We are in the midst of a generation defining moment. Fear is striking our families, companies and worldwide equity markets. The Coronavirus and the uncertainty of the future has crippled the world, physically and mentally. All of this being said, love and passion does not cease.
In these moments, humans reach for simple pleasures. Family, friends, art, music, whatever it may be. They reflect on what is important to them, and redefine their lives. Somehow the isolation of quarantine and social distancing makes us closer, more aware to our values.
In the midst of the Coronavirus outbreak, the Amelia Island Concours D’Elegance persevered. Attracting collectors and enthusiasts from around the country to celebrate the automobile. A weekend of events including some of the most important auctions in the world. Flagship auctions run by Rm Sothebys, Gooding & Co and Bonhams.
Considering that most Europeans would not be flying to Florida for the weekend, and that many US based collectors would proceed with caution and stay home, I was astonished by the strong auction results. Over 90% of lots sold and many reaching their high estimate. Numerous examples of significant cars breaking their high estimate by 20-50%. If I wasn’t there, I would not have believed it.
Amid fears of the Global Pandemic, the global equity market started to plummet, travel bans were set around the world, all leading into the March 5th Amelia Island weekend. What became obvious is the speculators are gone. Hypercars and Supercars like the Mclaren Senna, Porsche Turbo S Exclusive and Ferrari F12 TDF that were demanding premiums over MSRP were bringing back of sticker or below premiums and cars that spoke to your soul, were selling at great numbers.
We can all agree that today’s buyers are part of an elite group of passionate well heeled individuals. They are not worried about the next 2-8 months, rather purchasing a childhood dream, aspiration for the next 5, 10, 20 years. They will pay for the best, they will pay for great provenance and they will pay for exclusivity. These are discerning, smart, educated and informed buyers who know exactly what they want.
Majority of the major US cities and many places in Europe are now in self imposed or mandatory quarantine. Yet, we are still getting leads, we are still selling cars and still pursuing acquisitions. Yes, there will be deals based on panic, there will be buying opportunities as fear spreads during the next 30-60 days, but the world is not ending. The sky is not falling. Humans are innately hungry, we are hungry to fight this epidemic, we are motivated to get back to our normal lives, we are optimistic for the future. Passion will continue to conquer all.
Let’s stay safe, reflect and pray for the world. Pray for those most effected. Pray for a better tomorrow. This too shall pass. When this passes, every sporting event will sell out, every surviving restaurant will be at capacity and the markets will recover. Hang in there!
John Temerian and the Curated Team.
Photo Credits: Taylor Shenuski @tshenphotography