Is tip of auction iceberg melting? Perhaps, but mass market remains solid in Arizona

Is tip of auction iceberg melting? Perhaps, but mass market remains solid in Arizona

Muscle cars and vintage trucks among the vehicles bidders are buying

The transaction action so far during Arizona Auction Week has been in the heart of the collector car marketplace, with cars valued at less than seven figures selling consistently, and for market-appropriate values at all auction venues, Hagerty reported Saturday morning.

However, the insurance and vehicle-valuation company that tracks all of the auction action added, “things don’t look as bright at the top of the market. Only three of six vehicles bid above $3 million thus far have sold, compared to eight of nine trading in 2017.

“Despite the low sales rate in this segment, the cars were generally bid to numbers that arguably could have closed the deal.”

D-type Jaguar was bid to $9.8 million at RM Sotheby’s but was not hammered ‘sold’ | Andy Reid photo

Friday, a pair of rare Jaguar D-types, one at RM Sotheby’s and the other at Gooding & Company, were bid to $9.8 million and $8.8 million, respectively, apparently very close to their owner reserve prices, yet neither was hammered sold, Hagerty noted in its daily auction week news release.

“Gooding also missed on its other major car of the day, a 1958 Ferrari 250 GT Series I Cabriolet at $6.4 million.”

The owner of this D-Jaguar rejected a bid of $8.8 million on this car at Gooding & Company | Bill Hall photo

On the other hand, Hagerty noted that Gooding “did well to sell a 1954 Ferrari 500 Mondial for $4.455 million, a 2014 Pagani Huayra for $2.09 million, and the 1963 Iso Grifo A3/L prototype for $1.76 million.”

And, it added, “ RM Sotheby’s closed out its two-day event with a $1.682 million 1963 Ferrari 250 GT Lusso and a 1960 Ferrari 250 SII Cabriolet that sold for $1.4075 million.”

Overall, Arizona Auction Week gross totals through Friday trail 2017 figures by 14 percent, Hagerty added.

A 1971 Pontiac Trans Am 455 HO crosses the block Friday at Barrett-Jackson | Bob Golfen photo

On a more positive note, “As has been the case all week, trucks and vintage SUVs continued to impress, with only 3 percent selling below expected Hagerty Price Guide values.

“Muscle cars have strengthened compared to last year as well, with a 31 percent increase in the number selling above condition-appropriate HPG values. Dodge Chargers in particular stood out with Barrett-Jackson selling a 1970 R/T 440 Six-Pack for $143K and a 1969 R/T 383/330 for $66K. Mercury Cougars also shined at Barrett-Jackson with a 1970 Eliminator trading for $110K and a 1969 XR-7 moving for $60.5K.”

Hagerty notes that among the star cars crossing the block today are Batista Pininfarina’s personal 1965 Ferrari 275 GTB Speciale at Gooding & Company and a 1965 Shelby GT350R and a 2017 Ford GT, both at Barrett-Jackson.

The following figures are provided by Hagerty. They include buyer’s fees on cars purchased, but do not include all post-block sales.

Overall through Friday from all auction companies

Cumulative total: $160.1M
1,943/2,271 lots sold: 86 percent sell-through rate
Average sale price: $82,415

2017 Cumulative results through Friday
Cumulative total: $187.1M
2095/2421 lots sold: 87 percent sell-through rate
Average sale price: $89,291

Overall Top 10 Sales from all auctions through Friday:

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1. 1958 Porsche 550A Spyder sold for $5,170,000 (Bonhams)
2. 1954 Ferrari 500 Mondial Spider sold for $4,455,000 (Gooding & Company)
3. 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500 (RM Sotheby’s)
4. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000 (Bonhams)
5. 2014 Pagani Huayra Coupe sold for $2,090,000 (Gooding & Company)
6. 1948 Tucker 48 Sedan sold for $1,792,500 (RM Sotheby’s)
7. 1963 Iso Grifo SI Coupe sold for $1,760,000 (Gooding & Company)
8. 2015 McLaren P1 Coupe sold for $1,732,500 (Gooding & Company)
9. 1964 Ferrari 250 GT Lusso Coupe sold for $1,682,500 (RM Sotheby’s)
10. 1991 Ferrari F40 Coupe sold for $1,512,500 (Bonhams)
10. 1957 Mercedes-Benz 300SL Roadster sold for $1,512,500 (Bonhams)

Results by auction company

BARRETT-JACKSON

Cumulative total through Friday: $61.8 million
1306/1306 lots sold: 100 percent sell-through rate
Average sale price: $47,323

Overall Top 10 Sales:
1. 2018 Ford Mustang Bullitt Coupe sold for $300,000*
2. 1967 Chevrolet Nova Sport Coupe sold for $264,000
3. 1969 Chevrolet Corvette Convertible sold for $220,000
4. 1954 Buick Super Model 56R Riviera Hardtop sold for $220,000
5. 1965 Shelby Cobra CSX 4000 Series Roadster sold for $220,000
6. 1970 Plymouth Road Runner Hardtop Coupe sold for $214,500
7. 1968 Shelby GT500 KR Fastback sold for $203,500
8. 1969 Chevrolet Camaro Z/28 RS Sport Coupe sold for $198,000
9. 1962 Chevrolet Corvette Convertible sold for $198,000
10. 1951 Chevrolet Series 3100 1/2 Ton Pickup sold for $187,000
* Charity car

