Kidston - Worldwide Classic Car Experience
October 2006

October 2006Market Latest

Simon Kidston

Since the Pebble Beach sales the worldwide market has enjoyed a further surge and is currently more buoyant than most professionals can remember. I would be the first to suggest this is not the normal status quo but in the meantime dealers and auction houses with good quality stock to sell are enjoying record levels of enquiries; the problem is that the trade simply cannot get their hands on good stock. Most owners are wary of selling whilst prices are still rising and giving away further potential gains. Those that are tempted to sell are likely to want tomorrow’s price, which rapidly becomes the norm, and the cycle continues. Just look at the evolution of four cam Ferrari 275GTB values: at this January’s RM sale in Arizona, the ex-James Coburn, Platinum Award winning Ferrari 275GTB/4 raised eyebrows when sold for $742,000. Less than 18 months earlier, at RM’s Monterey sale in August 2004, an 11,000km-from-new Ferrari 275GTB/4 was sold for $539,000. And yet just two years later an arguably lesser car achieved $990,000 at the same Monterey auction, and now most owners are suddenly hoping to achieve almost a million dollars for any concours restored 275GTB/4.

  • cobra_daytona Ferrari 275 GTB/4 sold for $990'000 last August at the RM Monterey Auction
  • bruce_mccaw_with_doug_nye On the money-Ferrari 250GT SWB sold for CHF.2m plus premium

Cars which are very much ‘of the moment’ include any Ferrari 250GT SWB (see our review of the Geneva Classics show which mentions the SWB sold at auction during the event), any Ferrari 275GTB, any Mercedes-Benz 300SL Gullwing, Lamborghini Miuras (especially SVs) and, since David Gooding achieved over $2.5m for a Bugatti Type 35C at his Pebble Beach auction, any good Type 35B or C Bugatti. The values of the latter, however, are easier to justify, with a legendary racing history, iconic looks, very limited numbers and a brand name with a heritage like few others.

With some important auctions scheduled for the Christmas season and early in the New Year (in venues as diverse as Arizona and Paris) it will be interesting to see how the market evolves and, looking further ahead, when we will see the first serious collectors from emerging countries.