Slump continues, but star cars are heading to the Arizona auction blocks

Hagerty reports that, through Thursday, collector car sales are down 20 percent from 2019 figures

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2018 Pagani Huayra roadster sells for $2.37 million at RM Sotheby's Arizona auction, making it the most expensive buy so far this week | Bob Golfen photo

Editor’s note: This is the second in a series of daily Arizona Auction Week 2020 sales reports from Hagerty, the collector car insurance and value-tracking company that staffs each auction venue.

1951 Ferrari 212 Inter cabriolet rolls onto the block at Bonhams, where it sold for $1.93 million | Rebecca Ngyuen photo

Thursday of Arizona Auction Week 2020 saw four more auction companies add to the bidding frenzy. Seven of the eight auction companies have now begun (or finished) their auctions. Bonhams concluded its one-day sale, RM Sotheby’s began its two-day sale, and Leake and Russo and Steele began four days of auctions. 

As it stands, sales from all auction companies totaled $69.6 million versus $86.8 million through Thursday of auction week 2019. This amounts to a 20 percent difference, and the $47,890 average price is nearly $12,000 lower.

With most auctions now posting results, sales are beginning to show a pattern of what people are buying and what they aren’t. Million dollar lots continue to be a hard sell in this market, with an initial sell-through rate of 44 percent. Cars failing to meet the reserve on the block included Bonhams’ headline car, a 1932 Alfa Romeo 8C 2300 Cabriolet by Figoni, which was a no-sale at a high-bid of $8.7 million, as well as its in-need-of-restoration Lamborghini Miura, which hammered unsold at $800,000. At RM Sotheby’s, a 1954 Ferrari 250 Europa and a 1965 Ferrari GTB/C failed to meet reserve at high bids of $1.4 million and $1.7 million, respectively.

1954 Ferrari 250 Europa GT was bid to more than $1 million at RM Sotheby’s but that wasn’t enough for the consigner to lower the car’s reserve price | Bob Golfen photo

By contrast, vehicles priced below $25,000 are performing well and are the only price group with a sell-through rate higher than 2019’s, but vehicles at this value also have less of an impact on total sales or Average sale price. Consequently, overall sales are down 20 percent and the average price is down 19 percent. The share of no-reserve lots is down five points to just over 68 percent. However, vehicles have on average been bid 14 percent above condition appropriate Hagerty Price Guide values, a 33 percent slide from last year. 

Customs and resto-mods at Barrett-Jackson continue to gain share of the run-list, but average price is nearly unchanged year-over-year at $41,000. The model year of the vehicles being customized continues to get older. 

Trucks and SUVs remain shining stars, with 77 percent being sold at or above Hagerty Price Guide values versus 58 percent for cars. This aligns with what Hagerty has seen in insurance quotes for trucks and SUVs over the last year, with bigger growth in activity and a 15 percent increase in median quoted value (compared to just 5 percent for cars). One such stand-out was a good 1977 GMC Jimmy at Barrett-Jackson that sold for an excellent $38,500. 

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1974 Ford Maverick coupe on the block at Russo and Steele, where it sold for $12,650 | Howard Koby photo

Even in these tough times for top-tier cars, major sales have been completed: A 2018 Pagani Huayra Roadster sold for $2.37 million at RM Sotheby’s and is the high sale of the week so far. Bonhams sold a 1951 Ferrari 212 Inter Cabriolet by Vignale for $1.93 million. Also at Bonhams, a  1992 Dodge Viper RT/10 Roadster, serial-number 001 and formerly owned by Lee Iacocca, became the second most valuable Viper to sell at auction, going for $285,500. 

We’ll see more high-profile cars cross the block Friday  as RM Sotheby’s concludes its two-day auction, Gooding & Company begins its two-day event, and Russo and Steele, Leake, and Barrett-Jackson get to their feature cars. Highlight lots include a 1958 Ferrari 250 GT Series I cabriolet at RM Sotheby’s, a 1970 Porsche 914/6 GT at Gooding, a 1997 Chevrolet Monte Carlo Winston Cup NASCAR charity lot benefitting the Arizona Animal Welfare League at Barrett-Jackson, a 1967 Shelby GT350 in Lime Green at Leake, and a 1971 Dodge Charger Super Bee ‘Mr. Norms’ at Russo and Steele.

