Shannons No Reserve Collection Generates Au $500,000

The Shannons Melbourne Autumn Classic Auction which took place on March 15 featured the largest private collection of classic cars and motorcycles to be offered with no reserve in Australia for many years, so bidding was very intense.

More than 600 people were attracted at Shannons Cheltenham, Melbourne showroom by the Mangan Collection of 12 mainly late 1950s and early 1960s American cars and 16 predominantly pre-1960 British motorcycles. The collection itself generated sales of Au $500,000, but the important thing is that the excitement made people also buy other cars. Shannons sold 46 of the 53 cars which went under the hammer.

Shannons traditional Melbourne Motor Show Auction in March saw most lots sell at (or well above) their guiding range, with total sales of around Au $1.3 million. The top seller of the Mangan Collection cars was a complete, but not running 1926 Lancia Lambda Series 6 Tourer that was sold above its pre-sale high estimate for Au $75,000. A 1960 Cadillac Coupe DeVille offered in generally good condition despite having been stored and not ran since 1988 sold for Au $30,500, while a 1935 Terraplane in generally good condition made an excellent Au $29,000.

Shannons National Auction Manager, Christophe Boribon said a lot of the success of the auction could be attributed to the number of quality, sub-$50,000 classics offered with no reserve. “The no reserve system is working very well for both buyers and sellers,” he said. “It has been proven in the United States through complete auctions using this concept for many years and the Australian market has now matured and embraced it.”