Classic Car Auctions NEC Sale: A More Balanced Market
By Steve Bell
25 March 2026
Classic Car Auctions by Iconic Auctioneers at the Practical Classics Classic Car & Restoration Show offered a clear snapshot of where the collector car market currently stands — and, perhaps more importantly, where it no longer is.
The catalogue leaned heavily toward familiar modern classics and enthusiast favourites, with a strong showing of Ford RS models including the Sierra RS500 Cosworth and Escort RS Cosworth — cars that, not long ago, were regularly expected to push well into six-figure territory.
While many of these cars sold, few appeared to reach the kind of headline figures that once defined the sector. Estimates in the £80,000–£100,000 range for the RS500 and £60,000–£70,000 for early Escort Cosworths reflected realistic expectations going into the sale, and results broadly followed that trajectory.
What the sale demonstrated was not weakness, but adjustment.
Cars were finding buyers. Bidding was present. But the urgency — and occasional excess — that characterised the market in recent years was notably absent. Even desirable, low-production modern classics no longer seem to command automatic premiums simply by appearing under the lights.
Instead, the results pointed toward a market that is beginning to settle.
Across the wider catalogue, spanning everything from post-war classics to early 2000s performance cars, values appeared grounded. Buyers were engaged, but selective. Sellers achieved reasonable results, but rarely exceeded expectations.
This more measured approach was particularly evident in the mid-market. Cars that might previously have attracted speculative bidding instead found themselves trading closer to guide, suggesting a shift away from momentum-driven buying toward more considered purchasing decisions.
There was also a noticeable absence of the “must-have” urgency that often surrounds certain models. Where once rarity alone could drive competition, buyers now appear more focused on condition, provenance and overall quality — factors that are beginning to carry greater weight than simple badge or model desirability.
For auction houses, this creates a different dynamic. Catalogues must now be more carefully curated, with realistic estimates becoming increasingly important. The days of allowing headline cars to test the upper limits of the market without resistance appear, at least for now, to be behind us.
For collectors, however, this environment may prove far more favourable. A more stable market provides clearer entry points and reduces the risk of overpaying in moments of heightened demand. It also allows buyers to be more selective — something that was increasingly difficult during the peak years of rapid growth.
In many ways, this is exactly what a mature market looks like.
The extremes of the past — where standout examples could surge far beyond guide — are giving way to more consistent, evidence-based valuations. For collectors, that creates clarity. For dealers and auction houses, it demands realism.
Perhaps most notably, the sale reinforced that “affordable classics” and modern enthusiast cars are now operating within a more stable pricing environment. The volatility seen in recent years has softened, replaced by a steadier alignment between estimate and hammer price.
For some, that may feel like a cooling market.
For others, it may signal something more sustainable.
Image: Classic Car Auctions
Are Classic EV Conversions Running Out of Road?
By Steve Bell
19 March 2026
Britain’s transition to zero-emission vehicles is beginning to show signs of strain. What was once presented as a clear and inevitable pathway now appears increasingly dependent on assumptions that have not materialised.
Recent analysis from the Society of Motor Manufacturers and Traders highlights a widening gap between policy ambition and market reality. Despite strong manufacturer investment, a growing model range and significant incentives, uptake continues to lag behind targets. In 2025, battery electric vehicles accounted for 23.4% of new car registrations — notably below the 28% mandate requirement.
The industry has, for now, bridged that gap through heavy discounting and regulatory flexibility. More than £10 billion has been spent supporting demand over the past two years alone. But with targets set to rise sharply by 2027, the question is no longer whether progress is being made — but whether it is sustainable.
Underlying conditions have shifted. Battery costs remain higher than expected, energy prices have risen significantly, and the anticipated price parity between electric and internal combustion vehicles has yet to arrive. Charging infrastructure continues to expand, but cost and accessibility remain inconsistent, particularly for commercial users.
Against that backdrop, the transition is already proving more complex than originally forecast.
