“The average age of the top ten sales of the year jumped from 1960 in 2024 to 1991 in 2025”
I mentioned a notable paradox a few lines above, because the year’s headlines were dominated by the 1954 Mercedes-Benz W196 R Streamliner, followed by the Ferrari 250 LM that won the 24 Hours of Le Mans in 1965, both sold by the Indianapolis Motor Speedway Museum. Together, as symbols of the golden age of the automobile, they alone total more than €86 million including fees and take the top spots in this ranking, ahead of a 2025 Ferrari Daytona SP3 “Tailor Made” (€22.3m). Yet it is precisely this latter result that deserves our attention, as the year was marked by a succession of records for cars that are almost new or very recent: the Ferrari Daytona SP3 “Tailor Made,” as mentioned, a 1994 McLaren F1, the Gordon Murray S1 LM prototype, and the McLaren F1 MCL40A from 2026 (yes, you read that correctly, 2026). Closing this ranking is none other than the 14th of the 19 Ferrari F40 LM produced by Michelotto… and it would almost pass for a grandmother at 33 years old! The shift is real, though some die-hards will say that honour is safe, convinced that these modern cars are nothing more than a passing fad. They will nevertheless have to get used to it, because our market is now driven as much by history as by the desire for contemporary exclusivity…

“The market shows growth close to 15% between 2024 and 2025, but…”
Focusing primarily on the results of the major international sales (Paris Rétromobile, Florida, and Monterey), the market shows growth close to 15% between 2024 and 2025, with turnover rising from €521 million to €591 million and an average sell-through rate above 85%. For reference, the auction market for this specialty, across all auction houses combined, largely exceeded $2 billion in 2025… At first glance, the market’s health seems beyond doubt! But a closer reading reveals significant structural shifts.
First, the number of cars sold for more than one million dollars has declined, and the very top of the market is either thinning out or becoming more extreme. While pre-1994 cars still represent the majority of lots offered (77%), they now generate only 69% of total turnover. Conversely, post-1994 cars, although fewer in number, now account for nearly a third of the total value. Even more revealing—and you have probably noticed it already—modern cars more frequently exceed their high estimates than classic cars, while the latter are more often sold below their low estimates. Put another way, the message is even clearer: the average value of pre-1994 models is around €475,000, compared with more than €685,000 for more recent models.
Should we conclude that classic cars no longer inspire dreams? Certainly not. On the contrary, the current market offers genuine opportunities for informed collectors. Sports cars from the 1950s, 1960s, and 1970s with impeccable provenance and eligibility for major historic events—Le Mans Classic and the Mille Miglia foremost among them—remain highly sought after, but their prices are now more rational than at the speculative peak of previous years. Some models are managing to stand out, such as the Ferrari 275 GTB, which in my view does not carry the prestige of a short-wheelbase 250 GT or a Tour de France, yet holds its ground thanks to its inspired lines, V12 engine, and, of course, the badge. The Mercedes-Benz 300 SL and Lamborghini Miura also join the dance, driven by their technical sophistication, avant-garde spirit, and revolutionary design. They have become symbols—spatio-temporal markers in a hybrid market (allow me the expression!).

“Several structural factors are profoundly shaping the market”
Beyond the figures, several structural factors are profoundly shaping the market: demographics, taxation, and geopolitics. U.S. customs duties, applied to imports since April 2025, have temporarily dampened American collectors’ appetite for purchases abroad—except for cars that are truly unobtainable on their domestic market (we will return to this highly topical subject later). Brexit has also complicated trade between the United Kingdom and Europe, even though the UK tax framework remains relatively favorable to historic cars. Demographics are just as central an issue. Many major collections are still owned by long-standing collectors, and the transfer—or dispersal—of these ensembles in the years ahead will weigh heavily on supply. As in the art market, the gap between “good” cars and truly “exceptional” cars will continue to widen.
So even though cars built after 2005 dominate sales catalogues, older models are not disappearing; they are becoming more specialised. Does not the fifth-highest price of the year go to a Ferrari 250 GT SWB California Spider in aluminum, at over €21.7 million? Built in 1961, its history, provenance, ultra-rare factory options, the quality of its restoration, and much more made it a must-have for a qualified collector… much like the €11.3 million achieved by the 1966 Ford GT40 Mk II, ex-Sebring and Le Mans. These two cars prove that vehicles coming fresh to market from renowned collections continue to attract strong interest, regardless of their age. And for all those whose bank accounts are not quite as well padded as those of the Waltons or the Bettencourt Meyers, rest assured: the same observation holds true for cars at more modest price levels.

The automotive auction market is neither in crisis nor engaged in a euphoric, senseless race. It has become selective, segmented, and mature, and it no longer rewards age, but relevance—the relevance of a car within its era, its narrative, and the imagination of those who covet it. In this sense, the collector automobile will continue to evolve like an art form in its own right, a faithful mirror of its time.

