Bids and buys strong as Arizona auctions build toward weekend

1952 Ferrari 340 America Competizione Spider sells for $6.38 million at Bonhams, which more than doubled its 2016 sales total Thursday | Andy Reid photos
1952 Ferrari 340 America Competizione Spider sells for $6.38 million at Bonhams, which more than doubled its 2016 sales total Thursday | Andy Reid photos

With action at five venues, Thursday was the first full day of auctions during Arizona Car Week 2017 and, notably, overall totals were 30 percent above 2016 figures through the same point in the week, according to Hagerty, the insurance and value-tracking company that staffs each of the Arizona sales.

Higher sales volume was a factor, Hagerty noted, with 274 more lots offered and 266 more lots sold to date. However, average sale price across all auctions was another driver, it noted, with a 7 percent improvement compared with year-ago results.

Part of the increase could be traced to the new Worldwide Auctioneers sale with a docket that includes a number of high-value cars. But overall, attendance was strong and bidding enthusiastic at all auction venues, which Hagerty called “promising for the rest of the week” as the auction dockets build toward the most expensive cars.

Also significant was the fact that Bonhams’ sale in 2016 posted only $17.5 million in transactions, but Thursday it more than doubled that figure to $36.4 million for its 2017 Scottsdale sale.

So far, Hagerty noted, “modern domestics,” American cars built from 1980-2009, have led the way in rising values, with 40 percent of those vehicles selling above condition-appropriate amounts. Doing particularly well are 1984-96 Chevrolet C4 Corvettes, 1994-2004 Ford Mustangs, and 1982-92 Pontiac Firebirds.

On the other hand, consignments from the upper end of the spectrum haven’t fared quite as well so far. The sell-through rate on million-dollar lots has fallen by 9 points year over year, and many Enzo-era Ferraris (built until 1973) have been bid to less than condition-appropriate amounts. The 1960 Ferrari 250 GT SWB California Spider at Bonhams failed to sell with a top bid at $10.65 million, and the 1960 250 GT SII Cabriolet, also at Bonhams, sold for only $1.43 million.

Had the California Spider owner accepted that $10.65 million bid, the sale would have been the first in eight-figures at any Arizona collector car auction.

A million-dollar bid wasn't enough for this 1933 Chrysler CL Imperial to change owners at RM Sotheby's sale
A million-dollar bid wasn’t enough for this 1933 Chrysler CL Imperial to change owners at RM Sotheby’s sale

Still, a number of top lots did well Thursday. RM Sotheby’s top sale was Tommy Hilfiger’s 2003 Ferrari Enzo, which sold for $2.695 million. A 2008 Lamborghini Reventon brought $1.32 million at the same venue.

Bonhams sold a highly anticipated 1963 Jaguar E-type lightweight for $7.37 million, followed by a 1952 Ferrari 340 America Competizione Spider for $6.38 million.

And it wasn’t only high-end vehicles that did well. Also impressive was a rare 1970 GMC K2500 crew cab pickup that brought $93,500 at Barrett-Jackson.

In its daily report, Hagerty noted that as a marque, of the 28 Mercedes that its staff inspected, none were bid to above a condition-appropriate price. Not all Mercedes struggled, however, 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 at the auctions 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 at Barrett-Jackson, and a 1970 Pontiac GTO Judge RA IV hardtop at Russo and Steele.

Arizona Auction Week, results through January 19

Listed below are raw results witnessed by Hagerty during live auctions. Prices include buyer’s premiums but may not include any post-block transactions.

Overall through Thursday from all auction companies

Cumulative total: $102.7 million
1,417/1,574 lots sold: 90 percent sell-through rate
Average sale price: $72,491

2016 Cumulative results through Thursday
Cumulative total: $77.9 million
1,151/1,300 lots sold: 89 percent
Average sale price: $67,680

Overall Top 10 Sales from all auctions through Thursday:

1. 1963 Jaguar E-Type Lightweight Coupe, $7,370,000 (Bonhams)
2. 1952 Ferrari 340 America Competizione Spider, $6,380,000 (Bonhams)
3. 1928 Mercedes-Benz Type S Sports Tourer, $4,812,500 (Bonhams)
4. 1931 Alfa Romeo 6C 1750 Gran Sport Spider, $2,805,000 (Bonhams)
5. 2003 Ferrari Enzo Coupe, $2,695,000 (RM Sotheby’s)
6. 1964 Porsche 904 GTS Coupe, $2,310,000 (Bonhams)
7. 1967 Chevrolet Corvette Convertible, $1,980,000 (Worldwide Auctioneers)
8. 1966 Ferrari 275 GTB/2 Longnose Coupe, $1,732,500 (Bonhams)
9. 1960 Ferrari 250 GT Cabriolet, $1,430,000 (Bonhams)
10. 1948 Tucker 48 Sedan, $1,347,500 (RM Sotheby’s)

Individual Results by auction company

Barrett-Jackson

Cumulative total through Thursday: $34.0 million
982/982 lots sold: 100 percent sell-through rate
Average sale price: $34,593

