I have now checked as many records as possible, and have come to a conclusion. The puzzle photo is shown on a well-known website as a 1931 Invicta 4.5-litre, which it clearly and obviously is not. It is without doubt a 3-litre, and is bodied in exactly the same style as the specially-prepared car used by Violet Cordery to establish world records at Monza, Montlhery and Brooklands. I'm convinced that the puzzle photo is that actual car, which had a lightweight fabric body, and the undershield to minimise drag at speed.
The 3-litre was built between 1926 and 1929, and the other car sold by Bonhams is, as claimed, a 1928 model. Reading through the sale information, I note that the owner had a new body built in the 1990s IN THE STYLE OF THE CORDERY CAR. So it's not the original car, which I'm sure was a one-off. I wanted to check that Invicta didn't sell any "replica" cars, but can find no evidence.
So the point goes to "luisps". Sorry "mekubb", but he posted before you, and I would have locked it for him at that stage.
(Violet Cordery was the sister-in-law of Invicta founder Noel Macklin. Sex sells.)