Classic buying spree in Sydney

Strong demand for classic cars at Shannons' latest auction, with Autumn Classic event in Sydney almost completely clearing the decks

In a sign of strength of the Australian classic car market, leading auction specialist Shannons has achieved one of its best results of a local auction in recent years.

Eighty nine per cent – or 24 of 27 classic vehicles – sold on the hammer at the Shannons Autumn Classic Auction in Sydney on May 2.

"It's the best result we've had, you'd say in at least the last five years," a jubilant Christophe Boribon, Shannons National Auction Manager, told the Carsales Network after the auction.

Another indication of confidence in the market was that almost 50 per cent of vehicle lots had no reserve, which Boribon said is also "a sign that people are understanding the way the no reserve system works".

A tarmac rally-prepared 1970 Ferrari Dino believed to have been the first 246GT imported into Australia was the top-selling vehicle, fetching $170,000. The red Dino, which featured an enhanced mid-mounted 2.4-litre V6 engine, electronic ignition and a competition clutch, had competed in two East Coast Classic rallies.

"It’s a car that has significant history in the build of the Dino itself, being the first one delivered to Australia; also the first right hand drive one from the factory, and it was also an early car still carrying the knock-off wheels," Boribon said.

Other stand-out results included a rare 1972 Jaguar E-Type Series V12 manual roadster that brought $90,500, a tidy 1962 Austin-Healey 3000 Mk II BJ7 convertible ($59,500), a concours-winning 1955 MG TF 1500 Roadster ($41,000), and a quirky German Borgward Isabella Coupe finished in bright candy apple paint with white roof  ($33,750).

Flying the Aussie flag, a low mileage 1975 Holden HJ Monaro 253ci V8 coupe brought $33,000, and a 1967 Holden HR Premier Sedan sold for $20,000.

In the vintage American stakes, a 1928 LaSalle 314-A seven-seater Limousine sold for $45,000 while a fully-restored 1925 Dodge Tourer that featured in an INXS music video clip fetched $17,250.

Two of the three cars not sold were a 1954 Cadillac Coupe and 1963 Ford Thunderbird coupe – perhaps a reflection of the current influx of American imports onto the Australian market.

"At the moment we're seeing a lot of American cars coming into the country, given the dollar where it is, so it's obviously good buying for us. There is an abundance of good American cars on the market," Boribon said.

He said the outstanding auction result was due to a "great cross-section of sought-after, high quality classics in the right price range together with a great selection of no reserve vehicles".

"You want to have something for everyone at the auction, whether they can only afford $5000, or a half a million dollars. You want to be able to cater for the whole range," he said.

"We saw a little bit of a downturn straight after the GFC but since then our clearance rates have been between 70 and 80 per cent nearly every auction, especially in Melbourne."

Shannons currently conducts eight classic car auctions a year, with 34 vehicles set to go under the hammer at Shannons' next auction in Melbourne on May 23.