Bonhams, the international auction house, has signed a landmark partnership agreement with Formula 1 as the Official Auction Partner of the prestigious Formula 1® Paddock ClubTM, with immediate effect.
The partnership, announced today, will see Bonhams stage dedicated sales at key Formula 1® races. The partnership will launch in 2023 and include a spectacular season- ending sale of cars and associated luxury lots under the lights at the FORMULA 1 ETIHAD AIRWAYS ABU DHABI GRAND PRIX 2023, 24-26 November, the finale to next year’s Formula 1 season, which will also be the first Middle Eastern sale for Bonhams Collector Cars.
The starting grid of the Yas Marina Circuit will transform into an atmospheric Bonhams saleroom, with the auction taking place on the track itself the evening before the race, with the rostrum and cars on display in full view of the grandstands.
Over time, the collaboration between the two historic brands is planned to grow in both scope and scale, with multiple sales planned per annum at selected Grand PrixTM around the world – not only of collector cars but also luxury collectables, including design and jewellery.
These sales will take place both on the Grid and within the F1 Paddock ClubTM, providing F1® fans and collector enthusiasts around the world the chance to acquire their own piece of motorsport and automotive history.
As one of the world’s leading auctioneers of collector cars, Bonhams has successfully sold several of the most important Formula 1® racing cars and other motorsport campaigners including the ex-Juan Manuel Fangio, SWISS and GERMAN GRAND PRIX winning 1954 Mercedes-Benz W196. This iconic racing car achieved £19.6 million ($29.6 million) at Bonhams Goodwood Festival of Speed Sale in 2013, becoming the most valuable Formula 1® car to be sold at auction, a record that still stands.
Other more recent campaigners to have successfully crossed the block at Bonhams are the record- breaking 1993 McLaren-Cosworth Ford MP4/8A Formula Racing Single-Seater which the Brazilian three-time Formula 1® World Champion Driver, Ayrton Senna, drove to victory in the 1993 MONACO GRAND PRIX and ‘Red Five’, the 1992 Williams-Renault FW14B Formula 1 Racing Single-Seater, in which British racing driver Nigel Mansell won a record- setting five Grands PrixTM (all from pole) in his Championship-winning 1992 season.
Maarten ten Holder, Managing Director, Bonhams Collector Cars, said of the new partnership: “Formula 1 is the greatest racing spectacle on Earth and we are delighted to become its Official Auction Partner. Sharing Bonhams’ unrivalled passion for cars on the biggest stage possible is a tantalising prospect. Our collaboration with F1 and the F1 Paddock Club builds on our heritage of handling important racing cars and signals the next phase in the transformation of the Bonhams Collector Cars brand. We couldn’t be more excited to launch this landmark collaboration.”
Bruno Vinciguerra, Bonhams CEO, added: “The F1 Paddock Club provides a unique platform at the world’s largest annual sporting event for Bonhams to engage with F1’s unrivalled global market. This is a further indication of Bonhams extending its reach across markets, regions and platforms.”
Brandon Snow, Managing Director – Commercial, Formula 1, commented: “Everyone at Formula 1, along with our global community of fans, has a strong passion for cars, old and new. The Bonhams name stands for heritage and history which makes it the perfect auction partner for our Paddock Club platform, with the sales highlighting the beauty of classic cars alongside the world’s most technologically advanced machinery. This collaboration will add another dimension to the Formula 1 experience across our racing calendar.”