- First classic or vintage car to ever be auctioned online in India
- The beautifully restored 1961 Pontiac Laurentian is purchased by a Saffronart client and first-time collector of classic cars
- Bidding started at Rs 7,79,590 and closed at a price of Rs. 13.42 lakhs. With this online auction Saffronart sparks a new auction market for collectible cars
The highlight of the auction was a 1961 Pontiac Laurentian that sold for Rs. 13.42 lakhs following competitive bidding between experienced and new car collectors. A classic piece of 1960s Americana is a hard to find right-hand drive model, the Pontiac is in excellent condition with original manufactured parts and with all its bells and whistles intact. The Pontiac Laurentian comes with a 3.1 liter, straight 6 cylinder engine, three-speed manual transmission with all mechanical parts and components in working order, an odometer reading of a little over 50,000 miles and five brand new Whitewall tires.
The car has been repainted and re-upholstered in the same colour scheme and style as the original, with plush carpeting and with even the door pads having the original colour scheme. The electrical system is an original 12 volt system and the generator has been replaced with an alternator for optimum charging of its battery and to accommodate the additional load of an air conditioning system.
Dinesh Vazirani, Co-founder and CEO of Saffronart said, “It is a thrill to auction a classic car online in India for the first time and we expect more car owners to step forward after this successful result and participate in our auctions. As we expand our auction platform to a greater diversity of products, we are tapping into niche communities of interest that are working with us to reach new buyers. These niche markets are finding new growth as a result and in many cases, publicly available pricing benchmarks are being established for the first time.”
An iconic American car brand for over a century, the Pontiac traces its roots to the Pontiac Buggy Company, founded in Michigan in 1893. In the mid 1920s, Pontiac became a division of General Motors (GM), and was sold in the United States, Canada and Mexico till the brand was finally discontinued in 2009-10. Today, Pontiacs remain an integral part of American pop culture, having featured in films, television shows and songs, particularly in the 1960s.
The success of this auction, which featured online, iPad and mobile catalogues, reinforced the confidence that collectors have in Saffronart’s online platform as well as the growing demand for significant collectible items like classic cars, jeweled accessories and limited edition watches. The auction’s quality offerings and attractive estimates drew bids from Saffronart’s existing base of collectors as well as a new group of collectors. Amongst the other highlights of the sale were a vintage Rolex ‘Padellone’ Self-Winding Triple Calendar Moonphase Wristwatch which closed at 25.35 lakhs, an Oomersi Mawji Silver Sugar Sifter that went for Rs. 2.25 lakhs, a ‘Pair of Diamond and Emerald Cufflinks’ closing at Rs. 3.45 lakhs, and a ‘Pair of Ruby and Coloured Diamond Cufflinks’ fetching Rs. 1.49 lakhs.