How Car Collecting Powered Through the Pandemic
An eight-day McCum auction in July in Indianapolis – the first pandemic – was postponed by a record $ 74 million sale. That figure included the highest price of $ 3.85 million for a Mustang. The auctioneer billed the car, a 1965 Shelby prototype once powered by Ken Miles of “Ford vs. Ferrari”, “the most important in the history of the marque”.
Perhaps the most fantastically impressive results came on September 5, in some live auctions of the year. incident, At the historic Hampton Court in London, Featured 15 super classics in Gooding & Co.’s first international sales. The auction was canceled in April, but company president David Gooding said, “We saw a window of opportunity and seized it.”
It turned out to be $ 44 million, as it turned out, with a 93 percent sell-through rate. Records were reported for the highest average price per car, $ 3.1 million, and the highest ever auction price for a Bugatti – $ 12.7 million for a 1934 Type 59 sports car. Gooding & Company said that Bugatti also achieved the highest price in 2020 for a publicly sold collector car.
Still, “2020 was rough – the entire live auction industry was down,” Mr. Gooding said. His firm, based in Santa Monica, California, made $ 125 million, which is less than its best years, he said, “but we feel grateful for what we still managed to achieve and what we learned. For him.” For example, the epidemic prompted the company to accelerate its introduction Geared online, A web platform featuring both vintage cars and automotive memorabilia.
Haggerty, a firm in Traverse City, Michigan that insures collector cars and specialty vehicles and tracks market data, believes that the volume of collectable automobiles changed hands in 2020, growing by 14 percent , Online and in-person transactions with most sales… treaty ”.
“The need to live alone or in small groups pushed people outward,” said the firm’s president, McKill Hegty. “More people came out to drive – to go camping, hiking or just driving. Also, gasoline was really cheap.