Tips For Your First Trip To The Classic Car Auction
Classic cars are a very tight niche. This is mainly due to the fact classic car owners are so reluctant to let go of their beloved babies, but also because classic cars are very much an investment of both time and money. Nevertheless, a classic car auction is an excellent place to get your hands on a bit of history for a bit less than you would expect to pay in a private sale.
Key differences vs. used car auctions
A classic car auction is run very differently than a used car auction. Classic cars are a luxury commodity, and so the sheer value of these cars commands an entirely different style of auction. Although let's not forget the emotional attachment the previous owners have for their labors of love. A classic car auction is truly a gentlemanly affair.
Where a used car auction usually follows the Dutch style - starting high then working lower until someone bids - a classic car auction is run one of two ways. Most cars at a classic car auction go up for bids the English way.
In an English style auction, the action starts right off the bat with the first bidder and just keeps going up from there. Certain cars at a classic car auction, or sometimes all the cars, are only up for grabs in a sealed auction. In other words, bidders write down their offers and place their bid in a sealed envelope, with the highest bidder winning the car.
However, due to the high minimum you will find at a classic car auction, most of the cars end up not even being sold. The rarity and demand for classic cars also serve to drive up the price, but don't let that scare you away from bidding at a classic car auction. You just might luck out and find something in your price range, and either way, it is definitely less than you would typically find in private sale.
It's not all that scary
The good news is, it's pretty easy to follow the auctioneer at a classic car auction. Bidding is very deliberate and slow, so the progression through each car up for grabs is at a very easy pace. Although the most coveted cars will definitely see more frenzy, it still isn't all that difficult to keep up, even for a classic car auction newbie.
Plus you can get your hands on the catalog well before the date of the classic car auction, leaving you with plenty of time to research every car and pick out a few that you like. Although, if you like it, chances are a lot of other people will like it too. Be prepared to have lots of competition.
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