Could the heat be coming out of modern Ferraris? If so it is warming up the more affordable classics as Silverstone Auctions May Sale shows that there is more to the classic car market than just the prancing horse.
What did well?
1952 Land Rover Series I 80″ – £35,000 + 12.5% premium
1975 Porsche 911 Carrera 2.7 MFI Coupe – £130,000 + 12.5% premium. Given the price being asked for these it should probably be no surprise that a UK Carrera 2.7 should make this money. Plenty of headroom for an extensive refurbishment.
2001 BMW Z3 M Coupe -£32,500 + 12.5% premium. An amazing result but who would bet against these becoming an iconic classic?
1977 Jaguar XJC One family owned & 17000 miles – £31,000 + 12.5% premium. Provenance and low mileage win again.
1980 Ford Escort 1.6 Ghia 4door Mk II – 1 Owner – 3243 miles from new. £14,000 + 12.5% premium. This car made more than an RS2000….
1986 Mercedes 190E Cosworth – £34,000 + 12.5% premium for a 185bhp eighties saloon….. “Affordable” classics are on the rise. Will the Lotus Carlton follow?
What didn’t do so well?
The glut of Ferraris didn’t receive the response that might have been expected and bidding will no doubt be affected by the fact that we believe that most of these will have been snapped up by dealers who will need to keep a sensible margin as well as wiggle room in the price of the cars. Stock turn for average cars isn’t high and it is unlikely that the most trusted sellers of these types of vehicle will have been bidding on them at this auction.
Of the 15 Ferraris offered, four sold in the lower half of estimate and two in the upper half, three under estimate, four did not sell, and just two exceeded the estimated sale price. Broadly speaking bids were roughly in line with market values though – does this signal a waver in the confidence of dealers? We’ll be watching to see when and where these cars reappear in the market.
1991 Alfa Romeo SZ – unsold.
1994 Jaguar XJ220 – unsold.
Patterns and trends
Affordable classics are on the up and it looks to us like the modern Ferrari market has become superheated with a slight drop in dealer confidence in the prices of Testarossa and TR – we have seen some ageing sock reduce in price over the last few weeks although the average continues to increase. As ever, the best cars are most desirable and increasingly they are not coming to auction.
Silverstone Auctions historic performance remains steady (see graph below)
|Sold over estimate||9||11.54%|
|Sold under estimate||21||26.92%|
|Sold in lower half of estimate||18||23.08%|
|Sold in upper half of estimate||7||8.97%|
|Sold in lower half of estimate or below||39||50.00%|
|Sold in upper half of estimate or above||16||20.51%|
|Sold at median estimate||1||1.28%|
|Sold within estimate – ACCURACY||26||33.33%|
|Left hand drive cars||33||42.31%|
Images courtesy of Silverstone Auctions.