Average prices drop at USA’s an­nual mega auc­tions of 3000+ clas­sics

Classic Car Weekly (UK) - - News -

The an­nual auc­tion bo­nanza held in Scotts­dale, Ari­zona in the USA once again hints at fu­ture mar­ket trends in the clas­sic car mar­ket. With more than $250m of cars sold by six auc­tion houses dur­ing one week, the num­bers are in – and point­ing to a fur­ther cool­ing of the mar­ket.

The over­all to­tals are im­pres­sive, espe­cially from RM Sotheby’s, which man­aged to move a 1937 Mercedes-Benz 540K Spe­cial Road­ster (right) for a record $9,900,000 (£6,897,600). But even though the records fell, the over­all pictures is that the num­bers are down. The over­all average price per car sold in 2016 was $100,588, but this com­pares with $115,729 for last year. And equally rel­e­vantly, sell-through rate has dropped from 86% in 2015 to 80% this year.

The over­all Top 10 sales at the Ari­zona Clas­sic Car Auc­tions are quoted in the ac­com­pa­ny­ing ta­ble (below), which makes in­ter­est­ing read­ing. For once, the top seller isn’t a Fer­rari – and it’s come in for rather less than the psy­cho­log­i­cally im­por­tant – for the mar­ket – $10m.

For 2016 the over­all to­tals are down 14.5% com­pared to 2015 with the average sale price down 13%. In­creas­ing prices dur­ing the past three years for cer­tain models have el­e­vated at­ten­tion and brought more ex­am­ples to mar­ket. In­ter­est­ing drops in­clude the 1963-73 Porsche 911s, with their average sale price de­creas­ing by 20%. Emerg­ing bright spots in­clude late model ex­otics and in­ter­est­ing mod­ern clas­sics from the 1980s and ‘90s across a va­ri­ety of price brack­ets.

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