23/1/2024
As the first fortnight of January 2024 draws to a close, the UK classic car market continues to demonstrate resilience and vibrancy, with modern classics particularly shining. Let's dive into a summary of the market's performance and highlight some of the notable auctions and trends.
The UK classic car market has shown remarkable stability, even during challenging economic times. Data from Hagerty reveals an overall modest shift downwards by 0.47% in the market, with the average value of classic cars slightly decreasing. However, this general trend masks some interesting movements within specific segments of the market.
There's a noticeable trend of modern classics, particularly those from the 1980s, gaining traction among collectors. Cars such as the VW Golf Mk1 GTI, Peugeot 205 GTI, Audi Quattro, and Porsche 944 Turbo have seen increased interest and value. This trend indicates a shift towards vehicles that blend nostalgic appeal with more contemporary features.
In the higher echelons of the classic car market, there's been a mix of stability and some surprising upticks. Most Aston Martin DB6 variants saw a decrease in values, except for the rarer Vantage Volantes and Short Chassis Volante models. A standout in the high-end market was a 1972 Lamborghini Miura SV, which fetched a remarkable £1.91 million at Silverstone Auctions, exceeding its top value estimate by £200,000.
Barons Auction (13th January 2024): This auction featured a diverse array of classic vehicles. Some of the notable entries included a 1989 Ford XR3i Mk4 finished in white with an authentic XR3i interior, a 1966 Triumph TR4 A IRS, a 2002 Renault Avantime 2.0 16V Turbo Dynamique, a 1996 Porsche 911 2DR Tiptronic, and a 2007 Kawasaki ZRX1200R Eddie Lawson Replica, among others. Each of these vehicles presented unique characteristics, from their model years to their conditions and histories.
The UK classic car market in early January 2024 illustrates a market rich in diversity and enthusiasm. The rising interest in modern classics, stable high-value transactions, and the variety of vehicles presented at auctions reflect a robust and dynamic market. This period marks a promising start to the year for classic car enthusiasts and collectors alike, signaling a year potentially full of interesting trends and exciting opportunities.
Miles D Wheeler
mRay is a blockchain based marketplace for RWA (real world assets) focused on classic and collectors cars, looked after by an approved network of car storage custodians. We provide additional enjoyment of the physical car by creating a digital twin that can be used in gaming and the Metaverse.Please note that the information provided here is not investment or legal advice. The blockchain and cryptocurrency environment, as well as the market for classic and collector cars, are highly volatile and subject to rapid changes. Investments in these sectors carry a significant level of risk, including the potential loss of capital. It is crucial to conduct your own research and consider consulting with a financial expert or legal advisor before making any investment decisions.