Online auctions have caught fire.
Just like a band that spent 10 years playing dive bars and opening county fairs — only to become an overnight success when conditions were right — online auctions have hit their stride.
It wasn’t too long ago when Barrett-Jackson set records for Dodge Daytona Turbos and high prices for charity lots for COVID-19 relief.
RM Sotheby’s just earned their highest total yet at an online sale. Their Online Only: The European Sale featuring the Petitjean Collection topped their previous efforts with a $21.4 on 173 of 191 vehicles sold.
“As our first Online Only sale with a European market focus, we are absolutely delighted with this remarkable result,” said Maarten ten Holder, RM Sotheby’s Head of Europe. “Not only is the sale total exceptional but to have achieved a 91% sell-through is a major achievement. Moving a long-planned live sale onto an online only format was major effort from our team, but we’ve conclusively proven that we can conduct highly successful online only sales on both sides of the Atlantic.”
Also, RM Sotheby’s #RACEAGAINSTCOVID auction started on June 15 and continues through June 22. Check it out for some amazing racing automobilia and experiences — all in the name of a good cause.
Since the auction companies have found their online footing, there has been a tremendous number of transactions. And this isn’t even getting into the more traditional online purchasing situations, such as eBay, Bring a Trailer or the recent Marketplace-E, set up by Leake under the Iron Planet arm of Ritchie Bros. expanding empire.
There are choices everywhere nowadays. If you’ve got the time to spare, and a bunch of us still do, be sure to look under all the rocks and open all the doors that you can in pursuit of your next collectible.
Oh, one last bit of news: Gooding and Company announced late last week that on August 3, they will hold their first exclusively online sale, Geared Online.
In lieu of their canceled 2020 Pebble Beach sale, this Internet event already features some heavy hitters. The initial press release highlighted a 1992 Ferrari F40, a 1995 F50 and a 2003 Enzo — all consigned from one collection. I can only imagine what’s coming out next.
We get to live in very odd, trying times. Thankfully, many of us are still able to focus on our enjoyment and hobby with collector cars, both new and old.
Keep washing those hands, maintain that distance and stay safe.
Images courtesy of Gooding & Company
Great article – thanks for the mention, Chad!
Muffy
(Ritchie Bros/Leake)