Bidders drive up Arizona auction sales, but consignors still wanted more

Bidders drive up Arizona auction sales, but consignors still wanted more

At least $50 million left on the table by reluctant sellers

According to Hagerty, the insurance and vehicle-valuation company that staffs each of the sales, the seven companies that offered up 3,176 vehicles for bidding during Arizona Auction Week 2018 posted $247.8 million in transactions.

Though that figure was $12 million less than year-ago numbers, Hagerty noted that more bidders took part in the auctions, “a soaring stock market and clarity on tax reform” are reason for continuing optimism, and added that “the immediate takeaway is that 2018 is shaping up to be a good year for the ‘Everyman’ Classic — that affordable, fun and largest segment of the market.”

While the seven auctions sold slightly fewer cars compared with year-ago numbers, the average price of those vehicles was up by more than $3,200.

Ford Thunderbird on the block at Silver Auctions Arizona during final day of auction week | Bob Golfen photo

The heart of the collector car market beat very strongly during the auctions. Hagerty noted that vehicles such as C3 Chevrolet Corvettes, early Chevrolet Camaros, vintage pickups and sport utilities, especially early Ford Broncos, even Fox-bodied Ford Mustangs were selling for more than what was considered “condition-appropriate” prices.

However, it added, “at the higher rungs on the pricing ladder, results weren’t as strong, but not for lack of effort on the bidders’ part.”

Hagerty noted that “nearly 90 percent of cars valued above $250,000 were bid to amounts at or above market-correct prices, although the sell-through rate here was only 70 percent (compared with 84 percent for the overall Arizona auction figure).”

While that $247.8 million figure for total sales is impressive, it could have been around $50 million more had consignors not rejected the high bids on their most-expensive offerings. At least five cars bid to more than $6 million failed to be hammered “sold.”

For collectors, the car’s story is often as relevant as the car itself.”

“However, the best examples of cars in this range have been appearing at the Amelia Island sales more frequently, so the March auctions will provide a better indication of whether the upper-most reaches of the market are slipping,” Hagerty noted.

“This week it also became clear that provenance is ever more important,” it reported. “The top lot of the week was Batista Pininfarina’s personal 1965 Ferrari 275 GTB Speciale, with numerous unique styling details, that Gooding & Company sold for $8.085 million.

“The 2005 Ford GT that Carroll Shelby originally purchased sold at Bonhams for $489,500, whereas a similar Ford GT without the star connection traded at $335,500 at Barrett-Jackson.

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“Mr. Shelby’s 1966 Shelby GT350H also hammered sold at the Bonhams auction, this time for $253,000, or $100,000 above the Hagerty Price Guide value for a standard GT350H in similar condition.

“For collectors, the car’s story is often as relevant as the car itself.”

Bottom line from Hagerty: “The Arizona Auctions traditionally set the tone for the next six months, so we expect spending to pick up for most enthusiasts. The conclusion for the upper end isn’t quite so clear.”

The figures that follow are supplied by Hagerty and its observers at each venue. They include buyer’s fees but do not include all post-block sales, which continue for several days after the formal auction activity has concluded.

Preliminary totals from all auction companies

Total sales: $247.8 million
2,668/3,176 lots sold: 84 percent sell-through rate
Average sale price: $92,887

Prior year (2017) results
Cumulative total: $259.8 million
2,899/3,486 lots sold: 83 percent sell-through rate
Average sale price: $89,601

Overall top-10 sales:
1. 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000 (Gooding & Company)
2. 1958 Porsche 550A Spyder sold for $5,170,000 (Bonhams)
3. 1954 Ferrari 500 Mondial Spider sold for $4,455,000 (Gooding & Company)
4. 1931 Bugatti Type 55 Roadster sold for $4,070,000 (Gooding & Company)
5. 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500 (RM Sotheby’s)
6. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000 (Bonhams)
7. 1967 Ferrari 330 GTS Spider sold for $2,530,000 (Gooding & Company)
8. 2017 Ford GT Coupe sold for $2,500,000 (Barrett-Jackson)*
9. 2014 Pagani Huayra Coupe sold for $2,090,000 (Gooding & Company)
10. 1948 Tucker 48 Sedan sold for $1,792,500 (RM Sotheby’s)
* Charity vehicle

Results by auction company

BARRETT-JACKSON

Overall total: $112.3 million
1,709/1,729 lots sold: 99 percent sell-through rate
Average sale price: $65,692

