MARKET LEADERBOARD

💰 The figures shared below don’t count any other sales such as car seats, memorabilia etc..

I only include websites that have sold 5+ cars in the chart below. Which means Hagerty, Hemmings and many others did not sell 5 cars yesterday!

Yesterday saw a notable selling surge, totaling over $8.5m in sales. Leading the charge was Bring A Trailer with $4.5m, trailed by Collecting Cars at $1.5m, Car & Classic garnering $700k, Cars & Bids with $454k, and PCarMarket securing $300k.

By clicking on the image it will take you directly to the auction.

2020 Ford GT Carbon Series $1,000,100

2019 Porsche 911 GT3 RS Weissach $236,000

2021 Porsche 911 Carrera 4S Cabriolet $215,000

Since we had a $1m+ sale yesterday in the 2020 Ford GT Carbon Series, I thought I'd turn back the pages and revisit all the $1m+ sales we've seen this electrifying year.

Only two platforms have been able to showcase $1m+ sales this year: Bring A Trailer and surprisingly PCarMarket. No other platforms came close to $1m…

The 1967 Porsche 910 took the crown, with a buyer splashing out an awe-inspiring $2.5M. Trailing not far behind was the 2010 Bugatti Veyron 16.4, which found a new home for $1.65M.

And for those who love a blend of history and horsepower: the 2021 Ford GT ’66 Heritage Edition, auctioned for a neat $1.38M, is a tribute to Ford's legendary 1-2-3 podium finish at Le Mans in 1966. A ride that's both a visual and performance treat!

SALE OF THE DAY

1995 PORSCHE 911 (993) CARRERA RS - A Timeless Beauty! 🔥🚗

💰 Sale Price: An investment worth $342,000. Considering its legacy, rarity, and impeccable condition, it's a price tag that promises unparalleled value.

Link to auction here.

Hang on tight, folks, because we're about to dive deep into a world of luxury, speed, and a splash of vintage charm. With only 33,580 miles under its belt, this beauty has seen more pampering than a royal cat. 🐱👑

🌟 Key Highlights 🌟

• Under the Hood: A roaring naturally aspirated 3.8-litre flat-six engine that gives you an adrenaline-pumping 296bhp. That's paired with a six-speed manual transmission for those who love the thrill of shifting gears.

• A Rare Gem: This isn't just any Porsche 911 Carrera RS; it's one of only 49 UK-delivered models and one of 1,104 produced worldwide. That's rarer than a unicorn's feather! 🦄✨

• Shining in Speed Yellow: This stunner is dressed to impress in an eye-catching Speed Yellow, paired beautifully with a black leatherette-trimmed interior and grey seat inserts. Plus, those 18-inch Speedline three-piece alloy wheels? They're the cherry on top.

• History and Care: Three owners since its birth and with the seller for over 17 years. This car has seen love, care, and meticulous maintenance, making it ripe for its next journey with a lucky owner.

📜 A Little More Info for the Enthusiasts 📜

The 1995 Porsche 911 Carrera RS is equipped to the brim with features that make it the star of the road. From Porsche’s ‘Variocam’ system, lightened rocker arms, to the distinctive front bumper ‘flaps’, this car is a blend of style and power. And if music is your thing, it boasts a Kenwood stereo, though purists will appreciate that the original Blaupunkt Hamburg stereo is still part of the package.

In my last newsletter, I unfurled my thoughts on Hagerty's current challenges, and you folks weighed in with a spectrum of viewpoints. Interestingly, many of you circled around a similar concern: the apparent dearth of quality listings Hagerty's showcasing.

Now, I want to spotlight Sotheby’s Motorsport. You might recall my initial mention of them during their launch. Having kept a close eye on them for six weeks, it's time for some straight-shooting.

For clarity, let's briefly traverse Sotheby’s timeline:

Born in 1744, Sotheby’s stands tall as the world's oldest auction house. Fast forward to 2015, they strategically invested $30.7 million to acquire a 25% stake in RM Auctions, leading to the inception of RM Sotheby’s.

Come 2022, and RM Sotheby’s boasts a whopping transaction value of $925 million. Now juxtapose that with Bring A Trailer's staggering $1.35 billion, and the reasons behind RM Sotheby’s collaboration with Motorsport for an online auction platform become crystal clear. However, I'm left wondering about the real value Motorsport brings to this union. I’ll park that thought for another day.

August 2023 marked their grand entrance into the online car auction scene. This is where things get interesting. Their CEO proudly announced on their official website:

"We're excited to deliver a brand-new, high-touch auction experience for discerning buyers and sellers of 21st-century sport, exotic, and luxury cars priced between $100,000 and approximately $1 million.

With Sotheby's Motorsport, you'll find an entirely new and improved way to buy and sell these special cars. This is a place where third-party inspections are the rule, not the exception."

Reading that, I was buzzing with anticipation. Here was a legacy brand promising innovation and, more importantly, unwavering transparency. But, as I delved deeper, discrepancies started surfacing.

While they passionately championed third-party inspections, an overwhelming majority of their listings conspicuously lacked one. ( I only found one) Instead, they presented a "Seller’s Disclosure" — basically a decorated version of “Here's the info from the seller.” This disclosure even emphasizes that it's no replacement for proper inspections. So, what happened to the CEO's robust claims of inspections being the rule? When a platform charges sellers an upfront fee of $299 and inspections merely cost around $200, why this oversight? Keeping promises should be business 101.

The CEO’s mentioned pricing bracket — cars falling between $100k and $1m — also seems flexible at best. For instance, a Land Rover on their platform was recently sold for $75K. Conversely, there's a McLaren with an introductory price tag of $1m. It makes me wonder, what's the actual game plan here? If there’s been a strategic shift, it’s essential to keep stakeholders in the loop.

Their pricing strategy? It's honestly jarring. Aside from charging sellers 2.5%, they’re expecting buyers to cough up a 5% fee capped at $25k, which is starkly higher than other platforms. This will inevitably echo in the bidding amounts, denting the seller's eventual earnings. The tangible proof? Many of their auctions consistently fall short of the set asking price.

Requiring bidders to prove their financial capacity before participating seems like an unnecessary extra step. It not only adds a hassle that could discourage potential bidders but also hinders those spontaneous, spur-of-the-moment bids that often drive up auction prices. And if bidders are deterred, sellers might be hesitant to list their cars, fearing reduced competition and lower bids.

To wrap up, I harbored sky-high expectations for Sotheby’s Motorsport, given their storied legacy and market experience. Their vision of providing a refined, guiding transparent experience for high-end cars was music to my ears.

However, their current tune seems discordant, and I can't help but feel there's a mismatch between their promises and execution. I’m pinning my hopes on them recalibrating their approach and truly dominating the scene.

Your thoughts?