Classic cars roar in to online auctions during lockdown08 July 2020 Classic car auctions are drawing up to three times more bidders than other categories on thesaleroom.com.
Sales at six auction houses in the past two months have received as many as three times the number of bidder registrations as other categories on the live bidding site.
They have also achieved high sell-through rates, even though in most cases bidders have been unable to see the lots in person.
This has resulted in over £2.5m of classic cars and motorcycles being sold through thesaleroom.com and its sister sites i-bidder.com and BidSpotter.co.uk.
During the lockdown many collectors have found themselves with time on their hands and money to spend in lieu of luxuries like holidays. Auction houses have responded to the demand by moving their planned sale entirely online for the first time, with great success.
Richard Lewis, COO of Auction Technology Group (ATG), which owns thesaleroom.com, said, “At the start of the Covid-19 crisis, several auction houses came to us to help them move their classic car auctions entirely online. There was a sense that rather than stifling demand, the lockdown was actually lifting it. That forecast turned out to be spot on, and auction houses that have held classic car auctions entirely online in the last few month have seen some bullish bidding activity.”
Rise in bidders
Two auctions are of particular note. Mathewsons’ Classic Vehicles Auction, held on June 6, attracted an astounding total of 1245 bidders through thesaleroom.com and its sister sites – three times the average for auctions on the sites in May and June – and saw twice as many bidders per lot compared with the average for thesaleroom.com.
The Charterhouse Classic, Vintage & Supercars sale on May 30 attracted twice the number of bidders per lot than usual.
Silverstone Auctions, Classic Car Auctions, Bonhams, Charterhouse, Mathewsons Auctioneers and Anglia Car Auctions have all held classic car and motorcycle auctions on thesaleroom.com and its sister sites i-bidder.com and BidSpotter.co.uk in May and June.
They have featured a wide range of automotive favourites, from historic competition cars and grand tourers, to modern classics, and affordable convertibles.
Lewis added: “The timeless classic models, as ever, have done well throughout the last two months. Porsche, BMW, Chevrolet, and – in the bike category – Royal Enfield have been among the most-watched names on thesaleroom.com.”
Auctions coming up
Classic car auctions coming up on thesaleroom.com include: Mathewsons’ July 2020 Classic Vehicles Auction – July 18; Bonhams on July 25; Charterhouse - Online Classic & Vintage Cars – July 29; Silverstone Classic Live Online Auction – July 31-August 1.