What is perhaps more telling, however, is how these challenges translate beyond the new car market — particularly into areas where enthusiasm was once expected to be strongest
In the years leading up to the pandemic, electric conversions of classic cars were widely positioned as a natural extension of the EV movement. The idea was simple: retain the aesthetic and heritage of a classic, while replacing its drivetrain with modern electric propulsion. Several specialist firms emerged, promising a new category of “usable classics.”
That momentum has not materialised as anticipated.
Even the most prominent names in the space illustrate the challenge. Lunaz, once seen as a leading force in the sector, entered administration before returning to market with a revised strategy. While continuing to offer electric conversions of classic Bentley, Aston Martin, Jaguar and Land Rover models, total production volumes remain modest — estimated at around 50 vehicles.
More notably, the company has begun broadening its offering to include traditionally powered, customer-personalised restorations — a shift that suggests demand for full EV conversions may not be as deep as once expected.
That raises a more fundamental question: if EV adoption is proving challenging in the modern vehicle market, was it ever realistic to expect widespread acceptance within the classic car world?
Classic ownership is rarely driven by practicality alone. For many, the appeal lies in the mechanical experience — the sound, the imperfections, the involvement. The smell of fuel, the tactility of a manual gearbox, even the maintenance itself all form part of the attraction.
For newer entrants to the market in particular, that experience is often the very reason for buying a classic in the first place.
In that context, removing the combustion element risks removing much of what defines the car.
The result is a niche within a niche. While electric conversions may appeal to a small subset of owners, the broader collector base appears largely uninterested. Unlike the modern EV transition, which is being driven by regulation, the classic car market remains fundamentally voluntary — and driven by preference rather than compliance.
That distinction matters.
It suggests that while EV adoption will continue to evolve in the mainstream market, its influence on the classic sector may remain limited. The anticipated crossover between the two worlds has yet to fully materialise.
Whether that changes over time remains to be seen. But for now, classic EV conversions appear less like the next phase of the market — and more like a specialist experiment.
In a market already adjusting to shifting values and changing buyer behaviour, the question is not just whether electric classics will grow — but whether they were ever more than a passing idea.
Image: Lunaz
The End of the Classic Car Boom?
By Steve Bell
11 March 2026
It may be time to acknowledge what many within the collector car world have quietly been noticing for some time: the market for traditional 1960s sports and GT cars is no longer behaving as it once did.
Throughout 2025 the shift became increasingly visible, particularly on auction stages where once-dominant models began struggling to meet expectations. For a market that had appeared almost unstoppable for more than a decade, the change has been difficult to ignore.
The modern boom in classic car values can largely be traced back to 2012. From that point onward, collectors fortunate enough to own cars of high value often found themselves sitting on assets that steadily appreciated year after year. While the market was never guaranteed to deliver financial windfalls, the decade that followed saw strong and consistent sales through both established dealers and the major auction houses.
Even relatively accessible classics benefited. Jaguar E-Types, produced in significant numbers, began pushing well into the £250,000 range for top-quality restorations, while even a solid “driver” example could comfortably exceed £100,000. As values rose, so too did the number of specialists entering the industry. Over the past decade hundreds of new classic car dealers have emerged across the UK and Europe — a natural response to sustained demand and rising prices.
Greater choice inevitably brought some compromises in quality and consistency, but it also opened the door for a new generation of buyers entering the market. The growth of the sector was, in many ways, a sign of a healthy and expanding industry.
At the upper end of the spectrum, the rewards were even more dramatic. Rare Ferraris, Aston Martins and significant pre-war marques regularly achieved seven-figure sums. Between 2012 and roughly 2022, the market appeared remarkably resilient. Dealers reported strong turnover, collectors expanded their garages and auction headlines were dominated by ever-increasing results — a Ferrari 275 GTB/4 achieving $3 million no longer felt extraordinary.
But markets rarely rise indefinitely.
