Antique Cars
Antique Cars are described as cars manufactured until 1904. These are the oldest cars in the world. They are cars for the true aficionado who likes the "smoke, smell and clatter" of a basic vehicle. As such, they are the preserve of the enthusiast, but also the top-end collector who wants a truly representative collection of motoring history.

These are the so-called London to Brighton Cars as they qualify for the longest-running car rally from Hyde Park in London to the Brighton seaside. From the 1980s when maybe 60 or 70 cars entered this event and it was mainly an English affair, it has grown to be an international phenomenon with about 500 cars entered every year. Many years ago, people wouldn't have thought that 500 pre-1905 cars survived, but they keep coming out of the woodwork every year.

The average price of Antique Cars (based on cars in the top 100 sales) has not moved for 20 years. However, it is a different story with the lower value cars that have risen considerably in price during that period. These cars will remain mostly for the enthusiast because you can't just jump into one and take it for a drive.

Veteran Cars
Veteran Cars were constructed from 1905 to 1918. This period represents the transition from cars as playthings of the rich to more utilitarian vehicles, but also the rise of the grand luxury brands.

While the London-to-Brighton Rally has driven demand for early cars, there is no such high profile event to drive collector prices of veteran cars. Few cars in this bracket have attracted big sums in recent years, and in 2014-15 not one car made the top 100 in auction sales.

Vintage Cars
Vintage Cars are those manufactured from 1919 to 1930. They represent the first era of mass transport when the Ford Model T ruled the roads. In the international market, they are now the most difficult cars to sell.

The people who collected these cars, restored them and rallied them are disappearing fast. Many cars are coming onto the market, but the young collectors don't have the passion for them. Cars that were once the staple of the old car movement are now in sheds with the sons and daughters of the restorers who can't find buyers for them.

In 1993, 31 percent of the top 100 cars sold at auction came from this period of motoring history, but in 2014 only two cars made the top 100.

The exception appears to be cars that can be used in prestigious international events such as the Mille Miglia and Le Mans Classic. Cars such as vintage Bentleys enjoy a strong club following and entry to these blue-ribbon events. Their international prices reflect this demand.

Other less valued brands, such as Chrysler, with specific models that raced at Le Mans or the Mille Miglia are now enjoying higher prices for these specific models which competed.

Post-Vintage Cars
The Post-Vintage Era encapsulates perhaps the greatest of all coach-built cars made from 1931 to 1945. These are extravagant and flamboyant cars created when luxury cars were one-off designs.

These are the cars of Pebble Beach and Villa d'Este. 20 years ago they comprised almost 40 percent of all top 100 sales, but today only 15 percent of sales come from this era.

Classic Cars
Generally regarded as cars that were nowhere in the market, these cars built from 1946 to 1964 have been the big sellers of recent years when the baby boomers came into the market and began buying the cars of their youth. A couple of years ago, they represented more than 50 percent of total sales. At the top end, they are Ferrari, Maserati and Porsches, and these cars drew other brands along with them.

This is where most of the top value sales of recent years have come from, but their status as the drivers of the auction market is under challenge from the so-called Post-Classic Cars.