The Market

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2020: K500 end-of-year market report

2020: K500 end-of-year market report 7th January 2021

After 12 eventful months, we’ve crunched the numbers. In January 2020, did anyone expect five pre-War Bugattis to top the best-sellers list in December?

Top 10 cars sold at auction by value in 2020 – all sales (gross)†


1. 1934 Bugatti Type 59 Sports, Gooding Hampton Court, $12,681,550 (£9,535,000)
2. 1937 Bugatti Type 57S Atalante, Gooding Hampton Court, $10,447,150 (£7,855,000)
3. 1932 Bugatti Type 55 Super Sport, Bonhams Amelia Island, $7,100,000
4. 1928 Bugatti Type 35C Grand Prix, Gooding Hampton Court, $5,233,550 (£3,935,000)
5. 1931 Bugatti Type 55 Super Sport, Bonhams Paris, $5,059,494 (€4,600,000)
6. 2001 Ferrari 550 GT1 Prodrive, RM Monterey, $4,290,000*
7. 1971 Lamborghini Miura P400 SV Speciale, Gooding Hampton Court, $4,265,310 (£3,207,000)
8. 1955 Aston Martin DB3S, Gooding Hampton Court, $3,998,005 (£3,011,000)
9. 1907 Renault Type AI 35/45HP Vanderbilt Racer, Bonhams Amelia Island, $3,332,500
10. 1995 Ferrari F50, Gooding Scottsdale, $3,222,500
* Online timed auction

Total value of top 10 sales in 2020: $59,630,059 (2019, $96,738,602) -38%

January to March 2020: pre-Covid

Totalising auctions at the three big international events in this period, the trend that started a year or so ago was maintained: fewer big-ticket cars, particularly at Scottsdale and now in Paris; ca. 80% sell-through-by-number helped in 2020 by more entries at No Reserve; around two thirds selling under lower estimate.

Bonhams, Gooding & Co and RM Sotheby’s at Scottsdale/Rétromobile/Amelia Island auctions, Jan-Mar 2020 (2019)

Gross: $213,920,639 ($269,601,459) -21%
Number of cars not sold: 197 (213) -8%
Number of cars withdrawn: 13 (12) 8%
Total number of cars: 1,075 (1,109) -3%
Number sold: 878 (896) -2%
Percentage cars sold by number: 82% (81%)
Percentage of cars met or sold below low estimate: 69% (68%)
Percentage of cars sold below avge of estimates: 85% (83%)
Percentage of cars sold met/exceeded top estimate: 9% (10%)
Average value of cars sold: $654,759 ($807,282) -21%
Average year of cars offered: 1966 (1965)
Percentage of cars offered at No Reserve: 58% (53%)
Average mid-estimate value of cars not sold: $706,504
Average mid-estimate value of cars sold: $264,844
Number of $1m+ (gross) cars sold: 41

April to December 2020: online becomes the new normal

Worldwide lockdowns struck in March and April, thus making traditional attended auctions impossible to run.

Top 10 cars sold at auction by value in 2020 – online sales only (gross)*

1. 2001 Ferrari 550 GT1 Prodrive, RM 'Monterey', $4,290,000
2. 1966 Ferrari 275 GTB Long Nose, Gooding Geared Online, $3,080,000
3. 2003 Ferrari Enzo, RM May, $2,640,000
4. 2003 Ferrari Enzo, Gooding Geared Online, $2,354,000
5. 1985 Ferrari 288 GTO, RM May, $2,310,000
6. 1995 Ferrari F50, Gooding Geared Online, $2,134,000
7. 1965 Ferrari 275 GTB, RM 'Monterey', $1,980,000
8. 1956 Maserati A6G/54 Spider, Gooding Geared Online, $1,892,000
9. 2014 Pagani Huayra, RM 'Monterey', $1,848,000
10. 1992 Ferrari F40, Gooding Geared Online, $1,628,000

Total value of top 10 online sales in 2020: $23,303,609

RM was first out of the online box with a dedicated internet-only auction in May. The Canadian giant was joined by Gooding & Co in August and the big players in the US market conducted further timed online auctions until the end of the year. Every one was a success, though the figures were way off what would be normally be expected with 200-car catalogues and $10m+ entries during Monterey Week, cars that had gone the way of experienced consultants.

Gooding & Co and RM Sotheby’s online timed auctions May-Nov 2020*

Total gross cars: $108,627,449
Number of cars not sold: 285
Number of cars withdrawn: 11
Total number of cars: 848
Number sold: 563
Percentage cars sold by number: 66%
Percentage of cars sold below low estimate: 65%
Percentage of cars sold not met avge of estimates: 85%
Percentage of cars sold met/exceeded top estimate: 9%
Average value of cars sold: $192,944
Average year of cars offered: 1973
Percentage of cars offered at No Reserve: 29%
Average mid-estimate value of cars not sold: $292,204
Average mid-estimate value of cars sold: $203,332
Number of $1m+ (gross) cars sold: 19

*Includes: RM May, RM European June, RM European July, RM London, RM November, Gooding Geared Online August, Gooding Geared Online October. All currency conversions made on day of auction.

†For year-on-year consistency, the 1968 Ford Mustang used in the motion picture ‘Bullitt’ sold by Mecum in January 2020 for $3.74m is not included in these results. Nor is the B.A.T. Alfa Romeo concept car triptych auctioned by RM Sotheby’s in New York for $14,840,000 in October 2020. Both values include buyer’s premium. All currency conversions made on day of auction.


Photo courtesy of and copyright Gooding & Co