NEW YORK—Recent auctions indicate that New York City taxi medallions are valued around $185,000 per medallion.
On Jan. 11, six New York City taxi medallions in possession of First Jersey Credit Union, Wayne, N.J. were auctioned for a high bid of $185,000 per medallion, according to Maltz Auctions.
This price of $185,000 per medallion is in-line with the value of 46 New York City taxi medallions sold at auction in September 2017 for $186,000 each, according to Keith Leggett, the former senior vice president and senior economist at the ABA, on his blog.
“This week, more details on the value of New York City taxi medallions will be revealed as nine New York City taxi medallions in possession of Aspire Federal Credit Union (Clark, N.J.) will be auctioned on Jan. 16. The minimum opening bid is $150,000 per medallion,” Leggett said. “These valuations indicate more pain awaits credit unions that financed taxi medallion loans and higher reserving for losses by the National Credit Union Share Insurance Fund.”
At one point prior to the advent of ride sharing services, the medallions were selling for more than $1 million each.