Drew Alcazar of Russo and Steele pumps up interest in his company’s dramatic auction-in-the-round format | Howard Koby photo|

Listed below are the raw results witnessed by Hagerty during the live auctions (https://apps.apple.com/us/app/hagerty-insider/id386245989) 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 Thursday, January 16

Cumulative total: $69.6 million

1,453/1,816 lots sold: 80 percent sell-through rate

Average sale price: $47,890

2019 cumulative results through Thursday

Cumulative total: $86.8 million

1,466/1,833 lots sold: 80 percent sell-through rate

Average sale price: $59,194

Overall top-10 sales

  1.  2018 Pagani Huayra Roadster sold for $2,370,000 (RM Sotheby’s)
  2. 1951 Ferrari 212 Inter Cabriolet sold for $1,930,000 (Bonhams)
  3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,270,000 (RM Sotheby’s)
  4. 1930 Cadillac Series 452 Fleetwood Sport Phaeton, 5-p. sold for $1,105,000 (RM Sotheby’s)
  5. 1936 Auburn 852 Supercharged Speedster sold for $880,000 (Worldwide Auctioneers)
  6. 1955 Lancia Aurelia B24 Spider America sold for $810,000 (Bonhams)
  7. 2005 Porsche Carrera GT Coupe sold for $786,000 (RM Sotheby’s)
  8. 1956 Chrysler-Ghia Plainsman Concept Station Wagon sold for $742,500 (Worldwide Auctioneers)
  9. 1930 Duesenberg Model J Willoughby Berline sold for $605,000 (Worldwide Auctioneers)
  10. 1935 Cadillac Model 452D Series 60 Fleetwood Convertible Sedan sold for $472,500 (RM Sotheby’s)

Results by auction company

BARRETT-JACKSON

Cumulative total through Thursday: $37.7 million

1,018/1,018 lots sold: 100 percent sell-through rate

Average sale price: $37,036

Overall Top 10 Sales:

  1. 1981 Jeep CJ-7 Custom SUV sold for $425,000*
  2. 1968 Plymouth GTX Custom Hardtop Coupe sold for $300,000*
  3. 1969 Pontiac GTO Judge Coupe sold for $165,000
  4. 1957 Chevrolet Bel Air Nomad Station Wagon sold for $143,000
  5. 1970 Oldsmobile 4-4-2 Convertible sold for $121,000
  6. 1969 Dodge Coronet Super Bee Hardtop Coupe sold for $117,700
  7. 1970 Chevrolet Chevelle Custom Sport Coupe sold for $110,000
  8. 1970 Chevrolet Chevelle Custom Convertible sold for $110,000
  9. 1960 Cadillac Eldorado Biarritz Convertible sold for $110,000
  10. 1977 Ford Bronco Wagon 4×4 sold for $110,000
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* Charity car

2019 results through Thursday

Total: $38.1 million

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

Average sale price: $38,336

BONHAMS

Cumulative total through Thursday: $8.4 million

88/108 lots sold: 81 percent sell-through rate

Average sale price: $95,872

 Overall Top 10 Sales:

  1. 1951 Ferrari 212 Inter Cabriolet sold for $1,930,000
  2. 1955 Lancia Aurelia B24 Spider America sold for $810,000
  3. 1924 Rolls-Royce Silver Ghost Piccadilly Special Roadster sold for $368,000
  4. 1995 Ferrari F512 M Coupe sold for $313,000
  5. 2005 Ford GT Coupe sold for $285,500
  6. 1992 Dodge Viper RT/10 Roadster sold for $285,500
  7. 1972 Ferrari Dino 246 GTS Spider sold for $280,000
  8. 1960 Alfa Romeo 2000 Spider sold for $154,000
  9. 1901 Winton 8 HP Runabout sold for $142,800
  10. 1912 Winton Six 48 HP Touring sold for $140,000

