Market Intelligence
RM Paris. Few but good
The 2021 season of classic car auctions in Europe has started at a slower pace compared to the US. Despite the fewer cars on offer, average prices per car sold have increased to €322,000 compared to €300,000 one year ago. At RM's auction, only 57.50% of the cars on offer sold with a turnover of €7.65m, less than half of last year's result. However, the average price per car sold increased, and turnover rose to 61% of the estimated value on offer compared to 47% last year. The top lot was a 1971 Lamborghini Miura SV, selling for €2,423,750, followed by a 1993 Isdera Commendatore 112i, selling for €1,113,125. The article also mentions that the Countach's clear revaluation potential is worth keeping an eye on.
I should start this piece by noting that Europe is traditionally less buoyant than the United States in the sale of enchanting classic cars and that I also want to wait for next week’s results from Bonhams’ after the commendable efforts of Gooding. I should also add that Artcurial held its auction in presence while RM had the auctioneer doing his thing via video without room. Now, with that out of the way, the 2021 season in Europe appears to have gotten off to a slower start than across the Atlantic. Fewer cars actually on offer, just 40 at RM and somewhat lacklustre sales percentages. However, and this is something to keep in mind, the average prices per car sold are currently better than 2020 pre-pandemic: €322,000 compared to €300,000 one year ago. I love going to collect mushrooms. I usually find many of them. Sometimes however, there aren’t that many and they’re hard to find but when you do they are truly exquisite. Perhaps we’re in this situation. So let’s keep looking!
As the RM auction was held on a lockdown Saturday, I duly locked myself up in my own office in front of my computer with my mobile phone switched off. It was just like being in Paris, a very immersive experience: I finally managed to see the “auctioneer’s dance” once again, who was very good at animating the proceedings and keeping the offers flowing in. Although there was no one in the room – just phones and online – he threw himself into the event and bewitched everyone (including yours truly!). But, by now you know I love physical auctions… And the results weren’t entirely satisfactory, with just 57.50% of the cars on offer sold, down from 70.50% registered in 2020 and a turnover of just €7.65m, less than half of last year’s €16.5m result. As with Artcurial, however, the average price per car sold increased and turnover rose to 61% of the estimated value on offer compared to 47% at last year’s event.