Overall top-10 sales:
1. 2017 Ford GT Coupe sold for $2,500,000*
2. 2015 Porsche 918 Spyder sold for $1,430,000
3. 2018 Chevrolet Corvette Carbon 65 Edition Convertible sold for $1,400,000*
4. 1965 Chevrolet Corvette Cutaway Coupe sold for $1,100,000
4. 1952 Ferrari 212 Europa Coupe sold for $1,100,000
6. 2019 Chevrolet Corvette ZR1 Coupe sold for $925,000*
7. 1969 Chevrolet Camaro ZL1 Sport Coupe sold for $770,000
8. 1966 Shelby GT350 Fastback sold for $605,000
9. 2006 Ford GT Heritage Coupe sold for $495,000
9. 1968 Chevrolet Corvette 427/430 L88 Coupe sold for $495,000
* Charity

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Prior year (2017) results
Cumulative total: $101.0 million
1,703/1,711 lots sold: 99.5 percent sell-through rate
Average sale price: $59,323

GOODING & COMPANY

Overall total: $49.2 million
110/129 lots sold: 85 percent sell-through rate
Average sale price: $447,415

Overall top-10 sales:
1. 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000
2. 1954 Ferrari 500 Mondial Spider sold for $4,455,000
3. 1931 Bugatti Type 55 Roadster sold for $4,070,000
4. 1967 Ferrari 330 GTS Spider sold for $2,530,000
5. 2014 Pagani Huayra Coupe sold for $2,090,000
6. 1963 Iso Grifo A3/L Prototype Coupe sold for $1,760,000
7. 2015 McLaren P1 Coupe sold for $1,732,500
8. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,320,000
9. 1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
10. 1960 Mercedes-Benz 300SL Roadster sold for $1,100,000

Overall 2017 results
Total: $33.3 million
105/125 lots sold: 84 percent sell-through rate
Average sale price: $317,492

RM SOTHEBY’S

Total: $36.0 million
110/127 lots sold: 87 percent sell-through rate
Average sale price: $327,641

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

Prior year (2017) results
Total: $53.7 million
142/159 lots sold: 89 percent sell-through rate
Average sale price: $378,248

BONHAMS

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

Overall 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

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Prior year (2017) results
Total: $36.3 million
86/105 lots sold: 82 percent sell-through rate
Average sale price: $422,376

RUSSO AND STEELE

Overall total: $15.9 million
415/646 lots sold: 64 percent sell-through rate
Average sale price: $38,197

Overall top-10 sales:
1. 1964 Cheetah GT Coupe sold for $660,000
2. 1965 Shelby GT350 Fastback sold for $341,000
3. 1967 Chevrolet Corvette 427/435 L71 Convertible sold for $302,500
4. 2005 Ford GT Coupe sold for $236,500
5. 2005 Ford GT Coupe sold for $214,500
6. 1969 Dodge Charger Daytona Hardtop Coupe sold for $198,000
7. 1967 Chevrolet Corvette 427/400 L68 Convertible sold for $170,500
8. 2015 McLaren 650S Spider sold for $156,200
9. 1967 Porsche 911 S Targa sold for $143,000
9. 1969 Chevrolet Camaro COPO Sport Coupe sold for $143,000

Prior year (2017) results
Cumulative total: $20.7 million
579/778 lots sold: 74 percent sell-through rate
Average sale price: $35,720

WORLDWIDE AUCTIONEERS

Total: $6.1 million
50/82 lots sold: 61 percent sell-through rate
Average sale price: $122,319

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

Prior year (2017) results
Total: $11.4 million
64/82 lots sold: 78 percent sell-through rate
Average sale price: $177,816

SILVER ARIZONA

Total: $3.2 million
180/355 lots sold: 50 percent sell-through rate
Average sale price: $17,620

Overall top-10 sales:
1. 1969 Ford Mustang Boss 429 SportRoof sold for $206,280
2. 1959 Chevrolet Corvette Convertible sold for $78,840
3. 1962 Buick Electra 225 Sport Coupe sold for $76,680
4. 1955 Chevrolet Series 3100 ½-Ton Cameo Pickup sold for $60,480
5. 1957 Ford Thunderbird Convertible sold for $59,400
5. 1949 Ford F1 Pickup sold for $59,400
7. 1966 Jaguar E-Type SI 4.2 Coupe sold for $57,240
8. 1957 Ford Thunderbird Convertible sold for $56,160
9. 2012 Factory Five GTM R Coupe sold for $54,000
10. 1951 Lincoln Cosmopolitan Convertible sold for $49,680

Prior year (2017) results
Total: $3.3 million
220/526 lots sold: 42 percent
Average sale price: $15,078

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