Preliminary figures from the six classic car auctions held last week in Arizona show total sales of $250.6 million, according to Hagerty, the insurance and vehicle value-tracking company that monitors each of the auction venues.
The same auctions did $292.5 million last year, but that figure included sales of the big Ron Pratte Collection of cars and automobilia which added a full day of sales to the Barrett-Jackson schedule.
Hagerty had forecast 2016 Arizona sales of $280 million.
In tallying final preliminary sales figures after the conclusion Sunday of the Barrett-Jackson and the Russo and Steele auctions, Hagerty noted that the average vehicle sales price in 2016 in Arizona was 13 percent less than a year ago.
The overall sell-through percentage also was down, from 86 percent last year to 80 percent last week.
“Dramatically increasing prices during the past three years for certain models have elevated attention and brought more examples to market,” the company said in a news release. “As a result, there appeared to be an oversupply in Arizona for some models. Two examples include: The number of 1963-73 Porsche 911s went up by 66 pcent this year from last, and their average sale price decreased by 20 percent. The number of Ford GTs doubled from last year and prices decreased by 8 percent.”
On the other hand, “Emerging bright spots include late model exotics and interesting cars from the 1980s across different price brackets. Bandit-era Pontiac Trans Ams and first-generation K5 Chevrolet Blazers also did well.
“Overall the “nostalgia cars” from the middle of the market performed very well.”
Hagerty’s figures are based on sales observed on the block and include buyer’s premiums, but do not include any post-block transactions. Those will be included when the various auction companies share their edited results during the coming week.
Preliminary figures show Barrett-Jackson posted $103.3 million in sales; RM Sotheby’s at $62.8 million; Gooding & Company at $43 million; Bonhams at $18.2 million; Russo and Steele at $19.5 milion, a boost of $2.3 million compared with 2015; and Silver Auctions at $3.8 million, around $300,000 better than its total last year.
Russo and Steele posted its gain despite selling six fewer cars. Silver sold more cars, but at a lower average price.
Arizona Auction Week overall through Sunday
Total: $250.6 million
2,491/3,104 lots sold: 80 percent sell-through rate
Average sale price: $100,588
Overall 2015 results (for comparison)
Cumulative total: $292.5 million
2,527/2,935 lots sold: 86 percent sell-through rate
Average sale price: $115,729
Overall Top 10 Sales
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 Speciale 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
Overall total: $103.3 million
1,484/1,491 lots sold: 99 percent sell-through rate
Average sale price: $69,619
Overall Top 10 Sales:
1. 2015 Porsche 918 Weissach Spyder $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**
7. 1956 Chevrolet Corvette 265/225 Convertible $605,000**
8. 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
11. 2016 Ford Focus RS Hatchback $550,000*
* sold as charity
** sold as a package.
Sunday total: $6.2 million
138/138 lots sold: 100 percent sell-through rate
Average sale price: $44,779
Top 10 Sunday Sales:
1. 2012 Chevrolet Corvette ZR-1 Coupe $143,000
2. 2014 Chevrolet Camaro COPO Sport Coupe $137,500
3. 1970 Ford Mustang Boss 302 SportsRoof $110,000
4. 1970 Chevrolet Chevelle Custom Convertible $104,500
5. 1969 Chevrolet Corvette 427/400 Coupe $93,500
6. 1962 Chevrolet Corvette 327/340 Convertible $93,500
7. 1955 Chevrolet Bel Air 265/162 Convertible $90,200
8. 2016 Jeep Wrangler Custom Utility Vehicle $88,000
9. 2012 Chevrolet Corvette ZR-1 Coupe $88,000
10. 1972 Chevrolet K10 1/2 Ton Fleetside Pickup 4×4 $86,900
Overall 2015 results
Cumulative total: $131.9M
1,599/1,617 lots sold: 99 percent sell-through rate
Average sale price: $82,518
BONHAMS
Overall total: $18.2 million
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: $24.3 million
71/84 lots sold: 85 percent sell-through rate
Average sale price: $342,356
GOODING & COMPANY
Overall total: $43.0 million
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 Speciale 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
Overall 2015 results
Total: $51.5 million
114/126 lots sold: 91 percent sell-through rate
Average sale price: $451,900
RM SOTHEBY’S
Overall total: $62.8 million
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: $63.4 million
109/123 lots sold: 89 percent sell-through rate
Average sale price: $421,884
RUSSO AND STEELE
Overall total: $19.5 million
408/724 lots sold: 56 percent sell-through rate
Average sale price: $47,815
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 4-4-2 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
Sunday total: $1.5 million
101/122 lots sold: 86 percent sell-through rate
Average sale price: $14,695
Top 10 Sunday Sales:
1. 2001 Bentley Arnage Base Sedan $41,250
2. 1999 Pontiac Firebird Trans Am 30th Anniversary Convertible $40,150
3. 1968 Chevrolet Camaro Sport Coupe $37,950
4. 1969 Plymouth Road Runner Hardtop Coupe $37,125
5. 1979 Volkswagen Beetle Convertible $34,100
6. 2000 Aston Martin DB7 Vantage Coupe $33,000
7. 1951 Chevrolet Series 3100 1/2 Ton Pickup $31,900
8. 2012 Jeep Wrangler Custom Sport Utility Vehicle $31,900
9. 1969 Chevrolet Camaro RS/SS Sport Coupe $30,800
10. 2007 Ford F-150 Saleen Pickup $28,600
Overall 2015 Results
Cumulative total: $17.2 million
414/661 lots sold: 63 percent sell-through rate
Average sale price: $41,612
SILVER AUCTIONS
Cumulative total through Saturday: $3.8 million
281/515 lots sold: 55 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 1Ž2 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
Overall 2015 results
Total: $3.5 million
218/324 lots sold: 67 percent
Average sale price: $16,039
When was the last time Barrett-Jackson had sales that were lower than the year before? It could be a minor ‘correction’ or it could be a major downturn. We’ll know when the sales figures are tallied for Palm Beach and Amelia Island.
The slowing market of sales could have a lot to do with being an election year. I think it will be a minor correction.