In August, more cars crossed the block than ever before, but the Sell-through Rate and Average Price were much lower, resulting in a 10% decline in Dollar Volume when compared to last year. In fact, while August is normally the highest month of the year in terms of Dollar Volume, this year the January auctions in Scottsdale & Kissimmee took that spot. And while Online Auctions saw growth this month, it wasn’t enough to makeup for the lackluster results in Monterey.
When we talk about car auctions in August, we talk about the annual event at Monterey Car Week where we typically see the highest of high-end live auctions. The best years for the high-tier auctions were 2022 and 2021, and this month’s results have proven that we are now far away from those bullish days. Money is not cheap today, which largely impacts spending on the high-end spectrum of the market.
On the contrary, cars that are bought and sold regularly by enthusiasts – typically in Online auctions – are seeing solid, stable figures. Online auctions in August showed moderate growth and the same trend towards stability that we’ve been seeing all year – but slight decreases in Sell-through Rate and Average Price suggest that the market for the lower, more attainable cars has also slowed down slightly.
So what does this mean for the rest of the year? We aren't fortune tellers, but we expect to see:
- Fewer high-end cars crossing the block, as collectors hold on to their assets.
- Lower reserves, and more "No Reserve" auctions, as both auction houses and sellers adjust to move the cars that need to be moved.
Want to dig deeper into the results in Monterey? Check out our Monterey Recap here >
Top 10 Sales in August 2023
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Top 10 Flips & Flops in August 2023
A "Flip" or "Flop" is defined as a car for which we have a previous sale record, so we can determine the net gain/loss and time since the previous sale. Obviously, it's possible that cars have changed hands in private sales between these public listings, but it still provides great insight into the market to see which cars sold for substantial gains or losses over their previous sales.
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Market Busters in August 2023
While the overall market is stable, the listings below broke records to become the Top Sale in their individual Markets last month. Rest assured, if you've got a great example of a collector car, the buyers are out there!
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Results are included from the following auctions in August 2023:
- ACC Auctions
- Bonhams | Cars Online
- Bring a Trailer
- Cars & Bids
- Catawiki Classic Cars
- Clasiq Auctions
- Collecting Cars
- Fast Car Bids
- Formula Auctions
- Guys with Rides
- Hagerty Marketplace Auctions
- H&H Auctioneers
- Hemmings Auctions
- JDM Supply
- Marqued Auctions
- NoLemons Auctions
- OneMoreCar Auctions
- Overland Exchange Auctions
- P1 Groupe Auctions
- Sackey & Co
- The MB Market
- Bonhams' The Quail Auction
- Broad Arrow Radius Monterey
- Gooding and Company Pebble Beach
- Mecum Monterey
- RM Sotheby's Monterey
Other Live Auctions: