Historics Auction 23/09/23

[sixor8]

9Apologies, it was yesterday the 23rd, but I can't amend...

If anybody else dipped into the live auction at Bicester yesterday, Historics seemed to struggle to sell even 50% of the vehicles in the catalogue. A good amount (about 40 of the 150 ish) sold for below the guide (and the likely reserve) price, some post-auction hard truths put to the vendors:

https://www.historics.co.uk/buying/auctions/2023-0...

Top end cars struggled the most, it's been a trend as the year goes on....

A similar thing at Manor Park last Saturday 16/09, an exasperated auctioneer getting one or even no bids on some cars. Yes, there are outliers like the mental price the RS500 Cosworth went for a couple of months ago, but it does seem indicative of the times, now you can get 6.2% government backed at NS&I.

[Mr_Megalomaniac]

I was following online. I would say about 70% of the auctions I've seen lately have seen the same problem. Prices absolutely through the floor at the moment, lots of stuff not meeting reserve. But also, some reserves are probably way too elevated.
Incidentally, I did purchase something from the auction and brought it home yesterday - absolutely stoked. But it was via correspondence after the auction ended and definitely included a fair bit of haggling.
Otherwise I suspect the car was just going back home.

[skeeterm5]

I have noticed the same recently.

I bid on a car at last weeks H&H auction, my bid was a commission bid as I was on holiday and turned out to be the only real bid on the car.

As it happendedt the reserve was quite a bit higher, unrealistically high in my view.

The other thing was the fees, at 15% it meant that my £22k bid was really a cost of just over £25k to me which was all the car was worth. Had I gone to the reserve, with the fees, it would have made it a £30k+ car.

The problem for the seller, IMHO, is that he/she hadn’t accepted that the market is tightening nor made any allowance for fees. All of which means they are taking the car back home.

[Mr Tidy]

A mate of mine went to the H & H Auction at Bicester last week and said there were loads of entries that didn't reach their reserves - but some of the reserves seemed wildly optimistic!

[sixor8]

Mr_Megalomaniac said:

I was following online. I would say about 70% of the auctions I've seen lately have seen the same problem. Prices absolutely through the floor at the moment, lots of stuff not meeting reserve. But also, some reserves are probably way too elevated.
Incidentally, I did purchase something from the auction and brought it home yesterday - absolutely stoked. But it was via correspondence after the auction ended and definitely included a fair bit of haggling.
Otherwise I suspect the car was just going back home.

Go, on don't be shy, what was it? We'll understand if you want to get it home and a give it a good check over before revealing all.

[vpr]

I have a fair few cars and I am realistic to the fact that almost all have dipped in value.
Why are the owners not seeing this and pricing accordingly??

Some of the estimates/reserves at the Historics Bicester auction were absolutely bonkers.

Aside from this some had ridiculous reserves AND were absolutely rotten.

We viewed a certain Ford up there, kind if knew that even in the glossy pics it looked a bit wobbly but in person it was as rotten as a pear, a death trap I reckon yet it’s highest bid was way more than its value but still 25% off its estimate.

[Mr_Megalomaniac]

sixor8 said:

Go, on don't be shy, what was it? We'll understand if you want to get it home and a give it a good check over before revealing all.

I did indeed need to do so, but now she's all snug and safe.



Indeed at the auction venue when picking it up I chatted to one of the guys running it, Fraser, and he mentioned similarly about the experiences at auctions recently. This market is very tight and sad to see, lots of the lots going unsold.

[Mr_Megalomaniac]

vpr said:

I have a fair few cars and I am realistic to the fact that almost all have dipped in value.
Why are the owners not seeing this and pricing accordingly??

Some of the estimates/reserves at the Historics Bicester auction were absolutely bonkers.

Aside from this some had ridiculous reserves AND were absolutely rotten.

We viewed a certain Ford up there, kind if knew that even in the glossy pics it looked a bit wobbly but in person it was as rotten as a pear, a death trap I reckon yet it’s highest bid was way more than its value but still 25% off its estimate.

I don't know if maybe a lot of them are in for way more already? People tend to not want to materialise a loss, no matter how rational it might be to do so. Also I suppose if someone has finance set against it, it can be a bitter one for them to commit to. But I agree with you on condition as well - extremely important!

Tell me you didn't view that Ford above hahaha!

Edited by Mr_Megalomaniac on Tuesday 26th September 23:32

[lowdrag]

Mr_Megalomaniac said:

Indeed at the auction venue when picking it up I chatted to one of the guys running it, Fraser, and he mentioned similarly about the experiences at auctions recently. This market is very tight and sad to see, lots of the lots going unsold.

