In the collector car world, January heralds some of the year’s most significant auctions. Mecum showcases its Kissimmee auction in Florida, while Barrett-Jackson, Bonhams, RM Sotheby’s, and Worldwide hold auctions in Scottsdale, Arizona. For data enthusiasts like us, this month serves as a barometer for the market’s performance in the upcoming year. The verdict is in, with the results reinforcing what we’ve observed since last year: the market has stabilized after its Pandemic-induced surge. 2024 appears to signal a return to “normalcy,” fostering a balanced market that benefits both buyers and sellers. Let’s delve into the details.
Both Dollar Volume and Sold Listings were higher this January than in past years. The increasing popularity of online auctions has made selling cars more convenient, allowing sellers to do so from the comfort of their own homes. This, combined with economic uncertainty, has led more sellers to turn to auctions, resulting in a higher number of cars entering the market compared to previous years.
Although sold prices aren't reaching the record highs seen in 2021 and early 2022, the market continues to experience robust sales. It's worth mentioning that Barrett-Jackson's Scottsdale auction was conducted with a 100% No Reserve policy, significantly boosting this month's Sell-through Rate.
Top 10 Sales in January 2023
We saw very healthy sales at the top of the market across all of the major auction events this year – 5 of the Top 10 sales this month crossed the block at Mecum Kissimmee, 2 at the Scottsdale auctions, and 3 at RM Sotheby's Paris.
The top Online sale this month came in at #24 on the list: this 2019 Porsche 935 that sold for $1.6M at Bring a Trailer.
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Top 10 Flips & Flops in January 2023
Each month, we meticulously track "Flips" and "Flops," which we define as cars with documented previous sale records. This enables us to calculate the net gain or loss and the time elapsed since the last sale. While some purists argue that a genuine Flip/Flop occurs only within a 12-month timeframe from the previous sale, we believe this list offers entertainment and valuable insights that a narrower window would overlook. Admittedly, it's plausible that cars have changed hands in private transactions between these public listings; nonetheless, this data provides valuable insights into which cars have realized significant gains or losses compared to their previous sales. Enjoy this data at your own discretion.
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Market Busters in January 2023
While numerous statistics and reviews tend to concentrate on the upper echelon of the market, noteworthy examples are consistently emerging and setting records across all segments of the industry. Our "Market Busters" chart specifically showcases listings that shattered records within their respective market segments last month.
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