Prospect Success of Classic Cars. 

Prospect Success of Classic Cars.

Classicmobilia E'News Issue 151 August 2023

Dear Classic Car Enthusiast

August: the time of year when there is a mass exodus of the ‘big boys’ as they gather at Carmel-by-the-Sea for the Monterey Car Week and the Pebble Beach Concours D'Elegance.

This year was no different. Or… was it?

This is where the market is truly judged on how the year is flowing, what we see heading for the horizon value-wise, and what is really ringing the bell.

The one thing you can always look forward to, is that there is a lot to talk about; it’s a space, physically and intellectually, where classic car experts from all over the world congregate. If you are part of these rarefied circles, then you must have attended. It's where the classic car market is put to rights.

With over 1,200 cars up for auction with five of the ‘big boys’, resulting in over $400m changing hands with a sale rate of 68%, the figures are not bad, but we are not afraid of saying that those are not results that the media regularly labels as “fantastic”, unless you were a buyer.

Several expensive cars made the headlines with far too many Ferraris to mention: the showstopper was estimated between $40m to $50m but only sold for $30m, so a happy buyer there.

Analysing the results (and remembering the highlights!) has been a task, but an interesting one.

The concours is always an eye-opener and some fantastic motorcars on display are detailed perfectly to show off the car at its best. There are some really good results and it is good to see some Brits in the finals…

The cars are only ever as good as the people preparing them; the owner displaying them must choose the right people for the task, and that is becoming more difficult today.

The end of August and beginning of September have much going on the British event diary: shows, concours, racing and too many auctions to follow properly, but all are full to capacity, so the classic car market is still strong.

We have seen a surge in the number of classic cars being used in the London ULEZ zone, as classics are slipping through the net, it will not be long before the London Mare Mayor spots the loophole and cashes in.

If you are looking to sell your classic, thinking of buying one or looking for advice on restoration projects, we are always here to assist.

Happy motoring.


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