HomeThe MarketFeeding frenzy: Prices up nearly 30 percent at Arizona auctions

Feeding frenzy: Prices up nearly 30 percent at Arizona auctions

But higher prices also means fewer sub-$50,000 bargains

-

(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 30.)

Main themes: 

  • Sale prices were remarkably strong through Saturday, with results showing a median premium of 30 percent over Hagerty Price Guide condition-appropriate values.
  • Rising prices have made affordable cars at the Arizona auctions a rarity. There were fewer sub-$50K vehicles sold this year than in 2020.
  • Prices are increasing faster than ever before. Vehicles auctioned at the 2022 January auctions that were bought in the last two years returned a 29 percent gain on average, four times higher than the 2020 January auctions.

Highlights: 

  • A 1970 Plymouth Road Runner Superbird Hemi sold for a record $990K, beating the prior record by $440K.
  • 2023 Chevrolet Corvette Z06 #001 sold for $3,600,000, with proceeds going to charity.
  • A 1960 Mercedes-Benz 190SL sold for $352,000, which is a record for the model.
  • The last Buick Grand National built sold for $550,000 — the second highest price ever for a Buick.
auctions, Feeding frenzy: Prices up nearly 30 percent at Arizona auctions, ClassicCars.com Journal
Bathed in a brilliant shade of blue, this 1970 Mercury Cougar Boss 302 Eliminator-sells for 6 figures at Barrett-jackson

The Arizona auctions had their big day Saturday, bringing preliminary sales totals for the week to $258.3M — 22 percent higher than 2020 and the second highest ever total sales number for the week — all despite offering nearly one-quarter fewer cars. Credit a better sell-through rate (99 percent compared to 97 percent) and a higher average price ($132,146 versus $100,838). 

The star of the day Saturday was the 2023 Chevrolet Corvette Z06 #001, which Barrett-Jackson sold for $3,600,000 with proceeds going to charity. However, the hotly anticipated Z06 version of the mid-engine Corvette notably sold for 20 percent more than the 2020 Chevrolet Corvette #001 Barrett-Jackson sold in 2020 (also for charity).  

Prices paid for vehicles when compared to their condition-appropriate Hagerty Price Guide values reveal a median premium of more than 30 percent at the auctions this week. In fact, prices are up across the board from base model Camaros to Ford GTs. So far this year, 59 percent of lots are selling above price guide values with all price brackets performing equally well. In 2020, only 32 percent of lots sold above price guide values, with the best performers being in the lower price brackets. That year, only 11 percent of cars over $500K outperformed the price guide — this year, 67 percent of those cars beat the price guide.

Fewer cars are selling at the more affordable, sub-$50,000 end of the price spectrum. At Barrett-Jackson in 2020, nearly 46 percent of the offerings sold for less than $50K, but the broad appreciation seen in the past year hasn’t missed Barrett-Jackson’s big tent. The share of sub-$50,000 vehicles sold this year through Saturday is down by 11 percent, while the share of vehicles sold for between $50K and $100K increased 3 percent, and the share of those sold for between $100K and $250K grew 9 percent.

Further proof of prices rising faster than ever before can be found in repeat sales at the January auctions. So far in 2022, more than 260 vehicles sold at live auction have already sold at auction at least once before in the past two years. This is 21 percent higher than the number we saw at the 2020 January auctions. The average return for vehicles sold so far this month at auction is 29 percent, a whopping four times higher than the 7 percent average return from 2020. 

Not only are returns higher, the likelihood of a successful flip is greater this year as well. Remarkably, 70 percent of repeat sales were positive in 2022 versus 48 percent in 2020. As prices move higher, sellers are likely to continue to capitalize on the strong gains seen, and more people will jump from the sidelines into the ring. Will this cause the supply to swing in favor of buyers? We shall see.

Sunday is the last day of Arizona Auction Week. Barrett-Jackson will offer another 150 or so vehicles — some of which could be good deals if the crowds have already gone home.

Arizona Auction Week 2022 (results through January 29)

(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. We are comparing results to 2020 because that was the most recent year all auctions were in January and in Arizona.)

Overall through Saturday from all auction companies

Cumulative total: $258.3M

1,955/1,983 lots sold: 99 percent sell-through rate

Average sale price: $132,146

2020 cumulative results through Saturday

Cumulative total: $211.6M

2094/2158 lots sold: 97 percent sell-through rate

Average sale price: $100,838

Overall top 10 Sales through Saturday:

 1. 1955 Mercedes-Benz 300SL Aluminum Gullwing Coupe sold for $6,825,000 (RM Sotheby’s)

 2. 2023 Chevrolet Corvette Z06 Coupe sold for $3,600,000 (Barrett-Jackson)*

 3. 1931 Duesenberg Model J Derham Tourster sold for $3,415,000 (RM Sotheby’s)

 4. 1964 Mercedes-Benz 300SL Roadster sold for $2,315,000 (RM Sotheby’s)

 5. 1929 Duesenberg Model J Derham Sedan, 5-pass. sold for $2,260,000 (Worldwide Auctioneers)

 6. 2004 Porsche Carrera GT Coupe sold for $1,980,000 (Barrett-Jackson)

 7. 1967 Ferrari 330 GTS Spider sold for $1,957,500 (RM Sotheby’s)

 8. 1965 Ferrari 275 GTB Coupe sold for $1,875,000 (RM Sotheby’s)

 9. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,870,000 (Barrett-Jackson)

 10. 2015 Porsche 918 Spyder Roadster sold for $1,815,000 (Barrett-Jackson)

* Charity car

Results by auction company

BARRETT-JACKSON

Cumulative total through Saturday: $187.2M

1,689/1,689 lots sold: 100 percent sell-through rate

Average sale price: $110,841

Overall Top 10 Sales:

 1. 2023 Chevrolet Corvette Z06 Coupe sold for $3,600,000*

 2. 2004 Porsche Carrera GT Coupe sold for $1,980,000

 3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,870,000

 4. 2015 Porsche 918 Spyder Roadster sold for $1,815,000

 5. 2014 McLaren P1 Coupe sold for $1,705,000

 6. 2019 Ford GT Heritage Coupe sold for $1,650,000

 7. 2019 McLaren Senna Coupe sold for $1,512,500

 8. 2017 Ford GT Coupe sold for $1,430,000

 9. 2020 Ford GT Carbon Series Coupe sold for $1,375,000

 10. 2014 Mercedes-Benz G63 AMG Sport Utility Vehicle 4×4 sold for $1,210,000

* Charity car

2020 cumulative results through Saturday

Cumulative total: $130.5M

1714/1715 lots sold: 99.9 percent sell-through rate

Average sale price: $76,142

RM SOTHEBY’S

Cumulative total: $43.3M

66/70 lots sold: 94 percent sell-through rate

Average sale price: $655,803

Overall 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. 2015 Porsche 918 Spyder Roadster sold for $1,600,000

 8. 1987 Porsche 959 Komfort Coupe 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 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: $139,846

Overall 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 512 TR 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

Overall 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: $6.8M

47/56 lots sold: 84 percent sell-through rate

Average sale price: $144,159

Overall 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: $35.8M

122/137 lots sold: 89 percent sell-through rate

Average sale price: $293,501

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent Posts

spot_img