SCOTTSDALE RESULTS POINT TO COOLING OFF
Average prices drop at USA’s annual mega auctions of 3000+ classics
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.