2023. A solid and healthy market. International auctions say so

The performance of major international auctions serves as an excellent barometer for market trends. To get an idea of what 2023 represented, let’s consider three aspects: the trend of total turnover, average car sale prices, and the number of cars sold above one million Dollars/Euros.

It’s important to note that the data we refer to does not include online auctions. The reason is a practical one: while in-person auctions allow for precise data collection at the event’s conclusion, online auctions publish results in their financial statements, so these won’t be available until spring.

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This clarification is important when interpreting an interesting 2023 statistic: 2.3% of cars sold for over a million, marking the highest percentage ever recorded. The only two years this percentage exceeded 2% were 2022 (2.2%) and 2015, the latter marking a resurgence after downturn of the late 2000s caused by the mortgage crisis and Lehman Brothers’ collapse.

In our opinion, the 2023 result is a consequence of the growing synergy between online and in-person auctions: compared to the broader, but only marginally high-value-oriented, online auctions, in-person auctions have increasingly focused on higher-value models, leading to this record.

Percentage of cars sold for more than €1M by year

And it is a record, as the numbers show. The total turnover of cars sold at in-person auctions in 2023 was $1.7 billion (€1.6 billion), slightly lower than 2022’s record $1.9 billion but still significantly higher than the previous record-holder, 2015, when the total turnover was $1.5 billion (€1.4 billion).

These figures demonstrate that auction houses have raised the average level of cars sold, focusing more on quality than quantity.

Turnover at international auctions by year

The average car price in 2023 set a new record at $150,000 (€139,000), surpassing the previous year’s €134,000. Interestingly, this average price level was last seen in 2015, indicating a significant economic trend.

Average price of cars sold at international auctions by year

Conclusions? Certainly, 2023 was a notably positive year. In our weekly analyses, we have repeatedly emphasised how buyers are increasingly discerning and selective. This is a strengthening factor, avoiding the “everything and now” effect of periods of uncontrolled market euphoria.

It’s too early for detailed market segment analyses: these are studies to be carefully considered to avoid spreading potentially unconfirmed future news. What is certain is that quality collectible cars remain a solid investment choice, particularly when it comes to models and brands with a solid reputation.

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