The second in a series of quarterly market reports from Tim Gascoigne, Auction Manager for Barons’ Classic Car Auctioneers (www.barons-auctions.com)
Q2 – the Barons’ perspective
Barons had a busy Q2 with two sales at Sundown Park, the Spring Classic in April and the British Heritage, Classic and Sports Cars sale in June.
The Spring Classic is always a popular sale, and this year was no different, with lots of bidders in attendance. We had a wide variety of vehicles on offer, with everything from Alfas to VWs, and in every level of presentation, ranging from barn-finds to cars in stunning original condition.
The eclectic mix of vehicles up for sale seemed to hit the mark, with almost 50 finding a new home. The star of the show was undoubtedly the 1973 Jaguar E-type V12 Convertible, which was in very honest and original condition, that sold for £81,400 including commission. In our Q1 report I stated that “original cars in very good condition continue to sell as well as ever” and the value achieved for this Series 3 E-type is another good example of this being the case.
In the Q1 report I also said that barn-finds continued to perform well, and the British Heritage, Classic and Sports Cars sale in June highlighted this point. The three barn/garage finds on offer all generated a massive amount of interest, and resulted in very strong sale prices, with the 1981 Morgan 4/4 selling for £11,660, the 1954 Jaguar XK140 for £16,775, and the 1971 Bristol 411 S2 for £28,600.
Q2 - generalmarket overview
The classic car market continued to be solid in Q2 in the main, fuelled by a mix of economic factors for investors, such as continued low interest rates, and enthusiasts still wanting to buy quality classics. Auctions are now becoming a lot more ‘mainstream’. This is due to a number of reasons such as increased coverage from the media, greater transparency of how the main auction houses operate, and the availability of online tools that allow buyers to thoroughly research cars offered for sale. This gives buyers more confidence in classic auctions, and is increasing attendances, resulting in strong prices for top-quality cars.
The general election in June caused some economic uncertainty, and this was evident at the end of the quarter, with some sales slowing a little. This may well continue into Q3, causing the market to readjust and become more focused. The result of this is likely to be that high-quality examples stay popular and continue to achieve decent sale prices, with sellers of average and below average examples needing to be more conservative in their expectations in order to sell their cars.
What was hot in Q2 2017?
Series 3 E-type Roadsters, Triumph TRs (particularly TR6) and Jaguar XJS Convertibles all performed well in Q2.
Q2 - bargains to be had
The nature of auctions means that there are always bargains to be had, especially if you are confident at appraising cars in the hall and are willing to take the odd risk. The one that stands out above all of the rest for me in Q2 was the Porsche Boxster that we sold in April for £2,090. Any Porsche for that sort of money is a great buy, but this example had under 85,000 miles on the clock and looked to be in good condition.
Jaguar MK 2s seem to be becoming popular again, especially the 3.8 model (and if you can find a manual with overdrive then even better). I think Triumph TRs will stay strong, and the ‘Modern Classic’ sector will continue to gain popularity.