Hagerty sees polarization in the Arizona auction marketplace

Hagerty sees polarization in the Arizona auction marketplace

Cars worth $250,000 and less are in demand by bidders while more expensive cars aren’t selling at a high rate

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.

With all of the collector car sales scheduled during Arizona Auction Week 2019 either completed or under way, observers from Hagerty see polarization in the marketplace. 

“Cars below $250,000 are accelerating but offering above that need a jump-start,” the insurance and valuation company said in its daily auction-week report after bidding ended Friday night.

This 1951 Bentley Mk VI Special sold Friday at RM Sotheby’s for $128,800

“There are clearly two distinct and separate markets in effect,” said Dave Kinney, publisher of the Hagerty Price Guide. “Distilled down, big-dollar players are sitting on their hands while the most accessible vehicles are attracting all the bidding.”

One measure of the polarization is sell-through rate, how many vehicles in a price range actually are being sold. Hagerty reports that the sell-through rate for vehicles valued at more than $500,000 has been 54 percent so far at the various auctions. Those worth $1 million or more have sold at only a 36 percent rate. 

The overall sell-through for all vehicles offered up for bidding so far has been 80 percent.

“The split in the market is apparent in measures like share of vehicles bid above Hagerty Price Guide values,” Hagerty’s news release added. “For offerings below $250k, the share more than doubled from 15 percent on average in 2018 to over 34 percent in 2019.”

However, “The opposite happened for offerings above $250k, with the share falling from 33 percent to 17 percent in 2019.”

“While the move toward more accessible cars has brought in new enthusiasts, such offerings have crowded out the big cars,” Hagerty said. “Collectors looking for a new $1 million-plus addition won’t bother with a handful of offerings.”

Despite the shift in what bidders are buying, overall sales remain close to 2018 levels as the weekend begins. A year ago at this point, total sales were $162.4 million. So far this year, they are $161.6 million, and that average sales price per vehicle actually is up, from $79,840 to $80,084.

Hagerty adds that cars from the 1980s remain popular with bidders, a likely reflection of younger buyers entering the market. 

Only three of the auctions continue into the weekend. Gooding & Company stages its second day of sales on Saturday with Barrett-Jackson and Russo and Steele offers cars both Saturday and Sunday. Among the star cars of the weekend are a 1964 Cheetah race car at Russo and Steele; the first production 2020 Toyota Supra and four Chevrolet Camaros from the Transformer movies at Barrett-Jackson; and a 1964 Ferrari 275 GTB prototype valued into the millions of dollars at Gooding.

Note: The figures below are gathered by Hagerty staffers who monitor each auction, and may not include all post-block sales. Prices reported do include buyer’s fee. 

Overall Arizona Auction Week results through Friday

Total sales: $161.6 million

2,018 of 2,508 lots sold: 80 percent sell-through rate

Average sale price: $80,084

2018 results through Friday

Total sales: $162.4 million

2,034 of 2,428 lots sold: 84 percent sell-through rate

Average sale price: $79,840

Overall top 10 sales

1. 1958 Ferrari 250 GT TdF Coupe,  $5,890,000 (Gooding & Company)

2. 1953 Ferrari 250 MM Spider,  $5,395,000 (Gooding & Company)

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

4. 1951 Maserati A6G 2000 Spider,  $2,755,000 (Bonhams)

5. 1985 Ferrari 288 GTO Coupe,  $2,507,500 (Gooding & Company)

6. 1967 Ferrari 330 GTS Spider, $2,012,500 (RM Sotheby’s)

7. 1948 Tucker 48 Sedan, $1,600,000 (RM Sotheby’s)

8. 1955 Mercedes-Benz 300SL Gullwing Coupe,  $1,435,000 (Gooding & Company)

9. 2020 Ford Mustang Shelby GT500 Coupe,  $1,100,000 (Barrett-Jackson)

10. 1956 Bentley S1 Continental Coachbuilt Drophead Coupe,  $1,077,500 (RM Sotheby’s)

Results by auction company

GOODING & COMPANY

Total sales $26.1 million

56/65 lots sold: 86 percent sell-through rate

Average sale price: $466,582

Top 10 sales:

