Daniel Schmitt & Co. enjoyed a very productive 2013 and hopes the same was true for you and yours. The collector car world saw not only record sales for highest price paid for a car at auction (a 1954 Mercedes-Benz Formula 1 race car once driven by Juan Manuel Fangio sold for $30 million in England,) but total collector car auction sales also hit a record high with $1.3 billion trading hands in 2013. This is up from $282 million in total auction sales in 2004. While topping $1 billion in auction sales is impressive, one must bear in mind that roughly 80-percent of collectible cars sales are transacted privately; meaning that total collector car sales for 2013 was likely in the neighborhood of $10 billion.
Some notable trends emerging in the past year include a move by buyers into higher end, more exclusive vehicle purchases and away from bargain hunting. The majority of collector car market gains have occurred at the upper end of the market with lower-end vehicles remaining largely flat. This is good news for those hunting for a bargain, as there are less bargain hunters competing for these vehicles. The upside for the high end buyer is that the upward trend at the top of the market shows no signs of slowing; making a high-end vehicle a savvy investment choice for the foreseeable future.
The past year also saw the car collecting hobby make a big splash in popular culture. It seems there are new shows related to the hobby debuting constantly, and all of the major auction houses are following Barrett Jackson’s lead by televising auction events. All of this positive media is providing a tremendous boost for the hobby and should be exciting for anyone who has even a passing interest in collectible cars. Car culture has come full circle from the days when a handful of serious collectors dominated the market to a popular mainstream activity that is bringing in new enthusiasts. It is truly an unprecedented time of prosperity for collectible cars.
For 2014, Daniel Schmitt & Co. will continue in its role as an industry leader. We will be increasing our focus on high-end models by showcasing the rarest and highest quality automobiles available anywhere in the world. We will continue to distinguish ourselves by being first to spot market trends and sharing our expertise with the collector car world. More than ever before, Daniel Schmitt & Co. will have the most sought-after, most exclusive collectible cars collectible cars on offer anywhere. We look forward to providing an unparalleled buying experience for our clients everywhere, and we wish everyone a happy and prosperous 2014.