With the auction year officially under wraps, Block Chaser chatted with Richard Sevenoaks, Leake Auction Company’s president since 1989 about the past year and what’s to come in 2017.
With the 2016 collector car auction season in the books, Block Chaser sat down with Alain Squindo, chief operating officer (COO) at RM Sotheby’s, to get his perspective on the year that was and his predictions for the year to come.
The most valuable vehicles in the collection, which inherently yields the most seasoned bidding, told the most about the pulse of the market.
Due to a constantly growing docket and attendees, Worldwide Auctioneers has announced that it has moved its Texas auction.
For more than a decade, Monterey Car Week in Monterey, Calif. has showcased postwar European sports cars and prewar classics. Because of this, these two genres of collectible cars—undeniably the market’s strongest two categories—have come to define the Monterey auctions. Yet, in the last two years, the auction catalogs for both RM Sotheby’s and Mecum Auctions have featured a slew of contemporary sports cars and supercars.
At the Russo and Steele Monterey auction last Saturday, Aug. 20, a 2004 Ford GT PB2-1 prototype sold for a record $836,000, three to four times the value of a typical prototype. It’s the second of two 2004 Ford GT prototypes auctioned this year, though both are very different cars reaching appropriately different results.
Increasingly, we hear that car enthusiasts are progressively more interested in motorcycles. Perhaps, but this year’s Monterey auctions didn’t necessarily feature a large number of motorcycle lots. However, Mecum and Gooding were two auction houses that offered motorcycles over the weekend.
Market Report,Premier Market
As we roll into Monterey Auction Week, we have observed a reasonable uptick in the number of experts predicting a significant erosion of prices and sales throughout the market, including blue-chip ($1,000,000+) and super-blue-chip ($5,000,000+) vehicles.
This year started out on a sour note for investors, as fears of the global repercussions of a Chinese economic slowdown and a freefall in oil prices affected the markets. The Dow retreated about 2,000 points in January, as concerns about a worldwide recession became widespread. It was in this atmosphere that we started the collector car auction year in Scottsdale.
It is far too early to determine the eventual impact Britain’s withdrawal from the European Community (Brexit) will have on the collector car market. But judging from the returns seen in the months leading up to the historic political and economic referendum, it seems clear some change is inevitable based on the sheer uncertainty that has enveloped the continent like a mourning shroud.
Auction Preview,Market Report
A question I’ve received via email, phone calls and at a recent event is what I think is going to happen in Monterey this year. This is a result of a softening market, Brexit and a strong dollar. While I am sadly unable to predict the future, I will say that if prices are a bit lower than last year at the Monterey auctions, I will not be surprised.
The kids don’t know how good they have it today. Prior to the boom in online auctions, if you wanted to search for the cool, the obscure or the forlorn, you’d need to sift through endless automotive listings. Gearheads spent long nights online traveling through Craigslist zones like automotive nomads, always searching for that one car, or maybe one more.