Market Intelligence
Auctions in the Middle East
The Asian collector car market is much younger than the European or American one, and recent supercars and hypercars have joined the classic ones. Three auction houses recently competed in the Arab market, with RM Sotheby's achieving the best results due to its reasonable reserve prices and the use of the Abu Dhabi track as an auction venue. However, high reserve prices and strict regulations for car registrations in these countries still pose a challenge for the collector car market. The trend towards finding strange and different vehicles is confirmed, with "Thor24," a large custom truck, becoming the third most expensive vehicle of the year. The market for special Formula 1s remains lively, with the Ferrari F2002 with Michael Schumacher selling for $6,643,750.
‘Future shaper’ is the expression used when we talk about Asia, so the collector car market could not help but discuss this subject.
In recent weeks three auction houses have offered their different approaches to this challenge by competing in the Arab market, with different but challenging results. The Asian collector’s market is much younger than the European or American one and the offer has to be tailored accordingly; therefore, many recent supercars and hypercars (which, incidentally, is also happening at the American events) and racing cars have joined the classic ones. The first pair of auctions was organised during the Riyadh Car Show, the most important historic car event on the Arabian peninsula.
