(Editor’s note: Hagerty Automotive Intelligence provides daily updates from selected major American collector car auction venues, including Arizona Auction Week. This is the report filed the morning of January 29.)
Main themes:
- Sales in Arizona through Friday emphasize how live auctions can still bring exceptional prices. Those strong prices are evident in the repeat sales; among vehicles sold at auction since 2020 and then sold again this week in Arizona, the average gain is 22 percent.
- Gooding & Company concluded its online auction. However, with fewer lots and no 7-figure cars (down from 8 sold in 2020), Gooding’s attention is on Amelia Island.
- Barrett-Jackson moved into the core of its offerings selling nearly 400 vehicles on Friday, including five charity lots.
- Customs make up nearly 40 percent of Barrett-Jackson’s offerings and have an average sale price 25 percent higher than unmodified vehicles through Friday.
Highlights:
- Corvettes remain popular as Gooding & Company sold an unrestored 1963 Chevrolet Corvette Split-Window Coupe 327cid/340hp L76 for $335,500, the second highest price ever paid for one at auction.
- Camaros are also popular and collectors are willing to pay up for exceptional examples. Lot 1009.1 at Barrett-Jackson, a 1969 Z/28 restored to high factory-spec standards sold for $220,000, or nearly $100K more than the condition #1 Hagerty Price Guide value.
- For more auction coverage, head over to insider.hagerty.com
Friday was a little quieter, with Barrett-Jackson being the big news of the day. Through Friday, cumulative total sales add up to $167.1M and a 98 percent sell-through rate. At this point in 2020, the Arizona auctions added up to $138.5M and a 97 percent sell-through rate. The average sale price is up, too, from $80,647 in 2020 to $101,882 in 2022.
There is a lot of discussion lately about Bring a Trailer being the champion of unbelievable prices, but Scottsdale is proving live auctions that combine atmosphere and adrenaline can’t be replaced by coffee and keyboards.
Barrett-Jackson showed it doesn’t matter if it’s ‘60s muscle cars or modern Porsches, the live auction scene maintains its worth. Barrett-Jackson sold a 1995 Porsche 911 Cabriolet for $165,000, 138 percent more than the $69,300 the exact same car sold on Bring a Trailer in May 2021. It wasn’t just Barrett-Jackson, though, as RM Sotheby’s sold a 1989 Mercedes-Benz 560SL for $145,600, a 68 percent increase over the same car’s sale price on Bring a Trailer six months earlier.
Despite the occasional strong bid, live auctions are struggling to stand up to ongoing pressure from their online counterparts when it comes to volume and total sales. Going forward, their model is likely to use a mix of online auctions, live auctions at big events, and private sales for the most desirable cars. Perhaps people who started with online auctions will get curious about live auctions and start bidding in-person? After all, Amazon, the king of online shopping, is opening in-person stores.
Gooding & Company, traditionally an anchor of live catalog auctions, moved entirely online for the second year in a row. With a sell-through rate of 84 percent, sales totaled $6.8M, a drop of 5.6 percent from 2021 on 65 percent more lots. Many high dollar cars are likely waiting until the Amelia auction in March as Gooding sold only one car over $500K — a 1961 Maserati 5000 GT Coupe. In 2021, Gooding sold five cars of similar caliber, including a 1966 Ferrari 275 GTB at $1.9M.
The $6.8M total for an online-only auction is still impressive and shows that a shift to online auctions continues to look promising. By comparison, Bring a Trailer auctioned 73 cars totaling $4.6M in sales on an 85 percent sell-through rate on Friday, including 2 cars selling over $500K.
Long-standing collector car knowledge says that Porsche 911 cabriolets are radioactive when compared to their more desirable coupe counterparts, but Gooding & Company’s $126,500 result for a 2005 Porsche 911 Turbo S cabriolet, the second highest ever paid for a 996 Turbo, shows that the pandemic might have more buyers in the market buying what they want to buy not what they are told to buy.
Customs continue to be a big part of Barrett-Jackson’s Scottsdale auction. Representing nearly 40 percent of the vehicles sold through Friday, customs have sold for an average of $69K, or nearly 25 percent higher than unmodified vehicles.
The average model year is creeping forward, too, as the number of customized vehicles that are 5-years-old or less has doubled since 2020 (to 29).
Saturday is Scottsdale’s last big day with all eyes on the prime-time offerings from Barrett-Jackson. At the big tent, look for the ex-Lance Reventlow 1962 Shelby Cobra and the 2023 Chevrolet Corvette Z06 #001 to be among many of the attention-grabbing vehicles crossing the block.
Arizona Auction Week
Listed below are the 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. (Note: We are comparing results to 2020 because that was the most recent year all auctions were in January and in Arizona.)
