Auctions Commentary from CCFS Market Analyst Richard Hudson-Evans
A UK-built and consigned Mercedes 300SLR Evocation with 280E engine legally migrated to Denmark last month to be hammered away for 326,250 euros (£254,475) including Silverstone Auctions premium. As measured by the HAGI Top Index, the overall market for rare collectors’ cars traded unchanged during the month of May compared to April, while year to date growth also remained at 1.06% and at 14.55% over 12 months.
A UK-built and consigned Mercedes 300SLR Evocation with 280E engine legally migrated to Denmark last month to be hammered away for 326,250 euros (£254,475)
Actually the prices of genuine factory-built Mercedes-Benz classics, as charted by the HAGI MBCI, did fall back by 1.24% month on month and the prices for Mercs have declined by 1.14% for the year to date. Collector Porsche values have recently come off the boil, too, the HAGI P Index falling by 2.24% in May compared to April, although Porsche prices are still up for the year so far, by 1.4%.
Ferrari Prancing Horses continue to run with the Bulls however, the HAGI F being the only Index from the Historic Automobile Group International stable that has statistical growth, the prices being achieved for Ferraris increasing by 1.18% in May and gaining by 2.38% for the year to date.
By contrast, the market for lower quality cars, say HAGI, was less active last month with noticeable price declines and, I can also personally confirm from monitoring auctions reality, several markedly lower sale rate percentages and a significant number of Not-Solds in Bedfordshire, Buckinghamshire, Dorset, Surrey and even Monaco.
The not yet rare breed buyers, meanwhile, continue to focus on perfect condition cars, be they well restored, unmolested or sympathetically revived originals, with full documentation in well stocked history files.
Those with money to spend however may not feel like doing so on classic cars at the moment, not until they know what the Post-Neverendum pound in their holey pocket or under the bed is going to buy. The well hedged holders of cash will have already converted some of their Brexit-rocky Sterling into more stable non-EU currencies until the coast is clear to land again. And regardless politician-induced uncertainties, there will be three more mega auction entry tests for the old car market over the next week alone.
First, 140 classics go under the Historics at Brooklands gavel Saturday 11 June. This will be the now well established firm’s 25th consecutive sale since Director Mark Perkins and Auction Director Edward Bridger Stille and team first erected their marquee within the M25 Economic Zone in the Museum grounds in June 2010. Six years of boom ago, Historics knocked down a 1951 Lambretta restoration project for £200 and peaked with a £670,500 result for a stately 1931 Bentley 4½-Litre Open Tourer.
And then next Saturday, 18 June, there could be simultaneous over-load for the national classic car auction grid. As both Anglia Car Auctions and Classic Car Auctions will be selling up to 280 and 164 cars simultaneously from 12 noon at the ACA Drive-Through in Beveridge Way on the outskirts of King’s Lynn, Norfolk, and at the Warwickshire Events Centre beside the Fosse Way near Leamington Spa.
On your behalf dear surfers, I shall endeavour to circumnavigate a bewildering number of roundabouts to observe play. If the power steering can cope, I will, of course, report back on the movers and the losers before this particular game of musical thrones runs out of music and market makers have to take a breather.