Arizona Auction Week Recap

Arizona Auction Week wraps up today with sales continuing at Barrett-Jackson, Russo and Steele and Silver Auctions Arizona, but it will be somewhat anti-climactic after an amazing Saturday.

On Saturday, the high-dollar sale of the week was achieved when a 1965 Ferrari 275 GTB Speciale purpose-built for Batista Pininfarina sold for more than $8 million at Gooding & Company, and when Barrett-Jackson’s staged its Salon Collection and its emotional charity sales.

(insert link to BJ $100 million charity story)

According to Hagerty, the insurance and vehicle-valuation company that staffs each of the auction venues during the week, “Missed sales at the upper echelon is the single biggest culprit” in the fact that overall sales are down from 2017 totals, although the sell-through rate is off only one point and the average sales price is 2 percent higher than a year ago.

Only half as many cars valued in the $2 million to $5 million range have been sold this year, Hagerty noted in its daily report. “Some market observers have suggested this could be a hangover from the change in the tax code affecting 1031 like-kind exchanges of automobiles.”

However, it added, “For the rest of the market, properly presented vehicles that don’t have known issues are performing well — not only is average price up from a year ago, but vehicles are doing better against the auction house estimates than in 2017, especially for those presented in excellent condition.”

Gooding & Company had a strong day Saturday and finished its two-day sale some $16 million ahead of its 2017 Arizona sale. Not only did it post the high-sale of the week, but a 1931 Bugatti Type 55 roadster sold for $4.07 million and a 1967 Ferrari 330 GTS brought $2.53 million.

All reported sales results include auction fees.

However, as our Bob Golfen, who was present at the sale noted, “The GTB’s seller dropped the minimum price during the bidding when it became clear that it, too, would not make reserve. The sale (hammer price) was $650,000 below the low estimated value. Still, it’s a record price for the (steel-bodied version of this) Ferrari model.”

“Another multi-million Ferrari sale at Gooding that sparked interest was that of a 1967 Ferrari 330 GTS convertible that sold for $2.3 million,” Golfen noted. “Auctioneer Charlie Ross said from the podium that the black Ferrari had been re-purchased by the original owner of the car, which raised a round of applause for the unusual sale.”

The top sale Saturday at Barrett-Jackson was $2.5 million for the first 2017 Ford GT to be offered at auction. But the highlight at that sale was the 10 charity vehicles, bidding boosted by the presence of former President George W. Bush, Jay Leno and Chad McQueen, selling for $6.21 million.

Among “standard lots,” a 1969 Chevrolet Camaro ZL1 sold for $770,000, which Hagerty noted was “well above” what the Hagerty Price Guide would value such a vehicle.

The top sale at Russo and Steele was a 1964 Cheetah GT for $660,000. Another noteworthy sale there was a 1967 Chevrolet Corvette 427/435 L71 convertible that brought $302,500, which Hagerty noted was “a big jump” over the $148,000 for which the same vehicle sold at auction in 2012.

Silver Auctions Arizona had its first six-figure sale of the week Saturday when a 1969 Ford Mustang Boss 429 SportRoof sold for $206,280.

Following are preliminary results from the various venues, excluding post-block transactions. Figures include buyer’s fees.

Overall through Saturday from all auction companies

Cumulative total: $240.3 million
2,399/2,910 lots sold: 82 percent sell-through rate
Average sale price: $100,160

Prior year (2017) Cumulative results through Saturday
Cumulative total: $251.1 million
2,566/3,086 lots sold: 83 percent sell-through rate
Average sale price: $97,853

Overall Top 10 Sales from all auctions through Saturday:

1. 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000 (Gooding & Company)
2. 1958 Porsche 550A Spyder sold for $5,170,000 (Bonhams)
3. 1954 Ferrari 500 Mondial Spider sold for $4,455,000 (Gooding & Company)
4. 1931 Bugatti Type 55 Roadster sold for $4,070,000 (Gooding & Company)
5. 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500 (RM Sotheby’s)
6. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000 (Bonhams)
7. 1967 Ferrari 330 GTS Spider sold for $2,530,000 (Gooding & Company)
8. 2017 Ford GT Coupe sold for $2,500,000 (Barrett-Jackson)*
9. 2014 Pagani Huayra Coupe sold for $2,090,000 (Gooding & Company)
10. 1948 Tucker 48 Sedan sold for $1,792,500 (RM Sotheby’s)
* Charity sale

Results by auction company

BARRETT-JACKSON

Cumulative total through Saturday: $106.4 million
1,543/1,563 lots sold: 99 percent sell-through rate
Average sale price: $68,925

Overall Top 10 Sales:
1. 2017 Ford GT Coupe sold for $2,500,000*
2. 2015 Porsche 918 Spyder sold for $1,430,000
3. 2018 Chevrolet Corvette Carbon 65 Edition Convertible sold for $1,400,000*
4. 1965 Chevrolet Corvette Cutaway Coupe sold for $1,100,000
5. 1952 Ferrari 212 Europa Coupe sold for $1,100,000
6. 2019 Chevrolet Corvette ZR1 Coupe sold for $925,000*
7. 1969 Chevrolet Camaro ZL1 Sport Coupe sold for $770,000
8. 1966 Shelby GT350 Fastback sold for $605,000
9. 2006 Ford GT Heritage Coupe sold for $495,000
10. 1968 Chevrolet Corvette 427/430 L88 Coupe sold for $495,000
* Charity

