally supplied to the US, but it had been in the Fornas Collection since 2012 having had an engine overhaul in 2009 and an interior retrim in 2011. Under Fornas’s ownership it had its bodywork restored, but while the motor and chassis matched, it’s believed the gearbox and/or rear axle were non-original. Estimated at between €1.25m and €1.5m, it sold for €1.38m.
Other highlights from the Fornas Collection included a 1969 Ferrari 365 GT 2+2 that sold for €258,750 against an estimate of €200k-€220k, a 1971 Maserati Ghibli SS that went for €178,250 (est €165k-€210k), 1976 Range Rover that sold for €120,750 (est €100k-€130k), a 1988 Porsche Carrera 3.2 that sold for €143,750 (est €90k-€110k) and a 1980 Ferrari 308 GTS that sold for €97,750 (est €85k-€110k). However, the 1965 Aston Martin DB5 Convertible failed to sell against a €1.15m-€1.4m estimate.
Overall, the story of the day was of cars selling but somewhat short of their pre-sale estimates. One key example of this was the above 2005 Spyker C8 Spyder. Originally delivered to the US before coming to Belgium, the car was serviced and upgraded by specialist Spyker Enthusiast under its second owner. Offered at no reserve with an estimate of €400k-€450k, it sold for €333,500. With Spyker as a brand saved from bankruptcy in the past few days, could the marque’s auction performances improve in future?
Other notable cars to fall short of their estimates were an alloy-bodied 1949 Jaguar XK120 Roadster for €184k (€200k-€250k), an ex-Louis Chiron/Monte Carlo Rally/Carrera Panamericana 1950 Delahaye 175 S for €115k (€180k-€220k), a no-reserve 1967 Lamborghini 400 GT 2+2 that sold for €201,250 (€250k-€300k), a 1953 Aston Martin DB2/4 at no reserve that sold for €66,700 (€90k-€110k) and a 1965 Ferrari 330 GT 2+2 Series 2 Coupé that sold for €166,750 (€230k-€260k).
There were few above-estimate results for Bonhams at the Zoute Auctions 2025, but perhaps the most eye-catching was this 1953 Mercedes-Benz 300a Cabriolet D ‘Adenauer’. One of 181 built in 1953, it had been professionally restored between 2003 and 2010 and had been in the vendor’s stewardship since 2010. It was also believed to have been used by the Polish Government; estimated at between €130k and €160k, it eventually sold for €172,500 at no reserve. Elsewhere, a 1996 Porsche 993 Carrera 4 Cabriolet sold for €92k against a €60k-€80k estimate.
Bonhams’ sale included a couple of cars that provided a little insight into current trends. Over the past few years the Lamborghini LM002 has consistently performed well, with several estimate-busting results. This particular 1985 example, originally delivered to Oman and then acquired by a Belgian doctor, and still unrestored, did not provide a voracious bidding spree of the likes we’ve seen before – instead it sold for €356,600 against a €350k-€400k estimate.
Broad Arrow
Although Broad Arrow had more success at the Zoute Auctions 2025 with its €1m-plus cars, as mentioned above, there were several that didn’t perform quite as well as the estimates suggested. The 2015 Bugatti Veyron EB 16.4 Grand Sport Vitesse sold for €1,862,500 against an estimate €1.9m-€2.3m, a reflection of the fact that a one-off Transformers theme throughout the car is something of a niche, but it wasn’t too far away from the low estimate.
However, the 2023 Aston Martin Valkyrie from the collection of Daniel Ricciardo hit €2,284,375 against a pre-sale estimate of €2.4m-€2.8m, perhaps reflecting the ongoing ownership challenges with the model. Perhaps the biggest disappointment, though, was the 1998 Lamborghini Pregunta one-off prototype, which we brought you details of here and which is pictured above. Against a pre-sale estimate of €2.5m-€3.5m, it sold for €2,143,750.
