Market Intelligence
An encore worth twice as much
The article discusses the success of the Silverstone Auctions event, held on the eponymous circuit in July-August 2022, where 166 cars were sold out of 226 on offer, making it the most profitable sale ever for the British company, with total takings of £15m. The event featured many highlight cars, including a 1972 Lamborghini Miura SV, which sold for £1,912,500, becoming the most expensive car ever to have passed through Silverstone's hands. The auction also set a new world record for a road-legal Subaru Impreza, a 1998 22B-STI, which sold for £130,500. The article discusses various other cars sold, including a 2007 Porsche 911 (997) GT3 RS, and two first series, 3.8-liter engine, flat floor Jaguar E-Types, one of which was owned by racing driver Eddie Irvine and converted into Lightweight evocation with aluminium panels.
So beautiful it was worth double. After the great sale in May, this was my first thought following the Silverstone Auctions event held on the eponymous circuit on 31st July 1st August. What we witnessed, was the concept of word of mouth: if an auction is successful, this brings beautiful cars to the next sale and this attracts ever more wealthy customers, generating a virtuous circle.
It would appear that Silverstone found the perfect online auction recipe with its latest sale. The numbers speak for themselves: with 166 cars sold out of 226 on offer, the number is a very respectable 73%, but it is the turnover that impresses the most. With total takings of £15m, not only does this result make it the most profitable sale ever for the British company, but its success makes it comparable to those of the international majors (RM in London in October with a physical sale took in £9.3 million) indicating a way forward for them and, for us enthusiasts, provides an alternative location to place important cars as well.
During the last weekend of July, as well as sealing its best sale ever, Silverstone also sold the most expensive car ever to have passed through their hands. The prom queen was a 1972 Lamborghini Miura SV, one of the last 94 Miuras produced and therefore already equipped with the split-sump. Among the many highlights from the catalogue, this was referred to as one of the 11 factory-built right-hand-drive Miuras ever produced but the story was a little different: originally left hand drive and sold new in Italy, it was converted at a very young age for the Lamborghini Australia importer who needed two right-hand drives to satisfy its customers. My advice (and Silverstone’s too) would be to bring it back to its original specifications in order to have a larger customer audience. Imported in 2010, the current seller refused an offer of £700,000 he received in October 2011 during the sale of RM in London. And he was right, as here he sold it for £1,912,500.
