December 1, 2018
It’s best to let the numbers and the results speak for this auction at Bonhams headquarters on New Bond Street in London.
There were six lots with low estimates of $1 million or more, an exemplary consignment of quality cars. Only one of them sold. Its $3,023,113 final price with commission was nearly half the sale’s total.
The nineteen lots that went unsold had total hammer bids of $15.4 million.
As outlined below, the exchange rate for GB£ was poor … but not as poor as in 2016. With the UK quaking on the knife-edge of Brexit bidders, with relatively strong US$ and EU€ might have been expected to show up seeking exchange rate juiced deals. They seemed to have missed the opportunity.
Here are the numbers:
|Year||Cars Sold/ Offered||Sale %||Sold < Low Est||Sold > High Est||Average Sale||Median Sale||Total $||Exchange Rate|
This sale was observed on-site by Christopher Sharpe (my AirBnB landlord for Mecum Kissimmee 2019). With only a little time on-site during auction day he did a solid job of observing each of the cars, but was frustrated in taking photos by the auction day crowd. As always, the final copy is edited by, and the responsibility of Rick Carey.
The photos here are from and courtesy of Bonhams.
Lot # 1 1959 Jaguar XK 150S 3.4 Fixed Head Coupe; S/N T836371DN; Red/Red Leather; Estimate $76,632 – $102,176; Recent restoration, 2- condition; With Reserve; Hammered Sold at $76,632 plus commission of 15.00%; Final Price $88,127. – RHD. Chrome wire wheels, driving light and fog light, Moto-Lita woodrim steering wheel, bucket-style seats, 5-speed, upgraded brakes, alternator. – US-delivery lefthand drive car converted to RHD. Owned since 2014 by former McLaren F1 team coordinator Jo Ramirez working with Ayrton Senna, Alain Prost, David Coulthard and Mika Hakkinen. Restored in the naughts and little used since with sound paint, interior, chrome and glass. Thoughtfully upgraded for more enjoyable driving. – The upgrades do little to detract from this Jag’s collector value but contribute a lot to its driving enjoyment and it brought a realistic price in this transaction, one that reflects little if any premium for its Formula 1 celebrity ownership.
Lot # 2 2004 Aston Martin DB7 Zagato Coupe, Body by Zagato; S/N SCFAE12303K700081; Olive Green Metallic/Black Leather; Estimate $319,300 – $383,160; Unrestored original, 2- condition; No Reserve; Hammered Sold at $280,984 plus commission of 15.00%; Final Price $323,132. – RHD. Alloy Zagato body, alloy wheels, special grille, double bubble roof, 6-speed. – 14,300 miles, despite having five owners, and nearly like new. – Even under the low estimate this is a reasonable price for this DB7 Zagato and both the buyer and the seller should be satisfied.
Lot # 3 1924 Vauxhall 30/98hp OE Velox Tourer; S/N OE115; Polished Alloy, Green chassis/Green Leather; Black vinyl top; Estimate $421,476 – $498,108; Older restoration, 3 condition; With Reserve; Hammered Sold at $485,336 plus commission of 15.00%; Final Price $558,136. – RHD. 4.2 liter/110hp overhead valve four, Green wire wheels, dual sidemounts, vee windshield. – Immense history and character. Owned by Hari Singh, Maharajah of Jammu and Kashmir with symmetrical (but non-working) passenger’s side door and outside handbrake. Known ownership history from new, restored in the late 50’s for Ed Roy in the U.S. Engine rebuilt in the U.K. in 2006. These alloy bodied hand made cars always command a strong price comparable to their strong engines and chassis. VSCC eligible, a high quality and historically known car. – The bidders reacted enthusiastically to this well-known Vauxhall, bidding it well into the pre-sale estimate range. Often overlooked in the States in favor of better-known domestic and British marques, the 30/98 is rightly revered in the UK for its pioneering combination of a stout engine and lightweight construction. The seller should be highly satisfied with this result.
Lot # 4 2016 Jaguar F-Type Project 7 Roadster; S/N SAJAC7049GMK30759; Blue/Black Leather; Estimate $191,580 – $255,440; Unrestored original, 2 condition; With Reserve; Not sold at Hammer bid of $166,036. – RHD. Supercharged 5 liter 567hp engine, 8-speed automanual transmission, carbon ceramic brakes, electronic differential, carbon fiber splitter, wing and outside mirrors, yellow calipers, driver’s head fairing, books and tools. – In near as new condition, clean, tidy and well-maintained. One of 250 made, 80 for the U.K. – This is a “future collectable” that’s still in its depreciation phase and the consignor disagreed with the bidders about its location on the depreciation curve.
