1971 XY GT-HO
Whatever the reason, GT-HO Phase IIIs have always captivated Aussie car enthusiasts. Values by 1980 had doubled but it wasn’t until the late 1980s that prices of $70,000 were being confirmed and $100,000 believed possible.
By 2008 when the generalised jitters and the GFC took control of the market, GT-HO values had become seriously large. $750,000 was paid in a private sale and $683,000 at auction and one hopeful individual was keen for his car to become the first to crack the $1 million barrier.
In favour of owning a Phase III is scarcity. Only 300 were made, and fewer than half that number of authentic cars are thought to survive. Every car that comes into the market will be known and documented and there are people who can meticulously inspect a prospective purchase to ensure all of the unique and significant Phase III components remain in place.
Sales during the past few years have been sparse and values below expectations. A recent hammer price of $1,030,000 will almost certainly change that. During 2017 there were sales that were recorded at around $500,000, with nothing to suggest the market was ready to more than double its best previous offer.
So why did one GT-HO reset the record books? Was it really twice as good as those that had gone before it?
In truth probably not, but this car’s appeal was heightened by extreme authenticity and celebrity ownership. Not to mention some very effective marketing that ensured anyone not buried under a road would have been aware of the auction house’s expectations.
Now a new benchmark has been set and the door is open to cars of equal and perhaps greater appeal.