Over the past two years the first real cracks have begun to appear. Cars that once traded effortlessly have started to encounter resistance. A Ferrari 330 GTC that might have comfortably achieved over £600,000 only a year ago has struggled to reach £450,000 in recent sales.
Even some of the most reliable blue-chip classics have softened. Mercedes-Benz 300 SL Gullwings and Roadsters — long regarded as dependable pillars of the market — have dipped below the $1 million mark in certain cases, representing declines of several hundred thousand dollars compared with recent peaks.
The pre-war segment has also felt the shift. Rare and historically significant machines such as Alfa Romeo 6Cs, even those with strong provenance, have occasionally stalled at auction despite estimates hovering around $700,000.
By 2025 it had become clear that the traditional heart of the collector car world — pre-war motor cars and 1960s grand tourers — was no longer driving the market in the way it once did.
Yet the story is not entirely negative.
While older segments soften, the spotlight has increasingly moved toward cars of the 1980s, 1990s and early 2000s. Modern classics have begun to capture the attention — and budgets — of a new generation of collectors.
In that context, the cooling of the traditional market may actually create opportunity. Lower prices inevitably make entry easier. Cars that once felt unattainable may now fall within reach for buyers who previously watched from the sidelines. A restored Aston Martin DB5 or Mercedes-Benz 280 SL suddenly becomes a more realistic acquisition.
Interestingly, another shift has emerged alongside the softening market: many owners are choosing to restore and keep their cars rather than sell. The rapid equity gains of the previous decade are no longer guaranteed, encouraging a longer-term custodial approach to ownership.
It is also possible that the market simply becomes quieter. Dealers may adjust expectations, operating on slimmer margins, while transactions move increasingly into private sales rather than the glare of major auction stages.
For the industry itself, that may not be a bad outcome.
More specialists may emerge. Workshops will continue restoring and maintaining important cars. And collectors, rather than chasing short-term gains, may return to the simple enjoyment of owning and driving.
The headline-grabbing auction era may be fading for some sectors, but that does not necessarily signal decline.
If anything, 2026 could mark the beginning of a healthier and more balanced collector car landscape — even if it means occasionally wincing when the gavel falls on a Lamborghini Miura SV or Aston Martin DB4 at a figure considerably lower than it might have achieved just a few years ago.
Sometimes markets correcting themselves is exactly what allows them to endure.
Image: Stephen Bauer
Bugatti Automobili: The Collapse, the EB110 and the 30-Year Dispute That Followed - Part One
By Steve Bell
5 March 2026
Reviving the Bugatti name was meant to mark the beginning of a new era. Instead, it triggered one of the longest-running disputes in modern automotive history — a feud that continues more than three decades later.
On 23 September 1995, Bugatti Automobili S.p.A. was placed into receivership, bringing an abrupt end to the ambitious Campogalliano project. In the years since, former president and co-founder Romano Artioli, along with his cousin Giampaolo Benedini — architect of the striking Bugatti factory known as the “Blu Factory” — have consistently defended their version of events leading to the company’s collapse.
According to Artioli, the early-1990s global financial downturn was only part of the story. He has stated that neighbouring rivals Ferrari and Lamborghini exerted pressure on local suppliers, squeezing Bugatti’s access to crucial components. Artioli also claimed that unknown individuals broke into the factory, damaging production-ready EB110s in what he described as a deliberate warning to the company.
Others dispute that account entirely.
Claudia Gandini and Chiara Stanzani — daughters of legendary designer Marcello Gandini and engineer Paolo Stanzani — present a very different interpretation. Drawing on personal archives, diary entries and family records, they argue that the events surrounding Bugatti Automobili’s rise and fall have been misrepresented for decades.
Their perspective begins much earlier, in 1984, when Paolo Stanzani and Ferruccio Lamborghini were walking the halls of the Turin Motor Show searching for financial backing for a new automotive venture. That search would eventually connect to the rebirth of Bugatti.