Lot # 5 1988 Aston Martin V8 Vantage X-Pack Coupe; S/N SCFCV81V1JTR12595; Engine # V5802595XA; Black/Black leather, Red Piping; Estimate $344,844 – $434,248; Older restoration, 3+ condition; With Reserve; Not sold at Hammer bid of $306,528. – RHD. 5,341/432hp, replacement 4-speed automatic, aluminum radiator, alloy wheels, sunroof, fog lights. – One of about 130 built. An older restoration. Paint looks good under the lights but lacking the details to be shown. Unused in at least the last 18 months, probably longer and showing its age and dormancy. – Taking responsibility for a car, particularly a high strung and complicated one like this V8 Vantage X-Pack, that has been dormant for a while is a challenge, one the Bond Street bidders were unwilling to accept.
Lot # 6 1958 Aston Martin DB Mk III Drophead Coupe, Body by Tickford; S/N AM30031609; Engine # 1229; BR Green/Black Leather; Black top; Estimate $613,056 – $868,496; Older restoration, 3- condition; No Reserve; Hammered Sold at $453,406 plus commission of 15.00%; Final Price $521,417. – RHD. Chrome wire wheels, driving lights, overdrive, brake booster and electric power steering added, Aston Martin Certificate of Origin documented. – One of 85 built. Recent paint but a well-worn and stretched original interior. Orderly unrestored engine compartment and chassis. An appreciating classic with a lot of style that hasn’t been driven much but appears to have had consistent care and maintenance. – This is an aged but sound DB Mk III drophead bought for the price of a project. The new owner should be pleased both with the car and with the price. The seller may regret the decision to accept a “No Reserve” listing.
Lot # 7 1999 Aston Martin Vantage Le Mans V600 Coupe; S/N SCFDAM2S7XBR70254; Light Green Metallic/Biscuit Leather; Estimate $542,810 – $606,670; Unrestored original, 2 condition; With Reserve; Not sold at Hammer bid of $485,336. – RHD. Automatic, 5-spoke alloy wheels, revised grille, front fender vents. – Number 19 of 40 built. 200mph supercar. Converted to auto but original standard box included. A rare beast with two owners and a reported 1,500 miles from new and in the condition expected for the mileage. – Vantage Le Mans V600s have been known to sell for well over a half million U.S. America, but that was a few years ago and even 600 horsepower no longer is unusual. It’s also unusual enough that not many people will know what they’re looking at, making bragging rights a problem. It was bid to a realistic, but conservative, price here.
Lot # 8 1975 Ferrari 365 GT4 BB Berlinetta, Body by Pininfarina; S/N 18685; Rosso Cordoba Metallizato, Black sills/Cream leather; Estimate $332,072 – $370,388; Visually maintained, largely original, 3- condition; With Reserve; Not sold at Hammer bid of $319,300. – RHD. Cassette stereo, air conditioning. – One of 58 UK versions built with multiple owners but only 41,100 miles from new. Rebuilt engine and gearbox in 2014, cam belts in 2018. Well presented in a different and attractive Ferrari color combination. 1975 London Motor Show car. Showing age but attractive and never neglected. – Sold by Bonhams at the Goodwood Revival in 2006 to the penultimate owner for … wait for it … $82,487, GBP 47,700 at the time. Boxer values were in the tank at the time and the result here is appropriate for this car today, even if it wasn’t enough to pry it out of its optimistic consignor’s hands.
Lot # 9 1985 Jaguar XJR6 TWR Group C; S/N J12C285; Green, White “Jaguar”/Black; Estimate $2,809,840 – $3,576,160; Competition car, original as-raced, 2- condition; With Reserve; Not sold at Hammer bid of $2,043,520. – RHD. Extensively documented including even race setup sheets. – Original Group C Racing Coupe, one of two built for the first season. Raced several times in historic events. A fine example of the revered Group C monsters that are loved for the immense power and success. Last of the real hairy chested race cars and in professionally prepared and maintained historic racing condition. – A thoroughbred by any standard, but one of the first season development cars that scored only one podium, even if that was in its first race at Mosport on August 11,1985. The estimate seems to accord it Group C championship status; the bidders didn’t see it that way.
