At $259.8 million, Arizona auction sales are second-highest ever

At $259.8 million, Arizona auction sales are second-highest ever

Seven days, 3,486 vehicles and $259.8 million later, preliminary figures for the 2017 Arizona auctions are in.

1963 Jaguar E-type sold at Bonhams tops the charts for Arizona Car Week 2017 | Larry Edsall photo

1963 Jaguar E-type sold at Bonhams tops the charts for Arizona Car Week 2017 | Larry Edsall photo

Seven days, 3,486 vehicles and $259.8 million later, preliminary figures for the 2017 Arizona auctions are in. Compared with last year, more vehicles were offered, more were sold and $9 million more traded hands, according to Hagerty, the insurance and vehicle valuation-tracking company that monitors each of the seven auctions that took place during the week.

After sales totals slumped last year, the 2017 results not only mark a turnaround in the marketplace, but eclipsed the $254 million in transactions at the Arizona auctions in 2014, ranking 2017 as the second-biggest sales week in the long history of such sales in the state. The bump in sales is due primarily to increased volume, Hagerty noted, pointing out that the number of cars crossing the blocks was up 12 percent this year. However, the average selling price for those cars was down 11 percent compared with year-ago figures.

The rarest and most exclusive cars continue to see strong interest, Hagerty noted. Cars priced above $1 million experienced double-digit increases in sell-through rate and average sale price versus 2016. Bonhams scored a massive $7.37 million for a 1963 Jaguar E-type lightweight to take top honors for the week. RM Sotheby’s sold a 1939 Mercedes-Benz 540K Special Roadster for $6.6 million and Gooding & Company set a record with the $3.3 million sale of a 1935 Bugatti Type 35 Grand Prix car.

Ford Broncos like this one at Bonhams were popular with bidders in Arizona

Ford Broncos like this one at Bonhams were popular with bidders in Arizona

Just below this rarefied threshold, the upper-middle market ($250,000 to $1 million) was softening. A drop off in quality, coupled with price declines among Blue Chip cars that are in line with declines reported in the Hagerty Price Guide throughout 2016, caused the average sale price at this level to fall 12 percent compared with a year ago.

Perhaps most important, however, the heart of the market remains strong. The sub-$100,000 category had high sell-through rates that were in line with those witnessed at the close of 2016. Mainstream domestics and trucks did particularly well in Arizona, with all but one of the Dodge Power Wagons and Ford Broncos going to new homes.

Among mainstream domestics, classic Dodge muscle cars, such as the early 1970s Charger and Challenger, as well as early 1980s sports cars, including the Corvette, Mustang and Firebird, were the most likely market segments of the vehicles Hagerty inspected to sell above condition-appropriate prices.

Among the auction houses, Barrett-Jackson again topped $100 million in sales; Bonhams nearly doubled its 2016 sales total, soaring to $36.3 million; Russo and Steele was up by $1.2 million compared to last year; and the new Worldwide Auctions event did an impressive $11.4 million for its Arizona debut.

Bonhams would have done even better had a consignor not turned down an Arizona auction-record $10.65 million bid on a 1960 Ferrari 250 GT SWB California Spider when it crossed the Bonhams block.

“If anything, the 2017 Arizona auctions demonstrate there is optimism in the North American collector car market, and those vehicles most Americans collect are benefiting,” Hagerty’s daily report noted. “The next question, of course, is whether this optimism will be sustained.”

For that, we have a whole year of auctions to anticipate.

Listed below are the final raw results as witnessed by Hagerty during the live auctions and may not factor in unreported post-block transactions. The figures do include appropriate buyer’s premiums.

Overall from all auction companies

Total: $259.8 million
2,900/3,486 lots sold: 83 percent sell-through rate
Average sale price: $89,601

Overall 2016 results
Cumulative total: $250.6 million
2,491/3,104 lots sold: 80 percent sell-through rate
Average sale price: $115,729

Overall Top 10 Sales:
1. 1963 Jaguar E-Type Lightweight, $7,370,000 (Bonhams)
2. 1939 Mercedes-Benz 540K Special Roadster, $6,600,000 (RM Sotheby’s)
3. 1952 Ferrari 340 America Competizione Spider, $6,380,000 (Bonhams)
4. 1928 Mercedes-Benz Type S Sports Tourer, $4,812,500 (Bonhams)
5. 1969 Ferrari 365 GTS Spider, $3,602,500 (RM Sotheby’s)
6. 1925 Bugatti Type 35 Grand Prix Roadster, $3,300,000 (Gooding & Company)
7. 1995 Ferrari F50 Coupe, $3,135,000 (RM Sotheby’s)
8. 1961 Ferrari 400 Superamerica Coupe, $3,080,000 (RM Sotheby’s)
9. 1965 Ferrari 500 Superfast Series I Coupe, $2,915,000 (Gooding & Company)
10. 1931 Alfa Romeo 6C 1750 Gran Sport Spider, $2,805,000 (Bonhams)

