Affordable classics popular with Arizona auction bidders

Hagerty reports gloom at top end of collector market is not trickling down

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A 1972 Dodge Dart Demon custom is on the block at Leake Auctions' inaugural Arizona sale in January 2020. The car sold for $30,800 | Howard Koby photo

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

At this point of Arizona Auction Week 2020, all auction companies have started or completed their sales, and results so far have further revealed polarization in the market. Cars below $25,000 are accelerating regardless of condition, but offerings above $250,000 are proving to be more difficult to find new homes.

Total sales are at $148.9 million, 11 percent behind 2019, and average sale price is down from $82,234 in 2019 to $68,519 this year. That mostly reflects the fall-off at the top of the market: We’ve seen the lowest number of million-dollar cars in Scottsdale since 2013, just 37, as auction companies and sellers worry about softer values for those vehicles. 

Cars valued above $1 million struggled for much of 2019 and they continue to seek footing so far this year. These challenges were apparent as RM Sotheby’s fell just shy of selling its 1958 Ferrari 250 GT Series I cabriolet at a high bid of $5.5 million. The sell-through rate at this level, 68 percent, was much improved over a year ago, but the average price of seven-figure cars was down 37 percent and far fewer of these lots were bid to or above expected Hagerty Price Guide values.

Top sale of Arizona Auction Week 2020 so far has been this 1995 Ferrari F50, which sold Friday for for $3,222,500 at Gooding & Company | Bob Golfen photo

A few rarefied cars still managed to score impressive prices, as Gooding & Company’s successful first day included a 1995 Ferrari F50 selling for $3.2 million, and a rare Daytona class-winning 1970 Porsche 914/6 GT that set a record for the model at $995,000. RM Sotheby’s also sold its remarkably original 1937 Mercedes-Benz 540K Hebmüller Coupe for $995,000. Other than these bright spots, the drop off has a lot to do with the fact that the best cars weren’t here.

Concerns at the top of the market haven’t, by and large, trickled down to the rest of the market. Affordable vehicles found strong bids, as 69 percent of vehicles with a #2 condition Hagerty value of less than $15,000 sold at or above their condition appropriate value. One example was a 1975 Chevrolet Corvette sold by Leake for 70 percent above its condition-appropriate expectation. Buyers shopping for vehicles below $50,000 had less of an eye for condition, with driver-quality vehicles selling for more of a premium over vehicles in #1 condition.

This 1970 Porsche 914/6 GT that won its class at Daytona sold for a record price of $995,000 Friday at Gooding & Company | Bob Golfen photo

Vehicles from the 1980s continue to be a bright spot in the market. Nine out of 11 fourth-generation (1983-96) Chevrolet Corvettes have been bid to or above condition-appropriate values and the same is true for all five Buick Regals — also a standout car a year ago. All five Mercedes-Benz 350/450SLs, however, were bid below condition-appropriate values. 

Overall, the sell-through rate of cars from the ’80s is the highest of any post-war decade. 

Other notable sales included Gooding’s 411-mile 1974 Volkswagen Karmann Ghia coupe that set a record for the model at $86,800 — almost triple the Hagerty Price Guide value for a #1-condition example. RM Sotheby’s sold a 1979 Porsche 911 Carrera Turbo for $390,000 — more than double the #1 value and the highest amount paid since 2016. Newcomer Leake also sold a 2003 Chevrolet Corvette 50th Anniversary for 11 percent above #1 value, and Barrett-Jackson sold a 2010 Dodge Viper ACR Voodoo Edition #1 for $235,000, a record for the model. 

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An electric-powered replica of the famed James Dean 1955 Porsche 550 Spyier sold for $30,800 Friday at Leake | Howard Koby photo

As has been the case all week, trucks and SUVs are still selling strong with 76 percent of them selling at or above Hagerty Price Guide values, and 36 percent higher than cars. In particular, a 1989 Jeep Grand Wagoneer sold Friday at Barrett-Jackson for $110,000, setting an auction record for a Wagoneer by almost $40,000. Russo and Steele also sold the 1977 Dodge Trail Duster Top Hand Prototype 4×4 for an impressive $46,200.

