Market watch: Reality bites - hard

By: Cliff Chambers, Photography by: Unique Cars/Holden/Ford/Jaguar

Date: 16.06.2023

The Covid days saw incredible auction results, but they've gone and so too have the heady prices

The term ‘contrived collectable’ has existed for decades and has been applied to everything from commemorative coins to signed cricket bats. And cars.

Remember the anguished days of 2017, when the doors at Ford had already slammed shut and Holden operations in Melbourne and Adelaide were about to follow?

Dealers who anticipated the wave of nostalgia that would crest as that last day dawned were well-stocked with all manner of Holden and HSV performance models. Down the road, the Ford bloke probably still also had some new XR8s and other superannuated Falcons adorning the stock sheets.

When was the last time you saw a FGX XR8?

List pricing became indicative only as competition for the last cars on the lot swelled. To avoid arguments, real rarities went to auction and made some record-setting prices, including an HSV GTS-R W1 that exceeded its $169,990 list price by a significant margin when sold at auction for $250,000 plus buyer premium.

That mark would be obliterated during the period of Pandemic Panic though, when virtually new HSVs made extreme prices and a W1 Maloo – one of just four produced – briefly held the mantle of Most Expensive Holden after reaching $1.05 million.

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Cars like those are rarely seen any more and the heady days of seven-digit hammer prices are gone. The auction segment is adapting to the return of floor bidders too, ending the era of totally anonymous buyers.

Good examples of recognised ‘classics’ made more than in 2018, but most have retreated from the peaks reached during 2021-22. Sales conducted by a local auction house featured cars located across the nation and provide eight hours of fascination for those who watch online. The featured around 400 lots with something to attract almost anyone.

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Late model Holdens are experiencing varied returns

Many of the early models were bid to sensible money, and while most hadn’t reached their reserves as the hammer fell there would be enough negotiated sales to keep the hosts in business.

The rot began with a virtually new VFII SSV Commodore ute; 406km showing and never registered but sent back to its slot when bidding stalled at $60,500. A check of the market found SSVs of similar age but with bigger distances showing at retail prices of $80-90,000. Oh dear.

A parade of other HSV sedans and utes met similar fates, but it was the abject disinterest in V2 Monaros that would have sent shudders through Holden enthusiasts.

Let it be noted that a quarter of the 12 Monaros offered had been written off by insurance companies and then repaired, but even a nice CV8-Z without the WOVR disclaimer against its name made just --$38,000.

The headline Holden was another Monaro and not modern at all. It had been sold some years ago by the same auction house for a then-record $310,000.

Looking perfect in every way, the GTS shimmered its way through various pre-sale media appearances, accompanied by a handler who wasn’t shy about sharing his hopes that the car, with a fair wind on sale day, would go close to doubling its 2017 value.

Sadly there was no breeze at all and while a top bid of $350,000 is brilliant money for a two-speed auto GTS, the vendor probably wasn’t expecting to barely break even once fees and commission were deducted. We doubt the offer was successful.

Another car that might have done better if allowed to share the publicity lavished on the Monaro is one of the most significant Jaguars ever offered for sale in this country.

E-Type is still a crowd favourite

An E-type coupe, it was delivered new in 1962 to its 21-year-old owner, who at the time was working in Fiji. Sixty-one years later it is thought to be the last E-type still in original ownership and offers provenance that few cars can match.

Another auction held in Melbourne a week later delivered better overall clearance rates but similar levels of disinterest in late-model Holdens. The company did benefit from cooperative vendors and some realistic reserve pricing though, helping a desirable VFII GTS sedan make $85,000 and a 2017 GTS R Maloo with just 46 kilometres showing sell at $150,000. Even with a 9.9 per cent buyer premium added, that price was still half the money being asked in the retail market for some Maloos with comparable mileage.

From Unique Cars #479, June 2023

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