Collector car market reshaping itself at Arizona auctions

Collector car market reshaping itself at Arizona auctions

Hagerty reports new trends in what bidders are buying

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.

Arizona Auction Week 2019 is in the closing stretch. “The big catalog auctions are done and the prime-time lots at Barrett-Jackson and Russo and Steele have all crossed the block,” Hagerty notes in its daily report on the auction action, which ends Sunday with Barrett-Jackson and Russo and Steele continuing to send cars across their blocks.

Total sales this year have been within 1 percent of 2018 figures, the insurance and valuation company that tracks every sale at every auction points out. It also notes that most the sell-through rate is off only by a few points, and adds that, once again, most cars are being bid at “conditional appropriate values,” based on the Hagerty Price Guide.

Customized 1955 Chevrolet 210 Handyman station wagon was bid to $45,000 at Russo & Steele, but that offer fell short of the buyer’s reserve | Howard Koby photo

While it might appear that it has been business as usual, “Results are definitely mixed through Saturday for the Arizona auctions,” said the publisher of that price guide, Dave Kinney. “Big dollar bidders are not in the mood to open their wallets for anything that is not unique, near perfect, or in unrestored original, while those with more modest aims have come to buy.”

In its daily report on the auctions, Hagerty says, “One clear trend this week is the growing appeal of resto-mods and custom cars. At Barrett-Jackson in particular, the average sale price of resto-mods and custom vehicles jumped 22 percent year over year to $73,150. The average model year moved back from 1969 to 1964, suggesting that older vehicles are being customized and people are comfortable paying more for them.”

“Resto-mods continue to be in high demand by younger buyers seeking something unique,” said Hagerty Marketplace editor Colin Comer, who added that the cars also appeal to “older buyers who want the look of something from the past with modern driving conveniences.”

This 1964 Ferrari 275 GTB Prototype was bid to $4.75 million at Gooding but that figure fell short of the consignor’s reserve price so the car was not sold | Bob Golfen photo

Hagerty noted that the high-end Ferrari market — “often viewed as a bellwether” — produced varied results in Arizona. 

“Unique cars like the 1957 Ferrari 250 GT Coupe Speciale at RM Sotheby’s (est. $11M-$13M), the 1964 Ferrari 275 GTB Prototype at Gooding & Company (est. $6M-$8M), and the 1954 Ferrari 500 Mondial at Bonhams all failed to find a new garage,” it reported. 

“More familiar collectible Ferraris did better. Two ‘chairs and flares’ 1973 Ferrari 246 Dinos, a GT and GTS,, $500k and $555k, respectively. The cars, 36 percent over condition appropriate Hagerty Price Guide values. 

“A 1963 Ferrari 250 GT SWB (est. $6M-$8M) in the classic red over black combination, $7,595,000, marking the high sale of the week. A dark blue over tan 1963 Ferrari 250 GT Lusso (est. $1.6M-$1.8M), $1,902,500. 

“Familiar collectible Ferraris seemed to find a ready group of bidders,” Hagerty added, “but the one-offs were too special for most.”

Showtime at Russo and Steele continues Sunday | Howard Koby photo

Meanwhile, there were other significant sales Saturday, including a record for a Japanese marque vehicle at auction when the 2020 Toyota Supra (VIN 20201) sold for $2.1 million at Barrett-Jackson to benefit the American Heart Association and the Bob Woodruff Foundation.

RELATED:  Arizona collector car auctions off to strong start

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 Saturday

Total sales: $239.4 million

2,417/3,020 lots sold: 80 percent sell-through rate

Average sale price: $99,050

2018 through Saturday

Total sales: $240.6 million

2429/2917 lots sold: 83 percent sell-through rate

Average sale price: $99,053

Overall top 10 sales

1. 1963 Ferrari 250 GT SWB Coupe, $7,595,000 (Gooding & Company)

2. 1958 Ferrari 250 GT TdF Coupe, $5,890,000 (Gooding & Company)

3. 1953 Ferrari 250 MM Spider, $5,395,000 (Gooding & Company)

4. 1985 Ferrari 288 GTO Coupe, $3,360,000 (RM Sotheby’s)

5. 1951 Maserati A6G 2000 Spider, $2,755,000 (Bonhams)

6. 1985 Ferrari 288 GTO Coupe, $2,507,500 (Gooding & Company)

7. 2019 Ford GT Heritage Coupe, $2,500,000 (Barrett-Jackson)

8. 2020 Toyota Supra Coupe, $2,100,000 (Barrett-Jackson)

