Market Intelligence
Silverstone like Hamilton
The article discusses the success of the November 2020 Silverstone auction, which used a technique of presenting and selling cars individually online. The auction generated £7,149,922 in takings and sold 74.14% of the cars offered. The highlights of the auction included a 1980 BMW M1 Coupé, which sold for £382,500, and a 1982 Renault 5 Turbo Group 4, which sold for £337,500. The auction also included items from Sir Stirling Moss's personal collection, such as his passport and his trusty watch, which he wore during his racing career, including the famous 1955 Mille Miglia victory. The watch sold for £67,850, making it the most expensive item sold at the auction.
In presence, online with offers subject to clear expiration dates and times, online with the auctioneer presenting and selling the cars one by one: these, or variants of the same, are the various techniques introduced by the auction houses in this annus horribilis that is gladly coming to an end. Silverstone adopted the latter technique at its November auction in Birmingham, confirming that it had masterfully managed the difficulties in each of its appointments and I would strongly recommend the “hammer giants” (Californians, British, Canadians) to take note.
With £7,149,922 in takings (against an estimated value of £10,824,500, a good 66%) and 109 cars sold out of 147 on offer (74.14%), Silverstone’s numbers rose by 25% (£5.7m) and 31% (83 cars) respectively compared with 2019. Good and thoroughly credible, both as a formula and for the cars on offer.
What were the highlights of the sale?