Lot # 10 1966 Ferrari 500 Superfast Series II Coupe, Body by Pininfarina; S/N 8459SF; Blue Chiaro/Beige leather; Estimate $1,660,360 – $1,788,080; Older restoration, 3- condition; With Reserve; Not sold at Hammer bid of $1,341,060. – RHD. 5-speed, chrome spoke Borrani wire wheels – Good paint but has not had any exterior trim refurbished which detracts from a good first impression. A fine straight car easily upgraded. – Sold by Sotheby’s at Hendon in 1992 fresh from restoration for $213,466 (GBP 125,200 at the time), then at Bonhams Olympia in 2007 for $525,750 (GBP 254,500 at the time). RM had it at Monterey earlier this year where it was reported bid to $1,350,000, a result consistent with its reported bid here.
Lot # 11 1986 Aston Martin V8 Vantage Coupe, Body by Zagato; S/N 20049; Red/Parchment leather; Estimate $574,740 – $702,460; Unrestored original, 2+ condition; With Reserve; Not sold at Hammer bid of $459,792. – RHD. 5,341/406hp, 5-speed, power windows, air conditioning. – Another rare Aston (one of 52 built, 27 RHD with manual transmissions) offered in time warp condition with 393 miles recorded, never having left the selling dealer, Stratton Motor Company. – Sold by Bonhams at the Goodwood Revival in 2014 for $402,664 (GBP 247,900 at the time.) Maybe too many rare Astons for one small auction so it did not attract the attention deserved. An ugly duckling in this company, probably the least successful collaboration between Aston Martin and Zagato. This result is GBP 360,000 and should have been enough to see it on its way to a new home.
Lot # 12 1966 Citroën DS 21 Decapotable, Body by Chapron; S/N 4371577; Silver/Black leather; Estimate $191,580 – $229,896; Unrestored original, 3+ condition; With Reserve; Hammered Sold at $191,580 plus commission of 15.00%; Final Price $220,317. – RHD. Open headlights, Michelin XAS tires, electronic ignition, upgraded alternator, electric fuel pump, Citroen Heritage documented. – This rare convertible DS has lived on vacation in the sunny climes of Malta for 46 years and should be rust free and original as is claimed in the catalog. A strong bidder and rightly so. – It is irrelevant how anyone feels about the purely Gallic Citroen DS21, this is an exceptional and original example that deserves every penny of the price it brought.
Lot # 14 1969 Cooper-Chevrolet T90 F5000; S/N F1C369; Yellow/Black; Estimate $146,878 – $172,422; Competition restoration, 2 condition; With Reserve; Not sold at Hammer bid of $108,562. – 302 Chevy with Webers, suspension-mounted high rear wing – Race and SCCA National Championship winner driven by Peter Rehl. Exquisitely restored in the UK by Cooper specialists, the last Cooper single seater. – The appeal of this Cooper-Chevy F5000 was not lost on the Bond Street bidders, just not valued as much as the consignor.
Lot # 15 1959 Lister-Jaguar “Knobbly” 3.8-Litre Sports Racer; S/N BHL103; BRGreen/Black; Estimate $2,809,840 – $3,576,160; Competition restoration, 3+ condition; With Reserve; Not sold at Hammer bid of $2,298,960. – RHD. Fuel injected 3.8 litre Jaguar six, Dunlop-style alloy centerlock wheels, D-Type 4-speed, many spares including the original BHL frame and a Weber-carbureted XK engine. – Raced when new by its first owner, Peter Whitehead, with many U.K. race wins and podium finishes by him and the subsequent driver, John Bekaert. New chassis frame built after an accident in 1959. The original frame was used as the basis for another Knobbly, now reunited as a spare with this car. Later historic racing history in Germany, then back in the U.K. with Shaun Lynn after an early-naughts restoration by CKL. Historic, clearly presented, fastidiously maintained and prepared for historic racing. – Honestly described by Bonhams, the checkered history of rebuilds and replacement frames may have put the bidders off on this otherwise impeccable Knobbly Lister-Jag. The half-million dollar gap between the reported high bid and the low estimate is a yawning gulf, however, and a serious difference of opinion between the consignor and the consuming public.