Plenty of sought-after cars have yet to cross the block. Barrett-Jackson will offer five 1995 BMW M3 Lightweights from the Paul Walker collection. And with the premium his collection has been getting at auction, the late actor appears to be poised to become the next Paul Newman of celebrity car collectors. Gooding & Company will offer a 1948 Tucker 48 with an estimate of $1.75 million to $2.25 million. Leake is offering a 1964 Cheetah Prototype Coupe serial number 003. Russo and Steele will offer a 1967 Chevrolet Corvette convertible 427/400 L68 originally ordered by Bill Mitchell. Barrett-Jackson will offer the first retail production mid-engine 2020 Chevrolet Corvette Stingray (VIN 001) for charity with 100 percent of the proceeds benefitting the Detroit Children’s Fund.

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. 

1963 Shelby Cobra 260 rolls onto the block Friday at RM Sotheby’s. It rolled off after selling for $577,000 | Howard Koby photo

Arizona Auction Week 2020

Overall results through Friday, January 17

Cumulative total: $148.9 million

2,173/2,754 lots sold: 79 percent sell-through rate

Average sale price: $68,519

2019 cumulative results through Friday

Cumulative total: $166.7 million

2,027/2,506 lots sold: 81 percent sell-through rate

Average sale price: $82,234 

Overall top-10 sales 

  1. 1995 Ferrari F50 Coupe sold for $3,222,500 (Gooding & Company)
  2. 2018 Pagani Huayra Roadster sold for $2,370,000 (RM Sotheby’s)
  3. 2021 Lexus LC 500 Convertible sold for $2,000,000 (Barrett-Jackson)*
  4. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $1,930,000 (Gooding & Company)
  5. 1951 Ferrari 212 Inter Cabriolet sold for $1,930,000 (Bonhams)
  6. 1967 Ferrari 330 GTS Spider sold for $1,710,000 (RM Sotheby’s)
  7. 1960 Ferrari 250 GT Cabriolet SII sold for $1,462,500 (Gooding & Company)
  8. 1971 Lamborghini Miura P400 SV Coupe sold for $1,391,000 (RM Sotheby’s)
  9. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,270,000 (RM Sotheby’s)
  10. 1968 Lamborghini Miura P400 S Coupe sold for $1,242,500 (Gooding & Company)

* Charity car

 Results by auction company

BARRETT-JACKSON

Cumulative total through Friday: $73,5 million

1,396/1,396 lots sold: 100 percent sell-through rate

 Average sale price: $52,648

Overall top-10 sales:

  1. 2021 Lexus LC 500 Convertible sold for $2,000,000*
  2. 2020 Chevrolet Camaro COPO John Force Drag Car sold for $600,000*
  3. 1981 Jeep CJ-7 Custom SUV sold for $425,000*
  4. 1967 Ford Mustang Eleanor Fastback sold for $330,000
  5. 1968 Plymouth GTX Custom Hardtop Coupe sold for $300,000*
  6. 1997 Chevrolet Monte Carlo Coupe sold for $250,000*
  7. 1967 Ford Mustang Eleanor Replica Coupe sold for $236,500
  8. 2010 Dodge Viper ACR Voodoo Edition 1 Coupe sold for $236,500
  9. 1963 Chevrolet Corvette Split-Window Coupe sold for $225,500
  10. 1959 Cadillac Series 62 Convertible sold for $220,000
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* Charity car

2019 results through Friday

Total: $69.0 million

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

Average sale price: $51,216

BONHAMS

2020 total: $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

Total sales: $16.1 million

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

Average sale price: $149,070

This 1960 Peugeot 403 Estate sold for $38,100 | Bob Golfen photo

GOODING & COMPANY

Cumulative total through Friday: $19.8 million

62/68 lots sold: 91 percent sell-through rate

Average sale price: $319,259 

Overall top-10 sales:

  1. 1995 Ferrari F50 Coupe sold for $3,222,500
  2. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $1,930,000
  3. 1960 Ferrari 250 GT Cabriolet SII sold for $1,462,500
  4. 1968 Lamborghini Miura P400 S Coupe sold for $1,242,500
  5. 2014 McLaren P1 Coupe sold for $1,160,000
  6. 1970 Porsche 914/6 GT Targa sold for $995,000
  7. 1958 Mercedes-Benz 300SL Roadster sold for $940,000
  8. 1937 BMW 328 Roadster sold for $830,000
  9. 1937 Cord 812 Sportsman Cabriolet sold for $544,000
  10. 1930 Stutz MA Boattail Speedster sold for $445,000

