Hagerty reports early Arizona auction sales down 16.5 percent

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The 1995 Ferrari F50 prototype was on the block Wednesday evening at the Worldwide Auctioneers sale and was bid to $2.5 million but that wasn't enough to meet the reserve price set by the car's owner and the car was not hammered sold | Howard Koby photos

Editor’s note: This is the first of a series of daily Arizona Auction Week 2020 sales reports from Hagerty, the collector car insurance and value-tracking company.

Arizona auction week geared up on Wednesday as Barrett-Jackson concluded its third day of sales and Worldwide Auctions completed its one-day event.

Factoring in totals from MAG Auctions (formerly Silver Auctions Arizona) over the past weekend, results thus far are down 16.5 percent from a year ago, amounting to $25.9 million against $31 million in 2019, with approximately 100 fewer vehicles being offered. 

Average sale price was down 10 percent, but sell-through rate remained consistent. 

More encouraging, however, nearly half of the cars on offer sold for above condition-appropriate Hagerty Price Guide values. Vehicles in the $15,000 to $25,000 range did particularly well in this regard, continuing the trend of affordable options performing best in the market.

The top price paid so far for a vehicle during Arizona Auction Week 2020 was the $880,000 that this 1936 Auburn 852 Supercharged Speedster brought at the Worldwide Auctioneers sale

It wasn’t all about affordability though, as buyers were still looking for excellent condition examples. Of vehicles conditioned by Hagerty as “excellent” or better, 50 percent sold for more than condition-appropriate values. This was a 14 percentage-point increase over the first three days of 2019. 

Two excellent and freshly restored Triumphs, for example, broke records at Barrett-Jackson, with a 1972 TR6 bringing $55,000 (a world record for the model) and a 1967 GT6 selling for $39,600 (a world record for a GT6 road car). A 5,300-mile 1992 Chevrolet Camaro Z/28 also sold for $44,000 at Barrett-Jackson, exceeding a condition #1 Hagerty Price Guide value by nearly $15,000.

Trucks and SUVs are still bringing strong bids. Through three days, trucks and SUVs outperformed cars, as they did last year, but by a slightly wider margin. An 1,800-mile 2001 Ford F-150 SVT Lightning particularly stood out with a $43,000 sale price.

This 1957 DeSoto Adventurer convertible sold for $165,000 at Worldwide

Top sale so far comes courtesy of Worldwide Auctions, with a 1936 Auburn 852 Supercharged Speedster that sold for $880,000 followed by the one-off 1956 Chrysler-Ghia Plainsman Station Wagon, also at Worldwide, that sold for $742,500. The Plainsman previously brought $176,000 in unrestored condition back in 2014.

Thursday we expect to see a test of the high end of the market, with a Bonhams sale that includes a 1932 Alfa Romeo 8C 2300 Cabriolet by Figoni and the first day of RM Sotheby’s auction, where we’ll see a 2018 Pagani Huayra Roadster and a 1954 Ferrari 250 Europa. Still, the bulk of the metal moving in Scottsdale will be affordable, with newcomer Leake starting its auction, Russo and Steele kicking off its first day of sales, and another full day from Barrett-Jackson.

Listed below are the raw results witnessed by Hagerty during the live auctions and may not include any post-sale deals that have occurred. Figures reported include the appropriate buyer’s premiums.

