Market Intelligence
Silverstone Auctions: a success, it must be said, that bodes well
An online auction held by Silverstone Auctions in May 2021 exceeded expectations, selling 98.72% of its available value, with some cars reaching up to 116% more than the minimum estimate. The auction included a range of cars, from a Rolls Royce Corniche to a BMW M3 racing car owned by Jay Kay, and set a new world record for a road model with a 1961 Jaguar Mk2 3.8 litre. The success of the auction has been attributed to a range of factors, including low estimates, great cars, and revenge spending after lockdown.
Everyone makes their own choices. When I schedule which auctions I'm going to write to you about at the beginning of the month, I make choices: yes, it looks promising. This one doesn't look so interesting, I’ll follow it, but I won't write about it.
The online sale organized by Silverstone Auctions on 23rd May was not one of the ones I thought was worth talking about. Yes, there were interesting lots and it is also true that it took charge of the market after a couple of months of lockdown, but I didn’t have the sensation that this was going to be a “game-changer”. I was so wrong.
After the first “warm up” lots we arrived at Lot 116: a (beautiful, I will admit) replica of the Jaguar D-Type shortnosebuilt by leading experts on a Jaguar E-Type chassis, with an original D-Type gearbox and aluminium body. Replicas, the declared and documented ones, are a reality in themselves. We'll deal with this subject in time. The example in question was estimated to be worth between £225-275,000, very high but calibrated to the level of the car on sale. After repeated relaunches, they sold it for £390,500. Bang!
