During our visit at the Pebble Beach Automotive Week in August 2015 we have attended the Monterey Insiders Seminar organized by Sports Car Market. The Seminar was moderated by Keith Martin, publisher and editor of Sports Car Market magazine.
The panelist were: Carl Bomstead (Senoir Car Auction Analyst, Owner Collector Auto Appraisal), Miles Collier (founder of the Revs Institute for Automotive Research in Naples, which includes the Collier Collection), Simon Kidston (Owner Kidston SA: World Classic Car Expertise), Donald Osborne (co-host of Velocity TV’s “What’s My Car Worth” and Contributing Editor of Sports Car Market magazine), Jim Pickering (Manager Sports Car Market, American Muscle), Stephen Serio (expert Ferraris & Late-model European Exotics).
The panelists discussed the cars that were offered at the auctions and the classic car market in general. The discussions confirmed our view on the classic car market and gave us their latest opinions and views on the American and European markets.
Obviously importants things are changing, such as the interest in more modern cars and the entry of youngers in the last two years. As Keith Martin illustrated: “In 2013 the average year of the offered cars in the Monterey auctions was 1957. In 2014 it was 1960 and this year it was 1963.
The average age of the visitors of the events during the Pebble Beach Automotive Week confirmed that many younger buyers are entering the classic car market. Until two years ago most of the visitors were old grey men, today also many 30-ers and 40-ers were present and bidders at the auctions. This results in a bigger demand for younger and flashier cars.
The general conclusion of the panelists was that the Monterey auctions in 2015 have not been very spectacular, more ‘business as usual’ than exploding prices and that a certain realism has come into the market.
All new insights will be added to the latest version of our Classic Ferrari Investment report.