Automobile and classic car auctions have always been an integral part of oldtimers’ calendar. They look like a grand show where every single participant has an opportunity to buy a fantastic car and at the same time get to make right connections and strike a new friendship. That’s how the things were done before the endemic in 2020 when all auction houses had to adapt to a new reality. What changed, how the market do things now, which countries are eager to invite and bring in auctioneers and what are the online bidding prospects – all covered in the following interview PR and Marketing assistant RM Sotheby’s William Driscoll.
-Are there any changes at the post-Covid business with offline auction sales now again a thing?
-We are now seeing increasingly more clients bidding online for live auctions, whereas before covid this was much less of a thing
-How much time on average do you need to find a car for auction sale?
-This all depends on the relationship with the client and the negotiation of the agreement, but it starts a long time before the actual sale, with all the relationship building, signing the contract then sorting out transport, the title and photography of the car
-How does a successful cost-benefit analysis for an auction look? What makes an auction successful enough to make it annual?
-The sale needs to be at the right place with the right audience in attendance in order for it to be a success
-Which auctions are more attractive for clients – offline or online?
-This depends on the offering, but at the end of the day it depends on the client; some will always want to come in person to inspect a car whereas others will have enough confidence in us as an auction house to buy cars without having seen them
-Which countries and regions are the most upcoming for car auctions now?
-We are increasingly growing our presence in the Middle East region, having our first Dubai sale at the beginning of March. The sale there is set to become a regular fixture in the auction calendar
We are also having our second sale in the UK this year at Cliveden House, which has been a goal of ours for a long time. This is also set to become an annual fixture in the calendar
-It looks like the company grows more and more every year, in March an auction is planned for Dubai as far as I know. Is there a difference between Europe, US and Middle East countries in terms of cars you choose?
-There are certain sales that suit certain audiences, for example Monterey is our most important sale of the year, where we have the biggest cars we sell throughout the entirety of the year
-Which car brands or models have been the most popular for the last 3 years and which ones would make a difference in the future?
-This is always a moveable feast, as car prices are moving all the time
-What a private party needs to do to sell a car at your auction?
-We need to agree on where the car is going to be sold, what the estimate is and the reserve (if they want one) on the car. We then sign the contract, the car gets photographed and it will get transported to the auction where it is sold
-Several times a year the house organizes a sale of one and only item – for example 1962 Ferrari GTO. How do you choose this kind of item and what type of car it should be?
-This would only be for a very special car, in which we are able to present as a one-off sale. The GTO is a great example. We have also done sales with our partners Sotheby’s, for example in Geneva where we sold Michael Schumacher’s 2003 Ferrari F2003 GA which sold for CHF14,630,000 at Sotheby’s Luxury week in Geneva in November 2022
-Is there a difference between private auction sales and public?
-Through our private sales team we handle a number of high-value confidential sales throughout the year so yes this is different to our public auction sales where the sale prices of these cars are made public.
-At the same time your house was one of the first who started having online auctions regularly. What are the prospects in this area for the next 5-7 years?
-We see value in having certain online auctions, such as with large scale automibilia sales such as the Garagista sale and Nigel Mansell’s Legacy Collection sale.