Results by auction company

Barrett-Jackson

Overall total: $101.0 million
1,703/1,711 lots sold: 99.5 percent sell-through rate
Average sale price: $59,323

Overall Top 10 Sales:
1. 1964 Aston Martin DB5, $1,485,000
2. 1960 Chevrolet CERV-1, $1,320,000
3. 1930 Duesenberg Model J Dual Cowl Phaeton, $880,000
4. 2012 Hennessey Venom GT Spyder, $800,000*
5. 2005 Porsche Carrera GT Coupe, $616,000
6. 1965 Shelby GT350 Fastback, $445,500
7. 2011 Ferrari 458 Italia Coupe, $434,500
8. 1963 Chevrolet Corvette Z06 (big tank) Split-Window Coupe, $385,000
9. 1969 Ford Mustang Boss 429, $385,000
10. 1932 Rolls-Royce Phantom II Roadster, $341,000

* sold for charity

Sunday total: $6.1 million
145/145 lots sold: 100 percent sell-through rate
Average sale price: $42,172

Top 10 Sunday Sales:
1. 1956 Chevrolet Bel Air Nomad Custom Station Wagon, $137,500
2. 1970 Ford Mustang Boss 302, $91,300
3. 1968 GMC C1500 1/2 Ton Custom Wideside Pickup, $82,500
4. 1957 Chevrolet 210 Sedan, $79,200
5. 1962 Lincoln Continental Custom Convertible, $77,000
6. 1952 Chevrolet Series 3100 1/2 Ton Custom Pickup, $77,000
7. 1931 Ford Model A 1/2 Ton Custom Pickup, $77,000
8. 2015 Jeep Wrangler Unlimited Utility Vehicle 4×4, $75,900
9. 1970 Chevrolet Nova SS Coupe, $74,800
9. 1950 Divco Custom Milk Truck, $74,800
9. 2008 Bentley Continental GT AWD Coupe, $74,800

Overall 2016 results
Cumulative total: $103.3 million
1,484/1,491 lots sold: 99 percent sell-through rate
Average sale price: $69,619

Bonhams

Overall total: $36.3 million
86/105 lots sold: 82 percent Sell-through rate
Average sale price: $422,494

Overall Top 10 Sales:
1. 1963 Jaguar E-Type Lightweight, $7,370,000
2. 1952 Ferrari 340 America Competizione Spider, $6,380,000
3. 1928 Mercedes-Benz Type S Sports Tourer, $4,812,500
4. 1931 Alfa Romeo 6C 1750 Gran Sport Spider, $2,805,000
5. 1964 Porsche 904 GTS Coupe, $2,310,000
6. 1966 Ferrari 275 GTB/2 Coupe, $1,732,500
7. 1960 Ferrari 250 GT SII Cabriolet, $1,430,000
8. 1913 Rolls-Royce Silver Ghost London-Edinburgh Sports Tourer, $698,500
9. 1955 Austin-Healey 100 S Roadster, $539,000
10. 1956 Porsche 356A Speedster, $528,000

Overall 2016 results
Total: $18.2 million
95/112 Lots sold: 85 percent sell-through rate
Average sale price: $191,266

Gooding & Company

Overall total: $33.3 million
105/125 lots sold: 84 percent sell-through rate
Average sale price: $317,492

Overall Top 10 Sales:
1. 1925 Bugatti Type 35 Grand Prix Roadster, $3,300,000
2. 1965 Ferrari 500 Superfast Series I Coupe, $2,915,000
3. 1932 Alfa Romeo 6C 1750 Grand Sport Roadster, $1,595,000
4. 2011 Ferrari 599 SA Aperta Spider, $1,485,000
5. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,457,500
6. 1928 Bentley 4 1/2-Liter Open Sports Tourer, $1,100,000
7. 1964 Shelby Cobra 289 R&P Roadster, $1,100,000
8. 1988 Porsche 959 Komfort Coupe, $1,089,000
9. 1961 Mercedes-Benz 300SL Roadster, $1,034,000
10. 1969 American Motors AMX/3 Coupe, $891,000

Overall 2016 results
Total: $43.0 million
97/113 lots sold: 86 percent sell-through rate
Average sale price: $443,390

RM Sotheby’s

Overall total: $53.7 million
142/159 lots sold: 89 percent sell-through rate
Average sale price: $378,248

Overall Top 10 Sales:
1. 1939 Mercedes-Benz 540K Special Roadster, $6,600,000
2. 1969 Ferrari 365 GTS Spider, $3,602,500
3. 1995 Ferrari F50 Coupe, $3,135,000
4. 1961 Ferrari 400 Superamerica Coupe, $3,080,000
5. 2003 Ferrari Enzo Coupe, $2,695,000
6. 1967 Ferrari 330 GTS Spider, $2,475,000
7. 1966 Ferrari 275 GTB/2 Coupe, $2,117,500
8. 2013 Bugatti Veyron 16.4 Super Sport 300 Coupe, $2,090,000
9. 1948 Tucker 48 Sedan, $1,347,500
10. 2008 Lamborghini Reventón Coupe, $1,320,000

