Mecum Indy. Exercising caution at a colossal event

This week, we find ourselves in Indianapolis, United States, where Mecum held a nine-day auction from 12th to 20th May. While the event maintained the grand tradition, there was a noticeable decline in the numbers. A total of 2,435 cars were offered, a +3.6% increase over 2022. However, the total revenue amounted to $103,236,320, reflecting a significant 15% decrease from the previous year. Such an established auction house serves as a valuable indicator of the market. While RM at Villa d’Este remained unaffected by the credit crunch, it’s worth pondering whether alarming signs, such as the threatened US default and the rising cost of borrowing, have influenced the outcomes at Mecum Indy. Drawing definitive conclusions is challenging, especially considering that the US default has been averted. However, it serves as a cautionary signal that warrants close attention.