Market Intelligence
Mecum auction. A spark of enthusiasm
The Mecum auction in Florida recently saw an impressive $110 million in sales from cars alone, surpassing the $100 million threshold for the first time in the last 12 months. This sharp increase of 16.7% from last year's sales is even more significant considering that 25% fewer cars were on offer. The sales percentages also rose from 68.39% last year to 82.63% in 2021. The article suggests that the auction's success can be attributed to the decision to move other auctions to the spring, the positive psychological effect of the vaccine news, and the physical nature of the auction with proper distancing and sanitization. The article highlights some of the most significant sales, including a 1965 Shelby Cobra 427 chassis sold for $5,940,000, a 1970 Plymouth Cuda Convertible sold for $237,250, a 1971 Plymouth Cuda Convertible sold for $962,500, and a 2000 Honda S2000 Convertible sold for $30,800. Finally, the article suggests that the market pandemic may be coming to an end, as evidenced by the rising prices of historic motoring icons like the Mercedes-Benz 300SL Roadster.
One hundred and ten million dollars in sales truly is a breath of fresh air. The Mecum auction in Florida was the most invigorating one we’ve seen in quite some time. With $110,573,645 in takings from cars alone, this sale is the first to exceed the $100 million threshold in the last 12 months and is a sharp rise (+16.7%) over the $94.7 million registered in January 2020, what’s more with 25% fewer cars on offer (2,200 versus 2,946). And there’s one more thing to keep in mind: at the time, the coronavirus was a disease that was confined to Wuhan.
The sales percentages also rose: from 68.39% (equivalent to 2,015 cars changing hands) last year to 82.63% in 2021 (1,818 cars sold).
So how exactly can we interpret those numbers? In my view, in three ways: Mecum benefitted from the choice to move other auctions to the spring, primarily Barrett-Jackson’s flagship auction.
