Arizona auctions rally on Saturday as star cars hit the blocks

Bidders respond to charity and higher-quality offerings, Hagerty says

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An auction staffer dramatically signals the acceptance of a higher bid Saturday on this 1965 Ford Mustang convertible at Russo and Steele, one of three auctions in action Sunday as Arizona Auction Week 2020 concludes | 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. Saturday was a big day for Arizona Auction Week 2020 with many of the auctions offering their star cars.

This 1948 Tucker 48 sold for $2.04 million Saturday at the Gooding & Company auction | Bob Golfen photo

As Arizona Auction Week 2020 enters the home stretch, total sales have rallied to fall just 3 percent off year-ago figures. This represents a slightly smaller decline than Hagerty had forecast and a significantly sunnier outlook than the 34 percent drop we saw at the Monterey auctions last August.

With one day of bidding to go, Arizona 2020 sales totaled $236.4 million. 

Perhaps the clearest reason for the decrease in sales this year is a decline in the overall quality of the consignments. Vehicles in #1 and 2 condition (“excellent” and “concours”) represented less than half the field — the lowest ratio we have observed in more than 5 years. We’re also seeing more cars with “stories.”  For instance, Gooding & Company sold a 1953 Jaguar XK120 roadster for $70,000, or 41 percent below its condition-appropriate value, because it had a later engine and transmission. 

Consequently, average sale price is down, from $100,239 in 2019 to $85,357 this year. For million-dollar cars, the average price fell 33 percent, to $1.79 million. 

We’re seeing something of a domino effect here: Better cars are being kept off the market while values are soft, which is further driving down average values of what shows up.

1932 Hispano-Suiza J2 Dual Cowl Phaeton on the block at Gooding, where it sold for $2.425 million | Tom Stahler photo

Lower prices translated to a notable, 30-percent improvement in the sell-through rate at the top of the market, with 73 percent of million-dollar cars selling. Looking at all lots, sell-through rates dropped slightly, from 80 percent last year to 77 percent this year. Buyers in today’s market can afford to be patient.  

That patience seems to run out, however, when exceptional cars and/or rare opportunities present themselves. On Saturday at Gooding, a 1932 Hispano-Suiza J12 Dual Cowl Phaeton brought $2.42 million, beating its high estimate of $2 million. The seven BMW M3s Barrett-Jackson sold from the Paul Walker collection brought $1.7 million — more money than all the M3s sold at public auction in 2019. And the charity auction for the first production 2020 Chevrolet Corvette brought $3.0 million, a record for a new Corvette (proceeds benefitted the Detroit Children’s Fund).

Dodge Vipers in excellent condition, especially early RT/10s, are generating a lot of interest. Sale prices were nearly 50 percent above expected results based on Hagerty Price Guide values, with Barrett-Jackson selling a 1995 RT/10 for $69,300, or 69 percent above expected. 

A 1957 Mercedes-Benz 300SL roadster is on the block at Russo and Steele, where it was bid to $775,000, a price that did not reach the seller’s reserve and thus the car was not hammered sold | Howard Koby photo

Scottsdale winds down today, but three auction companies — Barrett-Jackson, Russo and Steele, and Leake — still be selling vehicles. 

Barrett-Jackson has a rare 1918 Kissel 38 Touring Sedan and a 1949 Studebaker M5 Truck used by the Grateful Dead. Leake is  offering a 1978 International Scout II Wagon, which is on the Hagerty Bull Market list for 2020. Russo and Steele will offer a variety of Ford Mustangs and Chevrolet Corvettes. 

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. 

Among the vehicles crossing auction blocks Sunday is this 1949 Studebaker pickup truck that was used by the Grateful Dead to haul equipment when the band was starting to play | Rebecca Nguyen photo

Arizona Auction Week 2020

Overall results through Saturday, January 18

Cumulative total: $236.4 million

2,770/3,603 lots sold: 77 percent sell-through rate

Average sale price: $85,357

2019 cumulative results through Saturday

Cumulative total: $243.1 million

2,425/3,017 lots sold: 80% sell-through rate

Average sale price: $100,239

Overall top-10 sales 

  1. 1995 Ferrari F50 Coupe sold for $3,222,500 (Gooding & Company)
  2. 2020 Chevrolet Corvette Stingray Coupe sold for $3,000,000 (Barrett-Jackson)*
  3. 1932 Hispano-Suiza J12 Dual Cowl Phaeton sold for $2,425,000 (Gooding & Company)
  4. 2018 Pagani Huayra Roadster sold for $2,370,000 (RM Sotheby’s)
  5. 1948 Tucker 48 Sedan sold for $2,040,000 (Gooding & Company)
  6. 2021 Lexus LC 500 Convertible sold for $2,000,000 (Barrett-Jackson)*
  7. 1967 Ferrari 330 GTS Spider sold for $1,985,000 (Gooding & Company)
  8. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $1,930,000 (Gooding & Company)
  9. 1951 Ferrari 212 Inter Cabriolet sold for $1,930,000 (Bonhams)
  10. 1967 Ferrari 330 GTS Spider sold for $1,710,000 (RM Sotheby’s)

