29 Oct How to Buy a Collector Car: Auctions, Fees, Authentication and Insurance (2026)
How to Buy a Collector Car: Auctions, Fees, Authentication and Insurance (2026)
To buy a collector car safely, prove the car is what the seller says it is before you bid: check the chassis and engine numbers against factory records, get an independent inspection by a specialist in that make, and add the buyer’s premium and taxes to your budget. Then insure it for an agreed value from the day you take delivery. This guide covers where to buy, what auctions charge, factory certification, the fraud to watch for, the market, insurance and import rules, as of October 2026.
Collector cars are not a guaranteed investment, and values can fall. Nothing here is legal, tax or financial advice.
Where to Buy a Collector Car
Most significant cars change hands at a handful of auction houses, online or through specialist dealers:
- RM Sotheby’s: began as a restoration shop founded by Rob Myers in 1976 and has worked with Sotheby’s since 2007.
- Gooding Christie’s: co-founded by David Gooding in 2003 as Gooding & Company; Christie’s acquired it in September 2024.
- Bonhams|Cars: the motoring arm of Bonhams, founded in 1793, rebranded Bonhams|Cars in May 2024.
- Broad Arrow: an auction house owned by Hagerty, which acquired it in 2022.
- Bring a Trailer: an online auction site, acquired by Hearst Autos in 2020.
- Specialist dealers such as Canepa in Scotts Valley, California (founded 1982), and Hyman Ltd in St. Louis (founded 1989).
What Buying at Auction Costs
The buyer’s premium is added to the hammer price. These are published rates, and each sale’s own conditions are what count:
| Auction house | Buyer’s premium on cars | Source |
|---|---|---|
| RM Sotheby’s (U.S.) | 12% of the hammer price up to $250,000, and 10% above that | RM Sotheby’s bidder information, Monterey 2025 |
| RM Sotheby’s (Europe, example) | 12% up to €250,000, then 10%, with VAT on top | RM Sotheby’s bidder information, February 2025 sale in Stuttgart |
| Broad Arrow (U.S.) | 12% of the first $250,000, then 10% | Broad Arrow conditions of sale |
| Broad Arrow (UK and Europe) | 15% of the first 250,000 (pounds, euros or Swiss francs), then 12.5%, plus VAT | Broad Arrow conditions of sale |
| Bring a Trailer | 5%, with a $250 minimum and a $7,500 maximum | Reported by The Autopian (February 2025); check the current fee on the site |
Gooding Christie’s and Bonhams|Cars publish their premiums in each sale’s conditions of sale; read them before you register to bid. Sales tax, transport and storage come on top.
Two auction practices are worth understanding. Hagerty explains that “chandelier” bidding, where the auctioneer takes bids on the seller’s behalf up to the reserve, is legal. Shill bidding, where the seller or someone working with the seller bids the price up, is not allowed; Hagerty reported in 2022 that its sources called it “not uncommon,” and that year Bring a Trailer pulled a listing after commenters found the high bidder was the seller. Ask whether a car has a reserve, and set your own limit before the sale starts.
Prove the Car Is What It Claims to Be
A collector car’s value depends on its originality and history. Use the factory records where they exist:
- Ferrari Classiche: Ferrari’s certification for road cars over 20 years old (and Special Series, Sport and F1 cars) checks that the chassis is original and that the body and interior match the original specification. A third-party Certification Committee decides, and approved cars receive a Certificate of Authenticity signed by Piero Ferrari.
- Porsche Classic: Porsche offers a Production Specification for any VIN ($150 when Porsche announced it in 2022) and a Classic Technical Certificate (from $500 in 2022), which includes a dealer inspection and checks whether the engine and transmission match the factory records.
- Theft and salvage: the National Insurance Crime Bureau’s free VINCheck flags unrecovered theft and salvage records from participating insurers. NICB says it is “not a comprehensive vehicle history report.”
- Odometer rules: under NHTSA rules that took effect on January 1, 2021, vehicles of model year 2010 and older keep the old 10-year disclosure rule, so most classic cars remain exempt from federal odometer disclosure. A low mileage claim needs records to back it up.
Then pay an independent specialist in that make to inspect the car before you buy, and ask the seller in writing whether any expert has ever questioned its authenticity.
Fakes and Fraud to Watch For
Hagerty’s 2023 report on collector-car fraud gives a sense of what goes wrong:
- Two Jaguar D-Types were built claiming the same chassis number, XKD530.
- In 2020, prosecutors in Aachen, Germany, charged three men over faked Porsche race cars.
- Federal prosecutors in New York charged 25 people over an online classic-car advertising scam that took more than $4 million.
- In a 2018 case, Adams v. Brenton, a buyer who paid $245,000 for a 1968 Corvette sold as a rare L88 was awarded $235,000 in damages when it proved not to be one.
Even famous cars at top sales can be disputed. A 1958 Porsche 356 Speedster sold by Jerry Seinfeld for $1.54 million at Gooding’s 2016 Amelia Island auction was later alleged in a lawsuit not to be an authentic racing GS/GT model; The Drive reported in 2022 that the lawsuits were settled out of court, on terms that were not made public.
