Market correction for classic car sales

'93_AC_Cobra_Replica_(Toronto_Spring_'12_Classic_Car_Auction)Recent auctions of classic cars indicate a softening in value, with prices falling below pre-sale estimates and many cars remaining unsold.

The recent sale by Artcurial in Monaco on July 2 resulted in 59 cars out of 122 not finding buyers.

Auctions in the UK have varied in terms of sales, with the Brooklands sale on the following weekend producing 101 sales out of 128 cars being offered. On the following Sunday, the “Classics at Sherborne” successfully sold only 21 out of 55 cars.

However, there was good news for the seller of a 1970 Jaguar E Type FHC at a Barons sale at Sandown Park, which sold at £58,400 – £6,700 more than estimated. The general view in the car auction trade is that the market is experiencing a dose of harsh reality, with a glut of unsold quality cars.

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