Lot # 16 1954 Arnolt-Bristol Bolide Roadster, Body by Bertone; S/N 404X3065; Green/Cream; Estimate $319,300 – $447,020; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $293,756 plus commission of 15.00%; Final Price $337,819. – 1,971/128hp Bristol 100D2 engine, 4-speed, bolt on wheels with hubcaps, fuel cell, oil cooler, aluminum radiator. – Recent paint to a very high standard in the original color. Seats recovered but not quite taut. A true nut and bolt restoration only let down by minor points. A fine car that attracted commensurate bidding. – This highly desirable and rare “Bolide” has been restored to exemplary standards without going too far and was bought here for a moderate price, whether Pounds or Dollars.
Lot # 17 1964 Jaguar Mark 2 3.8 4-Dr. Sedan; S/N 233517; Dark Blue/Grey leather; Estimate $63,860 – $76,632; Older restoration, 3 condition; With Reserve; Not sold at Hammer bid of $53,642. – RHD. 3.8 liter, 2″ SU carbs, Koni shocks, stronger front springs, enlarged wheel arches, chrome wire wheels, Moto-Lita woodrim steering wheel, Pioneer stereo, overdrive 4-speed. – Paint looks good under the lights but lacking the details to be shown. The interior is lightly worn and stretched. Restored twenty years ago with Coombs-style upgrades and used only some 8,000 miles since. Didn’t stir the bidders appetite. – Mark 2 Jags are valued for their performance and excellent handling, especially when breathed upon as was done by Jaguar dealer John Coombs in period. The fact this isn’t a Coombs restoration and its age didn’t stir the bidders appetite.
Lot # 18 1960 Jaguar XK 150S 3.8 Fixed Head Coupe; S/N T825157DN; Black/Red Leather; Estimate $166,036 – $191,580; Older restoration, 3+ condition; With Reserve; Hammered Sold at $127,720 plus commission of 15.00%; Final Price $146,878. – RHD. 3,781/265hp XK, overdrive 4-speed, chrome wire wheels, fog lights, power steering, upgraded brakes, electric fan, alternator, Vredestein tires. – Represented as matching numbers. One of just 115 RHD XK 150S 3.8 coupes built. Four owners from new, showing 82,028 miles and supported by a pile of MoT certificates as being from new. A high standard restoration. Desirable and well-deserved the attention it got. – Sold by Bonhams at the Goodwood Revival earlier this year for $118,561 (GBP 91,700 at the time.) This result is GBP 115,000, so the seller made a tidy piece of change on the flip, although nowhere near what would have been banked at or close to the outrageous pre-sale estimate.
Lot # 19 1937 Lagonda LG45 Rapide Tourer; S/N 12267RG10SR; Green/Green Leather; Fawn cloth top; Estimate $957,900 – $1,085,620; Recent restoration, 2- condition; With Reserve; Not sold at Hammer bid of $894,040. – RHD. 4,453/134hp, 4-speed, exposed flexible headpipes, dip beam light. – Fresh from restoration and full retrim in the original livery. A well presented car in every respect. Prettiest car of the sale? Maybe. That low rear squat looks so sporting and evocative. Perhaps the fender shape doesn’t quite follow or flow with the lines as it should but their elegantly sculpted trailing edges are enough to compensate for any imbalance. The presentation shows limited post-restoration use, including the 2018 Flying Scotsman Rally. – One of only 25 LG45 Rapides built of which 24 are known to survive, a survival rate that speaks highly of the continuing high regard in which this model is held. The bidders and the consignor weren’t far apart, but enough to prevent a meeting of the minds (or the bank accounts).
Lot # 20 1957 Rolls-Royce Silver Cloud Drophead Coupe, Body by H.J. Mulliner; S/N SBC118; Dark Blue/Light Biscuit leather; Dark Blue cloth top; Estimate $447,020 – $574,740; Older restoration, 2- condition; With Reserve; Not sold at Hammer bid of $408,704. – RHD. Automatic, power steering, fog lights, wheel covers, narrow whitewalls, fender mirrors, stereo. – Restored around the turn of the century. Paint looks good under the lights but lacking the details to be shown. Orderly older restored engine compartment. Good upholstery, interior trim and interior wood. The restoration is holding up well but obviously is not fresh, either. – The seller’s decision not to part with this elegant motor car at the reported high bid is understandable, but holding off in search of a more accommodating bidder in today’s market may not have been prudent. It could have been sold at the high bid with only a twinge of regret.
