So, how does the classic car market look when viewed from the rarefied atmosphere of RM’s Monaco auction? One word – healthy.
We take a look at a selection of the lots sold with the help of some of the UK’s leading classic marque specialists, but please note – one night of bidding in the adrenalin fuelled world of one of the world’s top auctions doesn’t necessarily reflect the entire market…..
- £33,779,115/ €41,355,430 of cars, boats, motorcycles and memorabilia sold
- 93 percent of all lots were sold.
- Bids from 37 different countries
- Record-breaking sales included:
- 1966 Ferrari 275 GTB/C, which sold for £4,665,600/ €5,712,000
- 1959 Ferrari 250 GT Pininfarina Cabriolet Series I, which sold for £3,842,200/ €4,704,000
- 1967 Ferrari 330 GTS, which sold for £1,738,150/ €2,128,000
- RM’s highest grossing European sale with at least 10 individual world auction records set throughout the evening
Aston Martin DB7 Zagato – £192,000
We – like the new owner – couldn’t resist this stunning Aston Martin DB7 Zagato with only 1 owner and 1100 kms from new. The values of good DB7’s are on the up, but can a DB7 really be worth just shy of £200,000? We asked Neal Garrard, Commercial Director at Aston Martin Heritage dealer Nicholas Mee.
This is the correct market value for a vehicle of this type. The DB7 is a fast appreciating modern classic with awesome performance and owners enjoy the convenience of a modern GT with the heritage and appeal of the original Aston Martin/ Zagato collaborations. The Zagato relationship cannot be underestimated and current values of the DB4 GT Zagato certainly help. It’s also rare, with only 99 cars built.
1962 Ferrari 250 GTE 2+2 Series II – £251,500
Not even ten years ago it was possible to buy a 250 GTE for less than £75,000 – so why did this car do so well in Monaco? We asked Ferrari expert James Cottingham of DK Engineering.
This was a good result for this car – just three years ago its value would have been somewhere around £100-130,000. That said, this is a front-engined V12 Ferrari and the fierce demand for these cars means that many potential buyers need to think a little more laterally if they want to find a V12 that fits their budget. Compared to it’s better known siblings you could argue that it offers good value for money.
At Classic and Sports Finance we think it makes a relatively affordable, practical and elegant car perfect for the collector.
Bugatti EB110 GT – £228,700
The EB110 was in some senses the Veyron of it’s era. Incredibly powerful, it was was a precursor to the hypercars of today along with the Jaguar XJ220 and McLaren F1 and has incredible presence. With a very limited production run of around 140 cars it is truly rare and exotic and with XJ220 prices rising steadily, the EB110 has plenty of scope to increase in value and looks inexpensive when compared to a Ferrai F50. It’s interesting to note that both the production of these vehicles and the values were killed by the recession at the time but they have weathered the storm of the recent credit crunch pretty well…..
Porsche 911 (964) Carrera RS – £219,500
An amazing result for what was an unloved Porsche when it came to market. Demand for classic Porsche is at an unprecedented high and the values of the 2.7 RS (now heading for the half million pound mark) must surely be helping to drive up the values of RS and lightweight Porsches including the 968 Clubsport. Porsche’s broad fan base clearly helps to support values and we are seeing many first time buyers making the foray into Porsche ownership.
Lamborghini Miura P400 S – £686,000
Lamborghini expert Iain Tyrrell of Cheshire Classic Cars was quietly confident when we put it to him that Miura prices might be beginning to level out.
Prices for Miura are still strong with SV’s now established in the £1 million bracket and the S and the P400 are catching up. An S should command around 75% of the price of an SV and a P400 around 60%. The key to a good Miura is originality – the cars that are correct and faithful to original factory specification are the most desirable, although in-period factory upgrades are fine. The red car sold at RM is exceptionally original hence the price, but you really do need to know what you are buying. In the light of Ferrari prices the Miura may seem a little way off in terms of value but in reality there is nothing in the Ferrari stable to compare it with except the BB which is in a different price bracket altogether.
Toyota 2000 GT – £595,000
Another incredible result for the lovely 2000 GT eclipsing even the result of £576,000 achieved at last years RM sale in New York. The little Toyota was built in tiny numbers and was more expensive when new than an E-Type – we can’t help thinking it’s the “Bond effect”.
What can we learn from this auction? Values are still rising and the trickle-down effect from the £1 million + mark is clear to see. Demand is high and buyers are hungry for good cars but there are still some bargains out there (relatively speaking) if you know where to look.
If you need help or advice on purchasing vehicles at auction or would like to arrange a credit facility to fund an auction purchase please contact Rob Johnson.