In a year marked by economic uncertainty and shifting values, car collectors proved their unwavering determination to pay top dollar for the rarest and most coveted vehicles in the world. One such example was the jaw-dropping sale of a 1962 Ferrari 330 LM/250 GTO by Scaglietti, which fetched an astounding $51.7 million at an RM Sotheby’s auction in New York City on November 13. Not only did this antique racer secure the title of the most expensive Ferrari ever sold at auction, but it also claimed the spot as the most expensive car publicly sold in 2023.
This exceptional sale overshadowed other significant purchases in the classic car market, such as the $30.2 million sale of a 1967 Ferrari 412P Berlinetta by Bonhams on August 17, the $18.8 million sale of a Formula 1 Mercedes via RM Sotheby’s on November 17, and the $18 million sale of a 1962 Ferrari 250 GT SWB California Spider by Gooding & Co. on March 2. Additionally, a 1964 Ferrari 250 LM sold for €15.7 million ($17 million) at an Artcurial auction on July 5, securing its place as the fifth most expensive car sold in 2023.
However, despite these remarkable sales figures, there were subtle indications of a cooling market in the latter part of the year. Ongoing macroeconomic factors, such as conflicts in Ukraine and Israel, may have contributed to collectors becoming more cautious with their purchases. Juan Diego Calle, founder and CEO of Classic.com, a data compilation platform for classic cars, remarked that while interest rates may not impact the top of the market, top collectors are indeed affected by global events and uncertainties, leading them to question the direction the world is headed.
Amongst the top-selling cars of 2023, familiar brands dominated the scene, reinforcing the notion that collectors prefer the tried and tested classics. Out of the ten highest-priced cars publicly sold, an impressive seven bore the mark of the iconic Italian stallion, Ferrari. These included a 1972 Ferrari 312PB that fetched €12 million at an RM Sotheby’s auction on May 19. Other notable marques on the list were a 1957 Jaguar XKSS, selling for $13.2 million at RM Sotheby’s on August 18, and a 2022 Bugatti Chiron Profilée, which changed hands for €9.7 million at RM Sotheby’s on January 31. The inclusion of the Bugatti is particularly noteworthy, as it is expected to be one of the last models powered solely by combustion, making existing models even more valuable amidst the push for hybrid and electric vehicles.
Behind the eye-catching sale prices lies a challenging year for the classic car market. The $51.7 million paid for the 1962 Ferrari 250 GTO, though remarkable, fell $10 million short of RM Sotheby’s initial internal estimates, which had forecasted a value "in excess of $60 million". Furthermore, the recent RM Sotheby’s auction in Las Vegas saw 80% of lots sold for prices lower than their low estimate, indicating a somewhat lackluster market. Notably, a pair of Ferrari LaFerraris, usually valued at over $4 million, failed to find buyers, as did a 1990 Ferrari F40 GT.
The vulnerabilities in the market were evident earlier in the year during the auctions at Monterey Car Week in August. The 1967 Ferrari 412P, estimated to sell for up to $40 million, fetched $30.2 million at Bonhams, while a 1964 Ferrari 250 LM received a high bid of $17 million at RM Sotheby’s but remained unsold due to not meeting its reserve. Ultimately, total sales at Monterey Car Week reached approximately $400 million across five auction houses, a decline from the $473 million recorded in the previous year.
Nonetheless, renowned brands like Bugatti, Ferrari, and Mercedes-Benz appear to be largely resistant to market fluctuations. A 2002 Mercedes-Benz CLK GTR Roadster sold for $10.2 million at RM Sotheby’s on November 17, securing its place as one of the top 10 car sales of 2023. Similarly, a 1962 Ferrari 250 GT SWB Berlinetta fetched $9.5 million at Gooding & Co. on August 18. Despite the challenges faced throughout the year, it remains evident that the very top of the market enjoys a healthy demand from collectors.
The conclusions drawn from the past year in the classic car market are clear: collectors are choosing to be more selective with their purchases, opting for brands they know and trust. While uncertainties in the global economy may have added caution to the market, the allure of these iconic and timeless vehicles persists, as collectors continue to speak with their wallets, albeit at a slightly diminished pace.