Saturday total: $44.5 million
237/257 lots sold: 92 percent sell-through rate
Average sale price: $187,966

Top 10 Saturday Sales:
1. 2017 Ford GT Coupe sold for $2,500,000*
2. 2015 Porsche 918 Spyder Roadster sold for $1,430,000
3. 2018 Chevrolet Corvette Carbon 65 Edition Convertible sold for $1,400,000*
4. 1965 Chevrolet Corvette Cutaway Coupe sold for $1,100,000
5. 1952 Ferrari 212 Europa Coupe sold for $1,100,000
6. 2019 Chevrolet Corvette ZR1 Coupe sold for $925,000*
7. 1969 Chevrolet Camaro ZL1 Sport Coupe sold for $770,000
8. 1966 Shelby GT350 Fastback sold for $605,000
9. 2006 Ford GT Heritage Coupe sold for $495,000
10. 1968 Chevrolet Corvette 427/430 L88 Coupe sold for $495,000
* Charity sale

Prior year (2017) results through Saturday
Cumulative total: $95.2 million
1,558/1,566 lots sold: 99 percent sell-through rate
Average sale price: $61,091

GOODING & COMPANY

Overall total: $49.2 million
110/129 lots sold: 85 percent sell-through rate
Average sale price: $447,415

Overall Top 10 Sales:
1. 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000
2. 1954 Ferrari 500 Mondial Spider sold for $4,455,000
3. 1931 Bugatti Type 55 Roadster sold for $4,070,000
4. 1967 Ferrari 330 GTS Spider sold for $2,530,000
5. 2014 Pagani Huayra Coupe sold for $2,090,000
6. 1963 Iso Grifo A3/L Prototype Coupe sold for $1,760,000
7. 2015 McLaren P1 Coupe sold for $1,732,500
8. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,320,000
9. 1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
10. 1957 Mercedes-Benz 300SL Roadster sold for $1,083,0500

Saturday total: $25.7 million
53/62 lots sold: 85 percent sell-through rate
Average sale price: $485,411

Top 10 Saturday Sales:
1. 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000
2. 1931 Bugatti Type 55 Roadster sold for $4,070,000
3. 1967 Ferrari 330 GTS Spider sold for $2,530,000
4. 1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
5. 1957 Mercedes-Benz 300SL Roadster sold for $1,083,0500
6. 2012 Lexus LFA Nurburgring Coupe sold for $825,000
7. 1965 Lamborghini 350 GT Coupe sold for $737,000
8. 1951 Alfa Romeo 1900C Sprint sold for $616,000
9. 1970 Iso Grifo 7 Liter Coupe sold for $572,000
10. 2009 Ferrari 599 GTB Fiorano Coupe sold for $517,000

Prior year (2017) results
Total: $33.3 million
105/125 lots sold: 84 percent sell-through rate
Average sale price: $317,492

RM SOTHEBY’S

Total: $36.0 million
110/127 lots sold: 87 percent sell-through rate
Average sale price: $327,641

Overall Top 10 Sales:
1. 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500
2. 1948 Tucker 48 Sedan sold for $1,792,500
3. 1964 Ferrari 250 GT Lusso Coupe sold for $1,682,500
4. 1960 Ferrari 250 SII Cabriolet sold for $1,407,500
5. 2017 Ferrari F12tdf Coupe sold for $1,325,000
6. 1955 Alfa Romeo 1900 SS Coupe sold for $1,270,000
7. 1952 Ferrari 212 Inter Coupe sold for $1,187,500
8. 1987 Porsche 959 Komfort Coupe sold for $1,160,000
9. 1957 Mercedes-Benz 300SL Roadster sold for $1,083,000
10. 1965 Shelby Cobra 289 R&P Roadster sold for $995,000

Prior year (2017) results
Total: $53.7 million
142/159 lots sold: 89 percent sell-through rate
Average sale price: $378,248

RUSSO AND STEELE

Cumulative total through Saturday: $14.5 million
338/546 lots sold: 62 percent sell-through rate
Average sale price: $42,995

Overall Top 10 Sales:
1. 1964 Cheetah GT Coupe sold for $660,000
2. 1965 Shelby GT350 Fastback sold for $341,000
3. 1967 Chevrolet Corvette 427/435 L71 Convertible sold for $302,500
4. 2005 Ford GT Coupe sold for $236,500
5. 2005 Ford GT Coupe sold for $214,500
6. 1969 Dodge Charger Daytona Hardtop Coupe sold for $198,000
7. 1967 Chevrolet Corvette 427/400 L68 Convertible sold for $170,500
8. 2015 McLaren 650S Spider sold for $156,200
9. 1967 Porsche 911 S Targa sold for $143,000
10. 1969 Chevrolet Camaro COPO Sport Coupe sold for $143,000

