I attended the second day (Saturday)of auction selling. 180 cars went on the block yesterday - 225 today and another 175 tomorrow.
Here are a few observations..... some 580 cars to be shown and sold and not one Mark II in the group. Very telling as to how rare is our car? Answer...very rare. Anyone interested in buying a Mark II? Get prepared to look hard to find one. Our car is one rare animal! This auction mirrors what I see here in California... lots of Porsches, Mercedes, Chevys and Fords. You will not see many Lincolns, Buicks, Oldsmobiles, Dodges and occasionally a Cadillac. Interestingly in the Palm Springs area old and new Bentleys seem pretty common. In Chicago I regularly see only one...(my colleague's who parks next to me in the garage) In Palm Springs you can see five in thirty minutes when you go to the drug store.. and each will be in some wild color you've never seen before on any other car.
OK enough of that commentary.. let me get to the reason for this post......I'll cut to the chase... very few cars are getting sold! I sat through a whole hour of auction activity and it was rare to see a car sell. One car after another rolled up, bidding started and then ended with the car unsold. It actually seemed surreal. Sellers having too great an idea of what the car was worth and buyers refusing to buy unless it was a bargain. After watching the auction I then went over to the area where yesterday's cars were lined up and I could see what sold and what did not... same result. Very few sold and very many showing the highest bid and still available for offers. In some instances I thought the high bid was realistic, but sellers obviously were not interested. This was not just my observation. Sellers waiting for their car to be shown were all complaining about the low bidding that was taking place. One seller even suggested to me he would love to get an offer before the auction that he could accept and forget putting it on the block... he had no interest in testing the waters.
This leads me to think that prices in the collector car market have peaked. If you are a seller unless you have a very rare, quality condition car that enjoys collector appeal don't expect lots of buyers at your door waving money in your face. We are entering a time when you should enjoy your car and cast aside ideas of selling it for a killer price.