Decline in number of classic cars sold at auction

Decline in number of classic cars sold at auction

The number of classic cars sold in auction declined in Q1 of 2018. Most expensive was a Pininfarina’s personal Ferrari 275 GTB, at over 8 million dollar.

In the first quarter of 2018, the 35 major auction houses worldwide sold 6,344 classic cars in auctions.

The amount of cars sold at auction is much lower in Q1 this year than from January to March of 2017.
Back then, 8,775 classic cars were sold in an auction, against 6,344 this year, a reduction of 27.7%.

The total price paid in the first quarter of 2017 is USD $687,839,779 against USD 540,153,285 in Q1 2018, a reduction of 21.5%.

Buyers paid a total sum of USD 467,890,185.00, the number of cars sold at auction was 79.3% of all cars offered (7,999).

The most expensive car sold at auction in Q1 was the Ferrari 275 GTB Speciale from 1965 that was built by Carrozzeria Pininfarina as the personal car of their boss, Batista Pininfarina.

After being hidden in a private collection for 25 years, this car surfaced again at Gooding’s auction in Scottsdale, Arizona on January 19 this year.

The car was estimated at 8 to 10 million dollar and was sold just over the low estimate at USD 8,085,000.

 

 

The cheapest car in Q1 was the 1977 Austin Maxi 1750 that was sold in England by auction house Brightwells at USD 694. The car was described as being in rough condition.

 

Battista Pininfarina

 

This 1931 Marmon Sixteen Coupe by LeBaron made just over a million dollar at RM Sotheby’s auction in Amelia Island. Foto RM Sothebys

Of all the cars sold in Q1, 48 made a million US dollars or more and 10 cars exceeded 2 million.

Three cars fetched more than 4 million, one car made over 5 and the Pininfarina Ferrari 275 was the only one exceeding the 8 million dollar limit.

All in all, the 35 major auction houses in this survey had 37 different auctions from January to March 2018.

The oldest car sold this month was a 1909 Imperia, that was sold by Bonhams at Amelia Island for USD 33,600.

There were many prewar cars in auction quarter, a total of 98 cars that dated before 1940. Most of them were sold at the Amelia Island event.

This 1931 Marmon Sixteen Coupe by LeBaron made just over a million dollar at RM Sotheby’s auction in Amelia Island.

It is also one of 98 prewar cars that were sold at auction in the first quarter of 2018.

 

Source: Hi-Bid.com, data edited by OldtimerDaily.

 

Leave a Reply