Auction Results: May 2023

In May, classic and exotic car auctions recorded over 9,500 listings sold, resulting in $349M in sales, which is consistent when compared to the previous two years. We are now moving beyond the high-growth era of the pandemic into an era of stability where both Online and Live Auctions are establishing their parallel but unique pathways to success, providing plenty of options to both buyers and sellers alike.

When comparing last month to May 2022, this stability is seen across the board, with the biggest difference seen in Top Sale and Sell-through Rate. The Top Sale difference is due to the $142M outlier sale of the 1955 Mercedes-Benz 300SLR 'Uhlenhaut Coupé' in May 2022. Note: this sale has been excluded from Dollar Volume data in order to allow for proper comparison. The decline in Sell-through Rate is also consistent with what we've been seeing all year – sellers are being forced to re-evaluate their asking prices to meet updated buyer expectations.

Online Auctions represented 50% of the Dollar Volume and 63% of the Sold Listings last month, very similar to May 2022. It's no surprise that Online Auctions continue to gain popularity due to their ease and accessibility. However, Live Auctions are consistently bringing a higher overall average price and sell-through rate.

While Online Auctions offer convenience, Live Auctions' potential for better pricing and sell-through rates may make them a more attractive choice for some. If you are thinking of selling or buying at auction this year, it's essential to weigh the benefits and drawbacks of each option carefully to make an informed decision. Let one of our Pros help you.

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Note: The $142M outlier sale of the 1955 Mercedes-Benz 300SLR 'Uhlenhaut Coupé' in May 2022 has been excluded from this data.

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Note: The $142M outlier sale of the 1955 Mercedes-Benz 300SLR 'Uhlenhaut Coupé' in May 2022 has been excluded from this data.

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Top 10 Sales in May 2023

When it comes to Top Sales, RM Sotheby's almost had a full clean sweep for the month of May 2023 with the sales from their Villa Erba Auction taking 9 of the Top 10 spots – 8 of those being Ferraris, 6 of them being red.

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Top 10 Flips & Flops in May 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 May 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 May 2023: