TOP 10 PRICES JULY 2020
£3,063,500 ($3,850,000) 1965 Shelby GT350R Prototype
Mecum, Indianapolis, USA. 10-18 July
£1,301,500 (€1,430,000) 1966 Ferrari 275 GTB Alloy
RM Sotheby’s, 14-22 July. Online
£1,278,000 (€1,416,000) 1955 Mercedes-Benz 300 SL Gullwing
Artcurial, Monte-Carlo, Monaco. 21 July
£1,138,000 ($1,430,000) 1965 Ferrari 275 GTS
Mecum, Indianapolis, USA. 10-18 July
£875,000 ($1,100,000) 1966 Shelby GT350 Convertible
Mecum, Indianapolis, USA. 10-18 July
£866,000 (€959,560) 1990 Ferrari F40
Artcurial, Monte-Carlo, Monaco. 21 July
£787,500 ($990,000)
CONSIDERING THAT
the HAGI P Porsche index moved upwards by just 1.16% through the whole of 2019, a bounce of 7.24% in June may seem nothing short of dramatic. Similarly the drop back by 5.05% in July appears equally striking, particularly when you bear in mind that low single-digit percentage monthly movements are the historic norm within the Porsche segment, and indeed across the entire investment-grade market.
You could also consider that as Porsche shed 5.05% in July, Ferrari gained 2.34%. However, it’s important not to confuse short-term variation, both within individual marques and between them, with volatility.
Certainly, across the portfolio of HAGI indices it’s unusual to see monthly movements in excess of 5%, and more so in times of reduced and negative growth, but it’s not exceptional. Equally there is some uncertainty in our sphere of interest, and against the backdrop of necessarily reduced trading activity this has manifested itself in a spread of pricing, in part dictated by the immediacy of sellers’ needs.
In the case of Porsche where, compared with Ferrari for example, the portfolio generally comprises cars produced in higher volume at lower price points and in a narrower price band, short-term variations in heavily weighted higher-priced components have a larger influence than elsewhere. However, the net result of the HAGI P’s movements in June and July amounts to no more than a 1.82% upswing, which is barely dramatic, compared with the mad gyrations that have affected other financial markets.
In fact the classic car sector is continuing to stand out for its relative lack of volatility. This has not always been the case.
See www.historicautogroup.com for more.
Dave Selby