Auction Price Changes over Time

As mentioned in the previous post, I am a large fan of car auctions. Having previously discussed the most expensive cars to ever cross the block, I have found another interesting topic surrounding the auction world. RM Sotheby's will be my case study for this post as they have a section of their site to see all previous auction results from 2000 to now. By scrolling through these previous results, I have compiled a list of the greatest changes in sale prices at RM Sotheby's auctions.

Jaguar XJ220 (Arizona 2009)

A fairly unsung hero of the 1990s to begin with in the form of the Jaguar XJ220. This car was meant to be the 90s supercar and was even the world's fastest car at one stage before being upstaged by the McLaren F1. There were only 283 examples made, meaning they're not common and a 3.5l twin-turbo V6 producing 542bhp, so it wasn't a slouch either. Even so with all these factors building up, RM Sotheby's sold one in 2009 for $154,000. Hardly a cheap car purchase but compared to now when there's one at an estimate of £350k-£400k and one sold in 2017 for £418,500, the buyers of 2009 will be very happy with the timing of their purchase. 

Mercedes Benz CLK GTR Coupe/Roadster (London 2009)

This may be cheating to have a double bill but they were too good not to mention. This legendary car was the homologated edition of the Mercedes Benz CLR LMP car of the 90s. Therefore it was only made in very small numbers with 20 Coupes and only 6 Roadsters. Powered by a 7.3l Mercedes V12, that would be used in the Pagani Zonda, producing 604bhp. The current value of the two cars are as follows. The last time a CLK GTR Coupe sold at auction was the RM Sotheby's Monterey auction of 2017 and it sold for $4.5m. The last CLK GTR Roadster to sell at auction was the 2015 Goodwood Festival of Speed which sold for $1.5m. But what were the prices of the cars that sold in 2009? The Coupe sold for £522,000 and the Roadster £616,000. That is a truly insane buy. 

Bugatti EB110 GT (London 2009)

Built in 1993 to commemorate the 110th birthday of the founder of Bugatti, Ettore Bugatti, the EB110 GT was a lighter, more powerful and more aerodynamic version of the standard EB110. Powered by a 3.5l V12 producing upwards of 550hp, this was one of the most powerful road cars in the world at the time. Designed by Gandini and produced in very limited numbers, this model is one of the greatest cars ever made, as well as one of the fastest at 213mph. This car in 2009 sold in London for £220,000 and a mere 10 years later, one sold in Arizona for £967,000, which shows the amazing inflation these cars have.

Shelby Cobra 427 (Monterey 2009)

The Shelby Cobra has a fascinating history which helps its price at auction significantly. Originally, the Cobra began as the little AC Ace that was emerging in the British sports car market in the 60s, alongside the AC Aceca. Carroll Shelby, an American engineer working at Ford, took one of these Ace's and dropped a 7.0 supercharged V8 into it, and creating the Cobra. This then launched the Shelby motor company which spent its days racing at Le Mans with the Cobra Daytona Coupe, creating interesting road cars such as the Series 1, legendary muscle cars such as the Ford Shelby GT500 Mustang and spent his later days before his death in 2012 by supercharging Mustangs. All of this heritage leads to the 2009 Monterey auction by Sotheby's which had an original Shelby Cobra 427 for sale. This car sold for a exceptionally small £66,000, around the price of a second hand Aston Martin V8 Vantage today. A similar car sold with Bonhams for £977,000 with a top estimate of £1.2m. Someone in 2009 got very, very lucky. 

Mercedes Benz 300SL (Monterey 2004)

A little further back in time when Sotheby's was only just starting out in automobiles, they sold a Mercedes 300SL for £236,000, not particularly cheap at all. Coined as the original supercar, some believe the Lamborghini Miura is responsible, the 300SL was a masterful piece of engineering with gullwing doors and long smooth styling referenced in the 2012 Mercedes Benz SLS AMG. The long hood is the key beauty element in this car and the prices since then have risen just slightly. The price of one in 2017 sold by Gooding and Co comes to £4.5m. Quite an increase on the £200k that they sold for 13 years prior. 

Ferrari 275 GTB (Monterey 2004)

The greatest bargain I have seen in auctions happens to be this car, the Ferrari 275 GTB. This is the car that succeeded the Ferrari 250 series which features the GTO, GT SWB and TR, so it had a lot to live up to. Ferrari's designers perfected the design with the long nose similar to the long hood of the previously mentioned Mercedes 300SL as well as the beautiful curves. Rarer, faster and debatably more beautiful than the legendary Ferrari 250 GT SWB, this car is a stunner to anyone who can see one (I have not seen one yet sadly). This crossed the block for £178,500 in 2004 and now they can sell for up to £3,500,000 such as the longnose variant that sold at Knocke-Heisse in Belgium last year. Or if you can find a Competizione variant, look forward to upwards of £10m coming your way.

Case Study - Ferrari Legganda e Passione 2009

This whole auction is a treasure trove for low prices and any person who managed to pick up a car in this auction most definitely made a profit. Rather than the explanation of previous entries, I will simply name the car, the price it sold for and the price it is now to show the changes. Ferrari 365 GT 2+2, £77,000, £250,000. Ferrari Dino 246 GT, £82,500, £380,000. Ferrari 288 GTO, £385,000, upwards of £3m. Ferrari 330 GT 2+2, £60,500, £450,000. Ferrari 250 GT Ellena Coupe, £275,000, £960,000. Ferrari F40, £260,000, £750,000. Ferrari 250 GT SWB, £440,000, £1.9m.  Ferrari 250 GT SWB Competizione, £1.1m, £7.9m. Ferrari 250 GT TDF, £2.3m, £7m. Ferrari 250 GT LWB California Spider, £2.1m, £9.8m. Not too bad then