Classic car auction fetches more than $1m but flagship Ferrari misses out

Monday, 11 April 2022

Ferraris, Porsches, and Jaguars went up for auction in Auckland, with one Ferrari expected to reach well over half a million dollars. (First published April 2022)

Hundreds of potential bidders turned up at Auckland’s ASB showgrounds on Sunday afternoon, to witness a number of classic cars go under the hammer, racking up huge earnings for the sellers.

There were 49 lots up for sale in total, among which were car brands such as Jaguar, Porsche and Ferrari.

Eleven pieces of memorabilia, one scooter and one motorbike were also offered for purchase at the auction, hosted by Webb’s.

Hundreds of bidders turned up at Auckland’s ASB showgrounds on Sunday afternoon, to witness a number of classic cars go under the hammer – racking up huge earnings for the sellers.

In the end, total auction earnings reached $1,344,893 for items that reached their reserve. The strongest performing item being a 1973 Porsche Targa, which fetched an eye-watering $324,500 at the auction.

* Mint condition Ford Falcon GTHO Phase III sets new auction record

* ASB Showgrounds enters liquidation, weekend car sale postponed

Hundreds of potential bidders watched the action unfold at the showgrounds.

Others included a 1960 Jaguar XK150, which sold for $275,000 and a 1991 Porsche 911 which sold for $242,000.

Interest in some items led to bidding wars between at least three buyers, such as a 1986 Citroën Charleston which sold for almost $40,000. Some quirky items fetching high prices included a Grand Prix poster from 1977, which fetched $3,450 and an AMV I numberplate, which sold for more than $4,000.

However, the flagship item on sale – a 1982 Ferrari BBi – did not reach its $550,000 reserve, despite an opening offer from an Australian bidder. The car is one of 43 ever produced by the Italian manufacturer.

It's common for younger bidders to be pursuing cars within the $30,000 to $50,000 bracket, McAleer said the more expensive cars were for the “well-heeled, seasoned collectors”.

Another Ferrari on offer, a 1998 Maranello ended up selling for $187,000.

Caolán McAleer, head of collectors cars at Webb’s watched the action unfold at the showgrounds, and said the busy few days was a reflection of a positive market for classic cars.

“We’ve seen it over last two years since Covid, lots of people have started spending more money at home and on luxury assets, things they care about and are passionate about,” said McAleer.

“In New Zealand there is a huge demand for these cars, there's definitely a strong market, and we’re seeing younger clients coming through also – which is a good thing since as they’re the future generations to come.”

It's common for younger bidders to be pursuing cars within the $30,000 to $50,000 bracket, McAleer said the more expensive cars were for the “well-heeled, seasoned collectors”.

McAleer isn’t phased by the Ferrari BBi not selling, he has no doubt the Auckland-based vendor will have an opportunity to offload it at some point down the line.

Buying a classic car is no rushed ordeal.

“People don't just spend this kind of money at the drop of a hat. They'll do research, there's always multiple on the market – but they want to spend the best money possible,” he said.

“When you get to that price point [over $550,000], the number of people who can afford that is very small. It's not for everyone - it's for a very certain type of buyer who knows what they want.”

Webb’s is expecting an intake of European classics in the near future, as well as Australian muscle cars to meet “huge demand” from collectors.