Historics slams unrepresentative market comments
Following its most recent sale on September 23rd, which resulted in a 73% sale rate and the dispatch to new owners of 115 cars, Historics has hit out at an unrepresentative, doom and gloom market story reported in the national media.
Said Historics’ Auction Director, Edward Bridger-Stille: “For the national media to reflect the health of the entire classic car market from a rarefied review focused on the high-end collector car sector by Coutt’s Bank, is irresponsible and damaging.” He went on to add that, "it shows a limited understanding of the marketplace as a whole and poor journalistic integrity."
“The market is volatile, as has always been the case and can be driven down by hyped comments which do not represent the breadth of the market. If wealthy collectors sit on their hands because they view a classic car as being too pricey, is that reflective of the market as whole? Absolutely not.
"it shows a limited understanding of the marketplace as a whole and poor journalistic integrity."
“With thirty one auctions under our belt and a consistently high sales ratio selling classic motorcars across an immensely wide range of values, we can comment legitimately on the real world where the joy of ownership is as much a part of the buying decision on a motor car’s cost and a judgment on its accrual of value.
“The business world is so beset with statistics that, unsurprisingly, post-sale we are constantly asked, "What's the percentage? Of course, this is a good general indicator but we learn a lot more by looking further into the figures to determine if there are indeed shifts across the breadth of the market.
“Quality of consignments and sensible pricing are the keys to all successful auctions and this was no better demonstrated at our most recent sale than through the exquisite 1966 Maserati Sebring Series II, its Vignale coachwork reeking of such style and poise. It was estimated at £190,000 to £220,000 but soared to £270,000. It’s delightful to watch a car such as this demonstrate the fervour within the marketplace for a motorcar that is simply breathtaking.
“Jaguar prices were robust too with a stunning XK150SE Drophead Coupé making £137,760 and a 1966 E-Type Fixedhead selling above estimate just shy of £100,000, together with a 1972 Series III Roadster similarly exceeding its top estimate at £78,400.
A stately 1979 Rolls-Royce Silver Shadow with just 24,600 miles recorded miles made twice its mid-estimate, selling for £42,560 and the diminutive 1957 Brutsch Mopetta microcar, one of only 14 ever built, proved its rarity value by passing to a new owner for £46,000. At just over 5ft long, this makes it almost as valuable, inch for inch, as a freshly restored Series I E-Type Jaguar, but I’ll leave it to you to work out which is quicker.
To cap it all, could it possibly have been that we offered for sale Enzo Ferrari's mother's lorry? Fact or fantasy? - You decide. Looking for all the world like it belonged in Maranello, this sign-written tribute opened at £1,000 and flew away to a £33,600 sale.
“Enjoyment, good humour, and the sharing of faithful information are at the heart of the classic car market, featuring a titanic clash for buyers between rational judgment and the emotional appeal. Our advice is to study market statistics by all means but ignore knee-jerk ill-advised commentary and speak to the professionals.”
Historics is welcoming consignments to its next major sale on Saturday, at November 25th at Mercedes-Benz World. www.historics.co.uk