Cars produced before, in between or immediately after the wars have long dominated the auction platforms, but their reign could come to an end or at least a steep decline in the next few years.
According to the latest study done by auction experts Hagerty Insurance in Traverse City, Michigan, which have an extensive classic car database, the so-called “youngtimers” (aka modern classic cars) from the 1980s and 1990s are soaring in popularity. They researched this year’s auctions, among them the prestigious and important Gooding & Co., RM Sotheby’s, and Bonhams auctions surrounding Monterey Car Week and came up with this interesting conclusion. Mainly, they noticed that cars from the ‘80s were the only sector with a yearly rise in the average auction transaction prices. And they were also the largest volume increase group across the board, jumping to more than double to what was on offer in Monterey back in 2014. Meanwhile, their peers from the ‘90s had the largest surge in the median sale prices, jumping 188 percent over last year.
“There’s no doubt about it—’80s cars are the most active segment right now, followed by those from the 1990s,” says McKeel Hagerty, the chief executive officer of Hagerty. “If you look at the auction prices and our own data, the popularity is undeniable. This is the next generation.”
Fashionable youngtimers include the Chevrolet Corvette, Ferrari Testarossa and Porsche’s 911 series – but even models such as the Ford Mustang Convertible had their place on the floor. Porsche in particular had a spectacular demand growth – thanks to the 930s and 911 SCs. Collectors aged 30 to 50 had Porsche total 23.5 percent of their queries, while the second most popular brand name was Ford, with 18 percent. Among the collectibles, we also have the ’80s-era Ferrari 308/328s, Lamborghini Countaches and Diablos, as well as the Ford GT.