London Auctioneers Report Strongest Spring Since 2019
The three principal London auction houses for collectible vehicles have, between them, recorded total hammer values of just over £218 million across the spring sales calendar — a figure not seen since the corresponding period in 2019, and roughly 31 per cent above the equivalent total a year ago.
On the surface, this is the recovery the market has been waiting for. Below the surface, the picture is more nuanced. The total number of lots offered was the lowest since 2017, the average hammer price per lot the highest on record, and the proportion of lots failing to meet reserve was unusually low, at 6.4 per cent against a five-year average of 14.2 per cent.
The supply explanation
Speaking to three department heads across the houses, a consistent picture emerged. Vendors who had held off bringing cars to market through the soft 2023 and 2024 seasons decided that the spring of 2026 was the moment to test the water — but only with their best material. Lesser cars were withheld, partly because consignors expected the autumn sales to be even stronger, and partly because the cost of bringing a car to a major sale (now typically £14,000 to £22,000 in transport, storage, photography and specialist preparation) makes it uneconomical to offer cars expected to sell below approximately £180,000.
What sold and what did not
Pre-war material — Bentley, Bugatti, Alfa Romeo — performed exceptionally, with three lots clearing £5 million each at one house and a fourth setting a new record for a touring-bodied Lagonda. Modern hypercars sold consistently but unspectacularly, with a small premium being paid for examples retaining manufacturer service history and delivery mileage. The notable weakness was in the 1990s and early 2000s 'youngtimer' segment, where average prices fell against the autumn estimates, and where roughly one lot in five was withdrawn before sale.
The autumn calendar opens in September. Two of the three houses have already indicated that they expect total catalogue values to rise by between 15 and 20 per cent, driven primarily by a small number of single-owner collections being broken up after estate settlements concluded in early 2026.
