Auction Results: November 2023

In the world of classic and exotic cars, November proved to be an intriguing month. Following a sluggish October and a generally lackluster year, November brought a surge of sales – with an increase in Dollar Volume, Sold Listings, and Average Price compared to the same month last year.

Does this mean the Market is beyond the "stabilization" we've been talking about all year? Are we finally out of the woods? Sorry to disappoint, but, no. To better understand what happened in November, we need to dig deeper into what went on at Online vs Live auctions in November 2023.

---

Online

If we look closely at the Online auction world, November looks very similar to the rest of the year when you compare to 2022: more cars are being listed, which results in more cars being sold (although with a lower sell-through rate), but those cars are selling overall for less money than in 2022.

Live

The Live auction world tells a different story. We saw LESS cars listed/sold, but Dollar Volume soared with an increase of $63M (43%). In turn, Average Price increased by almost 50% and Sell-through Rate saw an almost 10% bump. 

In 2023, the results of most Live auctions have trailed 2022's results, month over month (with the exception of January, April and June). Yet, the amount of vehicles sold has remained fairly consistent with 2022 (with the exception of October). As a result, on average, cars have sold for less money at the Live events, even the "Major" events like Scottsdale, Amelia, and Monterey – which has been a sign of the market cooling down from the 2022 highs. But as it occasionally happens in the industry, we had an anomaly this month – and that anomaly's name was RM Sotheby's.

RM Sotheby’s had an amazing month in November 2023. They hosted a new Las Vegas auction that saw almost $53M in sales from only 27 vehicles, and a headline auction ("The One" Ferrari 250GTO) realized $51.7M in just one car. Their usual November auctions in London and Munich saw decreases in Dollar Volume and Average Price, but overall their Dollar Volume almost doubled in November 2023 ($138M) compared to November 2022 ($70M). But there is one caveat: in 2022 they held two sealed-envelope events where 4 cars were sold for an undisclosed amount that is not included in our data. PR puts that amount estimated at $50-55M. If that's true, RM's sales in November 2022 and 2023 were similar years in terms of Dollar Volume. 

Overall

If we set aside any $1M+ sales, we still see the same trend we’ve been tracking all year during 2023: selling cars has become more difficult. Buyers are not consistently meeting sellers' expectations, and overall sale prices are stabilizing at lower levels than the 2022 high. Our CEO, Juan Diego Calle, talked with Hannah Elliott at Bloomberg about this trend last week, read the article on Bloomberg.com.

---

Sold Listings in 2023, vs 2022

• In January to November 2022, we saw 60,526 listings sold at auction.
• In the same time period in 2023, we saw 63,287 listings sold at auction.

---

Dollar Volume in 2023, vs 2022

• In January to November 2022, we saw $4.1B in dollar volume sold at auction.
• In the same time period in 2023, we saw $4.0B in dollar volume sold at auction.

---

Dollar Volume in 2023, by Auction Type

---

Sold Listings in 2023, by Auction Type

---

Sell-through Rate in 2023, by Auction Type

---

Top 10 Sales in November 2023

If the Top 10 Sales chart above does not load, please refresh the page and wait 10 seconds. Thanks for your patience while we get the gears running.

---

Top 10 Flips & Flops in November 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.

If the Top Flips & Flops charts above do not load, please refresh the page and wait 10 seconds. Thanks for your patience while we get the gears running.

---

Market Busters in November 2023

It's not just about high-value cars. Many great examples are crossing the block and breaking records across all value tiers. Check out these listings that broke records to become the Top Sale in their individual Markets last month.

If the Market Busters chart above does not load, please refresh the page and wait 10 seconds. Thanks for your patience while we get the gears running.

---

---

Results are included from the following auctions in November 2023: