The classic car auction market continues to demonstrate buoyancy despite the general economic downturn with consistent sales across the US and European regions. Compared to the 2022 year end total sales of $869 million, the market is expected to surpass previous year-end sales by 46% at $953 million by Dec 2023.
Here are some key snapshots of classic car auction performance at RM Sotheby’s.
1. RM Sotheby’s had an average sale rate of 78% for every lot that was listed on auction in the first 3 quarters. This includes those that were sold privately (1%) and after sale (2%).
2. The top 10 selling brands by total sales value were Ferrari ($314,966,530), Porsche ($77,430,750), Bugatti ($41,821,00), Jaguar ($35,776,720), Lamborghini ($27,718,000), Duesenberg ($23,150,000), Lancia ($15,940,950), McLaren ($14,365,900), Ford ($13,672,140) and McLaren ($13,453,450).
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3. RM Sotheby’s listed 1,072 classic cars for auction from January to September 2023.
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4. Based on individual sales prices, the 1957 Jaguar XKSS is at the top of the market at $13.2 million while Ferrari holds 6 positions in the top 10 sales records this year. The 2022 Bugatti Chiron Profilee sold in 3rd position at $9.8 million and the 1937 Bugatti Type 57SC Tourer took the 7th position at $5.4 million.
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5. RM Sotheby’s maintains a strong North American market presence with 63% of classic car sales in the region, while 28% of sales were in Europe and 9% in Asia. By city, Monterey(30%), Phoenix (15%), Amelia Island (13%) contributed to 58% of sales by value.
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