The Market in 2026
The top of the market set a record in 2026, while the broader market has been flat:
- Auctions during Monterey Car Week in August 2026 totaled $747.9 million, a record, with 844 of 1,124 lots sold (75%), AutoGuide reported using Hagerty figures. A 1964 Shelby Cobra Daytona Coupe sold at Gooding Christie’s for $42,905,000.
- Hagerty’s Market Rating, its monthly measure of the collector-car market, was 58.73 in September 2026, which Hagerty called “essentially flat.” It stood at 63.38 in August 2024 and 60.39 in March 2025.
- Prices can fall sharply: Hagerty reported that a 1959 Ferrari 250 GT LWB California Spider Competizione that sold for $17.99 million in 2017 sold for $9.465 million in 2025, a 47% drop.
Insuring a Collector Car
Collector-car policies usually insure a car for an agreed value rather than a depreciated market value. Compare the terms:
| Insurer | What it says it pays | Use limits and other terms |
|---|---|---|
| Hagerty | Guaranteed Value: the full insured amount after a covered total loss, “with no depreciation, and including all sales taxes,” less the deductible (and salvage value if you keep the car) | 3,500 miles a year or less is typical, and up to 7,500 may be considered; not a daily driver |
| Chubb | Agreed Value (less salvage value only if you keep the damaged car) | “We never put a mileage limit on hobby use”; new purchases covered automatically for 90 days; OEM parts for repairs |
| Grundy | Agreed value coverage, which Grundy says it invented | Founded in 1947 |
Confirm the agreed value with the insurer before the car is delivered, and ask whether transport, track days and storage away from home are covered.
Importing a Car From Abroad
A car that was not built to U.S. safety standards can be imported once it is 25 years old, counted from its date of manufacture rather than its model year, according to NHTSA. A younger car has to go through a Registered Importer, or qualify for NHTSA’s “Show or Display” exemption, which limits the car to 2,500 miles a year. The EPA has its own emissions rules for imported cars (see its vehicle importation page), so check both agencies’ requirements, and the car’s build date, before you buy.
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Questions to Ask Before You Buy
- What is the buyer’s premium, and what is the all-in price including tax and transport?
- Do the chassis, engine and gearbox numbers match the factory records? Is there a Ferrari Classiche or Porsche certificate?
- Has an independent specialist in this make inspected the car?
- Has any expert ever questioned the car’s authenticity?
- Is the title clean and in the seller’s name, and are there any liens?
- Is there a reserve, and can the seller bid on the car?
- For an import: what is the build date, and does the car meet NHTSA and EPA rules?
- Has the insurer confirmed the agreed value before delivery?
The Bottom Line
Buy the car’s history as much as the car: verify the numbers with the factory, pay for an independent inspection, know the premium before you bid, and insure it for an agreed value from day one. Prices at the top have been strong, but the wider market has been flat, so buy a car you want to own.
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Sources (33) · all checked October 29, 2026
- RM Sotheby’s, Monterey 2025 bidder information: source
- RM Sotheby’s, February 2025 bidder information (Europe): source
- Wikipedia, RM Sotheby’s: source
- Broad Arrow, conditions of sale: source
- The Autopian, Cars & Bids raises buyer fees to match Bring a Trailer (February 24, 2025): source
- Gooding Christie’s, homepage: source
- Gooding Christie’s, FAQ: source
- Rétromobile, Gooding Christie’s press release: source
- EIN Presswire, Bonhams Motoring rebrands as Bonhams|Cars (May 2024): source
- Hyman Ltd, history: source
- Wikipedia, Hagerty: source
- Hagerty, shill and chandelier bidding (April 1, 2022): source
- Ferrari, Classiche certification: source
- Porsche Newsroom, vehicle documentation service (October 17, 2022): source
- NICB, VINCheck: source
- NHTSA, changes to odometer disclosure requirements: source
- Hagerty, fakes, frauds and forgeries (September 7, 2023): source
- Jalopnik, Seinfeld Porsche lawsuit (February 2, 2019): source
- AutoGuide, Monterey Car Week 2026 auction totals (August 19, 2026): source
- duPont REGISTRY, Gooding Christie’s Pebble Beach results (August 18, 2026): source
- Hagerty, monthly market report, September 2026 (October 21, 2026): source
- Hagerty, Market Rating, August 2024: source
- Hagerty, the collector car market dips to pre-pandemic levels (March 2025): source
- Hagerty, Guaranteed Value classic car insurance: source
- Chubb, classic car insurance: source
- Grundy, history: source
- NHTSA, importation and certification FAQs: source
- Wikipedia, Bruce Canepa: source
- The Drive, Seinfeld Porsche suits settled (June 5, 2022): source
- Hagerty, Form 10-K for 2025 (Broad Arrow a wholly owned subsidiary): source
- Classic Motorsports, Hearst Autos acquires Bring a Trailer (2020): source
- Funding Universe, Bonhams 1793 Ltd history: source
- EPA, importing vehicles and engines: source
Last updated October 29, 2026. Facts come from the sources listed above, checked on that date, and may change. Not legal, financial, tax or investment advice. Full disclaimer
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