Arizona Auction Week 2017 – Summary Report

Ferrari 365 GTS
Ferrari 365 GTS sold for $3,602,500 at RM Sotheby’s

Our friends at Hagerty covered Arizona Auction Week 2017, from the debut sale at Worldwide Auctioneers to the 46th annual Barrett-Jackson sale. Their comprehensive daily and summary reports follow, offering several insights and perspectives into the overall direction of the collector car market.

Arizona Auction Week 2017 – Summary Report

Seven days, 3,486 vehicles, and $259.8M later, preliminary figures for the 2017 Arizona auctions are in. Compared to last year, more vehicles were offered, more were sold, and $9M more traded hands. This year’s totals also eclipsed 2014’s $254M total, ranking it as the second biggest week in the event’s long history and reversing 2016’s down year. The bump in sales is primarily due to increased volume as the number of cars crossing the block is up 12% this year. All told, the average sale price for the week fell 11% compared to a year ago.

The rarest and most exclusive cars continue to see strong interest. Cars priced above $1M saw double-digit increases in both the sell-through rate and average sale price versus 2016. Bonhams scored a massive $7.37M for its 1963 Jaguar E-type lightweight to take top honors for the week, while RM Sotheby’s sold its 1939 Mercedes-Benz 540K Special Roadster for $6.6M, and Gooding set a record with the $3.3M sale of its 1935 Bugatti Type 35 Grand Prix car.

Just below this rarefied threshold, the upper-middle market ($250K to $1M) is softening. A drop off in quality coupled with price declines among Blue Chip cars that are in line with declines reported in the Hagerty Price Guide throughout 2016 caused the average sale price at this level to fall 12% compared to a year ago.

Perhaps most importantly, though, the bottom of the market remains strong. The sub-$100K market, which represents the vast majority of buyers, had high sell-through rates that were in line with those witnessed at the close of 2016. Mainstream domestics and trucks did particularly well in Arizona throughout the entire week, with all but one of the Dodge Power Wagons and Ford Broncos going to new homes. Among mainstream domestics, classic Dodge muscle cars, such as the early 1970s Charger and Challenger, as well as early 1980s sports cars, including the Corvette, Mustang, and Firebird, were the most likely market segments of the vehicles Hagerty inspected to sell above condition-appropriate prices.

If anything, the 2017 Arizona auctions demonstrates there is optimism in the North American collector car market, and those vehicles most Americans collect are benefitting. The next question, of course, is whether this optimism will be sustained. For that, we have a whole year of observations to look forward to.

Arizona Auction Week 2017 – Wednesday Report

The Arizona Auctions are off to a positive start, as overall sales totals for the week so far are tracking well ahead of 2016. This is largely due to the inaugural Scottsdale sale conducted by Worldwide Auctioneers. The company sold a number of high-caliber cars that boosted the average sale price by over $10,000 compared to this time last year.

Worldwide’s first time in Arizona can be considered a success, with an impressive 82 percent sell-through rate, a high quality and diverse group of consignments, and a considerable crowd throughout most of the sale. Worldwide successfully sold what was by far their most important consignment – a 1967 Corvette L88 Convertible formerly out of the Otis Chandler Collection – for $1.98 million. Another strong result was the 1962, “Farm Find” Aston Martin DB4 that sold for $374,000, big money for a car that sat outside for 40 years. Worldwide’s biggest no-sales, meanwhile, included a 1963 Corvette Z06 Tanker with a high bid of $440,000 and a 1995 Bugatti EB110 with a high bid of $590,000.

Barrett-Jackson is also $3M ahead of last year’s figures through Wednesday, thanks to 175 more cars crossing the block through the sale’s first three days. Low-mile Fox-bodied Mustangs sold well on Wednesday, with a 16-mile 1990 7 Up Limited Edition convertible selling for $82,500, an as-new 1989 Mustang 5.0 LX hatchback selling for $71,500, and a 7-mile 1985 SVO fetching $63,800.

Thursday sees the addition of Bonhams, RM Sotheby’s, Russo and Steele, and Silver. We are monitoring each sale very closely and are available to provide additional data or commentary. Feel free to reach out to me if you have any questions beyond the information in the reports.

Arizona Auction Week 2017 – Thursday Report

With five sales underway, Thursday marked the first full day of auctions this week. Overall totals were 30% above 2016’s amount through the same point in the week. Higher sales volume was one factor, with 274 more lots offered and 266 more lots sold. Average sale price across all auctions was another driver, with a 7% improvement over 2016. This was partly due to Worldwide Auctioneers offering a number of high-value cars earlier in the week compared to previous years.