Friday total: $27.7 million
325/325 lots sold: 100 percent sell-through rate
Average sale price: $85,175

Top 10 Friday Sales:
1. 2018 Ford Mustang Bullitt Coupe sold for $300,000*
2. 1967 Chevrolet Nova Sport Coupe sold for $264,000
3. 1969 Chevrolet Corvette Convertible sold for $220,000
4. 1954 Buick Super Model 56R Riviera Hardtop sold for $220,000
5. 1965 Shelby Cobra CSX 4000 Series Roadster sold for $220,000
6. 1970 Plymouth Road Runner Hardtop Coupe sold for $214,500
7. 1968 Shelby GT500 KR Fastback sold for $203,500
8. 1969 Chevrolet Camaro Z/28 RS Sport Coupe sold for $198,000
9. 1962 Chevrolet Corvette Convertible sold for $198,000
10. 1951 Chevrolet Series 3100 1/2 Ton Pickup sold for $187,000
* Charity car

2017 Results through Friday
Cumulative total: $52.4 million
1061/1061 lots sold: 100 percent sell-through rate
Average sale price: $49,802

RM SOTHEBY’S

Cumulative total through Friday: $35.8 million
109/127 lots sold: 86 percent sell-through rate
Average sale price: $328,404

Overall Top 10 Sales:
1. 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500
2. 1948 Tucker 48 Sedan sold for $1,792,500
3. 1964 Ferrari 250 GT Lusso Coupe sold for $1,682,500
4. 1960 Ferrari 250 SII Cabriolet sold for $1,407,500
5. 2017 Ferrari F12tdf Coupe sold for $1,325,000
6. 1955 Alfa Romeo 1900 SS Coupe sold for $1,270,000
7. 1952 Ferrari 212 Inter Coupe sold for $1,187,500
8. 1987 Porsche 959 Komfort Coupe sold for $1,160,000
9. 1957 Mercedes-Benz 300SL Roadster sold for $1,083,000
10. 1965 Shelby Cobra 289 R&P Roadster sold for $995,000

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Friday total: $17.9 million
54/64 lots sold: 84 percent sell-through rate
Average sale price: $331,496

Top 10 Friday Sales:
1. 1964 Ferrari 250 GT Lusso Coupe sold for $1,682,500
2. 1960 Ferrari 250 SII Cabriolet sold for $1,407,500
3. 1955 Alfa Romeo 1900 SS Coupe sold for $1,270,000
4. 1952 Ferrari 212 Inter Coupe sold for $1,187,500
5. 2015 Ferrari 458 Speciale A Spider sold for $632,000
6. 1962 Maserati 3500GT Coupe sold for $604,500
7. 1937 Rolls-Royce Phantom III Pillarless Saloon sold for $593,500
8. 1971 Ferrari 365 GTB/4 Daytona Coupe sold for $571,500
9. 1942 Alfa Romeo 6C 2500 SS Spider sold for $555,000
9. 1967 Ferrari 330 GTC Coupe sold for $555,000

2017 Results through Friday
Total: $35.5 million
75/81 lots sold: 93 percent sell-through rate
Average sale price: $473,521

GOODING & COMPANY

Friday total: $23.5 million
57/67 lots sold: 85 percent sell-through rate
Average sale price: $412,085

Overall Top 10 Sales:
1. 1954 Ferrari 500 Mondial Spider sold for $4,455,000
2. 2014 Pagani Huayra Coupe sold for $2,090,000
3. 1963 Iso Grifo SI Coupe sold for $1,760,000
4. 2015 McLaren P1 Coupe sold for $1,732,500
5. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,320,000
6. 1960 Mercedes-Benz 300SL Roadster sold for $1,100,000
7. 1953 Ferrari 250 Europa Coupe sold for $1,067,000
8. 1963 Shelby Cobra 289 R&P Roadster sold for $962,500
9. 2004 Porsche Carrera GT Coupe sold for $715,000
10. 1959 Aston Martin DB Mk III Drop Head Coupe sold for $621,500

2017 Results through Friday
Total: $16.8 million
51/64 lots sold: 80 percent sell-through rate
Average sale price: $328,878

RUSSO AND STEELE

Cumulative total through Friday: $6.6M
233/377 lots sold: 62 percent sell-through rate
Average sale price: $28,338

Overall Top 10 Sales:
1. 1988 Ferrari Testarossa Coupe sold for $112,750
2. 1965 Buick Riviera GS Sport Coupe sold for $97,900
3. 1965 Chevrolet Corvette Custom Coupe sold for $78,100
4. 2010 Aston Martin Rapide Sedan sold for $74,800
5. 1967 Lincoln Continental Convertible sold for $72,600
5. 1993 Mercedes-Benz 500E Sedan sold for $72,600
7. 1997 Porsche 911 Carrera Cabriolet sold for $71,500
7. 1964 Chevrolet Corvette Convertible sold for $71,500
8. 1968 Oldsmobile 4-4-2 W-30 Convertible sold for $66,000
8. 1998 Ferrari F355 Spider Convertible sold for $66,000

