What's going on here?
F40 Blu has gone under the hammer for £1,200,000 more than it did in 2021 🤯
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mwvmnw bought one of the worlds most recognisable F40s - 'F40 Blu' - for £1,000,500 in July 2021 via The Market.
Today he attempted to sell that same car, with only 800 more miles on the clock via £2,200,500 via Collecting Cars bidding reach £2,200,500 at the close but the lot didn't meet its reserve and went unsold.
Despite that, this result is punchy more given the F40 market is rising at 10% per annum (as it has been for the past decade). Not the 100% we’ve seen here.
So what's it down to? Three reasons:
The F40 Market
The market for F40's has been rising at 10% a year for the past decade but we've seen some incredibly strong prices recently including an F40 that sold for $3,965,000 in August 2022 despite having sold in August 2018 for $1,710,000. The F40 market has always been strong but the year-on-year price rises we're seeing are gathering pace of late.
Reach of the Auction Platform / Seller
The car was sold one year ago on The Market, a well-known online auction platform. The car was sold this time on Collecting Cars, again, another well-known online auction platform.
Simply though, Collecting Cars has more reach both in terms of web traffic and also social media reach. Collecting Cars has 186k Instagram followers vs 14k for The Market. The more awareness, the more eyeballs, the more hype, the more bidders.
This point is reinforced by the owner of the car this time round also having more reach (1.1m Instagram followers vs the prior owner's Instagram following being 67k).
Cars Are Often An Irrational Purchase As Much As They Are A Rational One
Yes, you can look at data and charts to guide and predict prices for a month of Sunday's, but if you get two people in the room who desperately want a vehicle a bidding war can ensue.
But to sell, you also need a reserve that's reasonable. And perhaps doubling your money in one year isn't good enough for some...