Attendance was good across all auctions and enthusiasm was strong as well, which is promising for the rest of the week. Thus far, modern domestics (American cars built from 1980-2009) have led the way, with 40% of those vehicles selling above condition-appropriate amounts. Specifically, 1984-96 Chevrolet C4 Corvettes, 1994-2004 Ford Mustangs, and 1982-92 Pontiac Firebirds are all performing well overall. Meanwhile, sell-through rates on vehicles built since 2010 have the lowest of any decade.

On the flip side, consignments from the upper end of the spectrum haven’t fared quite as well overall this year. The sell-through rate on million-dollar lots has fallen by 9 points year over year, and many Enzo-era Ferraris (those built until 1973) have been bid to less than condition-appropriate amounts. Notably, the 1960 Ferrari 250 GT SWB California Spider from Bonhams failed to sell with a top bid at $10.65M, and the 1960 250 GT SII Cabriolet, also at Bonhams, sold just above #4 condition at $1.43M despite being closer to a #2 condition car.

Even so, a number of top lots impressed. RM Sotheby’s top sale of the night was Tommy Hilfiger’s 2003 Ferrari Enzo, which sold for $2.695M. A 2008 Lamborghini Reventon sold for $1.32M. Bonhams sold their highly anticipated 1963 Jaguar E-type lightweight for $7.37M, followed by a 1952 Ferrari 340 America Competizione Spider for $6.38M. A surprise sale for Barrett-Jackson was a rare 1970 GMC K2500 Crew Cab pickup that sold for $93,500.

As a marque, of the 28 Mercedes that Hagerty inspected, none were bid to above a condition-appropriate price. Not all Mercedes struggled, though, as Bonhams sold a 1990 Mercedes-Benz 190E 2.5-16 Evo II for $143,000 and a 1928 Type S 26/120/180 Supercharged Sports Tourer for $4,812,500.

Highlights for Friday include a 1939 Mercedes-Benz 540K Special Roadster at RM Sotheby’s, a 1925 Bugatti Type 35 Grand Prix car at Gooding & Company, Rick Hendrick’s well-optioned 1970 Ford Mustang Boss 302 from Barrett-Jackson, and Russo and Steele’s 1970 Pontiac GTO Judge RA IV hardtop.

Arizona Auction Week 2017 – Friday Report

Rainy weather came to Arizona on Friday, and whether or not that impacted attendance the sales activity continue to outpace 2016’s results. Gross sales amounted to $187.1M, up 17% from last year, still mostly due to higher volume.

The two catalog sales successfully sold their top lots, with Gooding & Company selling the 1925 Bugatti Type 35 Grand Prix for a world record $3.3M and RM Sotheby’s earning $6.6M for its 1939 Mercedes-Benz 540K Special Roadster. Million-dollar cars rebounded slightly yesterday with their sell-through rate coming in six points higher compared to this point last year. Nearly half of the cars valued above $250K, however, earned bids less than what their condition would warrant. In short, the best of the best did well but the majority of the top end of the market isn’t universally sharing the same experience.

Perhaps the biggest story emerging this week has been the pickup truck market, which has consistently seen impressive prices each day. Of the unmodified trucks and SUVs that Hagerty reviewed, 60% sold above condition-appropriate prices according to Hagerty Price Guide, with 83% of Chevrolet pickups doing so. 1973-87 Chevrolet pickups and 1967-72 Ford F-Series were both particularly strong, and a 1956 Dodge Power Wagon at Barrett-Jackson exceeded Hagerty Price Guide values by $15,100 to sell for $61,600.

Performance among muscle cars has been steady overall, though variable by model. Fifty-four percent of Mopar muscle cars reviewed by Hagerty, for example, have sold above condition-appropriate prices. Meanwhile GM muscle cars were not performing nearly as well with almost 40% of the cars we reviewed earning bids lower than what their condition suggested.

Saturday is always the week’s strongest, and this year should be no exception. Star cars include a 1965 Ferrari 500 Superfast at Gooding, the 1955 Chrysler Ghia Streamline concept car at Barrett-Jackson, and a well-documented 1968 Chevrolet Corvette L88 coupe at Russo and Steele.

