Top end flat, but more modern middle of the market posting strong numbers at Arizona auctions

Top end flat, but more modern middle of the market posting strong numbers at Arizona auctions

While the dramatic growth at the top end of the classic and collector car market has slowed, there’s still plenty of money to be made in the middle of the hobby.

Cars awaiting new owners at Silver Auctions | Larry Edsall photos

Cars awaiting new owners at Silver Auctions | Larry Edsall photos

While the dramatic growth at the top end of the classic and collector car market has slowed, there’s still plenty of money to be made in the middle of the hobby. Hagerty, the classic car insurance and price-tracking company, monitors all the Arizona Auction Week sales and notes that prices are soaring for such cars such as the fourth-generation Chevrolet Corvette, Mercedes-Benz SL500 and Bandit-era Pontiac Trans Ams.

“Emerging bright spots include modern and affordable cars, as evidenced by C4 Corvette prices, which are up 25 percent this year in Arizona versus the average sales price in 2015,” said the text that arrived with Hagerty’s daily report on top sales through Saturday at the various auctions.

A 2002 Pontiac Firebird on the block Saturday at Silver

A 2002 Pontiac Firebird on the block Saturday at Silver

“Mercedes-Benz SL500 prices are up 15 percent this year in Arizona versus last year,” it noted.

“Stepping up the price scale, quality examples of Bandit-era Pontiac Trans Ams are reliably selling past $50,000, even with no-mileage cars taken out of the equation. Second-generation Trans Ams are averaging $74,000 in 2016 vs. $27,600 in 2015.”

These results figure to be good news for the auctions that offers such vehicles. Indeed, with a day of sales to go, Barrett-Jackson figures to hit $100 million in overall sales again this year even without the huge Ron Pratte Collection that boosted its 2015 Scottsdale results. Russo and Steele is up nearly $2 million in overall sales compared with last year and, like Barrett-Jackson, it has one more day of bidding to go. Silver Auctions was up some 8 percent in sales compared with the same event in 2015.

Meanwhile, of the three auctions that deal exclusively in very high-value vehicles, only RM Sotheby’s showed improved results, $62.8 million this year compared with $59.8 million last year. Gooding & Company and Bonhams both were well off their 2015 numbers.

Hagerty has personnel at each venue and reports raw results as witnessed during the live bidding, but that does not include every post-sale transaction. These numbers include the appropriate buyer’s premiums.

Arizona Auction Week overall through Saturday

Cumulative total: $242.2 million
2,330/2,842 lots sold: 82 percent sell-through rate
Average sale price: $104,231

2015 cumulative results through Saturday
Cumulative total: $276.4 million
2,304/2,687 lots sold: 86 percent sell-through rate
Average sale price: $119,946

Overall Top 10 Sales from all auctions through Saturday

1.     1937 Mercedes-Benz 540K Special Roadster $9,900,000 (RM Sotheby’s)
2.     1950 Ferrari 166 MM/195 S Berlinetta Le Mans $6,490,000 (Gooding & Company)
3.     1967 Ferrari 330 GTC Coupe $3,410,000 (Gooding & Company)
4.     1929 Duesenberg Model J Disappearing Top Torpedo convertible $3,000,000 (RM Sotheby’s)
5.     2003 Ferrari Enzo coupe $2,860,000 (Gooding & Company)
6.     1929 Duesenberg Model J Dual Cowl Phaeton $2,420,000 (Gooding & Company)
7.     1995 Ferrari F50 Coupe $2,400,000 (Gooding & Company)
8.     1965 Shelby Cobra 427 Competition Roadster $2,255,000 (RM Sotheby’s)
9.     1965 Ferrari 275 GTB Coupe $2,117,500 (RM Sotheby’s)
10.   2015 McLaren P1 Coupe $2,090,000 (Bonhams)

Results by auction company

BARRETT-JACKSON

Cumulative total through Saturday: $97.1M
1,346/1,353 lots sold: 99 percent sell-through rate
Average sale price: $72,166

Overall Top 10 Sales:
1.     2015 Porsche 918 Spyder Weissach Coupe $1,760,000
2.     1939 Mercedes-Benz 540K Cabriolet $1,485,000
3.     2017 Acura NSX Targa $1,200,000*
4.     1965 Shelby Cobra 289 R&P Roadster $797,500
5.     1947 Talbot-Lago Record T26 Cabriolet $715,000
6.     1955 Chevrolet Corvette Roadster $605,000**
6.     1956 Chevrolet Corvette 265/225 Convertible $605,000*
6.     1957 Chevrolet Corvette 283/225 Convertible $605,000*
9.     1969 Chevrolet Corvette L88 Convertible $577,500
10.  1939 Talbot-Lago T-15 Cabriolet $550,000
10.   2016 Ford Focus RS Hatchback $550,000*

* sold as charity
** sold as a package.