* Charity car

1960 Volkswagen Type 2 ‘donut bus’ sells for $110,000 at Gooding, where auctioneer Charlie Ross proclaimed, ‘This is the cheapest donut-mobile I’ve ever sold’ | Bob Golfen photo

Results by auction company

BARRETT-JACKSON

Cumulative total through Saturday: $130.5 million

 1,714/1,715 lots sold: 99.9% sell-through rate

 Average sale price: $76,142

Top 10 sales:

  1. 2020 Chevrolet Corvette Stingray Coupe sold for $3,000,000*
  2. 2021 Lexus LC 500 Convertible sold for $2,000,000*
  3. 2017 Ford GT Coupe sold for $1,485,000
  4. 2017 Ford GT Coupe sold for $1,182,500
  5. 1969 Chevrolet Camaro COPO Sport Coupe sold for $1,094,500
  6. 2019 McLaren Senna Coupe sold for $946,000
  7. 1963 Aston Martin DB5 Saloon sold for $660,000
  8. 1974 Ford Bronco Custom SUV sold for $650,000
  9. 2020 Chevrolet Camaro COPO John Force Drag Car sold for $600,000*
  10. 2003 Saleen S7 Coupe sold for $467,500

* Charity car

2019 results through Saturday

Total: $119.0 million

1,627/1,628 lots sold: 99 percent sell-through rate

Average sale price: $73,090

BONHAMS

2020 total: $8.4 million

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

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Average sale price: $95,872 

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

1910 Knox Type ) touring sells for $190,000 at Gooding auction | Bob Golfen photo

GOODING & COMPANY

2020 total: $35.4 million

121/137 lots sold: 88 percent sell-through rate

Average sale price: $292,744 

Top-10 sales:

  1. 1995 Ferrari F50 Coupe sold for $3,222,500
  2. 1932 Hispano-Suiza J12 Dual Cowl Phaeton sold for $2,425,000
  3. 1948 Tucker 48 Sedan sold for $2,040,000
  4. 1967 Ferrari 330 GTS Spider sold for $1,985,000
  5. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $1,930,000
  6. 1960 Ferrari 250 GT Cabriolet SII sold for $1,462,500
  7. 1968 Lamborghini Miura P400 S Coupe sold for $1,242,500
  8. 2014 McLaren P1 Coupe sold for $1,160,000
  9. 1970 Porsche 914/6 GT Targa sold for $995,000
  10. 1958 Mercedes-Benz 300SL Roadster sold for $940,000

2019 Results

Total sales: $48.1 million

105/124 lots sold: 85 percent sell-through rate

Average sale price: $458,458

Vintage Chevrolet Camaro convertible on the block at Leake Auctions | Leake photo

LEAKE AUCTIONS

Cumulative total through Saturday: $16.2 million

338/605 lots sold: 56 percent sell-through rate

Average sale price: $47,933

Top-10 sales:

  1. 2012 Lexus LFA Coupe sold for $429,000
  2. 1957 Chrysler 300C Convertible sold for $357,500
  3. 1958 Dual-Ghia Hemi Convertible sold for $330,000
  4. 1960 Chrysler 300F Convertible sold for $319,000
  5. 1968 Chevrolet Corvette Coupe sold for $275,000
  6. 1959 Chrysler 300E Convertible sold for $242,000
  7. 1958 Cadillac Eldorado Biarritz Convertible sold for $222,200
  8. 1958 Pontiac Bonneville Convertible sold for $220,000
  9. 1962 Chevrolet Corvette Custom Convertible sold for $220,000
  10. 1958 Cadillac Eldorado Biarritz Convertible sold for $216,700

2019 Cumulative Results: N/A (First Year)

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

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 results

Total: $2.5 million

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

Average sale price: $17,816

RM SOTHEBY’S

2020 total: $30.3 million

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

Average sale price: $238,507

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 sales: $36.8 million

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

Average sale price: $285,448

RUSSO AND STEELE

Cumulative total through Saturday: $7.8 million

242/513 lots sold: 47 percent sell-through rate

Average sale price: $32,118

Top-10 sales:

  1. 1956 Porsche 356A Speedster sold for $258,500
  2. 1989 Mercedes-Benz 560SEC Wide Body Coupe sold for $253,000
  3. 1970 Plymouth Road Runner Superbird Hardtop Coupe sold for $214,500
  4. 1973 Lamborghini Espada 400 GTE SIII Coupe sold for $154,000
  5. 1959 Chevrolet Corvette Resto Mod Convertible sold for $126,500
  6. 2013 McLaren MP4-12C Spider sold for $118,250
  7. 1958 DeSoto Firesweep Convertible sold for $115,500
  8. 2008 Lamborghini Gallardo Superleggera Coupe sold for $115,500
  9. 1990 Ferrari Testarossa Coupe sold for $110,000
  10. 2006 Hummer H1 Alpha HMCS Wagon 4×4 sold for $99,000

WORLDWIDE AUCTIONEERS

2020 total: $6.1 million

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

Average sale price: $144,264 

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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