Arizona Auction Week 2017 – Saturday Report

The Arizona auctions continued to roll through Saturday, surpassing last year’s week-long total of $250M by $1.1M with a day left to go. The average sale price of $97,853 is 6% below 2016 and well under 2015’s high-water mark of $115,729. Increased volume is counterbalancing some soft sales at the top of the market, underscoring two different storylines.

Mainstream domestic brands were relatively strong, being 30% more likely to sell for above-market values than foreign makes. Vintage pickups and SUVs continued to be hot, as demonstrated by another Dodge Power Wagon at Barrett-Jackson (this one a 1948) selling for an eye-watering $99,000 and an excellent 1951 Chevrolet 3100 pickup trading for $44,000.

Meanwhile, the top of the market is sluggish. Despite sell-through rates and average prices for million-dollar cars both improving by more than 10% over 2016, half of the cars that comprise Hagerty’s Blue Chip Index earned bids below market value. Cars priced above $250,000 were much slower to sell than more affordable cars—a trend that formed during 2016—and 42% of lots priced above $250,000 that Hagerty inspected earned bids lower than their condition would suggest. Exceptional cars and cars that are fresh to market continue to find interest, but lesser examples are having a tougher time.

Gooding & Company did well to sell its 1965 Ferrari 500 Superfast for $2.915M, but missed on its alloy long-nose 275 GTB at a $2.5M high bid. Barrett-Jackson notched an outstanding sale at $1.485M for a 1965 Aston Martin DB5 and an impressive $1.32M for the 1960 CERV 1 car, but fell short on a 1970 Plymouth Hemi Cuda convertible at $1.6M. Russo and Steele missed on the 2004 Ford GT prototype with a high bid of $600,000.

Arizona Auction Week 2017 – Summary Auction Figures

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

Overall from all auction companies
Total: $259.8M
2,900/3,486 lots sold: 83% sell-through rate
Average Sale Price: $89,601

Overall 2016 Results
Cumulative Total: $250.6M
2,491/3,104 lots sold: 80% sell-through rate
Average Sale Price: $115,729

Overall Top 10 Sales:
1. 1963 Jaguar E-Type Lightweight sold for $7,370,000 (Bonhams)
2. 1939 Mercedes-Benz 540K Special Roadster sold for $6,600,000 (RM Sotheby’s)
3. 1952 Ferrari 340 America Competizione Spider sold for $6,380,000 (Bonhams)
4. 1928 Mercedes-Benz Typ S Sports Tourer sold for $4,812,500 (Bonhams)
5. 1969 Ferrari 365 GTS Spider sold for $3,602,500 (RM Sotheby’s)
6. 1925 Bugatti Type 35 Grand Prix Roadster sold for $3,300,000 (Gooding & Company)
7. 1995 Ferrari F50 Coupe sold for $3,135,000 (RM Sotheby’s)
8. 1961 Ferrari 400 Superamerica Coupe sold for $3,080,000 (RM Sotheby’s)
9. 1965 Ferrari 500 Superfast Series I Coupe sold for $2,915,000 (Gooding & Company)
10. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,805,000 (Bonhams)

Results broken down by Auction Company


Barrett-Jackson

Overall Total: $101.0M
1,703/1,711 lots sold: 99.5% sell-through rate
Average Sale Price: $59,323

Overall Top 10 Sales:
1. 1964 Aston Martin DB5 sold for $1,485,000
2. 1960 Chevrolet CERV-1 sold for $1,320,000
3. 1930 Duesenberg Model J Dual Cowl Phaeton sold for $880,000
4. 2012 Hennessey Venom GT Spyder sold for $800,000*
5. 2005 Porsche Carrera GT Coupe sold for $616,000
6. 1965 Shelby GT350 Fastback sold for $445,500
7. 2011 Ferrari 458 Italia Coupe sold for $434,500
8. 1963 Chevrolet Corvette Z06 (big tank) Split-Window Coupe sold for $385,000
9. 1969 Ford Mustang Boss 429 sold for $385,000
10. 1932 Rolls-Royce Phantom II Roadster sold for $341,000

* sold as charity

Sunday total: $6.1M
145/145 lots sold: 100% sell-through rate
Average Sale Price: $42,172

