An increasing number of people are buying things from the internet. And not just limited to supplies and things related to surviving the 'COVID-19' coronavirus pandemic, as collectors are also buying expensive cars through online auctions.
And here, RM Sotheby presented a series of online auctions it calls Online Only: SHIFT/MONTEREY, being held this August.
The event that gathers classic car companies is meant to replace the auctions usually held in Monterey, California, as part of the 'Concours D'Elegance', which is a French origin term that refers to an event where prestigious vehicles are displayed and judged.
Because of the coronavirus pandemic, the sales are almost entirely online this 2020.
During the auction, prices and sales that demand for classic cars were up throughout the crisis.
"People are driving more, enjoying their cars more and just looking for something fun to do that gets them out of the house," said McKeel Hagerty, CEO of Hagerty, a classic-car insurance company. He added that with interest rates so low and many of the wealthy benefiting from strong markets and asset sales, the financial underpinnings of the classic car market remains strong.
"When collectors see an opportunity right now, they want to strike," he said.
The first car that broke the record, was the 1966 Ferrari 275 GTB Long Nose.
The two-seat grand touring coupé is powered by a double overhead cam 3.3 litre Colombo-designed 60º V-12 engine with Weber carburetors. It was sold for $3.08 million.
The Ferrari's previous owners reportedly kept it in nearly pristine condition for all those years.
It was sold at a Gooding & Co. online auction on August 7.
The Ferrari only held the title for a few days or so, after which a 2001 Ferrari 550 GT1 Prodrive smashed the record with a winning bid of $4.29 million including fees.
The car is the second of ten Ferrari 550 GT1 examples built by Prodrive. It has a long history of competing in 49 races, taking 15 pole positions, 14 outright race wins including The 24 Hours of Spa in 2004.
The car is the last V-12 Ferrari to win a 24-hour race overall and the car finished on the podium some 29 times.
Presented in a fully rebuilt, race-ready condition, the 550 GT1 Prodrive became the most expensive car ever sold in an online auction.
RM Sotheby's also had a 1964 Ferrari 250 GT/L Berlinetta Lusso by Scaglietti, a 1967 Ferrari 275 GTB/4 by Scaglietti, a 1991 Ferrari F40, a 1995 Ferrari F50, a 2003 Ferrari Enzo, a 1932 Packard Deluxe Eight Individual Convertible Victoria, a 1960 Mercedes-Benz 300 SL Roadster, a 1960 Porsche MOMO 356 RSR Outlaw, a 1972 Porsche 916, a 1980 BMW M1 Procar, a 2014 Pagani Huayra, a 2017 Ford GT, and a 1934 Duesenberg Model J Town Car.
At the auction, RM Sotheby took in a total of millions of dollars, with the top four most expensive cars were Ferraris.
"The number of cars being sold this summer may be down, but prices have not taken a hit," said Kenneth Ahn, president of RM Sotheby's.
Another reason for the increasing demand, is because the auction was done through the internet, which has helped attract younger buyers to classic cars.
Ahn said that the average age of RM Sotheby's bidders has fallen by a decade this 2020, to between 50 and 60, with buyers in their 40s also becoming much more active.
In order to appeal the bidders, the auction companies have added more detailed photos and videos of the cars, as well introducing more interactive features.
"The demand for quality cars has not faded during such uncertain times," said David Gooding, president and founder of Gooding & Co.
"Younger buyers go to their phone first," McKeel Hagerty said. "So the auction companies and dealers are showcasing the cars in a more modern, consumer-grade way."
Previously in 2018, RM Sotheby has also broke the record for the most expensive car sold in an auction. The car was a 1962 Ferrari 250 GTO, sold for $48,405,000.
