When the dollar rolls ... or not
08/22/2023
It's over, the weekend of big numbers and new records. Between August 17 and 19, 2023, the three auction houses Bonhams, RM/Sotheby's and Gooding auctioned off a total of 481 cars. USD 302.12 million was invoiced for them. Compared to the previous year, this was exactly the same number of cars. A coincidence.
Even the average price achieved of USD 770,035 compares well with the previous year, when it was USD 794,316. But then the differences become clearer.
While the average sales rate was 78.1 % this year, it was significantly higher last year at 86.3 %. At the same time, however, the "no reserve" share rose from 43% to 47.4%, meaning that consignors took higher risks and yet fewer cars were sold.
Of course, the list of the ten most expensive cars is always interesting. And it has it all in 2023.
At the end of the weekend, the Ferrari 412P from 1967, which Bonhams sold for USD 30.255 million, was the undisputed number one.
Second place went to the 1957 Jaguar XKSS, for which RM/Sotheby's realized USD 13.205 million.
In third place was the 1962 Ferrari 250 GT SWB, which Gooding & Co sold for USD 9.465 million.
Three more Ferraris, a Bugatti, a Mercer, an Alfa Romeo and a Simplex followed. As many as four pre-war cars were catapulted into the top ten, while just one young car, a Ferrari Enzo, made it into the first 10 positions.
Overall, there was a feeling that the dollar was rolling a little less quickly than in the previous year, with many an interesting car coming to a standstill. Younger cars had a slightly easier time than older ones, with the exception of the pre-war cars, which were also good for surprises. Across the board, Ferrari sports cars seemed to have an easier time with bidders than those from Porsche, with exceptions proving the rule.
And yes, there were also some records to report, for example the 412P was certainly the most expensive Ferrari of its kind to be auctioned. However, other expected records failed to materialize, such as those for the Ferrari 250 LM or the Porsche RS60. Another time ...
P.S. The results of the individual auctions by Bonhams, RM/Sotheby'sand Gooding & Cohave of course already been documented and commented on.