Overall through Friday from all auction companies
Cumulative total: $167.1M
1,640/1,668 lots sold: 98 percent sell-through rate
Average sale price: $101,882
2020 cumulative results through Friday
Cumulative total: $138.5M
1717/1770 lots sold: 97 percent sell-through rate
Average sale price: $80,674
Overall top 10 sales through January 28
1. 1955 Mercedes-Benz 300SL Aluminum Gullwing Coupe sold for $6,825,000 (RM Sotheby’s)
2. 1931 Duesenberg Model J Derham Tourster sold for $3,415,000 (RM Sotheby’s)
3. 1964 Mercedes-Benz 300SL Roadster sold for $2,315,000 (RM Sotheby’s)
4. 1929 Duesenberg Model J Derham Sedan, 5-pass. sold for $2,260,000 (Worldwide Auctioneers)
5. 1967 Ferrari 330 GTS Spider sold for $1,957,500 (RM Sotheby’s)
6. 1965 Ferrari 275 GTB Coupe sold for $1,875,000 (RM Sotheby’s)
7. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,710,000 (RM Sotheby’s)
8. 1987 Porsche 959 Komfort Coupe sold for $1,600,000 (RM Sotheby’s)
9. 2015 Porsche 918 Spyder Roadster sold for $1,600,000 (RM Sotheby’s)
10. 2005 Porsche Carrera GT Coupe sold for $1,545,000 (RM Sotheby’s)
Results by auction company
BARRETT-JACKSON
Cumulative total through Friday: $95.9M
1,374/1,374 lots sold: 100 percent sell-through rate
Average sale price: $69,830
Top 10 sales:
1. 1968 Ford Mustang Customized Fastback sold for $1,000,000*
2. 2022 Ford Mustang Shelby GT500 Coupe sold for $700,000*
3. 2022 Toyota Tundra Customized Pickup sold for $550,000*
4. 2021 Ford Bronco First Edition Sport Utility Vehicle 4×4 sold for $500,000*
5. 1956 Chevrolet Bel Air Customized Coupe sold for $352,000
6. 1967 Ford Mustang Customized Fastback sold for $330,000
7. 2022 Chevrolet Corvette IMSA GTLM Championship Ed Convertible sold for $330,000
8. 1964 Lincoln Continental Convertible sold for $304,700
9. 1965 Shelby Cobra 427 S/C Roadster sold for $280,000*
10. 1969 Chevrolet Camaro Customized Sport Coupe sold for $275,000
* Charity car
2020 results through Friday
Cumulative total: $73.5M
1396/1396 lots sold: 100 percent sell-through rate
Average sale price: $52,647
RM SOTHEBY’S
Cumulative total through Friday: $43.3M
66/70 lots sold: 94 percent sell-through rate
Average sale price: $655,803
Top 10 sales:
1. 1955 Mercedes-Benz 300SL Aluminum Gullwing Coupe sold for $6,825,000
2. 1931 Duesenberg Model J Derham Tourster sold for $3,415,000
3. 1964 Mercedes-Benz 300SL Roadster sold for $2,315,000
4. 1967 Ferrari 330 GTS Spider sold for $1,957,500
5. 1965 Ferrari 275 GTB Coupe sold for $1,875,000
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,710,000
7. 1987 Porsche 959 Komfort Coupe sold for $1,600,000
8. 2015 Porsche 918 Spyder Roadster sold for $1,600,000
9. 2005 Porsche Carrera GT Coupe sold for $1,545,000
10. 1988 Cizeta-Moroder V16T Prototype Coupe sold for $1,363,500
2020 Cumulative Results
Cumulative total: $30.3M
128/143 lots sold: 90 percent sell-through rate
Average sale price: $237,080
BONHAMS
Cumulative total: $11.3M
81/89 lots sold: 91 percent sell-through rate
Average sale price: $139,916
Top 10 sales:
1. 1958 AC Ace Roadster sold for $516,500
2. 1953 Mercedes-Benz 300S Roadster sold for $472,500
3. 1997 Porsche 911 Turbo S Coupe sold for $467,000
4. 1989 Lamborghini Countach Coupe sold for $445,000
5. 1962 Aston Martin DB4 Vantage Sedan sold for $381,750
6. 1962 Aston Martin DB4 Vantage Sedan sold for $379,000
7. 1949 Buick Roadmaster Model 76C Convertible sold for $335,000
8. 1992 Ferrari F40 Coupe sold for $296,500
9. 1967 Porsche 911 S Targa sold for $288,250
10. 1954 Porsche 356 1500 Coupe sold for $257,600
2020 results
Cumulative total: $8.4M
88/108 lots sold: 82 percent sell-through rate
Average sale price: $95,872
WORLDWIDE AUCTIONEERS
Cumulative total: $9.7M
72/79 lots sold: 91 percent sell-through rate
Average sale price: $135,391
Top 10 sales:
1. 1929 Duesenberg Model J Derham Sedan, 5-pass. sold for $2,260,000
2. 1935 Delahaye 135MS Competition Drophead Coupe sold for $1,435,000
3. 1932 Chrysler Imperial Convertible Sedan sold for $940,000
4. 1970 Dodge Challenger R/T Hardtop Coupe sold for $329,500
5. 1991 Lamborghini Diablo Coupe sold for $302,000
6. 1937 Packard Twelve-Series 1507 Coupe sold for $280,000
7. 1983 Ferrari 512 BBi Coupe sold for $263,200
8. 1961 Chevrolet Impala Customized Station Wagon, 6-pass. sold for $252,000
9. 1937 Cord 812 Supercharged Convertible Phaeton Sedan sold for $235,200
10. 1967 Shelby GT350 Fastback sold for $207,200
2020 results
Total: $6.1M
42/55 lots sold: 76 percent sell-through rate
Average sale price: $144,263
GOODING & COMPANY
Cumulative total through Friday: $6.8M
47/56 lots sold: 84 percent sell-through rate
Average sale price: $144,159
Top 10 sales:
1. 1961 Maserati 5000GT Touring Coupe sold for $924,000
2. 2005 Ford GT Coupe sold for $423,500
3. 1974 Ferrari Dino 246 GTS Spider sold for $374,000
4. 2008 Porsche 911 GT2 Coupe sold for $357,500
5. 1963 Chevrolet Corvette Split-Window Coupe sold for $335,500
6. 1962 Lancia Flaminia GT 3C Coupe sold for $286,000
7. 1937 Cord 812 Customized Westchester Sedan sold for $275,000
8. 2011 Mercedes-Benz SLS AMG Coupe sold for $264,000
9. 1957 Porsche 356A 1300 Super Speedster sold for $247,500
10. 1961 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $247,500
2020 results
Cumulative total: $20.2M
63/68 lots sold: 93 percent sell-through rate
Average sale price: $320,303
