Shannons axes classic auctions

After 43 years, the Shannons Classic Car Auctions have been closed down.

“A decision has been made that Shannons will no longer be facilitating auctions as part of its core business,” read a media statement posted to the auction site by the company - underwritten by insurance giant Suncorp - today.

With auction houses located in three Australian capitals and a steady flow of significant automotive merchandise [↗] going under the hammer over the last 40 years, the shuttering of Shannons’ auction arm has come as somewhat of a surprise.

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Shannons hosted four auctions a year.

The company said the decision was taken as part of a review of its core business, which includes a wide-reaching insurance arm and the Shannons Club.

“The car auction landscape in Australia has changed significantly in recent years with an increasing number of competitors offering frequent and low-cost online auctions to keep up with customer demand in real time,” read a statement from the company.

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“Shannons has been at the forefront of catering to the unique needs of motoring enthusiasts for many years, and our auctions business has been a key part of our offering.”

Shannons intimated that the landscape for auctioning unique automotive memorabilia has changed, forcing it to reassess its worth to the wider business.

It adopted an online auction model in 2020 in response to the COVID-19 pandemic, adding a third auction house in Brisbane to join Sydney and Melbourne in 2021.

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“Recent years have seen a notable increase in the options our customers have in buying and selling vehicles and plates, which has prompted us to review the offering to determine whether auctions is still a unique need alongside Shannons Insurance and Club,” continued the statement.

What turned out to be the company’s final auction in August featured a pair of enamel numeral-only number plates that sold for $431,000, alongside a Nissan Skyline GT-R M-Spec R34 which fetched $331,000.

The last online Autumn Auction [↗], which took place in May, netted more than $13 million in sales.