For years, the Nissan Skyline hype dominated every market crystal ball about the future, with the wider Japanese Domestic Model (JDM) cars usurping traditional brands courtesy of a younger audience. And for a long while, it looked like those portents would come true.
Prices for the R34 Skyline grew year on year, in advance of the US’s 25-year import rule. Cars that would have cost £35,000 in 2010 now have an extra ‘1’ in front of that ‘3’. It wasn’t just the Skyline; cars such as the Toyota Supra, Subaru Impreza and Mitsubishi Evo have all accelerated into six-figure cars with the right options, mileage and provenance – but generally, not at auction (Impreza 22B and Evo 6 TME aside).
Last year saw the waves start to retreat: a couple of Honda NSX-Rs came up for sale with $250,000-plus estimates, yet one failed to sell and another stopped a little short. Skylines have largely done okay at auction, but they haven’t had the rampant bidding frenzies seen by that other modern classic silo of interest, pre-merger AMGs.
According to a seasoned auctioneer prior to The Amelia auctions, the reasons for stagnation are simple: there is enough supply to meet demand. The passage of that 25-year rule means that if someone wants an R34 Skyline, then they can import one; and with 11,758 R34s of all kinds built, there are plenty to choose from.
Well, that was more than a month ago – and since then the Trump Government has looked to introduce a 25 percent import tariff, which looks like it could impact classic cars (you can read more on that here). Could this boost the values of JDM cars already in the US?
An interesting test of the idea will come at Bonhams’ Miami Auction on May 3, 2025, with a 1995 Nissan Skyline R33 GT-R NISMO V-Spec N1 ‘400R’ and and an R34 GT-R NISMO R1. Look carefully at how I’ve written those names, however – these cars are perhaps a telling example of the divergent nature of the JDM scene versus the more traditional classic car industry.
These cars are perhaps a telling example of the divergent nature of the JDM scene versus the more traditional classic car industry
Modifying cars has always been a part of the hobby, and even in the traditional classic car world certain names carry an extra allure – such as a Coombs Jaguar Mk2, for example.
Such examples are, by and large, fairly rare. Even cars for which tuning was a big part of their appeal back in the day are now being returned to standard – look at the vast sums paid for a bone-stock Ford Sierra RS500 Cosworth versus a modified one. Iconic Auctioneers recently sold a modified example for over 30 percent less than a standard one at its NEC Restoration Show sale.
For European modern classics of this era, it appears that originality will always trump modified cars even if the names involved are held in high esteem – unless they are from notable brands that are arguably beyond ‘tuners’ and manufacturers in their own right, such as Alpina, AMG, Ruf and so on. Compare the prices achieved for Hartge, Carlsson and Strosek to those three…
The JDM market, and the wider market for Japanese cars, is somewhat different. Some legends of the Japanese car world have reached their legendary status only because of the modifying culture around them. A very good example of this is the Toyota Supra MkIV. With its enormous rear wing and punchy frontal styling, it looks every bit the hardcore machine… but it’s really not, at least in standard form.
It’s certainly fast, but this was a car created to take on the Porsche 928 in the hyper-speed GT class, and Toyota built its mechanicals to extreme strength to prove the depth of the brand’s engineering strength in comparison to the Stuttgart challenger; it’s why the vast majority are automatic.
This innate engineering strength meant it was a fantastic platform to build power and performance – but in standard form, those who idolised the car in their 1990s and ’00s adolescence might be a little disappointed when they finally drive it. Dickie Meaden of Evo magazine even described the Nissan Skyline as something of a letdown without a huge dollop of extra power (much to the consternation of the Skyline fanbase).
The reality is that modification is an intrinsic part of Japanese car culture, and that is where the value and appreciation of the cars is. However, there is also a following for the individual parts. There is value in the brand-name modifications on a car itself, which then add value to the vehicle – at least when these cars are sold privately. It’s a completely different approach to much of the traditional classic car world. Even the muscle car world, which has a long history of modification, tends to prefer bone-stock originality at auction. The Japanese car world is very different, with aftermarket brands and tuning shops having their own individual fanbases.
