Affordable classics are the segment to be in right now if your main concern is auction house performance.
Over the last few months we have seen auction house KPIs (Key Performance Indicators) rally after a period in which pundits had declared that the market was falling, if only gently. Sellers – both owners and auction houses – seem to have realigned their goals and prices and as growth in the mid to top-end of the market (£250,000+) has plateaued and in some cases corrected the affordable sector (less than £100,000 – crazy, isn’t it?) is booming. Away from the auction market, business is brisk in the sub £100,00 sector as collectors, enthusiasts and market players search for the next “growth markets” and let’s not forget that there are some really great cars available in that price bracket.
Either Silverstone Auctions have clearly identified this trend or the number of owners who are willing to have a go at selling their cars for inflated prices has diminished. LHD and story cars are getting back to where they belong in terms of price and you can now take your pick of imported LHD V8 Ferraris at auction for around £50,000, something you couldn’t have done 9 months ago. High quality RHD cars on the other hand continue to sell well with low mileage being a clear motivator for buyers.
Looking beyond the “records tumble” headlines generated by Silverstone Auction’s post sale press release this was a good sale for the auction house with 80% of lots selling and more importantly nearly 30% of lots selling within estimate which is impressive. The speculator specials have given way to enthusiasts cars.
The seven E-type Jaguars offered all sold above lower estimate and two flatnose 911 sold for World Records although only one now holds the record and we’re pretty sure Guiness couldn’t ratify it. A restored Lotus Elite with an interesting history sold for a very impressive £121,500 including premium and Princess Diana’s Audi Cabriolet sold for £54,000. This was part of the “Jewels In The Crown Collection” – a private collection of cars previously owned by a selection of Royals and celebrities from the Queen to Michael Winner. 50% of the cars sold.
Classic Land Rovers continue to sell well although how much more room they have to increase in value is anyone’s guess and we were interested to see a Mercedes 230SL find a buyer for £34,000 – another car that would inevitably sold for more at the beginning of the year.
Another good sale for Silvverstone Auctions who demonstrated that they understand the UK classic car scene well. For the rest of us it hints at what is selling well at the moment.
1990 Land Rover 110 V8 County Station Wagon – sold for £26,438 inc premium. Only 15000 miles.
1996 Mercedes-Benz 320 SL Mille Miglia – sold for £31,500 inc premium. 9,800 miles
1994 Audi Cabriolet – Formerly the Personal Conveyance of Diana, Princess of Wales – sold for £54,000 inc premium
1964 Mercedes-Benz 230SL Pagoda – sold for £34,313 inc premium.
1990 Ford Escort RS Turbo S2 – sold for £30,375 inc premium. 12,700 miles from new.
1958 Lotus Elite Series 1 – “For the Love of Cars” and ex-Chris Barber – sold for £121,500 inc premium.
1948 Land Rover Series I – sold for £43,875.
1965 Jaguar E-Type 4.2 ‘Series I’ Roadster – sold for £146,250 inc premium.
1985 Porsche 911 (930) Turbo SE ‘Flatnose’ – sold for £202,500 inc premium.
1989 Porsche 911 (930) Turbo ‘Flachbau’ – sold for £211,500 inc premium.
1962 Jaguar E-Type 3.8 Roadster – sold for £171,000 inc premium.
Total value of lots sold including premium + VAT – £ 5,761,504
|Sold over estimate||27||21.60%|
|Sold under estimate||34||27.20%|
|Sold in lower half of estimate||26||20.80%|
|Sold in upper half of estimate||9||7.20%|
|Sold in lower half of estimate or below||60||48.00%|
|Sold in upper half of estimate or above||36||28.80%|
|Sold at median estimate||0||0.00%|
|Sold within estimate – ACCURACY||35||28.00%|
|Left hand drive cars||N/A||N/A|
Total value of lots sold including premium + VAT – £ 4,187,954
|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||0||0.00%|
Images courtesy of Silverstone Auctions.