The January 20-21 auctions in Scottsdale, Arizona, are important because they set the tone for the higher-profile Amelia Island and Pebble Beach auctions that happen in the following months.
The results in Arizona will indicate just how confident the most powerful global collectors are – especially with the spectre of a new president and new economic policies looming large
“[A pending Trump presidency] has seemed to boost confidence,” said David Gooding, head of Gooding & Co. auction house. “I think that certainly, our wealthiest clients are feeling like there are maybe tax benefits to them under the new administration. They will have lower taxes and perhaps more discretionary wealth to spend on things they want to buy – i.e., cars.”
That’s one theory. But oftentimes, it’s rampant and generalized uncertainty – rather than a known factor such as a new president – that pushes investors toward hard assets. Either way, Gooding said, the best cars will still find homes.
“A Trump presidency could be good for the car market, although it’s not something I would have seen coming,” he said. “The bottom line is that many collectors are quite passionate about these cars, and the special cars will do well, no matter what happens.”