Probably the most remarkable feature of Silverstone Auctions’ 2015 NEC sale was that it returned near identical results to the 2014 sale in terms of sell through rates, average values and lots sold in, over and below estimate which reflects the steady performance of the classic car market in general. There has been a lot of (largely successful) hype around some of the results but in reality prices were steady rather than ground-breaking for the most part.
What did well?
As the market for £250,000+ vehicles has settled buyers are looking to the sub-£100,000 price bracket looking for bargains and investment potential and this is being borne out in the sub £50k sector in particular.Individuality , rarity and low mileage are the key factors in determining desirability.
Ford RS models seem highly priced to us but there is no doubt that they have a significant following as a cult performance car and it is perhaps the sheer number of followers that ensure great auction results.
Ford Sierra Cosworth RS500 – sold for £90,000 inc 12.5% buyers premium
Ford Capri RS3100 – sold for £48,375 inc 12.5% buyers premium
Ford Escort RS Turbo – sold for £60,188 inc 12.5% buyers premium
Ford Sierra Sapphire RS Cosworth 4×4 – sold for £35,438 inc 12.5% buyers premium
Limited production performance cars also performed well.
Citroen SM Maserati – sold for £51,188 inc 12.5% buyers premium. Good examples are available in the mid £30’s.
Honda NSX – sold for £53,438 inc 12.5% buyers premium
Renault 5 Turbo 1 – sold for £61,875 inc 12.5% buyers premium
RHD, low mileage cars with good provenance in in great condition did well – no surprise there.
What didn’t do so well?
High mileage Ferraris really showed that they just don’t compare in price to the low mileage variety and we dare say that there will be a couple of buyers who will have bought some decent drivers’ cars at sensible money.
Many of the Ferraris on offer either sold below estimate or not at all with a couple of exceptions including a low mileage LHD 355 and judging by the prices of the 355s on display at the NEC sellers believe they still have some way to go in price although we have yet to be convinced.
The Alfa Montreal failed to sell and it may just be that we are seeing the chances of these cars fulfilling the price potential that some have bestowed on them slipping away. Did we really love them back in the day? The Jaguar XJ220 sold well but below estimate on the hammer. We would also question how much price momentum classic Range Rovers are still carrying.
Patterns and trends
Quirky, fast and fun. More modern, affordable performance cars are coming to the fore. If you had recently successfully made some money on a V12 Ferrari or a 6-cylinder Aston, where would you be dabbling right now?
Silverstone Auctions historic performance remains very steady (see graph below)
|Sold over estimate||8||8.42%|
|Sold under estimate||34||35.79%|
|Sold in lower half of estimate||12||12.63%|
|Sold in upper half of estimate||8||8.42%|
|Sold in lower half of estimate or below||46||48.42%|
|Sold in upper half of estimate or above||16||16.84%|
|Sold at median estimate||2||2.11%|
|Sold within estimate – ACCURACY||22||23.16%|
|Left hand drive cars||N/A||N/A|
Images courtesy of Silverstone Auctions.