1963 Jaguar E-type: Made £99,000 via internet auction
► Experts say that realistic pricing is key to keeping the market healthy
► Cars are still finding homes throughout the Covid-19 pandemic
► Buying and selling continues unabated, despite social restrictions
A specialist in online-only auctions has said that there is plenty of appetite for classics as the UK-wide lockdown continues – but only if sellers are realistic with prices.
The Market said that while it’s enjoyed a 90% sale rate throughout April – the first full month when businesses across the UK were ordered to close to combat the spread of Coronavirus (COVID-19) – it noted that the 42 classics that had found new homes had been based on pricing them realistically, rather than any fluctuations in demand.
Director, Tristan Judge, said: ‘People are buying but there are still some vendors with semi-realistic prices based on values of the last three years and not the last three weeks.’ ‘My advice to people is don’t be greedy and expect last year’s values. Cars won’t sell if they’re over-priced or, as in the case of some sellers, they don’t bother to answer the telephone.’
Of those cars offered, 13 were offered without reserve. One, a 1974 Mercedes-Benz 280CE project sold for £10,095, while a 1983 Porsche 928S went for £5850. Early Minis are still commanding reasonably strong money, with a 1961 Austin in very good/restored order selling for £9050. The top price was £99,000, which secured a 1963 Jaguar E-type roadster in very good restored order.
The Market’s results for 2020 so far reflect an appetite for deals that has continued despite the lockdown, something that has also been reflected by strong online results from Classic Car Auctions, Bonhams and H&H Classics in their differing takes on online-only sales. Brightwells has also decided to return with an online sale, and Anglia Car Auctions has said it has seen plenty of interest in its next auction, thanks to its policy of offering short videos and limited viewings of cars beforehand.
Classic Car Weekly’s markets editor, Richard Barnett, said: ‘As the classic market continues with lockdown, the keenness to buy and sell continues unabated. Since legislation brought a temporary end to “real” auctions the move to online-only sales has delivered some mixed results, although generally the results have been better than might be expected.
‘Buyers and sellers have to be realistic when assessing values but while some might think that only the very best cars will continue to sell, average and reasonably good examples will, if priced correctly. However, the gap between excellent and good cars is widening.’
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