The Market


Private collection sells for £7.5m online with Collecting Cars

Private collection sells for £7.5m online with Collecting Cars 20th May 2021

The 38 cars, motorbikes and, bizarrely, a light tank that formed the Leonard Collection were sold in an online auction that finished Sunday, 16 May. A significant number were modern Porsches, topped by a £765.5k 2006 Carrera GT.

The timed internet sale was conducted by Collecting Cars, the UK’s biggest and most recent market disrupter. The company was founded by Edward Lovett in June 2019.

Working with on-the-day rates, the yellow Carrera GT (a 6,500km German market car with unusual paint and some Porsche Exclusive options) works out at around $1.1m including the fixed 5% (maximum £5,000) buyer’s premium (plus 20% VAT on that, so the buyer paid £6,000 in fees for this example). The seller receives the full amount. Strong money for a Carrera GT without unreasonably low, say sub-500km mileage.

Other big figures were posted by the 1991 Porsche 911 (964) Carrera RS with only 164km from new that sold for £380,000 (say $540k) and the 2012 Porsche 911 (997) GT3 RS 4.0, a 713-mile car that achieved £430,000 (around $610k).

The Aubergine left-hand drive 1973 Carrera RS went for a 2021 market-average £430,000, or $610k approx. Possibly the sensation of the catalogue was the 1988 911 Club Sport with only 6,416 miles recorded that found a new owner at £220,000 – surely a record. That’s about $312k.

It was not just Porsches, four Ferraris also sold, headed by a 1997 F512 M, an inevitably red, RHD car with 14,400 miles. It sold for £268,000, or roughly $378k.

Every car sold and the collection totalled £7,499,804 net, or over £7.6m with premium – over $10.5m.

K500 will be interviewing Edward Lovett next week for a feature to be published in June.

Photo by Collecting Cars