Marcello Gandini produced the first design studies and clay models — internally known as Project 035 — in 1989. Stanzani, meanwhile, had been appointed Technical Director and single-handedly engineered the car that would become the EB110, defining its complete technical architecture before a wider engineering team had even been recruited at Campogalliano.
He also prepared the formal proposal to acquire the Bugatti name from Messier-Hispano-Bugatti’s parent company, SNECMA, with the rights officially transferred in 1987.
Stanzani’s role in the project was the culmination of a career that had begun decades earlier at Lamborghini.
Joining the company in 1963, Paolo Stanzani quickly established himself as one of Ferruccio Lamborghini’s most talented young engineers and was assigned to the team responsible for developing the company’s first road car, the 350 GT.
Stanzani’s technical ability soon elevated him to General Manager and Technical Director. Beyond the professional relationship, he and Lamborghini developed a close personal friendship, frequently socialising outside of work. By the early 1970s Lamborghini had entrusted Stanzani with significant responsibility within the company.
When Ferruccio Lamborghini sold his remaining shares to René Leimer and Georges-Henri Rossetti in 1974, the company’s direction changed dramatically. Stanzani left a year later, citing a lack of financial commitment from the new ownership.
Despite leaving the company, his relationship with Lamborghini endured. The two remained in regular contact after Lamborghini retired to his vineyard, La Fiorita, on the shores of Lake Trasimeno in Umbria. Their get-togethers often took the form of long lunches spent reflecting on their years in the industry.
Yet Stanzani had not stopped thinking about building something new.
While running his own engineering business, he quietly began designing a new V12 engine concept which he named the FL12 — short for Ferruccio Lamborghini V12, intending one day to present it to Lamborghini along with a broader proposal for a future automotive project. By 1984, that idea would lead the two men back to the Turin Motor Show in search of investors — an encounter that would ultimately help set the foundations for Bugatti Automobili.
Part two coming soon.
Image: Remi Dargegen
RM Moda Miami: Resilient, but Hardly Electric
By Steve Bell
2 March 2026
This past weekend, Moda Miami — billed as “An Invitation to the Extraordinary” — endured torrential storms that turned the Biltmore Hotel grounds and adjacent golf course into ankle-deep water, sending visitors scrambling for cover.
Despite the disruption, more than 400 cars remained on display and, remarkably, no serious vehicle damage has been reported. The event survived the weather. The auction did much the same.
Event partner RM Sotheby’s offered a broad mix of classic and modern machinery on Friday 27th February. Bidding in the room, on the phones and online appeared steady, orderly and controlled. There was participation. There was engagement. What there was not, however, was ignition.
Highlights ranged from pre-war fire engines from the LaFrance Corporation Collection to the now familiar rotation of modern Ferraris, several Porsches and yet another Bugatti Bolide. Increasingly, these catalogues feel carefully diversified but also predictable — a curated blend designed to appeal across demographics rather than surprise them.
The modern Ferrari contingent in particular has become a recurring presence at major auctions. Since Mecum’s headline-grabbing January sale of contemporary Ferraris — which some viewed as buoyant and others as optimistic — similar cars have appeared with regularity. Yet the extraordinary hammer prices that briefly energised that narrative have not translated into consistent escalation elsewhere.
What the Miami sale ultimately reinforced was not exuberance, but equilibrium.
New-age classics continue to command attention. A 2017 Pagani Huayra Roadster achieved $3,415,000 (estimate $3m–$3.5m), reinforcing ongoing interest in modern hypercars. But even here, the result tracked neatly within expectations. Strong, yes. Stratospheric, no.
More broadly, hammer prices hovered around pre-sale estimates with notable discipline. There was no speculative frenzy, but equally no evidence of distress. The newer collector base appears measured rather than impulsive, while traditional buyers — once relied upon to push rare lots into unexpected territory — seem increasingly selective.
