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2020 was a ‘challenging’ year, but auction houses have adapted well
not forget 2020 in a hurry. Public health crisis aside, the economy has faced unprecedented shutdowns, and both international and local travel have been curtailed. After the initial shock and event cancellations, it was clear that the auction world would continue in one form or another. We’ve highlighted some of the highs and lows during the year but, as we head into 2021, it’s a good time to reflect on just how things changed in 2020.
As the pandemic hit in March, everything ground to a halt. The many big event cancellations hurt in the short term, and it felt like the shift towards online happened almost overnight. RM Sotheby’s led the way in May with its timed online auction, posting strong results, with Gooding following in August. Inevitably, Monterey week was cancelled, as were most of the physical auctions that went along with it.
Many had already predicted that the market would eventually shift to a more online-centric model, and this year has both accelerated that move and proven that buyers (for the most part) are ready. It’s been interesting to see how the various auction houses have fared with the different options. Silverstone Auctions found success streaming behind-closeddoors live auctions where others faltered, while RM‘s timed listings outshone some less impressive results elsewhere. Historics stuck to running socially distanced live auctions, with the ability to bid online, resulting in a number of excellent results.
Of course, some of the biggest winners have been the online-only outfits such as Collecting Cars and The Market in the UK, along with the mammoth Bring a Trailer in the USA, all offering the perfect solution to those unable or unwilling to leave home. This year has accelerated their inevitable growth.
Yet 2020 was not only about online sales. While many of the big auctions were cancelled, Gooding & Co – running its first European event – managed to hold a small but highly impressive auction at the Concours of Elegance (above) in September. ‘Passion of a Lifetime’ saw not only the most expensive car sold all year – the 1934 Bugatti Type 59 – but also the highest sale total of £34m from only 15 cars offered, all from a single owner. Proof that live auctions at the very top end still hold huge appeal for buyers.
Hagerty’s end-of-year report suggested that the youngtimer market was in strong favour, with older classics falling behind. This snippet explains: ‘The 1990s provided the most auction entries at 809 cars offered, and cars from 2010-2020 were the most successfully sold, with 86% of cars offered from the last decade finding a buyer. 1940s cars were the least well-represented (55 cars offered) and pre-war cars had the lowest sale rate (65%).’