No sales in the €1m-plus arena included a 1987 Porsche 959 Komfort (€1.7m-€1.9m), a 1990 Ferrari F40 (€3m-€3.2m), a 2023 Ferrari 812 Competizione (€1.5m-€1.8m), a 2024 Porsche 911 GT3 R Rennsport (€1.4m-€1.7m) and a 1961 Mercedes-Benz 300 SL Roadster (€1.1m-€1.4m).
Broad Arrow had several above-estimate results, including two quite close together. A rare chance to acquire a Gulf-homage 2006 Ford GT Heritage Edition in Europe led to one selling for €512,500 against a pre-sale estimate of €375k-€450k. However, the next lot was an intriguing result – the above 1974 Ferrari 365 GT4 BB sold for €501,250 against a pre-sale estimate of €425k-€475k; in an era where the Testarossa that followed is very much trending in terms of above-estimate results, the Fioravanti mid-engined V12s have stagnated for a while. So what happened here? Peel the onion on this particular car, and it becomes clearer – it’s one of the 387 early cars of the BB breed (and much preferred), Ferrari Classiche certified and it had been nut-and-bolt restored by Zanasi in Maranello.
Other notable cars to break through their upper estimates included a 1938 Frazer Nash TT Replica that sold for €264,500 (€175k-€225k). A one-off 1992 Lancia Delta HF Integrale Evo Martini 5 (the only one of the special-edition model believed to be finished in black, it was originally sold to Italian rock star Vasco Rossi) sold for €201,250 (€120k-€180k) and a 1985 Ferrari Testarossa Monospecchio sold for €212,750 (€120k-€180k).
Broad Arrow had a few disappointments below €1m, with the above 1966 Ferrari 330 GTC being the most painful. Finished in Azurro, delivered new to Switzerland and formerly part of the Ted Gildred Collection, it had recently been refreshed to the tune of €55k. On the day it fell below its €450k-€550k estimate to land on €388,750.
Other under-performers of note included a one-off T-top 1977 Maserati Khamsin which sold for €161k (€175k-€225k) and a 1989 Lancia Delta HF Integrale 8V Martini Lancia Works Safari Group A rally car, which sold for €270,250 (€300k-€380k), but the majority of lots landed above low estimate.
Broad Arrow’s Zoute Auctions 2025 sale also offered several lots that provided an insight into one of 2025’s major talking points – cars, particularly Ferraris, with rare colours. Could the feverish passion for anything other than red cross the Atlantic and wash ashore on the beach at Zoute?
On the basis of Broad Arrow’s results alone, not really. Despite plenty of social media buzz about the above 1995 Ferrari F355 Berlinetta in the rare specification of Blu Chiaro Metallizzato over beige leather with early Motronic 2.7 engine management and a manual gearbox, the car didn’t sell even though it had undergone a major restoration. So what happened? Perhaps the estimate of €200k-€250k put people off – after all, that low estimate is comfortably above the CHF186,300 for a silver 1995 example sold by RM Sotheby’s in 2023, a green 1994 car sold by Worldwide Auctioneers in 2023 for $216,600 and a blue 1995 example sold by Broad Arrow in 2022 for $196k. It’s also far beyond the €166,750 achieved by RM Sotheby’s for a black example earlier this year.
While clearly the appetite for non-red cars is there in Europe, judging by precedent – the only red F355 GTB to get anywhere near these figures was sold by Iconic Auctioneers in 2017 – perhaps the estimate for the Broad Arrow was just a bit too fanciful, not helped by indifferent photography (see above).
Elsewhere, a rare silver-over-red 1988 Ferrari Testarossa failed to sell at €160k-€200k, but a 1991 example in black over red outperformed its €160k-€200k estimate to land on €218,500.
Further details
For more information on Bonhams’s Zoute sale 2025, visit here.
For more information on Broad Arrow’s Zoute sale 2025, visit here.
