A thriving market,
and a market of extremes.

Every lot that sold, from €23,750 to €5.18M

On Friday 9 October, 84 lots crossed the block at the Zoute Concours Auction in Knokke-Heist. 76 of them sold, for a total of €34.5M.

Headline totals are where most auction coverage stops. At One Of One we start there. After every major sale I take every lot from the catalogue, match it to its published result and rebuild the numbers from scratch, because the shape of a sale tells you far more about the market than its total.

Zoute's shape tells a clear story in four parts.

01

A thriving market

Start with what matters most to anyone who owns, or wants to own, a great car: can you sell it? At Zoute the answer was an emphatic yes. Nine in ten lots found a new owner. All 41 lots offered without reserve sold.

And the demand was broad. Every one of the 24 brands in the catalogue sold at least one lot, and every era found buyers, from a 1937 SS Jaguar 100 to a 2024 Mercedes-AMG G 63 4x4². Every 1960s car on offer sold. So did every car from the 2010s.

Lots sold out of lots offered, by decade the car was built

02

A market of extremes

Look at sell-through by price and the results polarise. Demand was strongest at both ends: 96% of lots under €250,000 sold, and 89% of those above €1 million. The middle of the market, between €250,000 and €1 million, was solid at 78%, but buyers there were noticeably more selective.

The accessible end brings collectors into the market. The very top is where the deepest, most committed money sits. The middle is where you need to know exactly what you're buying.

Share of lots sold, by price level

03

Concentration at the top

Here's the number I keep coming back to: 12% of the cars made 55% of the money. 9 cars sold for more than €1 million, together worth €18.9M.

The other side of that coin is just as telling. Cars under €250,000 made up 63% of everything that sold, but only 18% of the value. Volume lives in the accessible end; value lives at the top.

The seven-figure club: every car that sold for more than €1M

Rank	Car	Sold for	Share of sale
1	2015 Ferrari LaFerrari	€5.18M	15.0%
2	2015 Porsche 918 Spyder Weissach Package	€3.21M	9.3%
3	2005 Porsche Carrera GT	€2.76M	8.0%
4	2015 McLaren P1	€1.89M	5.5%
5	2022 Ferrari 812 Competizione	€1.50M	4.3%
6	2010 Ferrari 599 GTO	€1.13M	3.3%
7	1976 Lancia Kimera EVO37	€1.13M	3.3%
8	1964 Ferrari 250 GT Berlinetta Lusso	€1.07M	3.1%
9	1957 Mercedes-Benz 300 SL Roadster	€1.04M	3.0%

Concentration: share of cars sold vs. share of the money, by price

Share of cars soldShare of sales value

04

Where the money went

By brand, two names dominated: Ferrari and Porsche together took 61% of the money, and Porsche sold every one of its 12 cars.

By era, the modern greats led the evening. Cars built since 2000 brought in 60% of the total, and the 7 cars from the 2010s alone made 36%, led by the LaFerrari, the 918 Spyder Weissach and the McLaren P1.

Where the €34.5M went, by brand

Share of the €34.5M, by decade the car was built

05

Rarity and provenance were rewarded

Five cars sold above the top of their estimate, and they have one thing in common. None was simply a famous model; each was a specific, special version of it, with the history to prove it: a factory conversion, a rare colour with a famous name in its past, a low-production performance pack, a prototype engine, a numbered limited edition.

That's the lesson collectors keep relearning: it's not the badge that makes the money, it's the exact car.

The five cars that sold above the top of their estimate

Car	Sold for	Hammer	Estimate	Above estimate
1997 Aston Martin Virage 6.3 Volante Wide BodyOne of 24 Virage Volantes factory-upgraded to 6.3 litres with the Wide Body kit	€264k	€230k	€100k – €150k	+53%
1992 Lamborghini DiabloRare Rosso Perlato, ex-Jef Jurion, just over 6,000 km from new	€344k	€300k	€150k – €200k	+50%
1987 Aston Martin V8 Vantage X-PackOne of 137 factory X-Pack Vantages; left-hand drive, five-speed manual	€648k	€570k	€300k – €400k	+43%
2016 Porsche 911 RNo. 474 of 991, U.S.-market, 6,956 km	€541k	€475k	€370k – €450k	+6%
2000 BMW M5 Volkswagen W10 Prototype ex-Ferdinand PiëchOne of three VW W10 prototype engines, the only one fitted to a road car; ex-Ferdinand Piëch	€411k	€360k	€250k – €350k	+3%

How I read a sale

I judge a sale by what buyers actually paid. That means four steps:

1. Capture the catalogue. All 93 lots, with year, chassis number and reserve status, from Broad Arrow's own catalogue.
2. Match the results. 84 lots had a published result; the nine memorabilia lots weren't in the results I analysed.
3. Separate the fee. Published prices include the buyer's premium. I remove it using the auction house's own rates to get the hammer price.
4. Cut the data. By brand, era, price level and reserve, to see where demand really was.

One published price (lot 179) doesn't fit the fee schedule exactly; I've kept it as published.

What Zoute tells collectors and investors

A thriving, liquid market.

Nine in ten lots sold, and every brand and every era in the catalogue found a buyer. Good cars have a market.

A market of extremes.

Demand was strongest at the very top and at the most accessible end. The middle was more selective, and that is where expertise matters most.

Value is concentrated at the top.

Seven-figure cars made 55% of the money. It's why our portfolio at One Of One keeps moving up the market.

Specification is the edge.

Rare, documented cars were rewarded. Knowing exactly which car to buy is where returns are made.

Arnau

We weren't just watching. Two cars left Knokke with us.

Both were bought at strong entry prices. Both fit squarely within our investment thesis, in segments that are on an upward trend.

Coming soon