Overall 2016 results
Total: $62.8 million
126/149 lots sold: 85 percent sell-through rate
Average sale price: $497,994

Russo and Steele

Overall total: $20.7 million
579/778 lots sold: 74 percent sell-through rate
Average sale price: $35,720

Overall Top 10 Sales:
1. 1954 Mercedes-Benz 300S Cabriolet, $423,500
2. 1973 Ferrari Dino 246 GTS Spider, $379,500
3. 1969 Ford Mustang Boss 429 fastback, $335,500
4. 2006 Ford GT Coupe, $261,250
5. 2006 Mercedes-Benz SLR McLaren Coupe, $253,000
6. 1969 Ferrari 365 GT Coupe 2+2, $209,000
7. 1970 Oldsmobile 4-4-2 W-30 Holiday Coupe, $165,000
8. 2011 Ferrari 458 Challenge Coupe, $165,000
9. 1962 Mercedes-Benz 190SL Convertible, $154,000
10. 2013 Ferrari California 2+2 Coupe, $151,250

Sunday total: $2.7 million
173/184 lots sold: 94 percent sell-through rate
Average sale price: $15,665

Top 10 Sunday Sales:
1. 2015 Harley-Davidson Custom Motorcycle, $80,000*
2. 2006 Cadillac XLR-V Convertible, $53,900
3. 1991 Rolls-Royce Corniche Drop Head Coupe, $46,750
4. 1934 Chevrolet Master Custom Coupe, $41,250
5. 1969 Ford Mustang Custom Convertible, $40,700
6. 1933 Buick Series 90 Model 90-L Limousine, $39,600
7. 1956 Cadillac Series 62 Convertible, $39,600
8. 1956 Ford Thunderbird Convertible, $36,850
9. 1934 Chevrolet Master Custom Business Coupe, $34,100
10. 1923 Buick NA Coupe, $33,550

* sold for charity

Overall 2016 results
Cumulative Total: $19.5 million
408/724 lots sold: 56 percent sell-through rate
Average sale price: $47,815

Silver Auctions

Overall total through Sunday: $3.3 million
220/526 lots sold: 42 percent Sell-through rate
Average sale price: $15,078

Overall Top 10 Sales:
1. 2007 Ford Mustang Shelby GT GC, $70,200
2. 1952 Nash-Haley Pininfarina, $70,200
3. 1968 Dodge Hemi Charger, $68,580
4. 1966 Dodge Hemi Coronet, $67,500
5. 1956 Chrysler Windsor, $62,640
6. 1948 Chevrolet Fleetmaster Woody Wagon, $62,640
7. 1941 Buick 51C Convertible Sedan, $54,540
8. 1961 Chevrolet Impala Custom Hardtop, $54,000
9. 2001 Aston Martin DB7, $50,760
10. 1968 Chevrolet Impala, $46,710

Sunday total: $138,000
15/72 lots sold: 21 percent sell-through rate
Average sale price: $9,212

Top 10 Sunday Sales:
1. 2006 Hummer H2, $25,500
2. 1955 Ford Thunderbird Convertible, $23,760
3. 2008 Land Rover, $16,200
4. 2010 Lexus IS250, $15,120
5. 2002 Mercedes Benz V-12 SL600, $9,720
6. 1963 Nash Rambler American, $8,640
7. 2006 Mitsubishi Eclipse GT, $6,210
8. 1997 Ford F-250, $6,210
9. 1985 Pontiac Firebird Trans Am, $5,940
10. 1967 MGB GT, $5,400

Overall 2016 results
Total: $3.8 million
281/515 lots sold: 55 percent
Average sale price: $13,649

Worldwide Auctioneers

Total: $11.4 million
64/82 lots sold: 78 percent sell-through rate
Average sale price: $177,816

Overall Top 10 Sales:
1. 1967 Chevrolet Corvette 427/430 Convertible, $1,980,000
2. 1955 Lancia Aurelia B24 Spider America, $1,100,000
3. 1966 Shelby GT350 Convertible, $742,500
4. 1965 Shelby GT350 Fastback, $379,500
5. 1962 Aston Martin DB4 Sedan, $374,000
6. 2005 Ferrari 575 Superamerica Convertible, $313,500
7. 1933 Packard Super Eight-Series Coupe Roadster, $308,000
8. 1955 Porsche 356A Speedster, $297,000
9. 1937 Bentley 4 1/4-Liter Fixed-Head Coupe, $286,000
10. 1953 Porsche 356 Cabriolet, $275,000
10. 2005 Ford GT Coupe, $275,000

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