Market Intelligence
Mecum in California: The banks didn’t spook, but...
Cliff Goodall’s view: Mecum Glendale auction defies market turbulence. Classic cars hold value, 1990s supercars decline. Unique 1955 Mercedes-Benz 300SL Gullwing sells for $1,815,000.
Despite the recent bankruptcies and banking risks, the Mecum auction in Glendale seemed unaffected by the cold wind blowing across the market. Looking at the numbers, there doesn’t seem to be any significant cause for concern: there were 1,399 cars at the auction compared to 1,259 last year, with 1,023 sold in 2023 vs 925 in 2022, and a stable success rate of 73%, identical to that achieved 12 months ago. Despite the recent bankruptcies and banking risks, the Mecum auction in Glendale seemed unaffected by the cold wind blowing across the market. Looking at the numbers, there doesn’t seem to be any significant cause for concern: there were 1,399 cars at the auction compared to 1,259 last year, with 1,023 sold in 2023 vs 925 in 2022, and a stable success rate of 73%, identical to that achieved 12 months ago.
The only difference is in total turnover, which fell by approximately 11% from $60.9 million (€56.2m) to $54.2 million (€50m), with almost a 20% decrease in the average price from $65,880 (€60,800) in 2022 to $52,986 (€48,905) in 2023. However, it is important to note that one or two unsold top lots could easily have impacted the overall picture. And that’s exactly what happened.
