CCA’s £1.8m sales afternoon
While the business of government has been democratically paralysed by the electorate pencilling their primitive X in unexpected boxes, CCA defied the economic malaise that has descended on most sectors in post-election UK by selling 77 per cent of the 158 classics offered for £1.8m in a very well attended Saturday afternoon session at the Warwickshire Event Centre.
Another market confidenceboosting statistic in Leamington Spa was the 21 of the 122 sellers out-performing their pre-sale estimates on the day – notably, a Lamborghini Countach 5000S Evocation with a Lexus 4.0 V8 engine in the tail making £50,050 – £25,050 more than forecast. Other classics that flew past their estimates included a 1970 Mercedes 280 SL, which fetched £62,700 (£7700 above guide), and a 1991 Honda NSX £41,250 (£5259 over estimate).
But although sterling-invoiced classics have never been better value for those paying in dollars or euros, few foreign languages are heard in the salerooms or on the phones because most popularly priced stock is bought by natives who still have the confidence to consume.
Most alternative destinations for taxed income have never been less attractive, as even inadequate returns from safe ISAs are wiped out by the reality of the latest inflation figures. For due to the increasing cost of imports following the Brexit vote, UK inflation rose from 2.7 per cent in April to 2.9 per cent in May, the highest savings-eroding statistic in four years. May retail sales, meanwhile, softened by 1.2 per cent. Only risky equities, it seems, have outperformed other Indices, the S&P Global 1200 putting on 1.78 per cent in May and growing in value by 9.41 per cent in the year to date.
‘A Countach evocation with a Lexus V8 made £25,000 more than forecast’