GLOBAL MARKET BOUNCES BACK THE
Results from both sides of the Atlantic show that enthusiasts are behind strong results
Anew insight into auction results from around the world has revealed that the market for classic cars has strengthened significantly after the initial setbacks of the Covid-19 pandemic.
The team behind the new Classic Auction Yearbook 2020-2021
(£79.99, chaters.co.uk) said that global turnover in pounds sterling for 2020/2021 was £757 million, up on £533 million for the 2019/2020 period, while 192 cars sold for more than $1 million, a hike on the 108 selling for more than $1 million in 2019/2020. Of the number of cars covered, 4045 of 5407 sold, a sale rate of 75 per cent, a rise on the 71 per cent in 2019/2020.
Another development is the number of classic market turnover generated by online sales, now at 13 per cent, compared to four per cent two years ago.
One of the book’s editors, Alolfo Orsi, said: ‘Classic cars represent a great passion for many of us, filling our lives with purpose and emotion. While some collector investments have lost interest in these past months the vast majority of true enthusiasts are focusing more so than ever before, if their pockets allow, on buying their dream cars or upon improving the quality of their collections.
‘The classic car industry has been hit heavily with many cancellations of fairs and events. However, while some services saw significant decreases for many the passion and effort has returned.
‘Looking at the results of the second half of 2021, one could have the impression that the market is very strong right now. These statistics could be the result of a technical rebound after the cancellation of so many auctions and events, though another indicator leaves us to believe it could be more than that, with the sales percentage much higher than anticipated.’
CCW’S markets editor, Richard Barnett, said: ‘It’s good news that globally the market didn’t suffer as much as might be expected. The biggest growth in market share came from online sales – that growth, the combination of Covid-included lockdowns and the undiminished demand for classics secured the acceptance of online sales, even for high-value cars.
‘The new book’s editors say that the second half of the period covered shows a strong market, but they wisely offer the caveat that such strength could have been the result of pent-up, early-lockdown demand being freed up as Covid restrictions are gradually eased.’