So, what about 2026?!
Have you been following the news? Are you fully aware of what happened on the night of January 17–18, 2026, in Kissimmee, United States? Every single record was quite literally shattered by the American auction house Mecum!!!! Traditionally more attuned to “American V8s than Italian V12s,” Mecum has built its reputation—very successfully, it must be said—on volume-driven sales spread over the course of a week. But for several years now, the ambition of its owner, Dana Mecum, has clearly been to act as a disruptor within the established hierarchy.
One collection—but not just any collection—came to support this ambition: a group of 46 Ferraris that took the entire market by surprise. Without exception, every single car exceeded existing records, sometimes by more than 300%… Was this an epiphenomenon, an ego-driven showdown, Venezuelan oil money, European import tariffs, or the emergence of a new world order? Those who claim to have understood everything have not explained why… I will therefore take the time to explain it, because this sale is likely to accelerate the transformation the market is undergoing—at an even faster pace than what we experienced after COVID.

“There will be an impact, but I strongly doubt the market will accept without resistance the levels seen at this auction”
The market is changing, and so are buyers’ tastes. With single-owner cars, virtually all unique thanks to their yellow liveries and flashy interiors—deemed in poor taste by some—often the last of their series or the final examples produced, purchased through the bespoke Tailor Made program, very low mileage, Classiche-certified and fully documented, the cars from the collection of Phil and Martha Bachman, who passed away in 2024 and 2025 respectively, had everything required to attract the most powerful buyers. The prices are surprising, but not entirely illogical, and in the coming weeks we will see an impact on the market value of certain Ferrari models. That said, I strongly doubt the market will accept without resistance the levels observed at this auction.
First, it would be absurd not to take into account the 17.5% import duties applied for several months now to cars purchased in Europe. Unable to “source” cars from Europe as before, American buyers will have to make do with what they have at home. Add to this a relatively weak dollar, and the U.S. market is currently almost isolated, probably contributing to rising prices for several models in the United States. If nothing changes, there will no longer be as many Ferrari models from the 1970s, 1980s, and 1990s imported into the U.S. as there have been over the past five years.

Second, cars with U.S. specifications have always been rarer and are now more sought after by American collectors. This point hardly needs further explanation—it is simply a fact. The fact that the proceeds may well be donated to a charity changes nothing. No announcement had been made, and no bidder will be able to derive any tax advantage from it, unlike what happened with the 2025 Ferrari Daytona SP3 “Tailor Made” (€22.3m).
Third, this sale ultimately respects the established order, recalling the $38.5m sale of the 250 GTO (#3729) from major American collector Jon Shirley. Some may consider this result disappointing, but it should be remembered that the car had been on the market for nearly two years, was non-matching, and had its bodywork redone twice (once in period and once more recently—2012 to the best of my recollection, though I may be mistaken on that last point). Add to this a competition record without any major international victories and right-hand drive, and the price becomes more understandable. In reality? We are talking about a genuine 250 GTO—the absolute grail. All of them endured the hardships of racing, accidents, and period modifications, so its flaws matter little, and congratulations to its new owner, who has entered an entirely different galaxy.
Finally, there is no doubt that price contagion even affected more modest models in a favorable commercial context. The Bachmans’ older Ferraris achieved strong results, such as the 275 GTB/4 (yellow, of course) in aluminum at over $6m, or their 250 GT Lusso at $3.3m… some bidders must have felt their wings grow!

“Rétromobile is not a show: it’s a signal!”
Ahead of Rétromobile, RM Sotheby’s will present an impressive catalogue in Arizona on January 23, featuring an F40, an F50, an Enzo and two LaFerraris—either confirming the trend or not. And next week in Paris, the Old Continent will have the opportunity to respond with very high-quality catalogues, worthy of Monterey. Many of us will be closely watching the results from Gooding Christie’s, which will be operating at Rétromobile for the first time. Their catalogue is ambitious, and the estimates on display are… robust! There is little doubt, however, that there will be a “before” and an “after” Kissimmee, and that the market will benefit from it—at least temporarily.
I say “temporarily” because even if these results reassure buyers and send shivers down the spines of those who recently sold a similar car (sorry about that), I doubt they will completely overturn the underlying trend. One thing is certain: 2026 will mark a turning point, and the generational clash will intensify. There is no need to choose sides—the important thing is to love the cars you buy, to preserve them for as long and as well as possible, with care and affection. And for the speculators, bet on yellow! At best you’ll reap handsome profits; at worst… well, you know what they say about yellow!

Gautier Rossignol

Upcoming Auction
Fine classics & Racing cars • La Vente de Printemps
Auction on Sunday, March 15, 2026 at 3:00 p.m.
Paris, Espace Champerret
Contact :automobiles@aguttes.com