9. 1967 Ferrari 330 GTS Spider, $2,012,500 (RM Sotheby’s)

10. 1952 Ferrari 212 Europa Coupe, $1,930,000 (Gooding & Company)

Results by auction company

BARRETT-JACKSON

Total sales: $119.0 million

1,628/1,629 lots sold: 99.9 percent sell-through rate

Average sale price: $73,086

Top 10 sales:

1. 2019 Ford GT Heritage Coupe, $2,500,000*

2. 2020 Toyota Supra Coupe, $2,100,000*

RELATED:  A day at the auctions and ACD Festival

3. 2019 McLaren Senna Coupe, $1,457,500

4. 2014 Mercedes-Benz G63 AMG Sport Utility Vehicle 4×4, $1,210,000

5. 2020 Ford Mustang Shelby GT500 Coupe, $1,100,000*

6. 2012 Lexus LFA Nurburgring Coupe, $918,500

7. 2005 Saleen S7 Twin Turbo Coupe, $687,500

8. 2016 Chevrolet Corvette Z06 C7.R Edition Coupe, $600,000

9. 2006 Ford GT Heritage Coupe, $533,500

10. 2015 Ford Mustang Shelby GT350R Coupe, $500,000

* Charity car

2018 figures

Total sales: $106.4 million

1549/1569 lots sold: 99 percent sell-through rate

Average sale price: $68,674

GOODING & COMPANY

Total sales: $47.5 million

104/124 lots sold: 84 percent sell-through rate

Average sale price: $456,905

Top 10 sales:

1. 1963 Ferrari 250 GT SWB Coupe, $7,595,000

2. 1958 Ferrari 250 GT TdF Coupe, $5,890,000

3. 1953 Ferrari 250 MM Spider, $5,395,000

4. 1985 Ferrari 288 GTO Coupe, $2,507,500

5. 1952 Ferrari 212 Europa Coupe, $1,930,000

6. 1963 Ferrari 250 GT Lusso Coupe, $1,902,500

7. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,435,000

8. 1964 Shelby Cobra 289 R&P Roadster, $1,050,000

9. 1957 Mercedes-Benz 300SL Roadster, $1,006,000

10. 1965 Shelby Cobra 289 R&P Roadster, $912,500

* Charity car

2018 figures

Total sales: $49.2 million

110/129 lots sold: 85 percent sell-through rate

Average sale price: $447,415

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, 5-p., $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. 1932 Marmon Sixteen LeBaron Coupe, 2-p., $665,000

2018 figures

Total sales: $36.0 million

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

RELATED:  Mercedes-Benz roadster once owned by John Lennon on Barrett-Jackson docket

Average sale price: $327,641

BONHAMS

Total sales: $15.5 million

107/120 lots sold: 89 percent sell-through rate

Average sale price: $144,762

Top 10 sales:

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

2. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,110,000

3. 1963 Porsche Carrera 2 GS Cabriolet, $1,000,500

4. 1934 Mercedes-Benz 500K Tourer, $830,000

5. 1946 Fiat 1100C Spider, $577,000

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

7. 1970 Mercedes-Benz 280SE 3.5 Cabriolet, $362,500

8. 1937 Jaguar SS100 2.5 Roadster, $329,500

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

10. 1972 Maserati Ghibli SS Coupe, $229,600

2018 figures

Total sales: $25.2 million

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

Average sale price: $267,649

A 1960 Chevrolet Corvette convertible on the block Saturday at Russo and Steele | Howard Koby photo

RUSSO AND STEELE

Total sales: $11.1 million

258/536 lots sold: 48 percent sell-through rate

Average sale price: $42,956

Top 10 sales:

  1. 2012 Lexus LFA Coupe, $375,000*

2. 1972 Ferrari 365 GTC/4 Coupe, $330,000

3. 2006 Ford GT Coupe, $286,000

4. 1967 Dodge Charger Fastback, $280,500

5. 1970 Plymouth Cuda Hardtop Coupe, $231,000

6. 2002 BMW Z8 Roadster, $165,000

7. 1971 Mercedes-Benz 280SL Convertible, $152,900

8. 1998 Lamborghini Diablo SV Coupe, $148,500

9. 1967 Chevrolet Corvette Convertible, $145,750

10. 1964 Porsche 356C Cabriolet, $143,000

* Charity car

2018 figures

Total sales: $14.5 million

338/547 lots sold: 62 percent sell-through rate

Average sale price: $42,995

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 figures

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 figures

Total: $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