A tour round the cars on offer at this year’s Silverstone Classic car auction revealed in the main cars that have had a recent refresh. Originality and patina was not on offer here and we genuinely believe that this makes the task of buyers more difficult. Why are most of the cars painted, retrimmed or restored? Is it because they have been bought simply to sell on for a profit? What lurks beneath the water-based paint?
The answer is “who knows” and in a sale room it is becoming increasingly tough to spot a genuine, honest good value car with the naked eye. That’s not to say that the cars weren’t any or all of those things but wasn’t life easier when cars were presented “warts and all”?
Silverstone Auctions did well – the sell through rate was identical to last year and although the total value of cars (excluding race cars) was lower than last year the total value sold as a percentage of the total median estimate was actually up – from 56% last year to 59%.
Last year’s investor special Ferraris and Porsches didn’t set the world alight. Of the 20 Ferraris half didn’t sell with seven sold under estimate.
There were fewer left hand drive cars for sale this year, despite Brexit – only 17% were LHD this year compared to 32% in 2015.
Jaguar Etypes did well. A restored Series 1 4.2 FHC made £124,880 inclusive, a Series 1 roadster chassis number 62 made £140,630 and a restored Primrose Yellow Series 2 FHC made £118,130 inclusive – impressive given a few quirks.
Geoff Hurst’s 550 Maranello – low mileage, UK RHD manual, didn’t find a buyer, but you can buy it now for £145,750
Ford Sierra RS500 sold for £75,380 inc Premium and VAT.
AC Ace Bristol – sold for £249,750 inc premium and VAT.
A low mileage UK-supplied RHD Ferrari 512 TR previously owned by Peter de Savaray looked good value on paper at £162,000.
£51,000 for a LHD Mercedes SL70 AMG with SL55 “Turbine” alloy wheels illustrates that some people are still willing to splash out on the unusual, even if it isn’t 100% correct and original.
A one owner, 8000 mile Peugeot 205 1.9 GTI predictably sold well for just under £31,000.
Patterns and trends
Take a look at the auction house performance graph below and you will see that it is slowly tailing off – a trend which is affecting many auction houses. Average estimates were significantly down this year compared to 2015 and we believe this is because fewer high quality, high value cars are being offered rather than it being down to reduced values although estimates are more conservative. Unwary bidders may not be snapping up average cars in the way that they were, but values remain strong and sales prices are becoming more attractive.
|Sold over estimate||7||6.31%|
|Sold under estimate||49||44.14%|
|Sold in lower half of estimate||13||11.71%|
|Sold in upper half of estimate||0||0.00%|
|Sold in lower half of estimate or below||62||55.86%|
|Sold in upper half of estimate or above||7||6.31%|
|Sold at median estimate||0||0.00%|
|Sold within estimate – ACCURACY||13||11.71%|
|Left hand drive cars||24||17%|
Images courtesy of Silverstone Auctions.