The Broad Arrow Group: Bastian Voigt’s Insights on the Current Collector Car Market
2023 has been a riveting year for the Broad Arrow Group (BAG), and we had the opportunity to sit down with Bastian Voigt, a key player in the industry, to gain insights into the current state of the collector car market. As an expert in the field, Voigt provided valuable information about BAG’s history, the diverse nature of the market, and the impact of JDM cars. So, let’s delve into our discussion with Voigt and explore the fascinating world of collector cars.
BAG: A Brief History
BAG was established in 2021 by seasoned professionals in the classic car industry. The company had its first successful business year in 2022, marked by the prestigious Monterey Jet Center auction at Pebble Beach. In that same year, Hagerty, a renowned automotive lifestyle brand and specialty insurer, acquired 40% of BAG. Later, Hagerty acquired the remaining 60%, making BAG an integral part of the Hagerty ecosystem, dedicated to serving the car enthusiast community.
How did Bastian Voigt become a part of BAG?
Voigt had already been acquainted with some members of the BAG team for several years. In early 2023, while the team was in Paris, Voigt met with the partners and decided to join forces. Impressed by their business approach and experienced team, Voigt recognized the opportunity to work with individuals who prioritize not only sales but also the growth and cultivation of strong relationships with clients, benefiting both buyers and sellers in the process.
The Three Pillars of BAG
BAG operates on three essential pillars: auctions, private sales, and financing. While auctions may be the first thing that comes to mind when people think of BAG, Voigt emphasizes that their private sales business is equally significant. Moreover, BAG’s financing arm, Broad Arrow Capital, offers tailored loans and financing options for high net worth clients, using their collector cars as collateral. With a global network of professionals and international subsidiaries, BAG aims to leverage its resources efficiently.
The Current State of the Collector Car Market
Voigt describes the collector car market as diverse, catering to a range of interests and preferences. A new generation of enthusiasts is emerging, focusing on sports cars from the 1980s and 1990s, such as BMW M cars, Ferrari Testarossas, and Lamborghinis. However, there is a decline in nostalgic sentiment towards cars from the 1950s. Nonetheless, iconic models like the BMW 507, Mercedes-Benz 300 SL, and Lancia B24 continue to captivate collectors due to their inherent allure. On the other hand, regular cars like standard Mercedes Ponton sedans face more significant challenges in terms of resale.
The Rise of EVs and Impact on the Market
Voigt observes that the growing prevalence of electric vehicles (EVs) has led to an interesting trend—more people are purchasing internal combustion engine (ICE) cars for weekend enjoyment and as fun projects or toys. In addition, casual car events like Sundowners and Cars and Coffee are gaining popularity. The cars sold by BAG not only provide access to these events but also offer a gateway to the vibrant car culture, drawing enthusiasts from diverse backgrounds.
Consigning Collector Cars and the Role of a Specialist
When it comes to consigning collector cars for auction, Voigt highlights the importance of developing a keen eye for assessing the quality of vehicles. Experience plays a crucial role in discerning which cars are desirable and which ones aren’t. A good consignment specialist possesses a deep understanding of different car models and can recognize the unique attributes that make each car valuable. Moreover, building a reliable network and fostering relationships with trustworthy individuals is essential, given the international nature of many deals today.
Advice for Aspiring Industry Professionals
For younger individuals interested in pursuing a career in the collector car industry, Voigt suggests a combination of passion, motivation, and a strong work ethic. An unwavering love for cars and a genuine interest in the field are vital. Voigt advises aspiring professionals to immerse themselves in the world of cars and constantly learn from their experiences. Honesty, punctuality, and accountability are equally essential qualities that contribute to a successful career in the industry. Broad Arrow Group, with its diverse team of specialists, offers a unique advantage as colleagues can seek advice and guidance from experts within the company.
Comparison between the US and European Collector Car Markets
Voigt notes that there are distinct differences between the US and European collector car markets, primarily in terms of buyer mentality. American buyers tend to be more inclined to pay a premium for the perfect example of a car. Currently, the American market appears stronger for certain models, influenced by factors such as energy prices and geopolitical events. However, BAG’s presence in both the USA and Europe enables them to cater to clients on both sides of the Atlantic, offering a significant advantage.
Anticipated Excitement in the Collector Car Market
Voigt predicts that top models from the 1980s and 1990s will continue to generate interest among collectors. These cars, such as the Lamborghini Countach, Diablo, and the Ferrari F50, represent the last truly analogue vehicles and offer a perfect balance in terms of weight, handling, and power. Despite the rise of modern high-horsepower cars reliant on electronic aids, classics like the 993 Turbo provide a more enjoyable driving experience. Voigt also acknowledges the appreciation for timeless beauty, especially in the coachbuilt Italian classics of the 1950s and 1960s. Rarity plays a crucial role in determining the value of these cars, with models like the BMW 507 and specially-crafted pre-war cars commanding higher prices.
Impact of JDM Cars in the Collector Car Market
Voigt highlights the distinct client base for Japanese Domestic Market (JDM) cars and European classics. Fans of Toyota Supras, for instance, differ from those interested in Ferrari 308s. While JDM cars, such as Skylines and Supras, are gaining popularity, they aren’t as exclusive as their European counterparts. Nonetheless, models like the Toyota 2000GT and Lexus LFA possess exceptional beauty and driving dynamics, leading to increased demand and higher values. The JDM car market appeals to a specific group of enthusiasts, particularly in the United States, where interest in cars from the Fast and Furious franchise and the Gran Turismo video game series is more pronounced.
“Bargain” Cars for Readers to Consider
Voigt recommends several models that he considers undervalued in the market. The Ferrari 308 GTS is an outstanding all-round package, offering excellent value for the money. The E34 BMW M5 Touring is another intriguing choice, boasting distinctive features. Voigt also expresses his fondness for small-engined, coachbuilt Italian cars like the Lancia Appia coupe, Flaminia convertible, and Vignale Fiats. These rare and aesthetically appealing vehicles often come with relatively low price tags. Additionally, the Maserati Khamsin, known for its striking design, powerful engine, and limited production numbers, is a personal favorite of Voigt.
Breaking the Record: Uhlenhaut Coupe
Voigt believes it is unlikely that the record achieved by the Uhlenhaut coupe will be broken anytime soon. The uniqueness and impeccable provenance of this vehicle, straight from the factory, contribute significantly to its exceptional value. While record prices and trends are often discussed, Voigt advises clients to prioritize their personal preferences and enjoyment when investing in classic cars. Ultimately, the joy and fulfillment derived from owning and driving a classic car outweigh any financial considerations.
In conclusion, the collector car market is a vibrant and diverse world, offering opportunities for enthusiasts of all backgrounds. BAG, with its comprehensive approach encompassing auctions, private sales, and financing, continues to thrive as a major player in the industry. Bastian Voigt’s expertise and insights shed light on the various aspects of the market, from the impact of new generations to the appreciation for both timeless classics and modern icons. The future of the collector car market remains intriguing, with the prospect of new trends and emerging models captivating the imagination of enthusiasts worldwide.
Note: This article has been written based on an interview with Bastian Voigt, a senior representative of the Broad Arrow Group, providing his insights and opinions on the collector car market. The content represents the views of the interviewee and does not constitute financial or investment advice.