Big bids fail to bag ‘big’ cars, but pickups, entry-level booming in Arizona

Big bids fail to bag ‘big’ cars, but pickups, entry-level booming in Arizona

Consignors reject multi-million-dollar bids at Worldwide sale

Our man-on-the-scene, Bob Golfen, reports that those attending Worldwide Auctioneers’ Scottsdale sale Wednesday evening saw a lot of big-ticket cars fail to sell, at least on the block (possible post-block sales might still be secured). But on the block, none of the auction’s cars promoted to be valued above seven figures made reserve.

Foremost among them was the 1939 Mercedes-Benz 770K Grosser, the former Adolph Hitler parade car that has received global attention, and which reached a high bid of $7 million before rolling off unsold.

The second-highest no-sale bid at Worldwide was $2.3 million for the 2003 Ferrari Enzo, followed by a $1.35 million no sale for the 2015 Porsche 918 Spyder and $1.32 million for the 1970 Dodge Challenger Hemi convertible.

A number of Worldwide’s other mid-six-figure cars also failed to reach reserve, such as the Porsche Carrera GT, which hit $560,000, and a 2006 Saleen S7 Twin Turbo, which stalled at $500,000.

The highest sale of the evening went to a 1971 Plymouth Hemi ‘Cuda coupe that hammered sold for $380,000, the final cost to the new owner being $418,000 with Worldwide’s buyer’s fees added.

A Chevelle SS convertible on the block | Barrett-Jackson

Wednesday marked the first day of multiple collector car auction companies conducting sales in Arizona this week, and Hagerty, the insurance and vehicle-valuation company that staffs each of the sales, reports that so far the average sales price trails 2017 figures, but adds “it is far too soon to speculate what these past three days mean for the market overall.”

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Hagerty also notes that Barett-Jackson’s three-day totals are ahead of 2017 and that vehicles are selling for nearly 20 percent more than what Hagerty consideres the condition-appropriate value in its Hagerty Price Guide.

“Vintage pickups in particular have been popping, with 24 of the 25 trucks Hagerty inspected selling for amounts above condition-appropriate HPG values,” Hagerty notes. “Specifically, Barrett-Jackson sold a terrifically restored 1984 Chevrolet K10 ½-Ton 4×4 for $55,000, a 1971 GMC K2500 ¾-Ton Fleetside 4×4 for $42,900, and a 1974 Ford F-100 ½-Ton Styleside Long Bed 4×4 for $36,300. 

“The entry level of the market is looking good so far,” it adds in its daily report, “with vehicles priced below $25,000 selling for above-market prices more frequently than any other price segment. For example, a 1985 Ford Mustang with 3,900 miles sold for $33,000.” 

On the flip side, C3 (1968-1982) and C4 (1984-1996) Chevrolet Corvettes have both been sluggish, selling for below condition-appropriate price guide values 75 percent of the time.

Action really accelerates today with Bonhams, RM Sotheby’s, Russo and Steele, and Silver Auctions joining Barrett-Jackson. Gooding & Company opens its sale Friday.

The following figures are preliminary, based on observed hammer prices, with buyer’s fees included, but do not include any post-block sales:

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Overall results through Wednesday from all auction companies

Cumulative total: $23.4 million
688/724 lots sold: 95 percent sell-through rate
Average sale price: $34,056

Prior year (2017) results through Wednesday
Cumulative total: $29.6M
704/719 lots sold: 98 percent sell-through rate
Average sale price: $41,982

Top 10 Sales from all auctions through Wednesday:

1. 1971 Plymouth Cuda Hardtop Coupe sold for $418,000 (Worldwide)
2. 1965 Shelby GT350 Fastback sold for $352,000 (Worldwide)
3. 1923 Duesenberg Model A Touring sold for $346,500 (Worldwide)
4. 1957 Kurtis Kraft 500G Indy Car sold for $308,000 (Worldwide)
5. 1939 BMW 327 Cabriolet sold for $253,000 (Worldwide)
6. 1965 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe sold for $244,750 (Worldwide)
7. 1962 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $225,500 (Worldwide)
8. 1959 Maserati 3500GT Coupe sold for $217,250 (Worldwide)
9. 1934 Cadillac Model 355D Series 30 Fleetwood (Flat Windshield) Coupe sold for $176,000 (Worldwide)
10. 1970 Mercedes-Benz 280SE 2.8L Convertible sold for $170,500 (Worldwide)

Individual results from each company:

BARRETT-JACKSON

Cumulative total through Wednesday: $18.3 million
642/642 lots sold: 100 percent sell-through rate
Average sale price: $28,487

Overall Top 10 Sales:

1. 1965 Buick Riviera GS Sport Coupe sold for $117,700
2. 1970 Chevrolet Chevelle Sport Coupe sold for $85,800
3. 1968 Ford Mustang Fastback sold for $83,600
4. 1961 Chevrolet Impala Hardtop Coupe sold for $77,000
5. 1969 Chevrolet Chevelle Malibu SS 396 Convertible sold for $74,800
6. 1970 Chevrolet Chevelle SS 396 Sport Coupe sold for $71,500
7. 1966 Chevrolet Corvette Convertible sold for $71,500
8. 1968 Dodge Charger R/T Hardtop Coupe sold for $71,500
9. 1956 Oldsmobile Super 88 Holiday Coupe sold for $70,400
10. 1970 Chevrolet Chevelle Sport Coupe sold for $69,300

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Prior year (2017) results through Wednesday
Cumulative total: $17.7M
637/637 sold: 100percent
Average sale price: $27,710

WORLDWIDE AUCTIONEERS

Total: $5.1 million
46/82 lots sold: 56 percent sell-through rate
Average sale price: $111,782

Overall Top 10 Sales:

1. 1971 Plymouth Cuda Hardtop Coupe sold for $418,000
2. 1965 Shelby GT350 Fastback sold for $352,000
3. 1923 Duesenberg Model A Touring sold for $346,500
4. 1957 Kurtis Kraft 500G Indy Car sold for $308,000
5. 1939 BMW 327 Cabriolet sold for $253,000
6. 1965 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe sold for $244,750
7. 1962 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $225,500
8. 1959 Maserati 3500GT Coupe sold for $217,250
9. 1934 Cadillac Model 355D Series 30 Fleetwood (Flat Windshield) Coupe sold for $176,000
10. 1970 Mercedes-Benz 280SE 2.8L Convertible sold for $170,500

Prior year (2017) results through Wednesday
Cumulative total: $11.4 million
61/80 lots sold: 76 percent sell-through rate
Average sale price: $137,112

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4 Comments

  • Spirit
    January 18, 2018, 10:17 AM

    The car in the picture is blue and black; in the pictures I saw of the auction car, it was all black. Just sayin’, or askin’.

    REPLY
  • Paul
    January 18, 2018, 4:08 PM

    Great coverage Larry, looking forward to the next two days, Thanks.

    REPLY
  • Michael D. Westrick
    January 18, 2018, 5:13 PM

    Auctions getting soft at the top.

    REPLY
  • Brian Pawlak
    January 18, 2018, 7:59 PM

    Very informative, thank you.

    REPLY

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