Prices for low mileage classics still heading skyward
1957 Ferrari 335 Sport Scaglietti, £24.7m.
Three more world record prices were achieved at auction last month, taking the tally for 2016 up to at least 18.
Last week’s records were £27,000 for a Ford Sierra RS Sapphire Cosworth (right), £26,000 for a BMW E31 850CSi M and £18,250 for a Honda Z600 (all prices without premium).
They were set at Classics Central’s Bedfordshire auction. Managing director Justin Lazic says: ‘They’re world records for any Sapphire Cosworth, any E31 850CSi, and any Z600. Each of the cars was consigned early so interest could be built. What we’ve demonstrated is that low mileage, original cars are worth top dollar.
‘People are more prepared than ever to pay for original examples and as time goes on, original, unrestored examples are becoming rarer and rarer.’
These sales are the latest records in a boom year for auction houses. Silverstone Auctions set two world records in February, and Artcurial set an astonishing 13 at its Retromobile sale two weeks before that.
Artcurial broke seven world records on the first day of the sale which included the highest auction price ever for a car – a 1957 Ferrari 335 Sport Scaglietti sold for £24.7m. However, there is some controversy over this claim, as Gooding and Company say their sale of a Ferrari 250 GTO in 2014 still holds the record because of exchange rate variances.
On the second day six Citroën price records were broken – one for a 2CV Sahara which sold for a staggering €172,800 (£131,436).
The Silverstone Auctions records were set for a 1990 Mercedes-Benz 190 E2.5-16 Evolution II which made £292,500 and a 1987 Ford Capri 280 ‘Brooklands’ that sold for £54,000.
Markets editor Richard Barnett isn’t overly impressed. He says: ‘Taking year and model into account devalues records. And although it’s great news for sellers and auctioneers, it’s not for people who need a stepping-stone into the classic car game. Real enthusiasts could be priced out too.’