Top 10 Sunday Sales:
1. 1956 Chevrolet Bel Air Nomad Custom Station Wagon sold for $137,500
2. 1970 Ford Mustang Boss 302 sold for $91,300
3. 1968 GMC C1500 1/2 Ton Custom Wideside Pickup sold for $82,500
4. 1957 Chevrolet 210 Sedan sold for $79,200
5. 1962 Lincoln Continental Custom Convertible sold for $77,000
6. 1952 Chevrolet Series 3100 1/2 Ton Custom Pickup sold for $77,000
7. 1931 Ford Model A 1/2 Ton Custom Pickup sold for $77,000
8. 2015 Jeep Wrangler Unlimited Utility Vehicle 4×4 sold for $75,900
9. 1970 Chevrolet Nova SS Coupe sold for $74,800
9. 1950 Divco Custom Milk Truck sold for $74,800
9. 2008 Bentley Continental GT AWD Coupe sold for $74,800

Overall 2016 Results
Cumulative Total: $103.3M
1,484/1,491 lots sold: 99% sell-through rate
Average Sale Price: $69,619

Bonhams

Overall total: $36.3M
86/105 lots sold: 82% Sell Through Rate
Average Sale Price: $422,494

Overall Top 10 Sales:
1. 1963 Jaguar E-Type Lightweight sold for $7,370,000
2. 1952 Ferrari 340 America Competizione Spider sold for $6,380,000
3. 1928 Mercedes-Benz Type S Sports Tourer sold for $4,812,500
4. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,805,000
5. 1964 Porsche 904 GTS Coupe sold for $2,310,000
6. 1966 Ferrari 275 GTB/2 Coupe sold for $1,732,500
7. 1960 Ferrari 250 GT SII Cabriolet sold for $1,430,000
8. 1913 Rolls-Royce Silver Ghost London-Edinburgh Sports Tourer sold for $698,500
9. 1955 Austin-Healey 100 S Roadster sold for $539,000
10. 1956 Porsche 356A Speedster sold for $528,000

Overall 2016 Results
Total: $18.2M
95/112 Lots sold: 85% sell-through rate
Average Sale Price: $191,266

Gooding & Company

Overall Total: $33.3M
105/125 lots sold: 84% sell-through rate
Average Sale Price: $317,492

Overall Top 10 Sales:
1. 1925 Bugatti Type 35 Grand Prix Roadster sold for $3,300,000
2. 1965 Ferrari 500 Superfast Series I Coupe sold for $2,915,000
3. 1932 Alfa Romeo 6C 1750 Grand Sport Roadster sold for $1,595,000
4. 2011 Ferrari 599 SA Aperta Spider sold for $1,485,000
5. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,457,500
6. 1928 Bentley 4 1/2-Liter Open Sports Tourer sold for $1,100,000
7. 1964 Shelby Cobra 289 R&P Roadster sold for $1,100,000
8. 1988 Porsche 959 Komfort Coupe sold for $1,089,000
9. 1961 Mercedes-Benz 300SL Roadster sold for $1,034,000
10. 1969 American Motors AMX/3 Coupe sold for $891,000

Overall 2016 Results
Total: $43.0M
97/113 lots sold: 86% sell-through rate
Average Sale Price: $443,390

RM Sotheby’s

Overall Total: $53.7M
142/159 lots sold: 89% sell-through rate
Average Sale Price: $378,248

Overall Top 10 Sales:
1. 1939 Mercedes-Benz 540K Special Roadster sold for $6,600,000
2. 1969 Ferrari 365 GTS Spider sold for $3,602,500
3. 1995 Ferrari F50 Coupe sold for $3,135,000
4. 1961 Ferrari 400 Superamerica Coupe sold for $3,080,000
5. 2003 Ferrari Enzo Coupe sold for $2,695,000
6. 1967 Ferrari 330 GTS Spider sold for $2,475,000
7. 1966 Ferrari 275 GTB/2 Coupe sold for $2,117,500
8. 2013 Bugatti Veyron 16.4 Super Sport 300 Coupe sold for $2,090,000
9. 1948 Tucker 48 Sedan sold for $1,347,500
10. 2008 Lamborghini Reventón Coupe sold for $1,320,000

Overall 2016 Results
Total: $62.8M
126/149 lots sold: 85% sell-through rate
Average Sale Price: $497,994

Russo and Steele

Overall Total: $20.7M
579/778 lots sold: 74% sell-through rate
Average Sale Price: $35,720

