1937 BMW 328
1937 BMW 328

Arizona Auction Week 2020 – Summary Report

Our friends at Hagerty fastidiously covered the sales that make up Arizona Auction Week 2020, from Barrett-Jackson, Bonhams, Gooding and Company, Leake, MAG Auctions, RM Sotheby’s, Russo and Steele and Worldwide. Their comprehensive summary report follows, offering several insights and perspectives into the overall direction of the collector car market.

Arizona Auction Week 2020 – Summary Report

The 2020 Arizona Auction Week — a “week” that actually encompasses ten days — concluded Sunday with $244.1M in overall sales. This is a three percent decrease from 2019’s $251M tally, despite an additional 574 cars being sold (a 17 percent increase), but is 4.7 percent above Hagerty’s forecast. Gooding & Company scored the biggest sale with a $3.2M 1995 Ferrari F50, and Barrett-Jackson wasn’t far behind with the charity auction of the first 2020 Corvette, which netted $3M for the Detroit Children’s Fund.

The takeaway for many is that the dramatic drop witnessed at the Monterey auctions was not repeated, but there are plenty of devils in the details. Most important is vehicle condition. Finely presented and rare cars sold extremely well, but there were relatively few of those in the auction tents. Vehicles in #1 and #2 condition (“excellent” and “concours”) represented less than half the offerings—the lowest ratio Hagerty has observed in more than 5 years. Bidders, being more cautious, passed on common vehicles with visible needs unless the price was sufficiently discounted. Sell-through rate was 77 percent (compared to 81 percent in 2019), and the average price slipped to $81,534.

Cars over $1M at first blush seemed to have an easier time of it in Arizona; sell-through rate increased to 73 percent, from 43 percent in 2019. Much of the improvement has to do with sellers’ and auction companies’ newfound caution in bringing such high-dollar rides to market. There were 25 percent fewer million-dollar cars on offer compared to last year, and most sold below Hagerty Price Guide (HPG) values. (For the first time since 2012, no sale at the Arizona auctions surpassed $5M.)

The challenging environment for the most expensive cars partly has to do with what’s going on in the larger economy—the tide of investment dollars that flowed into this segment following the Great Recession has clearly slowed, and a tax advantage that allowed collectors to roll gains from car sales into other cars has been eliminated. But as with the rest of the collector car market, condition and provenance matters. Today’s cautious buyers will pay top dollar, but only for the best and rarest cars. Bonhams’ Alfa Romeo 8C 2300, the most expensive unsold car of the week, had a replacement engine, but a Hispano-Suiza J12 at Gooding that hadn’t been sold publicly in recent memory had no trouble beating its high estimate to bring $2.4M.

Even as parts of the market slide, others shine. SUVs and trucks continue to perform well—77 percent sold on or above HPG values, about the same as last year. Barrett-Jackson sold a 1989 Jeep Grand Wagoneer with 8,000 miles for $110,000, which was approximately triple its condition-appropriate Hagerty Price Guide value. There’s also plenty of buzz around Dodge Vipers. Early RT/10s in excellent condition brought nearly 40 percent above expected results based on HPG values—and that’s not including Lee Iacocca’s Viper, which sold for $285,500, a new record for the model. 2005–2006 Ford GTs also brought strong prices, the best being a 2005 example in a non-standard combination of Midnight Blue with silver stripes for $451,000 at Barrett-Jackson. And although American muscle cars and restomods remain the stars of Scottsdale, modern classics from Europe and Japan also did well. Barrett-Jackson sold a 1990 Toyota Supra Mk III Turbo with less than 100 miles for a record-setting $88,000. The Paul Walker collection offered by Barrett-Jackson contained five 1995 BMW M3 Lightweights, with the lowest-mile example selling for $385,000.

