‘Accessible’ vehicles emerge as bidders’ choice at Arizona auctions

‘Accessible’ vehicles emerge as bidders’ choice at Arizona auctions

Hagerty says bids average 31 percent above expectation for ‘lower-priced’ vehicles

Editor’s note: The ClassicCars.com Journal will be covering all of the action during Arizona Auction Week in Scottsdale, Arizona. Check out our other coverage here

While the first 7-figure sales of Arizona Auction Week 2019 might grab the headlines, the expert auction observers at Hagerty content that, “With most auctions now posting results, sales are beginning to show a pattern of what enthusiasts are buying and what they aren’t.”

So what are they buying?

“The move toward more accessible vehicles has helped sell-through rates at some auctions, but often at the expense of other metrics like total sales and average sale price,” the company’s daily auction-week report noted. “Consequently, overall sales are down 6 percent and the average price is down 3 percent. 

“However, vehicles have on average been bid 31 percent above condition appropriate Hagerty Price Guide values, which is a 9 percent increase from last year. While sales are behind 2018 so far, big misses at the top are masking strong bidding for accessible cars.”

This 1973 Porsche 911 Carrera RS 2.7 sold Thursday at RM Sotheby’s for $467,000 | Howard Koby photo

If that seems a lot to absorb, consider how one of those experts explained it:

“Lower-priced cars in exceptional condition are doing exceptionally well, especially among contemporary models,” Colin Comer said. “This was one of the biggest growth segments of 2018 and it’s showing no signs of slowing down.” 

Of note are cars from the 1980s, which are drawing bids 54 percent higher than the Hagerty Price Guide anticipates.

Hagerty notes that vehicles valued at more than $1 million have posted only a 25 percent sell-through rate this week, and those valued at more than $500,000 are selling at only a 48 percent rate. Both figures are far below similar-date figures for Arizona sales in 2018.

With Bonhams and RM Sotheby’s opening their sales, there were five million-dollar transactions Thursday, the first of the week. A 1985 Ferrari 288 GTO coupe brought $3.36 million at RM Sotheby’s and a 1951 Maserati A6G 2000 Spider, $2.755 million at Bonhams. (Sales figures reported include buyer’s fee.)

Gooding & Company, another high-end auction house, opens its sale today, as Barrett-Jackson starts bringing out the star cars of its docket.

1970 Chevrolet Chevelle SS 396 sold for $33,000 Thursday at the Russo and Steele auction | Carter Nacke photo

Other sales of note Thursday, Hagerty said, included the following:

•  Sporty (and accessible) coupes did well at Bonhams, with a 1972 Volvo 1800E selling for $91,840 (a record for the model), a 2002 BMW M-Coupe selling for $56,000, and a 1994 Porsche 968 coupe selling for $61,040 (another record for a base model). 

•  At Barrett-Jackson, a 1993 Ford Mustang Cobra R with just over 500 miles, $132,000, which is a record for a production Fox-body (1979-1993) Mustang. Meanwhile, in “one remarkable sale,” a 1972 Chevrolet Corvette LT1 convertible with factory air-conditioning, $203,500. 

•  Another “standout result,” Hagerty said, was RM Sotheby’s sale of a 1993 Vector Avtech WX-3 prototype that set a world record for the model at $615,500.

Overall Arizona Auction Weeks results through Thursday

Total sales: $84.2 million

1,457/1,833 lots sold: 79 percent sell-through rate

Average sale price: $57,763

2018 Cumulative Results through Thursday

Total sales: $89.6 million

1497/1792 lots sold: 84 percent sell-through rate

Average sale price: $59,820

Overall Top 10 Sales

1. 1985 Ferrari 288 GTO Coupe, $3,360,000 (RM Sotheby’s)

2. 1951 Maserati A6G 2000 Spider, $2,755,000 (Bonhams)

3. 1967 Ferrari 330 GTS Spider, $2,012,500 (RM Sotheby’s)

4. 2017 Ferrari F12tdf Coupe, $1,006,000 (RM Sotheby’s)

5. 1963 Porsche Carrera 2 GS Cabriolet, $1,000,500 (Bonhams)

6. 1959 Mercedes-Benz 300SL Roadster, $990,000 (Worldwide Auctioneers)

7. 2012 Lexus LFA Coupe, $885,000 (RM Sotheby’s)

8. 1934 Mercedes-Benz 500K Tourer, $830,000 (Bonhams)

9. 1935 Auburn 851 Supercharged Speedster, $687,500 (Worldwide Auctioneers)

10. 1968 Ferrari 330 GTC Coupe, $687,000 (RM Sotheby’s)

Results by auction company

RM SOTHEBY’S

Total sales: $17.9 million

62/77 lots sold: 81 percent sell-through rate

Average sale price: $289,427

Top 10 sales:

1. 1985 Ferrari 288 GTO Coupe, $3,360,000

2. 1967 Ferrari 330 GTS Spider, $2,012,500

3. 2017 Ferrari F12tdf Coupe, $1,006,000

4. 2012 Lexus LFA Coupe, $885,000

5. 1968 Ferrari 330 GTC Coupe, $687,000

6. 1971 Ferrari 365 GTB/4 Daytona Cut Spyder, $670,500

7. 1993 Vector Avtech WX-3 Prototype Coupe, $615,500

8. 1973 Ferrari 365 GTB/4 Daytona Coupe, $577,000

9. 1993 Vector Avtech WX-3R Prototype Roadster, $500,000

10. 1973 Porsche 911 Carrera RS 2.7 Coupe, $467,000

2018 results through Thursday

Total sales: $18.1 million

56/63 lots sold: 89 percent sell-through rate

Average sale price: $324,022

BONHAMS

Total sales: $14.4 million

106/120 lots sold: 88 percent sell-through rate

Average sale price: $135,656

Top 10 sales:

