Latest market commentary from CCFS auction analyst Richard Hudson-Evans

Latest market commentary from CCFS auction analyst Richard Hudson-Evans

Collectors invest £74m in classic stock in Florida where, among 19 new record prices, 917 Spyder sold for £2.82m to become world’s top performing Porsche at auction

The 1987 McLaren-Porsche MP4/3 F1, which is captured by the camera of Pawel Litwinski crossing the Gooding auction block to sell for $858k (£550k), was one of a 19-strong grid full of world record price breakers in the Florida sales where a heady $115m (£74m) was invested.

Leading the 16 Porsche milestone results on Amelia Island was the $4.4m (£2.82m) valuation for the 1973 917/30 Can-Am Spyder, a double world auction record for both a 917 and a Porsche of any kind. Whilst record prices in public auction were also established for the 911 Turbo, 944 Turbo, 944 and 924 models.

Under the RM gavel in the Ritz Carlton meanwhile, one of the seven original Vantage-powered 1965 Aston Martin DB5 Convertibles smashed the previous auction record for the model to sell for $1.21m (over £775k) and a 1960 Mercedes-Benz 300SL Roadster realised $990k (over £634k), also a world record price for a 300SL Roadster.

Inevitably, the vital statistics make bullish reading, too, with 91% of entries selling at Gooding, and the sale rates at the two RM sales being 87% at Amelia Island and 100% at Boca Raton, where the Milhous Collection completely sold out, and 72% under the Auctions America by RM banner at Fort Lauderdale. Indeed, over three weekends in the State of Florida, there were buyers who were prepared to spend more than the magic $1 million dollars apiece on 19 automobiles.

On the basis of what ever happens over there, sooner or later happens over here, such expressions of confidence by investors at the top end of the US collector vehicle market should eventually filter through to classic car consumers on the more heavily taxed side of the big pond.

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