1. 1958 Ferrari 250 GT TdF Coupe,  $5,890,000

2. 1953 Ferrari 250 MM Spider,  $5,395,000

3. 1985 Ferrari 288 GTO Coupe,  $2,507,500

4. 1955 Mercedes-Benz 300SL Gullwing Coupe,  $1,435,000

5. 1964 Shelby Cobra 289 R&P Roadster,  $1,050,000

6. 1957 Mercedes-Benz 300SL Roadster,  $1,006,000

7. 2005 Ferrari Superamerica Convertible,  $582,500

8. 1954 Aston Martin DB2/4 Mk I Sedan,  $566,000

9. 1967 Lamborghini 400 GT 2+2 Coupe,  $425,750

10. 2015 Ferrari 458 Speciale Coupe,  $373,500

2018 results through Friday

Total sales: $23.5M

57/67 lots sold: 85 percent sell-through rate

Average sale price: $412,085

RM SOTHEBY’S

Total sales $34.8 million

127/154 lots sold: 82 percent sell-through rate

Average sale price: $273,710

Top 10 sales:

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

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

3. 1948 Tucker 48 Sedan,  $1,600,000

4. 1956 Bentley S1 Continental Coachbuilt Drophead Coupe,  $1,077,500

5. 2017 Ferrari F12tdf Coupe,  $1,006,000

6. 1930 Cadillac Series 452 Fleetwood Sport Phaeton,  $940,000

7. 2012 Lexus LFA  Coupe,  $885,000

8. 1968 Ferrari 330 GTC Coupe,  $687,000

9. 1971 Ferrari 365 GTB/4 Daytona Cut Spyder,  $670,500

10. 1973 Ferrari 365 GTB/4 Daytona Coupe,  $665,000

2018 results

Total sales: $36.0 million

110/127 lots sold: 87 percent sell-through rate

Average sale price: $327,641

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 SS-100 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

Total sales: $25.2 million

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

Average sale price: $267,649

BARRETT-JACKSON

Total sales $68.7 million

1,347/1,347 lots sold: 100 percent sell-through rate

Average sale price: $50,993

Top 10 sales:

1. 2020 Ford Mustang Shelby GT500 Coupe,  $1,100,000

2. 2015 Ford Mustang Shelby GT350R Coupe,  $500,000

3. 2016 Chevrolet Corvette Z06 C7 R Edition Coupe,  $400,000

4. 1967 Chevrolet Corvette Convertible,  $330,000

5. 2018 Ford Fusion NASCAR,  $300,000

6. 1969 Chevrolet Camaro RS/SS Sport Coupe,  $242,000

7. 1972 Chevrolet Corvette Convertible,  $203,500

8. 1967 Chevrolet Nova SS Sport Coupe,  $203,500

9. 1981 Jeep CJ-7 Utility Vehicle 4×4,  $200,000

10. 1970 Chevrolet Chevelle Malibu Sport Coupe,  $191,400

2018 results through Friday

Total sales: $61.8 million

1312/1312 lots sold: 100 percent sell-through rate

Average sale price: $47,125

RUSSO AND STEELE

Total sales $6.1 million

189/365 lots sold: 52 percent sell-through rate

Average sale price: $32,186

Top 10 sales:

1. 2012 Lexus LFA Coupe,  $375,000

2. 2002 BMW Z8 Roadster,  $165,000

3. 1965 Shelby Cobra CSX 4920 Roadster,  $99,000

4. 1960 Mercedes-Benz 190SL Convertible,  $93,500

5. 987 Buick Regal GNX Coupe,  $93,500

6. 014 Jeep Wrangler Unlimited Custom SUV,  $90,750

7. 1957 Cadillac Eldorado Seville Hardtop,  $82,500

8. 1997 Ferrari F355 Spider Convertible,  $79,200

9. 1972 GMC C1500 Custom Pickup,  $78,100

10. 1966 Chevrolet Corvette Coupe,  $77,000

2018 results through Friday

Total sales: $6.6 million

233/377 lots sold: 62 percent sell-through rate

Average sale price: $28,339

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

1 comment

Related Posts

Leave a Comment

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

Cancel reply

1 Comment

  • James Cox
    January 19, 2019, 4:12 PM

    When doing these types of comparisons please take the charity cars out of the mix they definitely skew the results when comparing the different auctions. Taking nothing away from Barret Jackson good works.

    REPLY