RV8s at auction in Japan
Dave Batten provides a useful update on how the auctions have been going in Japan. (Updated 14.6.07)

Auction market for RV8s is holding up well
The auction market for RV8s is holding up well in Japan. Four years ago the "market staple" - a Grade 4B in Woodcote Green - would usually make an auction "hammer price" of about JPY 1.1 - 1.3m (GBP4,680 - 5,532). Today these are still the "market staple" but it is pretty much impossible to get one for less than JPY 1.2m (GBP5,106). Typical examples are Woodcote Green 0548 (1994), a Grade 4B car with 37,200km which sold for a "hammer price" of JPY1.3m (GBP5,532) at USS Tokyo on 5 April 2007, or Woodcote Green 1500 (1995), another Grade 4B car with 23,270km, which was knocked down at JPY1.25m (GBP5,319) on 15th March.

Higher mileage grade 4B cars are hard to find. Woodcote Green 1985 (1996) was a Grade 4C car with 45,200km which apparently made JPY1.55M (GBP6,596) as recently as 7th June. That might be a sign of yet higher prices still to come, but was perhaps just an aberration. Woodcote Green 1534 (1995), also Grade 4C but with an unusually high 59,150km, sold for only JPY880,000 (GBP3,745) on 11 January, showing it may still be possible to pick up a bargain if you're lucky and if condition is not important.

What are the reasons for the continuing market strength?
The reasons behind this continuing market strength are probably threefold:

First, supply is diminishing. Four years ago one might have seen about ten RV8s a month at auction, now five or six might be a better average.

Secondly, demand is still buoyant, with the Australians having returned to the market.

Thirdly, and this is speculative, perhaps it is true to say that the RV8 in Japan has now reached the level of its long term residual value. We shall see.

One thing is clear - colour is of paramount importance
Nightfire Red 1719 (1995), a very nice Grade 4B with less than 7,000km on the clock, sold on 19 April for JPY2.5m (GBP10,638) - the highest price I have seen for an RV8 for quite some time. If that car makes it back to Great Britain then by the time taxes etc are added it will be a very expensive RV8 indeed. This can be compared with Woodcote Green 2151 (1997) and Woodcote Green 1147 (1995), both fantastically highly graded at 4.5A and each also with less than 7,000km on the clock, but which made only JPY1.7m (GBP7,234) and JPY1.6m (GBP6,808) respectively in February/March 2007. That is much the same price as fetched by Nightfire Red 0947 (1994), a poor Grade 3.5C with 32,905km and described on the auction report as "interior scraped and dirty, various places scraped and dented, wood panel cracked, panel dented, wheels scratched" which nonetheless made JPY1.7m (GBP7,234) on 17th May.

Oxford Blue cars are also much sought after but perhaps not quite so highly prized as Nightfire Red - a fairly ordinary condition Oxford Blue 1618 (1995), Grade 4B with 30,906km, was knocked down at JPY1.5m (GBP6,383) a few months ago.

Was Mike Satur in Japan recently?
One oddity to have come to auction recently is Silver 0689 (1994) a lowly Grade 3.5C with 39,560km which nonetheless fetched JPY1.2m (GBP5,106) in January, presumably on rarity value. I didn't realise Mike Satur had holidayed in Japan last summer!

Note: FX rate JPY/GBP @ 235 has been used for the FX conversions above

See Fred Jenns' comments on Woodcote Green 1867 seen at auction recently - a caution. More