In 2022, Barrett-Jackson organizers heralded a return to normalcy as one of the highlights of the first major in-person event held by the famed auction house. The numbers suggested attendees were riding high as well, as Barrett-Jackson notched record total sales to the tune of over $203 million in automobile and automobilia sales.
Early reports seem to indicate 2023 was a year for cooling, as total sales rang in at just over $184 million. You can always tell when the results aren't what was expected, as there's next to no news coverage about the total sales. Just three cars eclipsed the million-dollar mark, with those honors going to a modified Ferrari F40, a Porsche Carrera GT, and a Ford GT, the latter two cars being among the soundest investments you can make on four wheels these days.
Now, I don't know if this was a big year for automobilia - metal signs and such - but generally speaking, if the results for automobiles are off, people buying garage art are likely to run cooler as well.
Like Bring A Trailer, the big auction houses will continue to see strong money among the most well-heeled of collectors, so I don't expect to see much of a drop among buyers who can swing a seven-figure purchase. The concern is the middle of the market and "upper middle" where you suddenly see folks pulling back. Low six-figure cars and upper fives were a very meaty part of the pack over the last two years, and I suspect those buyers are going to keep the brakes on until some level of confidence returns across the overall economy.
For the top-tier earners, however, there's likely to be some big-ticket bargains coming as the buying power shifts in their favor.