The current position of sterling against the Euro might be bad for holidaymakers heading to the Continent this summer, but it’s bearing significant fruit for the UK sellers of classic cars. According to an international auction house, more and more UK classics are leaving as Eurozone collectors benefit from the weak pound.
Chris Routledge of Coys said: “Our recent results at Blenheim Palace, with the pound at €1.11, proved to be the tipping point for the European buyer with a noticeably higher than average sale rate of cars being shipped to European countries.”
At Blenheim, a collector from Marseille bought four cars including a Mercedes-Benz 230 SL, a Fiat 500, a Jaguar E-Type and a Ferrari 308, while a German buyer purchased a Lamborghini Jalpa and a Maserati Merak. A De Tomaso Pantera was also overseas following an auction room bidding war between two Germans that left any English buyers in the dust.
“The strength of the Euro against Sterling has undoubtedly created a very advantageous buying climate for European classic car collectors, with not only sensibly priced cars but with the current exchange rate being perceived as being at least 25 per cent discounted against European asking prices,” added Chris.
“This is a unique set of circumstances – an alignment of the planets if you like. The quality of the stock in the UK is of the highest international standard, European buyers know It and are very keen to get their hands on it, as with current exchange rates, the prices could not be more attractive.
“For UK sellers of classic cars and other collectibles who wish to sell in Sterling to European collectors, the outlook is very strong while these exchange rates continue, and they should consider grabbing hold of this opportunity while they can. We live in very interesting times.”