What can be done about it?
Last month, auction house Bonhams announced a very unusual upcoming hypercar collection for sale. Consisting of a Lamborghini Veneno, McLaren P1, Ferrari LaFerrari, Aston Martin One-77, and a Koenigsegg One:1, the hypercars were actually seized by from the corrupt Vice President of Equilateral Guinea, Teodoro Nguema Obiang Mangue. His father, conveniently enough, is the African dictator Teodoro Obiang Nguema Mbasog. Nothing like keeping it all in the family.
Geneva police seized the vehicles in 2016 and since ordered them to be sold. All net proceeds "will be allocated to a social program in the territory of Equatorial Guinea.” Sounds good, right? In principle, yes, but Koenigsegg isn’t happy. According to the listing, the One:1 is being sold without reserve and is expected to bring in between $1.8 million to $2.3 million, a figure Koenigsegg stated in a blog post is "way under market value.”
The post was written last Friday and contained some harsh words for Bonhams. Titled "Bonhams – should you trust their appraisals?” the post goes on to say that "for some reason, not understood by us, Bonhams are uninterested in giving a correct starting point or accurate estimate for the One:1, as they have shown complete lack of interest in trustworthy facts and figures presented to them. At the same time, they are unwilling to substantiate their estimate to us with any facts or findings whatsoever.”
Koenigsegg went out of its way to provide Bonhams with all necessary materials in order to determine a proper price but to no avail. In fact, Bonhams even told the Swedish carmaker there was a chance to buy the car pre-auction. Koenigsegg took advantage of this and made what it felt was an appropriate offer.
Bonhams turned them down, and it still refused to adjust the One:1’s price, which is clearly well below market value. That’s why Koenigsegg is so concerned about this. The One:1’s original price when new back in 2015 was around $2.8 million. Last year, a used example reportedly sold for over $7 million.
And remember, if Bonhams accepted Koenigsegg’s more accurately priced offer, all of that money would be donated to help those in need in Equatorial Guinea. As of this writing, Bonham’s shockingly low Koenigsegg One:1 value is still listed.