Classic cars are leaving the UK bound for the EU, with European collectors benefiting from the weak pound.
That’s according to auction house Coys, which has seen a “noticeably higher than average sale rate of cars being shipped to European countries”.
At a recent Blenheim auction, a collector arrived from Marseille and bought a Mercedes-Benz 230 SL, a Fiat 500, a Jaguar E-Type and a Ferrari 308.
Meanwhile, a German buyer – new to the classic car market – purchased a Lamborghini Jalpa and a Maserati Merak. Coys referenced an “auction room bidding war between two Germans that left any English buyers in the dust”.
The Porsche 997 GT3 RS 4.0 (pictured) left the UK bound for Spain, selling for £312,700.
‘Alignment of the planets’
Chris Routledge of Coys said: “The strength of the Euro against Sterling has undoubtedly created a very advantageous buying climate for European classic car collectors, with not only sensibly priced cars but with the current exchange rate being perceived as being at least 25 percent discounted against European asking prices.
“This is a unique set of circumstances – an alignment of the planets if you like. The quality of the stock in the UK is of the highest international standard, European buyers know it and are very keen to get their hands on it, as with current exchange rates, the prices could not be more attractive.
“For UK sellers of classic cars and other collectibles who wish to sell in Sterling to European collectors, the outlook is very strong while these exchange rates continue, and they should consider grabbing hold of this opportunity while they can. We live in very interesting times.”
Needless to say, Coys is urging UK classic car owners to consider selling their classics at its next international auction at Schloss Dyck in Germany on 3 August 2019.
The auction house has made “special arrangements for discounted transport” to allow them to “copper bottom” their chances of selling their classic to a European buyer.