The Big Story

Turnover and average prices held back by COVID-19 – but experts say that the market is still healthy and strong

Global auction results: the latest trends revealed

The experts behind a new book chronicling the world’s classic car market have said that the global average price paid for classics slumped by nearly 20 per cent this year as buyers and sellers grappled with the coronavirus pandemic.

Experts behind the Classic Car Auction Yearbook – now in its 25th edition – said that both prices and turnover dropped as the market responded to the move to national lockdown and a move to online-only auctions, but added that the global average sale rate of 71 per cent is close to the result for its 2018-19 figures, showing that the market for older vehicles is still strong. Co-author, Adolfo Orsi, said: ‘The results were much better than expected; with the auctions of the second half of the season the sale percentage reached an unexpected 70 per cent. What it heavily changed is the average value of cars sold.

‘Most buyers are focusing on buying their dream cars or bettering the quality of their collections more so than ever before.’

The numbers of cars offered was seven per cent down on the previous period and turnover down 27 per cent. Average prices were down 20 per cent, with redemption coming from the sales rate which, at 71 per cent, is close to the previous period.

Modern classics dominate the top ten global prices recorded in the guide, with a 2014 Lamborghini Veneno Roadster, one of just nine built, pulling in the highest price after making £6.79m at Bonhams’ Bonmont sale in September 2019. Two 1932 Bugatti Type 55 Roadsters slip into the top ten, as do two Ford Mustangs, one a Shelby GT350R prototype with good American competition history, along with the 1968 example that Steve McQueen drove in the movie Bullitt.

The USA may have accounted for 57 per cent of sales by value, but the UK placed a strong second with 14 percent of global sales, ahead of both France and Switzerland.

Co-author, Raffaele Gazzi, said: ‘This year’s figure is a good, unexpected number given the circumstances. However, we have to go back to the 2009-2010 season to find a lower top price than what was realised in 2019-2020.’

The Classic Car Auction Yearbook is available now priced at £79.99, from Chaters Motoring Booksellers (chaters.co.uk).

Bonhams’ MPH sale, held during the Classic Car Drive-In Weekend at Bicester Heritage, was one of the UK auctions to have recorded encouraging results during this year’s COVID-19 pandemic.