Despite the turmoil of 2021, with many businesses shut for the first half of the year, the classic car sales market has boomed. Auction sale prices have risen by 17%, with the average UK auction sale price currently at £45,648 from £38,984 last year. Experts believe this increase is due to more collectors paying above and beyond the high estimate for these collectable vehicles. Over 34% of buyers paid above the high estimate; this is compared to 17.9% in 202
Modern classics, cars from the 1980s had the highest rate of completed sales when compared with other car eras.
Hagerty has said that an increase in the average prices paid was not expected. This is because the majority of the large value auctions usually take place in the latter half of the year. It is fair to say we may expect to see yet another increase when the full year review is published.
Notably, there has been an increase in the number of cars sold in ‘fair’ condition with a sale completion rate of 81%! Sold between January and June 2021, it seems to hint that this popularity has been generated by enthusiasts (rather than investors) trying their hand during the Covid lockdowns.
Take a look at some of the most expensive cars sold at auction so far this year.
In June of this year, a 1968 Lamborghini Miura sold for £737,000 when it went under the hammer with Gooding & Company Geared online sale. This Verde Miura lime example of one of the ‘world’s first supercars’ had been beautifully restored and is one of only 338 Miuras ever made.
Perhaps not considered by some to be a classic – a 2006 Porsche Carrera GT with only just over 4000 miles on the clock was indeed a rare find! One of the last examples ever built, this beauty comes equipped with a race-bred 5.7-litre V10 engine with up to 604bhp. This German import was sold in May for £771,500.
February was a lucky month for classic car sellers. The Gooding & Company European Sporting & Historic Collection sale saw a 1963 Aston Martin DB5 convertible sell for £836,000. Only 123 of these models were produced, which means it is one of the most exclusive Aston Martins. Offer for public sale for the first time; this beauty was restored by Aston Martin specialist Post Vintage.
Breaking the million-pound mark was a 1967 Ferrari 275GTB/4, which sold for £1,870,000 in February at the same scale as the Aston Martin above. Deemed by many Ferrari enthusiasts as the most alluring Ferrari of its time, this particular model was finished in jet black paint with a green interior.
Another vehicle sold at the Gooding & Company Geared sale in June was a 1969 Ford GT40 MKIII. Having appeared in several automotive magazines, including Octane, this exact car was the final from the original production run. It came as no surprise when the hammer fell for a sale price of £2,508,000.
The most expensive car sold at auction in the UK this year was one of only 42 of its type. A 1937 Bugatti Type 57. `hidden off the road for over half a century, there is little knowledge of its whereabouts during this time. This mystery didn’t seem to matter on sale day; the final price came to a tune of £4,047,000 when Bonhams sold it in the second month of this year.
Indeed, it’s clear to see that some incredible vehicles have sold so far this year. There’s still time for a few more vehicles to be sold to contend for the title of the most expensive cars sold at auction this year. We are excited to see what the rest of 2021 will hold for classic car sales. Want to put your own classic vehicle up for sale? Get a free valuation here!