Lot # 21 1966 Aston Martin DB6 4.2 Short Chassis Volante; S/N DBVC2306R; Olive Green Metallic/Cream Leather; Estimate $1,788,080 – $2,043,520; Older restoration, 2- condition; With Reserve; Not sold at Hammer bid of $1,724,220. – ZF 5-speed, power steering, chrome wire wheels, Motorola pushbutton radio. – One of 37 built. A later upgrade to 4.2 liters with a replacement block (original block is included) and an older restoration with very good cosmetics and a clean, tidy engine compartment. Intriguing history of being owned three times by William Loughran. – This is a reasonable offer that could have been accepted with only slight regret.
Lot # 22 1980 Aston Martin V8 Volante; S/N V8COR15146; Jubilee Silver/Magnolia leather, Blue piping; Estimate $204,352 – $255,440; Older restoration, 3 condition; With Reserve; Not sold at Hammer bid of $197,966. – RHD. Alloy wheels, automatic. – One owner from new. Large history and maintenance file and good color combination. – “No sale” was getting rather monotonous by this point in the auction, and it would get worse. It’s hard to believe that the reported high bid couldn’t have been finagled to get the job done with a little of the BP used to juice the seller’s take.
Lot # 23 1973 Ferrari 246 GTS Dino Spider, Body by Pininfarina-Scaglietti; S/N 07586; Black/Light Biscuit leather, Black bars; Estimate $574,740 – $702,460; Older restoration, 3- condition; With Reserve; Not sold at Hammer bid of $523,652. – RHD. Chairs and Flares, Ferrari Classiche certified, no air conditioning. – One of five RHD Dinos with Chairs & Flares. Replacement engine. Badly detailed. Alloys refurbed but still showing corrosion pits. Targa plates chipped. Overspray in grille vents. Freshly repainted and attractive. Good new interior, but the restoration’s age, over 20 years, and subsequent use are clearly showing. – The reported high bid should have been sufficient to see this Dino on its way to a new owner, despite the rarity in the U.K. of its factory equipment.
Lot # 24 1970 Ferrari 365 GTB/4 Daytona Berlinetta, Body by Pininfarina-Scaglietti; S/N 13435; Blue/Cream leather, Black bars; Estimate $664,144 – $740,776; Older restoration, 3 condition; With Reserve; Not sold at Hammer bid of $625,828. – RHD. Alloy wheels, Plexiglas nose panel, Ferrari Classiche certified. – Great color combination and largely original with good interior and manuals. One of 158 RHD Daytonas. – Offered by RM at its London sale in September where it was bid to $677,408 (GBP 525,000, this bid is GBP 490,000.) The trend is clear, but the consignor failed to recognize it.
Lot # 25 1964 Aston Martin DB5 4.2 Coupe; S/N DB51926R; Goodwood Green/Biscuit leather; Estimate $817,408 – $868,496; Older restoration, 3+ condition; With Reserve; Hammered Sold at $830,180 plus commission of 14.31%; Final Price $948,960. – RHD. Chrome wire wheels, heated rear window, Motorola radio, ZF 5-speed, power windows, BMIHT certificate documented. – Fresh paint in the original color, sound but stretched and surface creased original interior. Exterior trim reused without a freshen up, as so often is the case with classics. A solid Aston, the interior giving it an attractive aged patina. Engine upgraded to 4.2 liters. – Pleasingly preserved and never subjected to a full restoration while being consistently maintained and upgraded where appropriate throughout its life, this is a reassuring DB5 and it brought a Vantage-like price consistent with its uprated 4.2 liter engine.
Lot # 26 1993 Jaguar XJ220C Coupe; S/N 2; Metallic Green, “Unipart”/Black; Estimate $2,809,840 – $3,576,160; Competition restoration, 2- condition; With Reserve; Not sold at Hammer bid of $2,298,960. – RHD. – A rarified race car, 1993 Le Mans GT class winner driven by David Coulthard, David Brabham and John Nielsen but disqualified post-race for filing a late appeal to a pre-race technical ruling. Retired after Le Mans, sold to the Sultan of Brunei, then to William Loughran and ultimately to the vendor here. Important historical race coupe released from collector museum storage, in clean as-raced condition and in need of re-commissioning. – Mmmm, a Le Mans GT class winner that isn’t a Le Mans GT class winner, proving it is important to stay in the good graces of the ACO. For a car that is (but isn’t) a Le Mans GT class winner and that doesn’t appear to have been run much, if at all, after it came off the track the reported high bid is realistic.
