The current position of sterling against the Euro is bearing significant fruit for the UK sellers of classic cars which are being purchased by enthusiasts from across the European Union, say International auction house COYS.
Chris Routledge from 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.
He added: “ This was noticeable as well with the number of absentee bidders from the Continent, both via the telephone and the internet, so the possibilities for selling Sterling cars on the ground in Europe has become very attractive indeed.
“ As a result of this opportunity we have made special arrangements for discounted transport so that UK sellers can sell their classics at our next International auction at Schloss Dyck in Germany on August 3rd.”
Chris said: “ This event is the jewel in the crown of German motoring events and UK sellers should take advantage of the strength of the Euro and the discounted transporter arrangements which will allow them copper-bottom their chances of selling their classic or specialist car.”
Routledge said that the current position of Sterling against the Euro was bearing significant fruit for UK sellers of classic cars, which are increasingly being purchased by European buyers.
He added: “ Our recent Blenheim auction saw a significant upsurge in European interest, but what was particularly noticeable was the number of multiple purchases being made by single European purchases.
“ One gentleman from France came to the auction form Marseilles and bought four cars, and was looking to buy more if he could. His purchases included a Jaguar E-Type, a Mercedes 230SL, a Fiat 500 and a Ferrari 308. A German buyer, brand new to the classic car market, arrived and registered on the morning of the sale and purchased a Lamborghini Jalpa and a Maserati Merak. A De Tomaso Pantera was sold to Germany in an auction room bidding war between two Germans that left any English buyers in the dust.”
Chris said: “ 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% discounted against European asking prices. “
He added: “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.”