How the market works

The classic car market operates through four main channels. Specialist auction houses handle the top end: RM Sotheby's, Bonhams, Gooding and Company, Barrett-Jackson. These are public sales with bidder registration, published results, and buyer's premiums of around twelve to fifteen percent. The auction record is the most reliable public price data available and should inform any significant purchase

Private dealers handle a large portion of the market at all levels. Quality varies enormously. The difference between a good specialist dealer and a bad one is not price. It is knowledge, transparency about condition and history, and willingness to stand behind what they sell

Private sales between individuals account for a significant share of transactions, particularly at the entry level. Lower prices, less friction, more risk. Due diligence falls entirely on the buyer. Concours and events are where the market's social dimension operates

Pebble Beach, Goodwood Revival, the Mille Miglia: these are not just shows. They are where valuations are formed, where buyers and sellers find each other, and where the community that sustains the market gathers.

CollectorGrade take

The auction record is the most reliable public price data in the classic car market. Before any significant purchase, research recent comparable sales at the major houses. Knowing what things have actually sold for is more useful than knowing what anyone is asking.