One notable non-seller was the 1966 Ford GT40 Mk I (road specification). With just 31 examples produced and an estimate of $6.5m–$8m, its failure to meet reserve surprised many. Rarity alone, it seems, is no longer sufficient to override buyer caution.
RM Sotheby’s has undoubtedly diversified its catalogue strategy over the past year, tailoring offerings to suit geography and event partnerships. Its collaboration with Supercar Driver in the UK reflects an awareness of shifting demographics and evolving tastes. Yet diversification does not automatically generate urgency. Broad appeal can create stability — it does not necessarily create competition.
If anything, Miami suggested a market that is functioning efficiently, but without excess. Cars are selling. Estimates are being respected. But few lots are compelling bidders to stretch materially beyond expectation.
Buyer caution may be the underlying theme. Economic signals remain mixed, liquidity at the top end is selective, and collectors appear increasingly disciplined in how and when they deploy capital.
Following a relatively average start to 2026 at Rétromobile in Paris, attention now turns to Monaco on 24–25 April.
If Miami proved anything, it is that the collector car market remains resilient — but it is no longer combustible. Stability has replaced spectacle. And for auction houses, the challenge may not be filling catalogues, but reigniting conviction.
Image: RM Sotheby's
$35M Bargain
By Steve Bell
19 January 2026
Within the collector car world, the Ferrari 250 GTO remains one of the most coveted machines of modern times. Most examples trade discreetly, away from public scrutiny, and when news of a sale does surface it tends to arrive wrapped in speculation — figures inferred rather than confirmed, values debated but rarely verified.
The ownership circle has long resembled a private society: thirty-six custodians, minimal exposure, maximum mystique. In January, however, that mystique was placed under the full glare of public auction.
Chassis 3729GT was positioned as the headline act at Mecum’s January auction. The only factory Bianco GTO, accompanied by months of escalating promotion and estimates comfortably north of $50 million, it was framed as more than a sale. It was presented as confirmation — confirmation that the GTO market remained untouchable, impervious to broader caution.
Anticipation was genuine. The room was full, online viewership strong, the theatre carefully constructed. Yet once bidding began, the energy felt measured rather than electric. Numbers advanced, but cautiously. Momentum never quite took hold.
At one point, Dana Mecum himself stepped forward to encourage the room. The effort was visible. So too was the hesitation.
For what was widely regarded as one of the most anticipated cars of the 2026 season, the absence of aggressive competition was striking. After several tense minutes and consultation by phone, David Lee ultimately committed at $35 million.
The car sold. But it did not surge.
Given the scale of the pre-auction promotion and the confidence surrounding estimates, the result felt restrained. Questions quickly followed. Some pointed to the car’s unique specification. Others revisited debates around period correctness. It was also noted that respected dealer Simon Kidston had been unable to secure a private buyer when entrusted with the car in 2024.
Yet the more revealing element emerged after the hammer fell.
In a recent interview, Lee was asked whether he would consider selling the GTO if offered $50 million. His response was unequivocal: in his view, the car should be worth closer to $70 million, and only a serious offer approaching $100 million would merit consideration.
The confidence is clear. The market, however, offered a different signal.
If a globally promoted example of the Ferrari 250 GTO struggles to ignite bidding beyond $35 million under ideal conditions, it raises an obvious question: on what basis does $70 million sit? Scarcity alone does not create urgency, and rarity does not automatically translate into competitive liquidity.
None of this diminishes the car’s significance. The GTO remains one of the most important competition Ferraris ever built, and ownership carries a prestige few other machines can match. But prestige and price are not always perfectly aligned, particularly in public settings where sentiment must convert into action.
Markets establish price in real time. Owners establish value over time. Occasionally those two figures converge seamlessly; occasionally they diverge, sometimes for years.
For now, Lee enters the GTO circle at $35 million — a figure that may ultimately look astute. Whether it proves an entry point on the way to $70 million, or a clearer reflection of the market’s present ceiling, will depend less on belief and more on the next buyer prepared to test it.
Image: Mecum Auctions