Auctions Commentary from CCFS Market Analyst Richard Hudson-Evans
Another health check for the classic car market has concluded that prices paid in 2015 for the most significant collector vehicles were 16.57% higher that they were on 2014 invoices. For after the ‘HAGI Top 50’ had risen by 0.91% in December trading, traditionally the quietest month for high value transactions, the benchmark index ended the Old Year with a new index points high and a gain of 16.57% for 2015.
Another health check for the classic car market has concluded that prices paid in 2015 for the most significant collector vehicles were 16.57% higher that they were on 2014 invoices.
Even though marques other than Porsche and Ferrari, as monitored by the Historic Automobile Group International’s ‘HAGI Top ex P&F’, fell by an unseasonal 2.38% last month, the index that excludes Porsche and Ferrari activity actually showed the best growth over the year, going up by 20.85%.
The greatest growth has been in Aston Martins led by a 1962 DB4GT Zagato sold by RM Sotheby’s during a $73.5m (£48.51m) Christmas shopping spree in New York December for $14.3m (£9,438,000) to become the top priced British car to sell at auction. While contrasting cruelly with their so far back of the field performances in Formula One, a 1998 McLaren F1 street statement supercar - upgraded with ‘LM Spec engine and extra downforce package, and the 63rd and second to last built - achieved $13.75m (£9,075,000) at the Monterey sales in August to be the second highest priced British car auctioned of the year.
During the same $172.9m (£114.1m) grossing RM event in California, a Jaguar ‘Works Lightweight’ C Type from 1953 took third place in the British Historic Car Auction Grand Prix with a $13.2m (£8,712,000) result in California.
The HAGI P Index meanwhile, which reflects classic Porsche activity, went up an extraordinary 9.80% in the holiday shortened month of December compared with November trades and rose 19.81% through the year as a whole.
The top priced Porsche sold at auction in 2015 was a 1982 956 in now politically most incorrect Rothmans colours, the third of only 10 Works 956s built, which clocked up five victories including the 1983 Le Mans, and which sold for $10.12m (£6,679,200) under the Gooding gavel at Pebble Beach in August. Among many other milestone valuations for the marque, a 1960 RS60 raced to a $5.5m (£3,630,000) result during the same two-day $128m (£84,480,000) house record breaker for Gooding in California.
Earlier in the summer in the UK, the 1961 RS61 Spider (in the photo above) that had been historic event raced by Sir Stirling Moss made £1,905,000 in the Bonhams tent at the Goodwood Festival of Speed to become the highest priced Porsche sold at auction in Europe in 2015. The £393,500 performance of the once Richard Hamilton daily driver, but nowadays uber-mint 1973 911S 2.4 Coupe in the same sale was spectacularly memorable too. And no reviewer could miss could miss the psychedelic ‘Janis Joplin 356C Cabrio’ from Flower Power 1964, which made an estimate-shattering $1.76m (£1,161,600) in the Big Apple before Christmas!
By establishing a clutch of new record prices for Ferrari models acquired at auction in the Top Ten, Twenty, Fifty and Hundred charts, the most world famous of all Italian brands again totally dominated the 2015 auction stats. Although the Prancing Horse stable did actually under-perform its own long-term annual average, ‘only’ managing a gain of 10.95% during 2015, up in December by just 0.7% month on month.
The major Ferrari prices in 2015 were the Fangio raced ex-Ferrari factory team 1956 250 MM which powered to an end of year-topping $28.05m (£18,513,000) at RM Sotheby’s in New York. The same auctioneers sold a 1964 250LM for $17.6m (£11,616,000) at Monterey in August. While the same week Gooding sold a 1961 250GT SWB California Spider for $16.83m (£10,810,800) and a 1962 250GT SWB Berlinetta Speciale for $16.5m (£10,890,000) at Pebble.
In Europe, during Retromobile week last February, the 1961 French Riviera boulevard cruised, but very sorry looking 250GT SWB California Spider truly amazed by achieving an EEC record breaking 15.94m euros (£12,114,400) under the Artcurial gavel.
Whilst the October sale by H&H at Duxford of the late Richard Colton’s 1960 250GT SWB Berlinetta in steel also deservedly made the headlines. For even though the right-hand drive car was just about ready for its first back to chassis resto, ‘574 NOT’ sold for a UK Ferrari auction record £7,392,000 to benefit the RNLI, who were most recently seen on TV rescuing flood victims in their inflatables in Cumbria. All our thanks to them.
Whilst HAGI’s Mercedes-Benz Classic Index (MBCI) gained less than both the Porsche and Ferrari indices in 2015 as a whole, going up 7.57% year on year, M-B prices increased by 3.24% in December compared to November.
Although, rather surprisingly I would suggest, the highest-priced Three-Pointed Star at auction in 2015, languishing in around 50th place in the global standings, was a 1935 500K Cabriolet A sold for $3.025m (£1,996,500) by RM Sotheby’s in March at Amelia Island Florida. Bonhams also sold a 1938 540K Cabrio A for 2.76m euros (£2,014,248) at their annual Mercedes factory Museum sale in March last year.
Your 2016 screens will not be empty for long though. For the first New Year sales of the next buying season commence this weekend with simultaneous Coys sales Saturday 16 afternoon at Top Mobiel in Maastricht and during Autosport International at the NEC in Birmingham. And then there is the first ACA drive-through of the year at ACA in King’s Lynn next Saturday 23.
Armed with blank parchment and freshly sharpened quill pen, I shall attempt to keep up with the movers and shakers during another year on the auctions road. Although the price of essential coffee rises as the Costa Alot Bucks empires expand, at least the so far faithful CRV’s favourite tipple of imported diesel is almost the same price as profitably bottled water!