Modern Classic Ferraris Finding Millennial Collectors
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Modern classic cars from the 80’s and 90’s are garnering interest from millennial collectors based on Y 2015 auction data from Gooding & Co., RM Sotheby’s, and Bonhams auctions during the recent Monterey Car Week.
Cars from the 1980’s are showing a Y-Y increase in auction sales. They are the group with the largest increase in volume offered at auction, more than 2X what was sold in Monterey last year.
Cars from the 1990’s had the biggest increase in median sale prices in general, up 188% over Y 2014.
The data shows that 80’s cars are the most active segment in here, followed by those from the 90’s. This is the next generation for collector interest as Millennials enter the bidding.
Porsche has seen a big growth in popularity.
Auction houses offered 27 more of them this year in Monterey than they did last year, especially 930s and 911 SCs. Searches for Porsche make up 23.5% of all queries by collectors ages 30 to 50. Ford is the 2nd-most-searched-for brand name, with 18% of searches asking for that brand according to the data.
1980s-era Ferrari 308/328s, Lamborghini Countaches and Diablos, and Ford GTs are the most popular models with a younger demographic.
The Top 5 most popular 1980’s-specific single models include the Ford Mustang, Porsche Carerra Turbo and 930 Turbo, the Lamborghini Countach, the Ferrari Testarossa, and the Chevrolet Corvette.
It is a very diverse group, in origin and in price. Much more so than the Ferrari/Mercedes/Jaguar in prior years. It now appears that that “muscle cars” and exotics have equal merit, provided they are in perfect condition with an impeccable pedigree, as always Tier 1 examples are the best investments.
This Summer’s California auctions fell a few million dollars short of Y 2014’s $402.6-M in equivalent sales.
Ferraris retains top billing in sale prices.
RM Sotheby’s premier Ferrari lot, a $17.6-M Ferrari 250 LM did not and could not match the Ferrari 250 GTO, which hammered for $38.1-M and set the world record for a car sold at auction. They are two very much different cars, the 250 GTO the superior.
25 lesser Ferraris set on the block this year did not sell due to the high reserves placed by owners with equally high expectations, the market sets the prices in these instances.
Buyers are highly selective, and they know what’s best and not…
The Big Q: why the push for the 1980’s and 1990’s cars?
The Big A: It is because the kids who grew up with Lamborghini Countach posters on their bedroom walls are now pulling in 6-figure salaries and can afford to live out their childhood fantasies. As baby boomers age, Millennials are coming to the action.
Another Key in the market is the prices of Ferraris at auctions that put many of them out of reach. So, buyers move toward models that are easier to get, less expensive, and maybe more fun.
The cars are out there, and new, younger buyers are getting into the action.
HeffX-LTN
Paul Ebeling