『•』 A freewheeling auction 🙈 A start planned at 13 million dollars 🔥 launched at 30 million ^^
Through this Daniel Arsham car I observe the fundamental changes in the art market according to the trends, which are changing profoundly at the moment, but also the emotions that shake it and have financial consequences.
Have you heard about this crazy auction of the Porsche Type 64, built by Ferdinand Porsche in 1939?
An auctioneer who makes calls at 30, 40 up to 70 million dollars then instead of figures supposed to be between 13 and 17 million 😅
Why? The emotions, certainly, record sales in recent years too and a great car to sale of course.
Then, a scoreboard – the one where the auctions are displayed on a wall in the auctions room- which rectifies the announced figures… Wow. Unusual.
My first reaction was to tell me that the figures were pushed for a spectacular sale and then, in the face of embarrassment, they were in a hurry to rectify the situation. “It worked for Banksy; it didn’t work for RM,” said collectors in the room as I read in the New York Times
Moreover, no bid has exceeded 17 million and the car is still looking for a buyer.
But that’s not all I see in this sale.
Concerning the historical luxury car, one of the indicators is the “Concours Elegance” in Pebble Beach, Monterey and this market, my friends, is in decline by $125 million in 2019.
The overall sales rate for auctions in this collection car market decreased also by 4% this year.
Hagerty, a well-known insurance company for this type of property, notes a 13% decrease in contracts in 2019.
👉 As in the art market, it’s rather amusing but real, there’s a swivel towards more recent goods.
In my opinion, it is a question of negotiating prices that are more in line with the reality of the extent of collectors – not all of whom are ready to put more than a million dollars in a car – but also a question of generation…
The market also follows the references of a generation that rediscovers its memories of teenagers and the generation of the very old car is slowly disappearing…
Have a good day!
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