Arizona Auction Week 2020

Overall results through Wednesday 

Cumulative total: $25.9 million

779/1,020 lots sold: 76 percent sell-through rate

Average sale price: $33,303

2019 Cumulative Results through Wednesday

Cumulative total: $31.0M

830/1,091 lots sold: 76 percent sell-through rate

Average sale price: $37,326

Overall top-10 sales 

  1. 1936 Auburn 852 Supercharged Speedster sold for $880,000 (Worldwide Auctioneers)
  2. 1956 Chrysler-Ghia Plainsman Concept Station Wagon sold for $742,500 (Worldwide Auctioneers)
  3. 1930 Duesenberg Model J Willoughby Berline sold for $605,000 (Worldwide Auctioneers)
  4. 1937 Packard Twelve-Series 1508 Convertible Sedan sold for $451,000 (Worldwide Auctioneers)
  5. 1997 Porsche 911 Turbo S Coupe sold for $341,000 (Worldwide Auctioneers)
  6. 1970 Plymouth Road Runner Superbird Hardtop Coupe sold for $242,000 (Worldwide Auctioneers)
  7. 1934 Packard Super Eight-Series 1104 Sport Phaeton sold for $192,500 (Worldwide Auctioneers)
  8. 1930 Cadillac Series 452 Vanden Plas Imperial Landau, 7-p. sold for $167,750 (Worldwide Auctioneers)
  9. 1968 Shelby GT500 KR Fastback sold for $167,400 (MAG Auctions)
  10. 1938 Packard Twelve-Series 1607 Convertible Victoria and 1957 DeSoto Adventurer Convertible each sold for $165,000 (Worldwide Auctioneers) and 1969 Pontiac GTO Judge coupe sold for $165,000 (Barrett-Jackson)
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Results by action company

 BARRETT-JACKSON

 Cumulative total through Wednesday: $18.1 million

 639/639 lots sold: 100 percent sell-through rate

 Average sale price: $28,380

 Overall top-10 sales:

  1. 1969 Pontiac GTO Judge Coupe sold for $165,000
  2. 1949 Mercury Series 9CM Custom Sport Sedan sold for $110,000
  3. 1972 Chevrolet K10 1/2 Ton Pickup sold for $96,800
  4. 1967 Chevrolet Camaro Custom Sport Coupe sold for $88,000
  5. 1970 Chevrolet Chevelle Custom Sport Coupe sold for $88,000
  6. 2016 Ford Mustang Shelby GT350R Coupe sold for $80,300
  7. 1936 Ford Model 68 Custom Coupe, 3-Window sold for $77,000
  8. 1960 Chevrolet Corvette Convertible sold for $77,000
  9. 2012 Aston Martin Rapide Sedan sold for $74,800
  10. 1955 Chevrolet Bel Air Custom Station Wagon sold for $73,700

2019 results through Wednesday

Total: $19.1 million

636/636 lots sold: 100 percent sell-through rate

Average sale price: $30,006

WORLDWIDE AUCTIONEERS

This 1968 Shelby GT500 Ford Mustang was bid to $120,000 at Worldwide but that wasn’t enough for the consignor to relinquish the car

Cumulative total: $6.1 million

42/55 lots sold: 76 percent sell-through rate

Average sale price: $144,264

Overall top-10 sales:

  1. 1936 Auburn 852 Supercharged Speedster sold for $880,000
  2. 1956 Chrysler-Ghia Plainsman Concept Station Wagon sold for $742,500
  3. 1930 Duesenberg Model J Willoughby Berline sold for $605,000
  4. 1937 Packard Twelve-Series 1508 Convertible Sedan sold for $451,000
  5. 1997 Porsche 911 Turbo S Coupe sold for $341,000
  6. 1970 Plymouth Road Runner Superbird Hardtop Coupe sold for $242,000
  7. 1934 Packard Super Eight-Series 1104 Sport Phaeton sold for $192,500
  8. 1930 Cadillac Series 452 Vanden Plas Imperial Landau, 7-p. sold for $167,750
  9. 1938 Packard Twelve-Series 1607 Convertible Victoria sold for $165,000
  10. 1957 DeSoto Adventurer convertible sold for $165,000

2019 cumulative results

Total: $9.4 million

55/71 lots sold: 78 percent sell-through rate

Average sale price: $171,166

MAG AUCTIONS

Cumulative total: $1.7 million

98/326 lots sold: 30 percent sell-through rate

Average sale price: $17,846

Top 10 Sales:

  1. 1968 Shelby GT500 KR Fastback sold for $167,400
  2. 1970 Ford Mustang Boss 302 SportsRoof  sold for $64,800
  3. 1934 Pierce-Arrow Model 836A Sedan sold for $47,520
  4. 1968 Dodge Charger Hardtop Coupe sold for $44,820
  5. 2007 Bentley Continental GTC Convertible Coupe sold for $44,280
  6. 1966 Chevrolet Chevelle Clone Sedan sold for $43,740
  7. 1966 Chevrolet Chevelle Custom Sedan sold for $43,200
  8. 1972 Chevrolet C10 1/2 Ton Pickup sold for $43,200
  9. 1937 Buick Special Model 46-C Convertible Coupe sold for $41,040
  10. 1933 Factory Five Hot Rod Roadster sold for $39,690

2019 cumulative results

Total: $2.5 million

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

Average sale price: $17,816

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