It's over - a look back at the 2020 auction year
12/22/2020
Last week also saw the last major auction of the 2020 coronavirus year. It was also a special year for the auction houses, as a whole series of traditional events around which auctions are usually held were canceled due to the pandemic.
After a surprise break, the auction houses picked themselves up again and increasingly used the internet to hold their auctions. In the summer, face-to-face events were even possible again for a while. The trend towards online sales is likely to continue in the future. Despite the more difficult sales conditions, there were also records and surprises in 2020 and even expensive cars found new owners.
The 25 most expensive cars/lots in 2020 were
| Brand | Type | Year | EUR VP | CHF VP |
|---|---|---|---|---|
| Alfa Romeo | B.A.T. 5 / 7 / 9d | 1953 | 12388750 | 13263250 |
| Bugatti | Type 59 Sports | 1934 | 10679200 | 11537350 |
| Bugatti | Type 57S Atalante | 1937 | 8797600 | 9504550 |
| Bugatti | Type 55 Super Sport Roadster | 1932 | 6319000 | 6674000 |
| Bugatti | Type 55 Two-Seat Supersport | 1931 | 4600000 | 4922000 |
| Bugatti | Type 35C Grand Prix | 1928 | 4407200 | 4761350 |
| Ferrari | 550 GT1 Prodrive | 2001 | 3603600 | 3903900 |
| Lamborghini | Miura P400 SV Speciale | 1971 | 3591840 | 3880470 |
| Aston Martin | DB3S | 1955 | 3372320 | 3643310 |
| Ford | Mustang GT390 "Bullit" | 1968 | 3366000 | 3627800 |
| Shelby | GT350 R Prototype | 1965 | 3349500 | 3619000 |
| Renault | Type AI 35/45HP Vanderbilt Racer | 1907 | 2965925 | 3132550 |
| Ferrari | F50 | 1995 | 2900250 | 3125825 |
| Ferrari | 275 GTB Long Nose | 1966 | 2618000 | 2802800 |
| Ferrari | Enzo | 2003 | 2448600 | 2587725 |
| Ferrari | 275 GTB 6C | 1965 | 2444000 | 2615080 |
| Ferrari | 225 S Berlinetta by Vignale | 1952 | 2388500 | 2557100 |
| Ferrari | Enzo | 2003 | 2376000 | 2534400 |
| Hispano-Suiza | J12 Dual Cowl Phaeton | 1932 | 2182500 | 2352250 |
| Pagani | Huayra Roadster | 2018 | 2133000 | 2298900 |
| Lamborghini | Miura SV | 1972 | 2122875 | 2295000 |
| Ferrari | 288 GTO | 1985 | 2079000 | 2217600 |
| BMW | 507 Series II Roadster | 1959 | 2070000 | 2235600 |
| Ferrari | Enzo | 2003 | 2000900 | 2142140 |
| BMW | 507 Roadster Series II | 1958 | 1996250 | 2135988 |
Once again, Ferrari delivered the most top sellers. The numerous appearances of Bugatti and the fact that BMW was also able to place two 507s in the top 25 is surprising. It is also unusual that Porsche is not represented in the top 25 with a single car. And it is certainly exceptional that Alfa Romeo is at the top, albeit with three cars as a joint lot.
Significant drop in value
Although the volume of observed transactions was roughly the same in 2020 (5295) as in the previous year (5210), the impact of coronavirus and a shift towards online auctions was evident in the results.
The sale of the 20 most expensive lots totaled EUR 86.9 million in 2020, compared to EUR 137.4 million in the previous year.
However, the estimated values also fell: in 2019, the average estimate was EUR 247,400, whereas in 2020 it was only around EUR 169,600.
The sales ratios were hardly any different, leveling off at 74.5% in 2020 compared to 73.3% in 2019.
At 51 years, the cars traded in 2020 were slightly younger than in 2019 at 54 years. The proportion of "no reserve" offers fell from 45% to 40%.
The 20 most traded brands in 2020 were as follows
| Rank | Brand | Number | D-Age | D-VP EUR | Share Sold |
|---|---|---|---|---|---|
| 1 | Porsche | 442 | 36 | 161195 | 71 % |
| 2 | Mercedes-Benz | 379 | 42 | 152114 | 76 % |
| 3 | Ferrari | 353 | 31 | 389737 | 64 % |
| 4 | Ford | 312 | 57 | 85807 | 75 % |
| 5 | Jaguar | 297 | 53 | 113272 | 67 % |
| 6 | BMW | 202 | 41 | 86404 | 75 % |
| 7 | Chevrolet | 192 | 50 | 47391 | 73 % |
| 8 | Alfa Romeo | 128 | 53 | 252641 | 60 % |
| 9 | Aston Martin | 128 | 36 | 227533 | 55 % |
| 10 | Bentley | 128 | 42 | 114528 | 65 % |
| 11 | Rolls-Royce | 128 | 60 | 111040 | 76 % |
| 12 | Cadillac | 102 | 66 | 76629 | 77 % |
| 13 | Buick | 92 | 69 | 33213 | 75 % |
| 14 | Citroën | 78 | 60 | 31647 | 87 % |
| 15 | Fiat | 78 | 56 | 87099 | 83 % |
| 16 | Lamborghini | 71 | 38 | 392081 | 66 % |
| 17 | Volkswagen | 70 | 49 | 35754 | 91 % |
| 18 | Lancia | 69 | 56 | 145364 | 68 % |
| 19 | Maserati | 68 | 45 | 143676 | 60 % |
| 20 | Land Rover | 56 | 38 | 39715 | 75 % |
The table shows the brands, the number of vehicles sold, the average age, the average sales price and the percentage of cars sold.
Consolidation
Looking at the longer-term trend, 2020 is likely to go down in history as another year of consolidation. The majority of classic cars are still falling slightly in value. Of course, it is slightly different for each brand/type combination, but as an example, the Porsche 911 Carrera RS Touring, built in 1972 and 1973, has been struggling with falling valuations for three or four years.
The high was around the mid-teens. After that, the trend was down again, as the trend line shows.
The situation is similar for many other vehicle types, as shown by evaluations of the Zwischengas auction database, which we published in the 2021 annual magazine and elsewhere.
The outlook for the coming year is not necessarily any better, as the pandemic will keep us busy until at least the summer. But this will not stop classic car owners who are willing to sell from consigning their cars to auctions. The next major auctions in Scottsdale and Paris in January/February 2021 will show which way the train is heading.
