Whether it’s simply nostalgia, or Brit’s having more money in their pockets due to lockdown restrictions, there’s no doubt that classic cars are high on people’s wish lists. This was clearly evident at Historics recent sale at Ascot, where 9/10 cars offered left with new owners.
At a time when much of the country was still feeling the sad effects of the loss of HRH Prince Philip, Historics held their major April 2021 auction at Ascot Racecourse. As sad as some were feeling, life must go on, and for some, there is no better way to make one feel better than by becoming the new owner of a gorgeous classic car.
Classic car sales are booming, and this can’t be simply put down to nostalgia. Many wise investors are looking towards the future when electric car conversion become much more affordable. They realise that an electrified version of a classic car will likely be amongst the most valuable vehicles on the road.
The Historics April sale was jam-packed with eager buyers, and by the end of the auction, the Historics team was amazed to discover that they’d achieved a landmark 90% rate of sale from the 170 cars on offer, which amounted to a whopping £5.3 million. The three days preceding the sale were probably a good indication of what was to come, with more than 1,200 very enthusiastic people attending.
On sale day, Ascot, now a familiar and much-enjoyed auction venue for Historics and its followers, again proved an exemplary and regal setting.
A full capacity auction hall – together with a record 1,100+ online bidder registrations from 30 countries, plus unprecedented interest from telephone bidders – provided an adrenaline-fuelled backdrop to an extremely buoyant sale.
Historics’ familiar eclectic mix of 170 classics appealed to all tastes and pockets, some 50 affordable entries offered without reserve, whilst at the other end of the spectrum, a 1965 AC Cobra MK.III 427 SC and 1992 Jaguar XJ220 reflected the exotica on offer.
As sale day came to a close, the auction had grossed £5.28 million. A further entry sold thereafter lifted the yield to £5.34 million and an immensely bullish 90% landmark rate of sale.
Incredibly, there were only 17 cars left unsold from the 170 consigned. The auction result was a record for Historics at the venue and a testament to both the auctioneer and to the robust market.
- Total consignments: 179 representing 48 different marques
- Withdrawals prior to sale: 9
- Consignments sold: 153
- Gross Revenue: £5.34 million
- Sale rate: 90%.
- Most affordable: 1985 Austin Maestro 1.3 MKI – £1,456
- Highest value: 1992 Jaguar XJ 220 – £305,640
- The whimsical award: 2016 Piaggio Ape – £10,080
- 1,200 attendees to the three viewing days preceding the sale
- Full auction hall on sale day – limited to 500, reflecting Covid-19 health & safety measures
- Record 1,136 online bidder registrations from 30 countries
- Unprecedented telephone bidder registration
- 63% of entries sold to in-hall/telephone bidders
- 37% of entries sold to online bidders
- 56% of entries by value sold to in-hall & telephone bidders
- 44% of entries by value sold to online bidders
Mark Perkins, Managing Director of Historics, said: “Achieving a 90% rate of sale is a tribute to all the hard work in tricky circumstances, and to our loyal supporters. We continue to be passionate advocates of open-to-public auctions and were thrilled at the tremendous turn-out at both preview days and the sale itself.
“The high number of entries selling to those in-hall shows there is a great appetite for a traditional sale. Ours is supported by a thoroughly professional online bidding platform from our partner Bidpath so together, I believe we have the best strategy to suit everyone. And online registrations from 30 countries across all five continents demonstrates that our sales are now truly global events”.
Caroline Newton of Bidpath added: “We are honoured that Historics continues to choose Bidpath as its proprietary online auction technology partner. 2021 has been an exciting year for the classic market so far, with the pandemic fuelling online bidding and participation from global buyers. The results from this auction are testament to the buoyancy of online engagement in the market.”
Highlights of the sale:
Probably the major highlight at the sale came via what is believed to be a UK record auction price for a Mercedes-Benz 280SL. The record-setting model was a 1969 model, and when the gavel fell, it was 65% above its mid-estimate (£95,000-£120,000), achieving £184,800 gross.
In fact, across the board, classic Mercedes-Benz models seemed to be the flavour of the day.
Below are some of the other successes at the Historics auction:
- 1963 Mercedes-Benz 170-SV soars to £45,280, well beyond its estimate of £21,000-£25,000
- 1987 BMW M5 (estimate £28,000-£33,000) achieves £54,560 gross
- 1995 Jaguar XJS Celebration Convertible (£25,000-£30,000) attracts enormous bidding interest, settling at £44,800
- Ex-Nelson Rockefeller 1956 Lincoln Continental Mk.II (£43,000-£52,000) finishes at £73,580
- 1965 AC Cobra Mk.III 427 SC (£185,000-£260,000) sells for £189,000
- 1992 Jaguar XJ 220 (£325,000-£375,000) achieves £305,640
- 1972 Citroen SM (£23,000-£27,000) finishes at £36,224
- 1979 Range Rover Classic (£16,000-£19,000) hits £28,000
All of the results from the sale can be seen at www.historics.co.uk, where you’ll find details of the constantly updated consignments and how to bid in-hall, online and by ‘phone.
Historics next sale of some 180 varied classics is again at Ascot Racecourse on Saturday, 15th May.