Lot # 27 2011 Ferrari 599 GTO Coupe; S/N ZFF70RDC000181050; Red, Black roof/Biscuit, Black inserts; Estimate $574,740 – $702,460; Unrestored original, 2 condition; With Reserve; Not sold at Hammer bid of $510,880. – RHD. Paddle shift, anthracite alloy wheels, carbon ceramic brakes, SF shields, full service history. – One of 60 RHD GTO’s. 3,600 miles with all the books and tools. Showroom condition. – Offered by RM at its London auction three months ago where it was reported bid to $677,408 (GBP 525,000; this bid is just GBP 400,000.) This non-result, and its similarly reduced pre-sale estimate range, does not augur well for 599 GTO owners
Lot # 28 1958 BMW 507 3.2-Liter SII Roadster; S/N 70100; Red/Silver, Grey leather; Black cloth top; Estimate $2,682,120 – $2,809,840; Older restoration, 3+ condition; With Reserve; Hammered Sold at $2,682,120 plus commission of 12.71%; Final Price $3,023,133. – 3,168/150hp, 4-speed, red spider centerlock wheels with polished rims – From 1971-1985 owned by the 507’s designer, Count Albrecht Graf von Goertz. Replacement engine. Restored in the 90’s in these non-original colors. Seat leather is stretched, the exterior paint has minor swirls. A retrofitment of a biscuit brown interior and roof would look so much more in keeping the quality of the car and the original Silver-Grey exterior would complement the 507’s design far more than this fire engine red. This example is not a striking looker but has a quality that shines through and took the highest value of the day. – The BMW that has rocketed in recent years scores again, helped in no small measure by the connection with its designer, Albrecht Goertz. The visual appeal of the BMW 507 helped it win a succession of celebrity owners, but none is more important than Albrecht Goertz and that brought his car a serious celebrity ownership premium on the order of a million dollars. It is, even with its ownership history, an expensive BMW 507.
Lot # 29 1979 Rolls-Royce Phantom VI Limousine, Body by Mulliner Park Ward; S/N PGH116; Claret, Black/Red Leather, West of England cloth rear; Estimate $319,300 – $383,160; Visually maintained, largely original, 3+ condition; With Reserve; Hammered Sold at $268,212 plus commission of 15.00%; Final Price $308,444. – RHD. Flag staffs, fender mirrors, footrests, automatic, fog lights, every option and accessory known to the imaginative Rolls-Royce designers. – The Rolls-Royce factory demonstrator. High standard paint and unmarked interior with beautifully figured and highly polished wood. Fresh and well kept, no fusty old car whiff here. A superbly presented sublime carriage. Splendid enough for Royalty, to whom Rolls-Royce often lent it. – Offered by Bonhams at the Goodwood Revival three months ago where it was reported bid to $394,487 (GBP 305,000; this hammer bid is GBP 210,000.) Elegant, distinctive and exclusive, the Phantom VI is the final Rolls-Royce built upon a separate chassis. Arriving in this magnificent coach anywhere in the world will be an event in itself, accomplished at a moderate price here.
Lot # 30 2017 Aston Martin Vanquish Coupe, Body by Zagato; S/N SCFLLCPZ7JGJ33598; Ming Blue/Ivory, Aurora Blue leather; Estimate $702,460 – $830,180; Unrestored original, 2 condition; With Reserve; Not sold at Hammer bid of $625,828. – RHD. 6 liter/580hp V12, 8-speed automanual, carbon ceramic brakes, factory Purchase Pack. – 101 Miles from new. One of 99. As new. – With Aston Martin, Ferrari, Porsche and a host of more specialized marques turning out ever more powerful, exotic and rare submodels it may be becoming difficult for collectors to create a value hierarchy (it is, at least, for onlookers) and may come down to Pounds (or Dollars) per horsepower with an adjustment for design. On that basis it’s hard to argue with the bidders’ value judgment here.