With the fervour for pre-merger AMGs appearing to wane just a little in recent times, could the JDM world be due for a rebound? These two Skylines at the Bonhams’ Miami Auction provide an interesting opportunity, so let’s delve a little deeper.
1999 Nissan Skyline ‘Type R34’ GT-R NISMO R1
This Nissan Skyline began life as V-Spec model. The latter offered an unofficial 330bhp, the ATTESA E-TS Pro torque-vectoring four-wheel-drive system (standard ATTESA-ETS cars has front-to rear torque split only, whereas the Pro versions have side-to-side via an active LSD and independent ABS control), firmer suspension, a lower ride height and a carbonfibre diffuser.
However, this particular car was treated to a NISMO R-Tune engine with a strengthened N1 block, new pistons, a balanced and lightened rotating assembly, a ported cylinder head, reprofiled cams, NISMO N1 turbos and exhaust, with 450bhp the result. Other brand-name items include a GReddy radiator and intake, TOMEI fuel rail, SARD fuel-pressure regulator, Samco silicone hoses and a Haltech Elite ECU, plus an HKS exhaust system and NISMO suspension. Aesthetic changes include Rays forged-alloy wheels, NISMO warpaint on the bonnet, Bride Stradia II seats, and a NISMO instrument cluster among other things.
Finding precedents for such a car are challenging – this does not appear to be an official NISMO car, rather one built with NISMO-supplied parts. Last year, Bonhams sold an R34 GT-R V-Spec N1 ‘Mine’s Tribute’ for $392k against a $400k-$500k estimate, but that isn’t a direct comparison – different tuning houses have different followers, and the Mine’s car was a more focused build. Tellingly, no estimate for the Bonhams’ Miami Auction NISMO has been released at the time of writing, and it’s offered at no reserve.
1995 Nissan Skyline ‘Type R33’ GT-R Nismo V-Spec N1 ‘400R’
Although the R34 is the king of the Nissan Skyline range in terms of broad appeal, the R33 lineage contains one of the most in-demand special editions, the NISMO 400R. The NISMO 400R was built by Nissan’s motor sport team with a bored and stroked engine as well as a plethora of upgrades both mechanically and bodily, and just 44 were built. While some are rumoured to have pushed through the $1m mark, the last one to sell via auction came via Collecting Cars in 2023, at £701,400.
Despite appearances, the Bonhams’ Miami Auction car is NOT a 400R, but it is one of the rarest niches of R33 Skyline lore – example no. 29 of 55 V-Spec N1 models. The V-Spec specification is largely as the R34 mentioned earlier, but the presence of ‘N1’ makes this special – it’s a homologation special built by NISMO to allow Skylines to race in the Japanese GT championship.
As such it was stripped of air-conditioning, heated rear window and ABS, while the engine was reworked with the N1-specific 24U cylinder block, stronger metal turbos (rather than ceramic), new cams, an oil cooler and a plethora of other items. Further changes included Brembo brakes, altered damper and spring rates plus front and rear strut braces.
However, this car has been further developed as a tribute to the 400R by Andrew Hannason’s Legendary Garage in Australia, and built using genuine 400R parts such as the seats, steering wheel, bumpers, side skirts, carbon bonnet, rear spoiler and diffuser, plus the Rays NISMO LM GT1 wheels. The engine, built by Motorsports Mechanical in Australia, features forged internals, a ported cylinder head, custom Garrett turbos with billet internals, HKS hard pipes, HKS intercooler, N1 port-matched manifold and a 400R exhaust. The result is 800bhp at 9000rpm, delivered to the road by Öhlins adjustable coil-overs and brought to a halt by 380mm brakes from an R35 GT-R.
As such, this is the perfect example of the difficulty of matching traditional classic car methodologies with an emergent younger audience. The traditional view would choose to focus on this car’s V-Spec N1 credentials, as it was delivered by the factory.
However, the 400R tribute factor, and the aftermarket engineering involved, endear it to a younger generation. As with the R34, no estimate for this Nissan Skyline has been released and it’s being offered at no reserve. We’re not expecting it to hit the heights of a genuine 400R, but both these examples provide a fascinating view of the two different paths and demographics involved in collectable cars.
Further details
For more information on the Nissan Skyline duo at Bonhams’ Miami Auction on May 3, 2025, head here.
