![RM Sotheby’s scored the top sale of 2023, with $51,705,000 for a unique 1962 Ferrari 330/250GTO, if still $10m short of some expectations Classic & Sports Car – 2023’s classic car market brings optimism for the future, according to report](/sites/default/files/styles/article/public/2024-02/%20Classic-and-Sports-Car-2023-classic-car-market-review-Ferrari.png?itok=IuXXQPg2)
The classic car market was busy in 2023, with more higher-valued vehicles than ever before.
This is the verdict from data aggregator The Classic Valuer. In its annual review, it found more cars selling at extreme ends of the market, but with lower sell-through rates.
The number of collector vehicles at auction rose 89% between 2019 and 2023, according to The Classic Valuer’s data, with the dramatic rise of online platforms identified as the main driver.
In addition, there may also be more cars coming to market, as auction houses such as RM Sotheby’s and Gooding & Company expand their private-sales arms.
![Mercedes-Benz 300SL Gullwing at Barrett-Jackson’s 2024 Scottsdale sale Classic & Sports Car – 2023’s classic car market brings optimism for the future, according to report](/sites/default/files/2024-02/%20Classic-and-Sports-Car-2023-classic-car-market-review-1956-Mercedes-Benz-300SL-Gullwing.png)
This 1956 Mercedes-Benz 300SL hit $3.4m and was Barrett-Jackson’s top result at its all-time-best Scottsdale event last month
Further analysis has found that while the majority (32%) of cars sold are in the £10,001-25,000 bracket, it’s actually the sub-£10k and £100k+ lots that increased in volume the most during 2023 – by as much as 14.7%.
Curiously, growth of £1m+ lots was flat, year-on-year, at 0.4%, possibly marking a plateau for volumes that have doubled over the past 10 years.