NEC Auction results - Crash or bear market? Err no..
Discussion
Given that more than a few on here are talking down classic values I was quite interested in what would happen on day one of the NEC 2019 Silverstone auction (link below).
Prices were very bullish IMPHO. Granted that the 1991 325i had 6794 miles on the clock but it made £45k.
Likewise a 1983 1600i Escort made £27k.
Then we have Mr Jay Kay's who is to quote a "rock legend" (I think we can describe Sinatra/Elvis/Dwight as rock legends however is Jay a "legend"??!) 280TE which made £25.5k.
A DB5 went through at £540k. Two 1980 RS2000 at £32k and £33k
Other prices were generally punchy and firm. It was certainly not the epic disaster many on here would expect to see in a bear market that has fallen out of bed.
I consider this a illustrative barometer of the current market...
https://live.proxibid.com/BidderWeb/main.do?auctio...
Prices were very bullish IMPHO. Granted that the 1991 325i had 6794 miles on the clock but it made £45k.
Likewise a 1983 1600i Escort made £27k.
Then we have Mr Jay Kay's who is to quote a "rock legend" (I think we can describe Sinatra/Elvis/Dwight as rock legends however is Jay a "legend"??!) 280TE which made £25.5k.
A DB5 went through at £540k. Two 1980 RS2000 at £32k and £33k
Other prices were generally punchy and firm. It was certainly not the epic disaster many on here would expect to see in a bear market that has fallen out of bed.
I consider this a illustrative barometer of the current market...
https://live.proxibid.com/BidderWeb/main.do?auctio...
Genuine sort after or popular cars will always make good money .
The talked up , investment , jump on the bandwagon dross have had their day at last .
All we have to do now is sort out the over syruped american "100 point " restoration abominations and I might regain my flagging interest in classic and vintage cars .
The talked up , investment , jump on the bandwagon dross have had their day at last .
All we have to do now is sort out the over syruped american "100 point " restoration abominations and I might regain my flagging interest in classic and vintage cars .
grumpy52 said:
All we have to do now is sort out the over syruped american "100 point " restoration abominations and I might regain my flagging interest in classic and vintage cars .
Indeed, I hate seeing all new leather in an old car. Okay, if the interior has been eaten by mice but if it's nicely worn I despair when the US "restoration" people rip it all out for a full retrim! Edited by RichB on Sunday 10th November 14:49
To suggest that the NEC auction represents the overall current trend in the classic car market is misleading - There are plenty of other recent classic car auctions where lots went for less than their estimates, or went unsold.
The problem with the auction at the NEC show is, potential buyers wander around the show, look at all the nice looking classic cars on display, and the projects that look so tempting, get caught up in the whole classic car environment, and end up paying over the odds for cars (I saw much the same at the classic car auction during the Autosport show this year - People were paying more than market value for cars - A rusty Jaguar XJS, and a well used Ferrari 308 GT4, with some rust visible spring to mind straight away!)
Personally speaking, I judge the classic car market on all of the recent auction results, rather than an individual auction, along with the general trend of asking prices of cars on the classic market, on as many sites as possible.
One of the markets I pay most attention to, is the Ferrari market (especially the more affordable end of the market).
A couple of years ago, a well looked after 308 GTB/GTS with 30K~50K on the clock, would cost you @ £90K ~£100K+ . Today, they are starting from @ £65K.
Two years ago a 328 GTB/GTS with 30K~50K on the clock, would have set you back @ £80K~£100K+. Today they're starting from @ £65K.
360's have dropped from £70K~£80K cars, to being £50K~£65K cars.
Mondials that were going for £40K~£50K, are now down to £30K~£40K
Even "Daytona" and 246 Dino prices have shrunk back to a degree over the last year or so
The implications of Brexit are still not known yet, which could have a massive impact on the classic car market. If it turns out to be the disaster that many are predicting, the classic car market could be flooded with owners selling of their cars to free up some cash - Which could result in the market crashing!
As for the person who paid £45K for the low mileage E30 325i - I can't help feeling that they may well have paid @ £10K over the odds for the car, and in the next 18 months to 2 years, may find the car's only worth half of what they paid for it! (nice as they are, 325i's are not THAT special, even ultra low mileage ones!)
The problem with the auction at the NEC show is, potential buyers wander around the show, look at all the nice looking classic cars on display, and the projects that look so tempting, get caught up in the whole classic car environment, and end up paying over the odds for cars (I saw much the same at the classic car auction during the Autosport show this year - People were paying more than market value for cars - A rusty Jaguar XJS, and a well used Ferrari 308 GT4, with some rust visible spring to mind straight away!)
Personally speaking, I judge the classic car market on all of the recent auction results, rather than an individual auction, along with the general trend of asking prices of cars on the classic market, on as many sites as possible.
One of the markets I pay most attention to, is the Ferrari market (especially the more affordable end of the market).
A couple of years ago, a well looked after 308 GTB/GTS with 30K~50K on the clock, would cost you @ £90K ~£100K+ . Today, they are starting from @ £65K.
Two years ago a 328 GTB/GTS with 30K~50K on the clock, would have set you back @ £80K~£100K+. Today they're starting from @ £65K.
360's have dropped from £70K~£80K cars, to being £50K~£65K cars.
Mondials that were going for £40K~£50K, are now down to £30K~£40K
Even "Daytona" and 246 Dino prices have shrunk back to a degree over the last year or so
The implications of Brexit are still not known yet, which could have a massive impact on the classic car market. If it turns out to be the disaster that many are predicting, the classic car market could be flooded with owners selling of their cars to free up some cash - Which could result in the market crashing!
As for the person who paid £45K for the low mileage E30 325i - I can't help feeling that they may well have paid @ £10K over the odds for the car, and in the next 18 months to 2 years, may find the car's only worth half of what they paid for it! (nice as they are, 325i's are not THAT special, even ultra low mileage ones!)
I think sale prices mostly reflect what market analysts have been saying. The very best examples continue to command high prices but simply good ones (I.e. something an enthusiast would drive) mostly continue to drop.
I enjoyed my fast Fords as a lad but am encouraged to see that I'll soon be able to buy a faster Ferrari for Ford money.
I enjoyed my fast Fords as a lad but am encouraged to see that I'll soon be able to buy a faster Ferrari for Ford money.
Sunday's results are also pretty decent.
No weak prices generally.
https://www.silverstoneauctions.com/events/2019-au...
No weak prices generally.
https://www.silverstoneauctions.com/events/2019-au...
Leylandeye said:
I don't think the £45K 325i was too OTT if the condition is in line with the mileage. Yes, they aren't that special but nor is it a huge amount if a particular buyer wants it.
Harry Metcalfe has a preview video of the sale:https://youtu.be/9ElQbqxTydg
325i is featured at 19:50.
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