Saturday total: $44.3M
285/292 lots sold: 98 percent sell-through rate
Average sale price: $155,422

Top 10 Saturday sales:
1.     2015 Porsche 918 Spyder Weissach Coupe $1,760,000
2.     1939 Mercedes-Benz 540K Cabriolet $1,485,000
3.     1965 Shelby Cobra 289 R&P Roadster $797,500
4.     1947 Talbot-Lago Record T26 Cabriolet $715,000
5.     1955 Chevrolet Corvette Roadster $605,000**
5.     1956 Chevrolet Corvette Convertible $605,000**
5.     1957 Chevrolet Corvette Convertible $605,000**
8.     1969 Chevrolet Corvette L88 Convertible $577,500
9.     1939 Talbot-Lago T-15 Cabriolet $550,000
9.     2016 Ford Focus RS Sedan $550,000*
9.     1977 Pontiac Firebird Trans Am Coupe $550,000

* sold as charity
** sold as a package.

2015 results through Saturday
Cumulative total: $120.7M
1,458/1,480 lots sold: 99 percent sell-through rate
Average sale price: $82,749

BONHAMS

Overall total: $18.2M
95/112 lots sold: 85 percent Sell Through Rate
Average sale price: $191,266

Overall Top 10 Sales:
1.     2015 McLaren P1 Coupe $2,090,000
2.     1962 Mercedes-Benz 300SL Roadster $1,485,000
3.     1971 Ferrari 365 GTB/4 Daytona Coupe $1,155,000
4.     1928 Mercedes-Benz 630K La Baule Transformable $973,500
5.     1935 Hispano Suiza K6 Cabriolet $869,000
6.     1964 Aston Martin DB5 Saloon $781,000
7.     1962 Porsche Carrera 2 GS Coupe $627,000
8.     1973 Porsche 911 Carrera RS 2.7 Coupe $525,000
9.     1955 Aston Martin DB2/4 Mk II Drop Head Coupe $396,000
10.   1973 BMW 3.0CSL Batmobile Coupe $341,000

Overall 2015 results
Total: $24.3M
71/84 lots sold: 85 percent sell-through rate
Average sale price: $342,356

GOODING & COMPANY

Overall total: $43.0M
97/113 lots sold: 86 percent sell-through rate
Average sale price: $443,390

Overall Top 10 sales:
1.     1950 Ferrari 166 MM/195 S Berlinetta Le Mans $6,490,000
2.     1967 Ferrari 330 GTC Coupe $3,410,000
3.     2003 Ferrari Enzo Coupe $2,860,000
4.     1929 Duesenberg Model J Dual Cowl Phaeton $2,420,000
5.     1995 Ferrari F50 Coupe $2,400,000
6.     1990 Ferrari F40 Coupe $1,534,500
7.     1959 Mercedes-Benz 300SL Roadster $1,155,000
8.     1955 Bentley R-Type Continental 4.9L Fastback $1,017,500
9.     1948 Alfa Romeo 6C 2500 Super Sport Cabriolet $1,012,000
10.  1955 Alfa Romeo 1900C SS Coupe Speciale $990,000

Saturday total: $22.3M
49/56 lots sold: 88 percent sell-through rate
Average sale price: $455,666

Top 10 Saturday sales:
1.     1967 Ferrari 330 GTC Speciale Coupe $3,410,000
2.     2003 Ferrari Enzo Coupe $2,860,000
3.     1995 Ferrari F50 Coupe $2,400,000
4.     1990 Ferrari F40 Coupe $1,534,500
5.     1959 Mercedes-Benz 300SL Roadster $1,155,000
6.     1955 Bentley R-Type Continental 4.9L Sedan $1,017,500
7.     1931 Bugatti Type 49 Grand Sport Roadster $962,500
8.     1962 Shelby Cobra 260 Roadster $748,000
9.     1969 Chevrolet Corvette L88 Coupe $625,000
10.   1975 Ferrari 365 GT4 BB Coupe $495,000

Overall 2015 results
Total: $51.5M
114/126 lots sold: 91 percent sell-through rate
Average sale price: $451,900

RM SOTHEBY’S

Overall total: $62.8M
126/149 lots sold: 85 percent sell-through rate
Average sale price: $497,994

