We hope you are all staying healthy and safe in these difficult times. Here’s our monthly update on the state of the classic car market: the market dropped 13% in March.
Unsurprisingly, we saw a 13% decrease in the Dollar Volume across all the major USD denominated classic car auctions, from $161m in March of 2019 to $140m in March of 2020. The overall number of listings dropped only slightly (-2%), but the sell-through rate dropped from 69% to 62% during the same comparable period.
Note: Stats quoted in this post are as of March 31, 2020 @ 7pm eastern.
The drop was softened by a number of high profile sales such as the $7.1m sale of a 1932 Bugatti Type 55 Super Sport Roadster and the $3.3m sale of a 1907 Renault Type AI. In all, the top 10 sales of March 2019 represented $17.6m in Dollar Volume, compared to $24.3m in March 2020.
View top 10 sales >
It’s likely that April will take an even bigger hit as collectors and enthusiasts alike pause and re-assess values. We’re seeing this across a number of venues, evidenced by withdrawn lots and postponed events.