With the biggest auctions of the year now in the rearview mirror, it’s clear we have a collector car market that’s cooled from the highs of the previous decade, especially at the top. Yet for most car collectors—that is, those who buy cars for thousands, rather than millions of dollars—Scottsdale was business as usual. Barrett-Jackson alone drew more than 5600 bidders and enjoyed its highest grossing week, ever. Long-term owners are still realizing gains. (In the current market, owners have typically reached break-even after three years of ownership.) And, as always, the best cars continued to appreciate. But price-sensitive buyers should be aware of the chill that has set in upmarket, as it could creep downward. Knowing what you’re buying and buying for enjoyment are two strategies that are as important today as ever.
                   
Arizona Auction Week 2020 – Overall Auction Data

Listed below are the raw results Hagerty Valuation Team members witnessed during live auctions. They may not factor in post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

2020 Cumulative Total: $244.1M
2,994/3,867 lots sold: 77% sell-through rate
Average Sale Price: $81,534

2019 Cumulative Results through Sunday
Cumulative Total: $251.2M
2,662/3,295 lots sold: 81% sell-through rate
Average Sale Price: $94,374

Overall Top 10 Sales from all auctions through Sunday:

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

Arizona Auction Week 2020 – Results broken down by Auction Company

Barrett-Jackson
Cumulative Total through Sunday: $137.1M
1,908/1,909 lots sold: 99.9% sell-through rate
Average Sale Price: $71,833

Overall 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 Cumulative Results
Cumulative Total: $126.4M
1,818/1,819 lots sold: 99% sell-through rate
Average Sale Price: $69,538

Gooding and Company
Cumulative Total through Saturday: $35.8M
122/137 lots sold: 89% sell-through rate
Average Sale Price: $293,501

Overall 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 Cumulative Results
Cumulative Total: $48.1M
104/123 lots sold: 85% sell-through rate
Average Sale Price: $462,360

RM Sotheby’s
Cumulative Total through Friday: $30.3M
128/143 lots sold: 90% sell-through rate
Average Sale Price: $237,080

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 Cumulative Results
Cumulative Total: $36.8M
129/154 lots sold: 84% sell-through rate
Average Sale Price: $285,448

Leake Auctions
Cumulative Total through Sunday: $16.6M
357/674 lots sold: 53% sell-through rate
Average Sale Price: $46,574

Overall 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. 1962 Chevrolet Corvette Custom Convertible sold for $220,000
9. 1958 Pontiac Bonneville Convertible sold for $220,000
10. 1958 Cadillac Eldorado Biarritz Convertible sold for $216,700

2019 Cumulative Results: N/A (First Year)

Bonhams
Cumulative Total through Thursday: $8.4M
88/108 lots sold: 81% 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 Convertible 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 Cumulative Results
Cumulative Total: $16.1M
108/120 lots sold: 90% sell-through rate
Average Sale Price: $149,070

Russo and Steele
Cumulative Total through Sunday: $8.0M
251/513 lots sold: 49% sell-through rate
Average Sale Price: $31,998

Overall 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. 1966 Shelby GT350 Fastback Sedan sold for $156,750
5. 1973 Lamborghini Espada 400 GTE SIII Coupe sold for $154,000
6. 1959 Chevrolet Corvette Resto Mod Convertible sold for $126,500
7. 2013 McLaren MP4-12C Spider sold for $118,250
8. 1958 DeSoto Firesweep Convertible sold for $115,500
9. 2008 Lamborghini Gallardo Superleggera Coupe sold for $115,500
10. 1990 Ferrari Testarossa Coupe sold for $110,000

2019 Cumulative Results
Cumulative Total: $11.8M
308/621 lots sold: 50% sell-through rate
Average Sale Price: $38,464

Worldwide Auctioneers
Cumulative Total through Thursday: $6.1M
42/55 lots sold: 76% 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: $9.5M
56/73 lots sold: 77% sell-through rate
Average Sale Price: $169,072

MAG Auctions
Cumulative Total through Sunday the 12th: $1.7M
98/328 lots sold: 30% 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
* Charity car

2019 Cumulative Results
Total: $2.5M
139/384 lots sold: 36% sell-through rate
Average Sale Price: $17,816

[Source: Hagerty; photo: Jared Wilson | Gooding & Company]