Not Fraser Williams by any chance? Less said the better.

[CKY]

Mr_Megalomaniac said:

I did indeed need to do so, but now she's all snug and safe.



Indeed at the auction venue when picking it up I chatted to one of the guys running it, Fraser, and he mentioned similarly about the experiences at auctions recently. This market is very tight and sad to see, lots of the lots going unsold.

Congrats on the new acquisition, usually only like '60s Yanks on satin black Torque Thrust D wheels, but that looks nice in green with the silver Minilites! Enjoy

[POORCARDEALER]

Most auction houses will allow the vendor to set reserves which are unrealistic or just plain ridiculous.
So many auction houses have sprung up since 2019/20 it seems they’d rather have the car on their books at an unrealistic reserve than let it go to a competitor.

[sixor8]

I expect it's because they charge a hefty entry fee (CCA charge £150, Historics charge £300!) so get a payday whatever.

The smaller guys (who actually have their own premises rather than a pop-up shop) like SWVA in Poole and Manor Park in Runcorn have free entry, so unless the cars sell, they get nowt.

I note my original link is dead now the results have been moved to a different URL. They are here if of interest:

https://www.historics.co.uk/buying/auctions/2023-0...

Edited by sixor8 on Wednesday 27th September 13:42

[Inspectorclueso]

Thanks for sharing the H&H results, I am continually tempted by a classic, but have had to hold off (house project). It does now look like for once I might be heading into some decent timing, for a buyer. Be interesting to see how the next auction goes, looks like 25th Nov, Brooklands...

[sixor8]

That was Historics, this is the H+H results from 20th September at Duxford.

https://www.handh.co.uk/auction/details/218-30th-a...

[Dan83]

I am at the CCA auction on Saturday, its a real mix of different vehicles, so it will be interesting to see what sells/doesn't and how well etc - Its certainly a funny market at the minute

[Dan83]

P.S - Cracking looking Mustang you have picked up there Mr_Megalomaniac, you must be well chuffed

[aeropilot]

Mr_Megalomaniac said:

sixor8 said:

Go, on don't be shy, what was it? We'll understand if you want to get it home and a give it a good check over before revealing all.

I did indeed need to do so, but now she's all snug and safe.



Indeed at the auction venue when picking it up I chatted to one of the guys running it, Fraser, and he mentioned similarly about the experiences at auctions recently. This market is very tight and sad to see, lots of the lots going unsold.

Got a good buy there it would seem, this car was mentioned by another PH'r in the ongoing thread in the Yank cars section on here.

[Harry Flashman]

Mr_Megalomaniac said:

sixor8 said:

Go, on don't be shy, what was it? We'll understand if you want to get it home and a give it a good check over before revealing all.

I did indeed need to do so, but now she's all snug and safe.



Indeed at the auction venue when picking it up I chatted to one of the guys running it, Fraser, and he mentioned similarly about the experiences at auctions recently. This market is very tight and sad to see, lots of the lots going unsold.

I bought something similar from the last Historics auction, in July. Same thing - bought under reserve with post auction haggling, as my max (and the last) bid was quite a way under what he wanted.

Stuff will be a lot cheaper, soon.

But this car is gorgeous, like your Mustang, and I've been enjoying it. Enjoy yours!

Edited by Harry Flashman on Wednesday 27th September 21:27

[Mr_Megalomaniac]

lowdrag said:

Not Fraser Williams by any chance? Less said the better.

No a different Fraser. Young chap.

CKY said:

Congrats on the new acquisition, usually only like '60s Yanks on satin black Torque Thrust D wheels, but that looks nice in green with the silver Minilites! Enjoy

Thank you!

Dan83 said:

P.S - Cracking looking Mustang you have picked up there Mr_Megalomaniac, you must be well chuffed

Thanks man! I hope the auction on Saturday goes well, hopefully you can find something special for yourself as well.

aeropilot said:

Got a good buy there it would seem, this car was mentioned by another PH'r in the ongoing thread in the Yank cars section on here.

Thank you! I'll go take a look, I hadn't seen the thread yet. Took the wife for a drive and we had quite a bit of fun. Big smiles all around.

[Mr_Megalomaniac]

Harry Flashman said:

I bought something similar from the last Historics auction, in July. Same thing - bought under reserve with post auction haggling, as my max (and the last) bid was quite a way under what he wanted.

Stuff will be a lot cheaper, soon.

But this car is gorgeous, like your Mustang, and I've been enjoying it. Enjoy yours!

Edited by Harry Flashman on Wednesday 27th September 21:27

Very, VERY cool ride you have there. That engine bay is immaculate! The paint gleaming as well. Looks like it is in fantastic condition.