Worldwide Auctions, Concours d’Elegance of Texas, Montgomery, Texas, May 3,2014
Worldwide Auctions returned to the La Torretta Resort in Montgomery, Texas for its third auction in conjunction with the Concours d’Elegance of Texas, bringing an intriguing variety of cars and a big crowd.
Competing for the first time with Antonio Brunet’s Motostalgia Auction at the Keels & Wheels Concours, Worldwide’s former site at the Lakewood Yacht Club in Seabrook, the good results posted by both auctions, and particularly Worldwide’s $6.7 million total, 80.4% sell-through, highlights the strength of the Texas collector car market.
These two auctions on the same weekend on opposite sides of the Houston metropolitan area also put in context other Texas auctions. These include Mecum’s $33.1 million Houston sale just two weeks before, Leake’s Dallas, Oklahoma City and Tulsa sales and the sales of Dan Kruse and Pete Vicari in Texas and nearby states to establish Texas as an important subset of the US collector car auction market.
Texas has always been significant when it comes to collections, and the collector activity seems to be following the cars and racking up some big numbers.
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While the number of cars offered was down 19% the offering was much more appropriate to the venue, with more opportunity to preview the cars before the auction and a presentation that moved quickly to an expeditious conclusion. Also worth noting is the substantial jump in the average transaction value, up nearly 20% even as the median transaction dropped 12.5%. This reflects a very good selection of quality cars, including twenty sold on hammer bid of six-figures.
It is unfortunate to see events squabbling with each other on the same weekend in the same MSA, even when it’s Greater Houston, the fifth largest and fastest growing MSA in the country with an area nearly as large as Massachusetts. Yet, with auctions crowding the calendar it is impossible to eliminate overlapping dates and, as has been so conclusively shown in Monterey and Phoenix, sometimes adding a second (or third, or fourth) auction to an existing successful venue generates synergies and reaches critical mass.
Worldwide Houston 2014 – Auction Report
Worldwide Houston 2014 – Auction Report Page Two
Worldwide Houston 2014 – Auction Report Page Three