2019 Results

Cumulative total: $16.1 million

108/120 lots sold: 90 percent sell-through rate

Average sale price: $149,070

LEAKE AUCTIONS

Cumulative total through Thursday: $0.6 million

51/86 lots sold: 59 percent sell-through rate

Average sale price: $12,415

Overall Top 10 Sales:

  1. 1969 Chevrolet C10 Custom Pickup sold for $51,700
  2. 1969 Chevrolet El Camino SS 396 Pickup sold for $30,250
  3. 1992 AM General M998 HMMWV Pickup sold for $27,500
  4. 1955 Ford Thunderbird Convertible sold for $24,585
  5. 1967 Chevrolet Nova Custom Coupe sold for $22,550
  6. 2011 Ford Mustang Roush Coupe sold for $22,550
  7. 1970 Chevrolet C10 Custom Pickup sold for $21,450
  8. 1972 Oldsmobile Cutlass 4-4-2 Convertible sold for $20,900
  9. 1986 Chevrolet C10 Custom Pickup sold for $20,075
  10. 1972 Chevrolet C40 Flat Bed sold for $19,250

First-year in Arizona, no comparable 2019 results

MAG AUCTIONS

Cumulative total: $1.7 million

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

Average sale price: $17,846

Overall 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
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2019 Cumulative results

Total: $2.5 million

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

Average sale price: $17,816

RM SOTHEBY’S

Cumulative total through Thursday: $13.7 million

62/73 lots sold: 85 percent sell-through rate

Average sale price: $220,586

 Overall Top 10 Sales:

  1. 2018 Pagani Huayra Roadster sold for $2,370,000
  2. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,270,000
  3. 1930 Cadillac Series 452 Fleetwood Sport Phaeton, 5-p. sold for $1,105,000
  4. 2005 Porsche Carrera GT Coupe sold for $786,000
  5. 1935 Cadillac Model 452D Series 60 Fleetwood (Vee Windshield) Convertible Sedan, 5-p sold for $472,500
  6. 1971 Ferrari 365 GTB/4 Daytona Coupe sold for $467,000
  7. 1925 Hispano-Suiza H6B Belvallette Cabriolet sold for $445,000
  8. 2017 Ferrari 488 Spider Convertible sold for $362,500
  9. 1972 Ferrari Dino 246 GTS Spider sold for $340,500
  10. 1941 Packard Super 8 180 Darrin Convertible Victoria sold for $335,000

2019 Results through Thursday

Cumulative total: $18.4 million

64/77 lots sold: 83 percent sell-through rate

Average sale price: $287,908

RUSSO AND STEELE

Cumulative total through Thursday: $1.3 million

94/150 lots sold: 63 percent sell-through rate

Average sale price: $14,115

Overall Top 10 Sales:

  1. 2010 Land Rover Range Rover Limousine sold for $47,300
  2. 1966 Chevrolet Chevelle SS 396 Sport Coupe sold for $40,700
  3. 1983 Porsche 911 SC 3.0 Cabriolet sold for $37,400
  4. 1969 Chevrolet Corvette Custom Convertible sold for $33,000
  5. 2018 Jeep Custom SUV sold for $30,250
  6. 1995 Lotus Esprit S4 Coupe sold for $30,250
  7. 1955 Buick Century Model 66R Riviera Hardtop sold for $29,700
  8. 1955 Ford Mainline Custom Coupe sold for $27,500
  9. 1965 Ford Mustang Convertible sold for $25,300
  10. 2007 Jeep Wrangler Custom SUV sold for $25,300

2019 results through Thursday

Total: $2.2 million

106/186 lots sold: 57 percent sell-through rate

Average sale price: $21,079

WORLDWIDE AUCTIONEERS

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. 1957 DeSoto Adventurer Convertible sold for $165,000
  10. 1938 Packard Twelve-Series 1607 Convertible Victoria 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

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