AS YOU MAY BE aware, seniordriveraus likes to keep a finger on the pulse of classic car auction results, and keep you notified as well.
We are well aware that many over-50s own classic cars, or are interested in acquiring one as a hobby or investment.
One auction company we were happy to receive communications from, and pass on to you, was Lloyds on the Gold Coast, but we were never able to source the results.
Intrigued, since almost every other classic car auction company in the world is keen to promote its results, we contacted the company to ask where we could access results of past auctions.
We had a response from Lloyds’ customer service administration explaining “it is Lloyds policy that we do no (sic) disclose auction results and/or sales prices.”
The email went on to say that should we “have a reader interested in a particular vehicle”, they would be welcome to contact Lloyds directly at which time they (Lloyds) would advise if a particular vehicle has sold, “without disclosing the sale price”, been referred to the vendor or accepting offers.
We find that attitude and approach hard to understand.
Tracking auction results is how most owners and potential buyers around the world follow market trends. The clearance rate is a reasonably reliable indicator of how hot the market is, and rising and falling prices for particular makes and models shows their current appeal (or otherwise). The number of lots sold above reserve or passed in are other indicators. Looking at the number of sellers who have made the often brave decision to sell with no reserve, and the results they have achieved, gives sellers more information to decide to set a reserve based on previous sales, to get a reasonable idea of what that reserve should be, to see how accurate Lloyds’ reserves are or to choose to sell at no reserve themselves.
Following the outcomes of auctions is an important part of forward planning of either purchases or sales and helps buyers and sellers to decide which auction house to patronise.
It makes us wonder why Lloyds can’t be more transparent. Everybody who attends an on-site auction will know what each lot sold for (although online auction results will not be so accessible unless you register, then sign in and keep tabs on the progress of items on your ‘wish list’).
No doubt Lloyds will claim “confidentiality” or “client privacy” as a reason for not announcing results, but that doesn’t explain why, to the best of our knowledge, they are the only classic car auction house to not reveal results.
Lloyds next classic car auctions are on Saturday 29 June (USA Classic Cars at 12 noon, and Classic Cars and Prestigious Plates at 7 pm) and on Sunday 30 June (European Classics).
If you attend or follow any of these auctions, you might like to let us know the results so we can pass them on to our interested readers. And if you are considering consigning a vehicle through Lloyds or buying a vehicle they are offering, you might like to ask them why they don’t want you to know how well (or otherwise) they have done in previous auctions.
In the meantime, we will continue to bring you results of classic car auctions from those auction houses that do publicise their results.