Stability has returned to the specialist car market, despite prices continuing to soften from their post-pandemic high. For the six months until July 2025, based on the average sell-through value of public auctions, the global market is down 9.7% versus 2024. The classic market is faring slightly better, with prices declining by 5.7%.
Nevertheless, the specialist car market remains buoyant. Public sale data from our trusted evaluation partner, The Classic Valuer (opens a new window), reveals how and why.
Rising sell-through rates
The EU market made a particularly strong start to 2025. In February, RM Sotheby’s achieved two record sales: the Mercedes W196 Streamliner (€51,155,000) and the Ferrari 250 LM (€34,880,000) – the two most valuable cars from the US-based Indianapolis Collection. Notably, both cars remain in the EU, subject to VAT and import tax. Regardless, the sale of both cars to EU buyers underlines the current strength within that market.
The UK market has been less dramatic: prices are 6% lower than last year, with classics down 4%. Although outpaced by global trends, this nevertheless represents a substantial drop of 38% since 2021. But while this might appear alarming at first glance, reviewing the data provides a different perspective.
As the graph below shows, volume in the market has risen dramatically since 2019. The pandemic-induced dip in 2020 was followed by a quick rebound in 2021. But the increase was paltry compared to 2022, in which the rise of online auctions, along with plenty of encouragement from sellers, saw the number of cars offered skyrocket. However, the growth in buyers’ appetites was short lived, and in 2023 the sell-through rate fell due to an oversupply of cars.
Sell-through rate for UK public sales, January to June (2019-2025)
Turning to 2025, and there are signs the numbers are starting to plateau. A total of 5,561 cars were offered in the first half of the year – the exact same number as in 2024. Notably, the sell-through rate has leapt from 66% to 74%, equalling 2022 and up 2% against pre-pandemic figures. But unlike 2019, this year has seen an extra 3,401 more cars offered. This is a strong signal of activity, indicating that the gap between sellers and buyers is now being bridged.
Market realism
The story on the ground echoes the data. The observation among dealers – new and old – is that cars are changing hands more frequently, and at more realistic figures. High levels of supply, and suitable cars, are attracting buyers – contributing to a market that is as active as it has ever been. Sellers are finding short-term profit harder to come by, especially for contemporary machinery – with fewer models selling for immediate returns than in previous years.
Inundated with choice, buyers are becoming more patient and selective. Many are falling back on ‘chocolate box’ purchases – cars that require no explanation, nor restoration, and which reflect the essence of a brand or model. As ever, there are two sides to every trend: certain rare – and traditionally more desirable – cars have fallen by the wayside as buying habits shift.
While prices are down across the board, pockets of growth persist. Despite historical low-performance, pre-war cars have risen 2%. This is being fuelled by attractive prices, and growing consumer appreciation for the unique driving experience that such cars offer. Marques benefitting from good support networks are experiencing the largest resurgence in interest.
Similarly, 2025 has seen a string of notable sales for 1950s and 1960s cars. Previously a top-performing category, high-value sales have been few and far between in more recent years. There has also been a flurry of noteworthy cars changing hands for respectable figures in 2025 – a trend perhaps not reflected in public data. This is potentially downstream from the sales of the Mercedes W196 and Ferrari 250 LM.
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In a shifting market, certainty matters. At Lockton, our agreed value policy offers you peace of mind – so you know exactly what your car is insured for, at no extra premium. Our experts help to make sure your cover truly reflects your car’s worth, leaving you free to enjoy the drive.
For more information, reach out to a member of our team.
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