Overall Top 10 Sales:
1. 1954 Mercedes-Benz 300S Cabriolet sold for $423,500
2. 1973 Ferrari Dino 246 GTS Spider sold for $379,500
3. 1969 Ford Mustang Boss 429 SportsRoof sold for $335,500
4. 2006 Ford GT Coupe sold for $261,250
5. 2006 Mercedes-Benz SLR McLaren Coupe sold for $253,000
6. 1969 Ferrari 365 GT Coupe 2+2 sold for $209,000
7. 1970 Oldsmobile 4-4-2 W-30 Holiday Coupe sold for $165,000
8. 2011 Ferrari 458 Challenge Coupe sold for $165,000
9. 1962 Mercedes-Benz 190SL Convertible sold for $154,000
10. 2013 Ferrari California 2+2 Coupe sold for $151,250

Sunday total: $2.7M
173/184 lots sold: 94% sell-through rate
Average Sale Price: $15,665

Top 10 Sunday Sales:
1. 2015 Harley-Davidson Custom Motorcycle sold for $80,000*
2. 2006 Cadillac XLR-V Convertible sold for $53,900
3. 1991 Rolls-Royce Corniche Drop Head Coupe sold for $46,750
4. 1934 Chevrolet Master Custom Coupe sold for $41,250
5. 1969 Ford Mustang Custom Convertible sold for $40,700
6. 1933 Buick Series 90 Model 90-L Limousine sold for $39,600
7. 1956 Cadillac Series 62 Convertible sold for $39,600
8. 1956 Ford Thunderbird Convertible sold for $36,850
9. 1934 Chevrolet Master Custom Business Coupe sold for $34,100
10. 1923 Buick NA Coupe sold for $33,550

* sold as charity

Overall 2016 Results
Cumulative Total: $19.5M
408/724 lots sold: 56% sell-through rate
Average Sale Price: $47,815

Silver

Cumulative Total through Saturday: $3.3M
220/526 lots sold: 42% sell through rate
Average Sale Price: $15,078

Overall Top 10 Sales:
1. 2007 Ford Mustang Shelby GT GC sold for $70,200
2. 1952 Nash-Haley Pininfarina sold for $70,200
3. 1968 Dodge Hemi Charger sold for $68,580
4. 1966 Dodge Hemi Coronet sold for $67,500
5. 1956 Chrysler Windsor sold for $62,640
6. 1948 Chevrolet Fleetmaster Woody Wagon sold for $62,640
7. 1941 Buick 51C Convertible Sedan sold for $54,540
8. 1961 Chevrolet Impala Custom Hardtop sold for $54,000
9. 2001 Aston Martin DB7 sold for $50,760
10. 1968 Chevrolet Impala sold for $46,710

Sunday total: $138K
15/72 lots sold: 21% sell-through rate
Average Sale Price: $9,212

Top 10 Sunday Sales:
1. 2006 Hummer H2 sold for $25,500
2. 1955 Ford Thunderbird Convertible sold for $23,760
3. 2008 Land Rover sold for $16,200
4. 2010 Lexus IS250 sold for $15,120
5. 2002 Mercedes Benz V-12 SL600 sold for $9,720
6. 1963 Nash Rambler American sold for $8,640
7. 2006 Mitsubishi Eclipse GT sold for $6,210
8. 1997 Ford F-250 sold for $6,210
9. 1985 Pontiac Firebird Trans Am sold for $5,940
10. 1967 MGB GT sold for $5,400

Overall 2016 Results
Total: $3.8M
281/515 lots sold: 55%
Average Sale Price: $13,649

Worldwide Auctioneers

Total: $11.4M
64/82 lots sold: 78% sell-through rate
Average Sale Price: $177,816

Overall Top 10 Sales:
1. 1967 Chevrolet Corvette 427/430 Convertible sold for $1,980,000
2. 1955 Lancia Aurelia B24 Spider America sold for $1,100,000
3. 1966 Shelby GT350 Convertible sold for $742,500
4. 1965 Shelby GT350 Fastback sold for $379,500
5. 1962 Aston Martin DB4 Sedan sold for $374,000
6. 2005 Ferrari 575 Superamerica Convertible sold for $313,500
7. 1933 Packard Super Eight-Series Coupe Roadster sold for $308,000
8. 1955 Porsche 356A Speedster sold for $297,000
9. 1937 Bentley 4 1/4-Litre Fixed-Head Coupe sold for $286,000
10. 1953 Porsche 356 Cabriolet sold for $275,000
10. 2005 Ford GT Coupe sold for $275,000

[Source: Hagerty; photo: RM Sotheby’s]