1. 1951 Maserati A6G 2000 Spider, $2,755,000

2. 1963 Porsche Carrera 2 GS Cabriolet, $1,000,500

3. 1934 Mercedes-Benz 500K Tourer, $830,000

4. 1946 Fiat 1100C Spider, $577,000

5. 1970 Mercedes-Benz 280SE 3.5 Cabriolet, $362,500

6. 1956 Porsche 356A Speedster, $362,500

7. 1937 Jaguar SS100 2.5 Roadster, $329,500

8. 1972 Maserati Ghibli SS Coupe, $229,600

9. 1989 Porsche 911 Turbo 930 Cabriolet, $229,600

10. 1958 Porsche 356A Speedster, $222,880

2018 results through Thursday

Total sales: $25.2 million

94/108 lots sold: 87 percent sell-through rate

Average sale price: $267,649

BARRETT-JACKSON

Total sales: $38.1 million

993/993 lots sold: 100 percent sell-through rate

Average sale price: $38,352

Top 10 sales:

1. 2018 Ford Fusion NASCAR, $300,000

2. 1972 Chevrolet Corvette Convertible, $203,500

3. 1967 Chevrolet Camaro Sport Coupe, $181,500

4. 1959 Buick LeSabre Convertible, $165,000

5. 1957 Chevrolet Bel Air Convertible, $165,000

6. 1968 Ford Bronco Wagon 4×4, $144,100

7. 1967 Pontiac GTO Hardtop Coupe, $132,000

8. 1970 Plymouth GTX Hardtop Coupe, $132,000

9. 1993 Ford Mustang 5.0 SVT Cobra R Hatchback, $132,000

10. 1959 Chevrolet Series 3100 1/2 Ton Fleetside Pickup 4×4, $126,500

2018 results through Thursday

Total: $34.2 million

987/987 lots sold: 100 percent sell-through rate

Average sale price: $34,699

RUSSO AND STEELE

Total sales: $2.2 million

103/186 lots sold: 55 percent sell-through rate

Average sale price: $21,202

Top 10 sales:

2014 Jeep Wrangler Unlimited Custom SUV, $90,750

1972 GMC C1500 Custom Pickup, $78,100

1994 Land Rover Defender 90 (Truck) Sport Utility Vehicle 4×4, $55,000

1966 Dodge Charger Fastback, $52,800

1996 Acura NSX-T Targa, $50,600

1970 Dodge Challenger Hardtop Coupe, $45,100

2006 Bentley Continental GT Coupe, $45,100

2005 Aston Martin DB9 Convertible, $41,250

1970 Dodge Challenger Resto Mod Coupe, $38,500

1967 Plymouth Barracuda Formula S Fastback, $38,500

2018 results through Thursday:

Total sales: 2.7 million

132/196 lots sold: 67 percent sell-through rate

Average sale price: $20,630

WORLDWIDE AUCTIONEERS

Total sales: $9.1 million

54/73 lots sold: 74 percent sell-through rate

Average sale price: $168,260

Top 10 sales:

1. 1959 Mercedes-Benz 300SL Roadster, $990,000

2. 1935 Auburn 851 Supercharged Speedster, $687,500

3. 1935 Auburn 851 Supercharged Speedster, $632,500

4. 1936 Duesenberg Model JN Rollston Convertible Sedan, $605,000

5. 1969 Chevrolet Corvette Coupe, $522,500

6. 1931 Duesenberg Model J Judkins Limousine, $506,000

7. 1947 Delahaye 135M Cabriolet, $357,500

8. 1927 Bentley 3-Litre Sports Tourer, $330,000

9. 1932 Auburn 12-160A Custom Speedster, $291,500

10. 1966 Jaguar E-Type SI 4.2 Roadster, $266,750

2018 results

Total: $6.1 million

50/82 lots sold: 61 percent sell-through rate

Average sale price: $122,319

SILVER AUCTIONS ARIZONA

Total sales: $2.5 million

139/384 lots sold: 36 percent sell-through rate

Average sale price: $17,861

Top 10 sales:

1. 2016 Chevrolet Corvette Z06 Convertible, $84,240

2. 1932 Ford Model A Sport Coupe, $59,400

3. 1969 Pontiac GTO Coupe, $52,920

4. 1955 Chevrolet Bel Air Sedan, $51,840

5. 1958 Pontiac Bonneville Hardtop Coupe, $49,680

6. 1957 Cadillac Eldorado Seville Hardtop, $49,500

7. 1932 Hupmobile Series F-222 Convertible Coupe, $49,140

8. 1941 Cadillac Series 62 Fisher Deluxe Convertible Coupe, 2/4-p., $48,600

9. 1931 REO Royale Model 35 Sedan, $45,360

10. 1955 Chevrolet Bel Air Custom Sedan, $43,200

2018 results

Total sales: $3.2 million

178/355 lots sold: 50 percent sell-through rate

Average sale price: $17,756

Related Posts

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Search the Journal

Latest Articles