THE MARKET
Sales, previews, Lancia Thema 8.32 guide
IN THE HIGH-END marketplace, sellers are expecting 2014 numbers, while buyers are holding tight to their wallets and biding their time, as expectation, or at least anticipation, of lower selling prices in the near future is giving them pause.
We have turned the corner from a market where you could buy it now, wait a few months and sell it for more. Although there is still strength in many corners of the marketplace, a new, lower pricing structure is working its way into place in others.
The market is getting weaker, then? Not so fast. More and more buyers expect ready-to-go cars, in terrific shape, with great ownership histories and full records. The interesting part? In most cases they will still pay whatever the cost is to acquire that car.
For the most part, those near-perfect cars are no longer coming to auction. In some cases dealers or brokers are selling them privately, but in most cases they’re just staying home. Quite simply, there’s not a lot of pressure for owners to sell. Why? With a hot stock market, combined with a hot property market, the pressure to sell is not as strong. It’s a double-edged sword, however, as stocks and property now are competing for investment money that flowed into the collector car market during the past nine years.
So let’s add the forthcoming Monterey sales to the ‘wait and see’ mix. With the new-to-Monterey Worldwide Auctioneers in the line-up, quick reviews of the catalogues show some eye-opening statistics. The valuation team from Hagerty notes that the most ‘common’ make on offer will be Ferrari. It will represent 12.1% of all cars going under the hammer. Porsche is close behind with 12%, down from 15% in 2016. Million-dollar cars – perhaps better described as potential million-dollar cars – will also be down this year, from 104 to ‘just’ 94. Potential $10 millionplus cars have halved from ten to five.
Heading up this month’s report is a sale that can only be described as a valiant struggle. The Artcurial Monte Carlo sale, which had sales of almost €10,000,000, including aftersales, was a five-hour event with 122 vehicles on offer. Artcurial says this is the largest collector car auction it has held in Monaco. The sell-through rate was recorded at 51%; there were plenty of aftersales to make that number happen. The selection of cars on offer was wide and varied, marques of major interest such as Ferrari, Jaguar, Porsche and Lamborghini making up the bulk of the sale. Favourite sellers include not one, but two, Austin Mini Mokes, both selling well amid the action. The ‘Beach Car