2019 results through Friday

Total: $26.7 million

 57/65 lots sold: 88 percent sell-through rate

Average sale price: $469,274

1931 Ford Model A presented in the guise of a police paddy wagon at sold for $27,500 Friday at Leake | Howard Koby photo

LEAKE AUCTIONS

Cumulative total through Friday: $5.2 million

187/333 lots sold: 56 percent sell-through rate

Average sale price: $27,734

Overall top-10 sales:

  1. 1969 Chevrolet Camaro RS/SS Convertible sold for $110,000
  2. 1996 Lamborghini Diablo VT Coupe sold for $104,500
  3. 1969 Chevrolet Camaro SS Convertible sold for $84,700
  4. 1970 Dodge Charger Custom Hardtop Coupe sold for $82,500
  5. 1970 Chevrolet Chevelle SS 454 Sport Coupe sold for $82,500
  6. 1959 Cadillac Fleetwood 60 Special Convertible sold for $81,400
  7. 2018 Jeep Wrangler Unlimited Rubicon Sport Utility Vehicle 4×4 sold for $71,500
  8. 1959 Cadillac Series 62 Convertible sold for $70,400
  9. 2011 Ford Mustang Shelby GT350 Coupe sold for $63,800
  10. 2017 Mercedes-Benz S550 Sedan sold for $62,700

2019 results: 2020 is Leake’s first year in Arizona

MAG AUCTIONS

2020 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 results

Total: $2.5 million

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

Average sale price: $17,816

This 1958 Ferrari 250 GT Series 1 cabriolet was bid to $5.5 million at RM Sotheby’s but that wasn’t enough for the consignor to remove the reserve and allow the car to be hammered sold | Howard Koby photo

RM SOTHEBY’S

2020 total: $30.3 million

127/142 lots sold: 89 percent sell-through rate

Average sale price: $238,507

Overall top-10 sales:

  1. 2018 Pagani Huayra Roadster sold for $2,370,000
  2. 1967 Ferrari 330 GTS Spider sold for $1,710,000
  3. 1971 Lamborghini Miura P400 SV Coupe sold for $1,391,000
  4. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,270,000
  5. 1930 Cadillac Series 452 Fleetwood Sport Phaeton, 5-p. sold for $1,105,000
  6. 2008 Bugatti Veyron 16.4 Coupe sold for $1,105,000
  7. 1937 Mercedes-Benz 540K Hebmuller Coupe sold for $995,000
  8. 1957 Mercedes-Benz 300SL Roadster sold for $973,000
  9. 2017 Ford GT Coupe sold for $923,500
  10. 2005 Porsche Carrera GT Coupe sold for $786,000

2019 results

Total: $36.8 million

129/154 lots sold: 84 percent sell-through rate

Average sale price: $285,448

Selling for $995,000, this 1937 Mercedes-Benz 540K Hebmüller coupe just missed the $1 million mark Friday at RM Sotheby’s | Bob Golfen photo

RUSSO AND STEELE

Cumulative total through Friday: $3.9 million

 173/324 lots sold: 53 percent sell-through rate

Average sale price: $22,423

Overall Top 10 Sales:

  1. 1959 Chevrolet Corvette Resto Mod Convertible sold for $126,500
  2. 2008 Lamborghini Gallardo Superleggera Coupe sold for $115,500
  3. 2011 Ford Mustang Shelby GT350 Coupe sold for $90,750
  4. 1957 Chevrolet Bel Air Custom Coupe sold for $82,500
  5. 1949 Chrysler Town & Country Convertible sold for $74,250
  6. 1954 Buick Skylark Model 100 Convertible sold for $68,750
  7. 2000 Ron Butler Racing Cobra Replica Roadster sold for $60,000
  8. 1957 Buick Super Model 56C Convertible sold for $57,750
  9. 1957 Chevrolet Bel Air Convertible sold for $55,000
  10. 1970 Chevrolet Chevelle SS 454 Sport Coupe sold for $53,350

2019 results through Friday

Cumulative total: $6.1 million

192/365 lots sold: 53 percent sell-through rate

Average sale price: $31,947

WORLDWIDE AUCTIONEERS

2020 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 results

Total: $9.4 million

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

Average sale price: $171,166

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3 COMMENTS

  1. Curious, all listed sales at each auction, exceed by far, the average sales price. Doesn’t that tell you that a list representing the avg price would be much more interesting. I mean, among the average readers, wouldn’t they be more interested in average price examples?

  2. Thank you for posting the results. I can see what type of automobile is sold at each auction. I found them very interesting. I happen to be interested in more of what the average buyer wants or can afford like 50K and under.

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