Saturday total: $7.9 million
105/170 lots sold: 62 percent sell-through rate
Average sale price: $75,516

Top 10 Saturday Sales:
1. 1964 Cheetah GT Coupe sold for $660,000
2. 1965 Shelby GT350 Fastback sold for $341,000
3. 1967 Chevrolet Corvette 427/435 L71 Convertible sold for $302,500
4. 2005 Ford GT Coupe sold for $236,500
5. 2005 Ford GT Coupe sold for $214,500
6. 1969 Dodge Charger Daytona Hardtop Coupe sold for $198,000
7. 1967 Chevrolet Corvette 427/400 L68 Convertible sold for $170,500
8. 2015 McLaren 650S Spider sold for $156,200
9. 1967 Porsche 911 S Targa sold for $143,000
10. 1969 Chevrolet Camaro COPO Sport Coupe sold for $143,000

Prior year (2017) results through Saturday
Cumulative total: $18.0 million
406/595 lots sold: 68 percent sell-through rate
Average sale price: $44,266

BONHAMS

Total: $25.2 million
94/108 lots sold: 87 percent sell-through rate
Average sale price: $ 267,649

Top 10 Sales:
1. 1958 Porsche 550A Spyder sold for $5,170,000
2. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000
3. 1991 Ferrari F40 Coupe sold for $1,512,500
3. 1957 Mercedes-Benz 300SL Roadster sold for $1,512,500
5. 1930 Bentley Speed Six Le Mans Replica Tourer sold for $1,457,500
6. 2015 Porsche 918 Spyder sold for $1,292,500
7. 1995 Ferrari F50 Coupe sold for $1,155,000
8. 2006 Ford GT Coupe sold for $489,500
9. 1974 Ferrari Dino 246 GTS Spider sold for $484,000
10. 2016 Porsche 911 R Coupe sold for $478,500

Prior year (2017) results
Total: $36.3 million
86/105 lots sold: 82 percent sell-through rate
Average sale price: $422,376

WORLDWIDE AUCTIONEERS

Total: $6.1 million
50 / 82 lots sold: 61 percent sell-through rate
Average sale price: $122,319

Overall Top 10 Sales:
1. 1938 Mercedes-Benz 320 Cabriolet sold for $420,000
2. 1971 Plymouth Cuda Hardtop Coupe sold for $418,000
3. 1965 Shelby GT350 Fastback sold for $352,000
4. 1923 Duesenberg Model A Touring sold for $346,500
5. 1957 Kurtis Kraft 500G Indy Car sold for $308,000
6. 1939 BMW 327 Cabriolet sold for $253,000
7. 1953 Chevrolet Corvette Roadster sold for $250,000
8. 1965 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe sold for $244,750
9. 1959 Maserati 3500GT Coupe sold for $217,250
10. 1962 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $215,000

Prior year (2017) results
Total: $11.4 million
64/82 lots sold: 78 percent sell-through rate
Average sale price: $177,816

SILVER

Cumulative total through Saturday: $2.9 million
154/354 lots sold: 44 percent sell-through rate
Average sale price: $18,632

Overall Top 10 Sales:
1. 1969 Ford Mustang Boss 429 SportRoof sold for $206,280
2. 1959 Chevrolet Corvette Convertible sold for $78,840
3. 1962 Buick Electra 225 Sport Coupe sold for $76,680
4. 1955 Chevrolet Series 3100 ½-Ton Cameo Pickup sold for $60,480
5. 1957 Ford Thunderbird Convertible sold for $59,400
6. 1949 Ford F1 Pickup sold for $59,400
7. 1966 Jaguar E-Type SI 4.2 sold for $57,240
8. 2012 Factory Five GTM R sold for $54,000
9. 1951 Lincoln Cosmopolitan Convertible sold for $49,680
10. 1969 Chevrolet Corvette Coupe sold for $46,980

Saturday total: $1.6 million
60/151 lots sold: 40 percent sell-through rate
Average sale price: $25,847

Top 10 Saturday Sales:
1. 1969 Ford Mustang Boss 429 SportRoof sold for $206,280
2. 1959 Chevrolet Corvette Convertible sold for $78,840
3. 1955 Chevrolet Series 3100 1/2 Ton Cameo Pickup sold for $60,480
4. 1957 Ford Thunderbird Convertible sold for $59,400
5. 1949 Ford F1 Pickup sold for $59,400
6. 1966 Jaguar E-Type SI 4.2 sold for $57,240
7. 2012 Factory Five GTM R sold for $54,000
8. 1951 Lincoln Cosmopolitan Convertible sold for $49,680
9. 1969 Chevrolet Corvette Coupe sold for $46,980
10. 1957 Ford Thunderbird Convertible sold for $42,390

Prior year (2017) results
Total: $3.2 million
205/454 lots sold: 45 percent sell-through rate
Average sale price: $15,507