Friday total: $3.9 million
101/181 lots sold: 56 percent Sell-Through Rate
Average sale price: $38,416

Top 10 Friday Sales:
1. 1988 Ferrari Testarossa Coupe sold for $112,750
2. 1965 Chevrolet Corvette Custom Coupe sold for $78,100
3. 2010 Aston Martin Rapide Sedan sold for $74,800
4. 1967 Lincoln Continental Convertible sold for $72,600
4. 1993 Mercedes-Benz 500E Sedan sold for $72,600
6. 1997 Porsche 911 Carrera Cabriolet sold for $71,500
6. 1964 Chevrolet Corvette Convertible sold for $71,500
8. 1968 Oldsmobile 4-4-2 W-30 Convertible sold for $66,000
8. 1998 Ferrari F355 Spider Convertible sold for $66,000
10. 2004 Porsche 911 Turbo Cabriolet sold for $64,900

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2017 Results through Friday
Cumulative $9.5 million
302/415 lots sold: 73 percent sell-through rate
Average sale price: $31,495

SILVER ARIZONA

Cumulative total Through Friday: $1.3 million
95/204 lots sold: 47 percent sell-through rate
Average sale price: $13,880

Overall Top 10 Sales:
1. 1962 Buick Electra 225 Sport Coupe sold for $76,680
2. 1966 Chevrolet Corvette Coupe sold for $41,040
3. 1966 Chevrolet Nova SS Sport Coupe sold for $29,160
4. 1932 Ford Model B Roadster sold for $28,080
4. 2005 Cadillac XLR sold for $28,080
4. 1964 Chevrolet Impala Convertible sold for $28,080
7. 1956 Ford Customline Ranch Station Wagon sold for $26,730
8. 1959 Chevrolet Bel Air sold for $24,030
9. 1959 Pontiac Bonneville Sport Coupe sold for $23,760
9. 2006 Toyota Land Cruiser Sport Utility Vehicle 4×4 sold for $23,760
10. 1970 Chevrolet El Camino Pickup sold for $23,220

Friday Total: $1.1 million
72/144 lots sold: 50 percent sell-through rate
Average sale price: $16,001

Friday Top 10:
1. 1962 Buick Electra 225 Sport Coupe sold for $76,680
2. 1966 Chevrolet Corvette Coupe sold for $41,040
3. 1966 Chevrolet Nova SS Sport Coupe sold for $29,160
4. 1932 Ford Model B Roadster sold for $28,080
4. 2005 Cadillac XLR sold for $28,080
4. 1964 Chevrolet Impala Convertible sold for $28,080
7. 1956 Ford Customline Ranch Station Wagon sold for $26,730
8. 1959 Chevrolet Bel Air sold for $24,030
9. 1959 Pontiac Bonneville Sport Coupe sold for $23,760
9. 2006 Toyota Land Cruiser Sport Utility Vehicle 4×4 sold for $23,760

2017 Results through Friday
Total: $1.8 million
130/277 lots sold: 47 percent sell-through rate
Average sale price: $13,686

BONHAMS

Thursday total: $25.2 million
94/108 lots sold: 87 percent sell-through rate
Average sale price: $ 267,649

Top 10 Sales:
1. 1958 Porsche 550A Spyder sold for $5,170,000
2. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000
3. 1991 Ferrari F40 Coupe sold for $1,512,500
3. 1957 Mercedes-Benz 300SL Roadster sold for $1,512,500
5. 1930 Bentley Speed Six Le Mans Replica Tourer sold for $1,457,500
6. 2015 Porsche 918 Spyder sold for $1,292,500
7. 1995 Ferrari F50 Coupe sold for $1,155,000
8. 2006 Ford GT Coupe sold for $489,500
9. 1974 Ferrari Dino 246 GTS Spider sold for $484,000
10. 2016 Porsche 911 R Coupe sold for $478,500

2017 Results 
Total: $36.4 million
86/105 lots sold: 82 percent sell-through rate
Average sale price: $422,376

WORLDWIDE AUCTIONEERS

Total: $6.0 million
49/82 lots sold: 60 percent sell-through rate
Average sale price: $121,560

Overall Top 10 Sales:
1. 1938 Mercedes-Benz 320 Cabriolet sold for $420,000
2. 1971 Plymouth Cuda Hardtop Coupe sold for $418,000
3. 1965 Shelby GT350 Fastback sold for $352,000
4. 1923 Duesenberg Model A Touring sold for $346,500
5. 1957 Kurtis Kraft 500G Indy Car sold for $308,000
6. 1939 BMW 327 Cabriolet sold for $253,000
7. 1953 Chevrolet Corvette Roadster sold for $250,000
8. 1965 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe sold for $244,750
9. 1959 Maserati 3500GT Coupe sold for $217,250
10. 1962 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $215,000

2017 Results
Total: $11.4 million
64/82 lots sold: 78 percent sell-through rate
Average sale price: $177,816

 

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