Dear Classic Car Enthusiasts, Collectors and Followers,
The classic car market has taken a slight turn again this month, with a bit of a surprise on the show front too, which is quite sad.
We’re seeing an increasing number of cars going to auction with a no-reserve tag attached. What’s behind that choice? The market has shifted, and it’s become much harder to value a classic in today’s climate. It really is now a case of what someone is willing to pay. Demand controls supply, but it also feeds itself: when a car achieves a strong price, the market suddenly wakes up; when it doesn’t, values can just as quickly dip.
No reserve auctions are sending out a few signals, interestingly: which cars are gaining popularity, and which are quietly falling by the wayside?
What’s even more intriguing is that not much attention seems to be paid to condition. We’re seeing more internet bidders buying without inspection, which is unusual, to say the least.
This weekend we saw the glamour of Monaco, and the cheque books were certainly out in Casino city.
The very latest news from Monaco is quietly reassuring: two big auction houses, each with totally different catalogues on display, achieved similar results. Individual values were far greater at one, with a single car selling for more than the overall sales of the other.
The typical limelight enjoyed by Ferrari shows that the top-end of the classic car market is still alive and kicking.
The Goodwood Members’ Meeting has stepped up again and really seems to have put its stake in the ground for the future; it’s here to stay.
London also delivered, with several stunning cars on display at Chelsea, a strong dealer turnout, and weather to match the glamour of the event.
However, it was quite sad to attend the Essen Retro show, now under new ownership. What was once the largest European classic car event felt a little disappointing. There was still business being done, but nowhere near previous attendance or sales, which is a real shame.
Let’s see if competitors across other parts of Germany can bring something stronger to the table.
The Monaco Historic Grand Prix is a feast for all fans of historic motor racing. A whole weekend of racing with turbo engine machines taking centre stage in the 15th Grand Prix de Monaco Historique. One event not to be missed.
Speaking with dealers, it does feel like the market has picked up slightly. However, sales between the UK and Europe are still suffering due to import and export duties, a thorn in the side of sellers, buyers, collectors, and dealers alike. It’s unfortunate the market has to absorb this, as it does impact values across the board.
If you’re looking to sell your classic or buy that dream car, we’re here to help with sound, friendly advice — and, as you know, no pressure.
Moreover, if you’re thinking about your next restoration project, just let us know. We bring years of positive experience to the table.
Safe and happy motoring
Keith
keith@classicmobilia.com +44(0)7889 805432 +44(0)1908 270672 classicmobilia.comAbout Keith:
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