Overall Top 10 Sales:
1.     1937 Mercedes-Benz 540K Special Roadster $9,900,000
2.     1929 Duesenberg Model J Disappearing Top Torpedo Convertible $3,000,000
3.     1965 Shelby Cobra 427 Competition Roadster $2,255,000
4.     1965 Ferrari 275 GTB Coupe $2,117,500
5.     1972 Lamborghini Miura P400 SV Coupe $2,000,000
6.     1965 Ferrari 275 GTS Spider $1,760,000
7.     1960 Ferrari 250 SII Cabriolet $1,650,000
8.     2015 Porsche 918 Weissach Spyder $1,595,000
9.     1962 Maserati 5000GT Allemano Coupe $1,540,000
10.  1953 Cadillac Series 62 Coupe $1,430,000

Overall 2015 results
Total: $59.8M
104/123 lots sold: 86 percent sell-through rate
Average sale price: $574,863

RUSSO AND STEELE

Cumulative total through Saturday: $18.0M
387/602 lots sold: 64 percent sell-through rate
Average sale price: $46,575

Overall Top 10 Sales:
1.     2003 Saleen S7 Coupe $387,750
2.     1973 Ferrari Dino 246 GTS Spider $374,000
3.     2005 Ford GT Coupe $341,000
4.     1963 Ferrari 250 GTE Coupe 2+2 $324,500
5.     1970 Oldsmobile 442 W-30 Convertible $308,000
6.     1990 Lamborghini Countach Silver Anniversary Coupe $275,000
7.     1968 Dodge Charger R/T 426/425 Hemi Hardtop Coupe $242,000
8.     1965 Ferrari 330 GT SI Coupe 2+2 $225,500
9.     1966 Shelby GT350 Fastback $192,500
10.  1988 Ferrari Testarossa Coupe $181,500

Saturday total: $9.4M
103/192 lots sold: 54 percent sell through rate
Average sale price: $90,953

Top 10 Saturday Sales:
1.     2003 Saleen S7 Coupe $387,750
2.     1973 Ferrari Dino 246 GTS Spider $374,000
3.     2005 Ford GT Coupe $341,000
4.     1963 Ferrari 250 GTE Coupe 2+2 $324,500
5.     1970 Oldsmobile 442 W-30 Convertible $308,000
6.     1990 Lamborghini Countach Silver Anniversary Coupe $275,000
7.     1968 Dodge Charger R/T 426/425 Hemi Hardtop Coupe $242,000
8.     1965 Ferrari 330 GT SI Coupe 2+2 $225,500
9.     1966 Shelby GT350 Fastback $192,500
10.  1988 Ferrari Testarossa Coupe $181,500

2015 results through Saturday
Cumulative total: $16.1M
337/550 lots sold: 61 percent sell-through rate
Average sale price: $47,728

SILVER AUCTIONS

Cumulative total through Saturday: $3.8M
279/513 lots sold: 54 percent sell through rate
Average sale price: $13,649

Overall Top 10 Sales:
1.       1958 Mercedes-Benz 190SL Roadster $140,400
2.       1963 Chevrolet Corvette Split Window Coupe $81,000
3.       1940 Mercury Hot Rod Coupe $63,180
4.       1958 Chevrolet Series 3100 Half-Ton Cameo Pickup $50,760
5.       1934 Desoto Airflow Coupe $49,680
6.       1940 Ford Deluxe $48,600
7.       1940 Cadillac Series 62 Convertible Sedan $44,280
8.       1968 Chevrolet Camaro Sport Coupe $43,740
9.       1958 Chevrolet Series 3100 Apache Pickup $43,200
10.    1967 Toyota Land Cruiser FJ45 Pickup $42,120

Saturday total: $1.91M
108/201 lots sold: 54 percent sell through rate
Average sale price: $17,669

Top 10 Saturday Sales:
1.       1958 Mercedes-Benz 190SL Roadster $140,400
2.       1963 Chevrolet Corvette Split Window Coupe $81,000
3.       1934 Desoto Airflow Coupe $49,680
4.       1940 Ford Deluxe $48,600
5.       1968 Chevrolet Camaro Sport Coupe $43,740
6.       1958 Chevrolet Series 3100 Apache Pickup $43,200
7.       1967 Toyota Land Cruiser FJ45 Pickup $42,120
8.       1967 Oldsmobile Cutlass 4-4-2 Convertible $39,960
9.       1964 Chevrolet Corvette $38,340
10.     1965 Dodge Coronet $36,990

Overall 2015 results
Total: $3.5M
218/324 lots sold: 67 percent
Average sale price: $16,039

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