Overall Top 10 Sales:
1. 1950 Chevrolet Series 3100 1/2 Ton Custom Pickup, $205,700
2. 1956 Chevrolet Bel Air Custom Sedan, $167,200
3. 1970 Chevrolet Camaro Custom Sport Coupe, $165,000
4. 1959 Chevrolet Corvette Custom Convertible, $165,000
5. 1962 Chevrolet Corvette 327/340 Convertible, $154,000
6. 1977 Porsche 911 S Custom Coupe, $132,000
7. 1970 Chevrolet Camaro Z/28 350/360 Sport Coupe, $130,000*
8. 1967 Ford Mustang Custom Fastback, $128,700
9. 1969 Dodge D200 3/4 Ton Custom Crew Cab Pickup, $128,700
10. 1937 Ford Model 74 Custom Roadster, $118,800

* sold for charity

Thursday total: $16.4 million
348/348 lots sold: 100 percent sell-through rate
Average sale price: $47,105

Top 10 Thursday sales:
1. 1950 Chevrolet Series 3100 1/2 Ton Custom Pickup, $205,700
2. 1956 Chevrolet Bel Air Custom Sedan, $167,200
3. 1970 Chevrolet Camaro Custom Sport Coupe, $165,000
4. 1959 Chevrolet Corvette Custom Convertible, $16,5000
5. 1962 Chevrolet Corvette 327/340 Convertible, $154,000
6. 1977 Porsche 911 S Coupe, $132,000
7. 1970 Chevrolet Camaro Z/28 350/360 Sport Coupe, $130,000*
8. 1967 Ford Mustang Custom Fastback, $128,700
9. 1969 Dodge D200 3/4 Ton Custom Crew Cab Pickup, $128,700
10. 1937 Ford Model 74 Custom Roadster, $118,800

* sold for charity

2016 Results through Thursday
Cumulative total: $28.6 million
766/766 sold: 100 percent
Average sale price: $37,280

Bonhams

Thursday total: $36.4 million
86/105 lots sold: 82 percent sell-through rate
Average sale price: $422,736

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

2016 Results through Thursday
Total: $17.5 million
92/112 lots sold: 82 percent
Average sale price: $190,198

RM Sotheby’s

Thursday total: $16.1 million
65/78 lots sold: 83 percent sell-through rate
Average sale price: $247,556

Top 10 Thursday Sales:
1. 2003 Ferrari Enzo Coupe, $2,695,000
2. 1948 Tucker 48 Sedan, $1,347,500
3. 2008 Lamborghini Reventon Coupe, $1,320,000
4. 1966 Shelby Cobra 427 (CSX3101 – CSX3200) Roadster, $1,100,000
5. 1965 Aston Martin DB5 Sedan, $1,045,000
6. 1939 Bugatti Type 57 Cabriolet, $1,017,500
7. 2005 Porsche Carrera GT Coupe, $742,500
8. 1979 Lamborghini Countach LP400S Coupe, $429,000
9. 2003 Aston Martin DB AR1 Convertible, $379,500
9. 1962 Alfa Romeo SZ-2 Coupe, $379,500

2016 Results through Thursday
Total: $27.9 million
64/76 lots sold: 84 percent
Average sale price: $433,777

Russo and Steele

Thursday total: $4.0 million
167/226 lots sold: 74 percent sell-through rate
Average sale price: $23,686

Top 10 Thursday Sales:
1. 2017 Jeep Wrangler Custom Utility Vehicle 4×4, $74,250
2. 1970 Chevrolet Chevelle SS 454/360 Sport Coupe, $57,200
3. 1991 International 470 Truck, $56,100
4. 1963 Chevrolet Impala Custom Sport Coupe, $52,800
5. 2001 Dodge Viper GTS ACR Coupe, $52,250
6. 2013 Chevrolet Corvette 427 Collector Edition 427/505 Convertible, $51,700
7. 1936 Ford Model 40 Custom Coupe, $49,500
7. 1961 Chevrolet Impala Custom Convertible, $49,500
9. 1959 Chevrolet El Camino Pickup, $48,400
10. 1966 Ford Galaxie 500 Hardtop Coupe, $46,200
10. 1967 Ford Mustang Custom Fastback, $46,200

2016 Results through Thursday
Total: $3.3 million
152/215 lots sold: 71 percent
Average sale price: $21,691

Silver

Thursday total: $445,000
50/101 lots sold: 50 percent sell-through rate
Average sale price: $8,893

Top 10 Thursday Sales:
1. 1956 Chrysler Windsor, $62,640
2. 1970 Chevrolet Camaro Z/28, $38,610
3. 1957 Ford Thunderbird, $27,540
4. 1965 Ford Mustang, $20,520
5. 1968 Chevrolet Camaro, $20,250
6. 1960 Chevrolet Impala, $19,656
7. 1963 Chevrolet Impala, $18,576
8. 1972 Chevrolet K10, $18,360
9. 1956 Chevrolet 210 Townsman Station Wagon, $17,550
10. 1961 Cadillac DeVille Coupe, $14,850

2016 Results through Thursday
Total: $658,000
77/131 lots sold: 58 percent
Average sale price: $8,548

Worldwide Auctioneers

Total: $11.9M
67/82 lots sold: 82 percent sell-through rate
Average sale price: $177,658

Overall Top 10 Sales:
1. 1967 Chevrolet Corvette 427/430 Convertible, $1,980,000
2. 1955 Lancia Aurelia B24 Spider America, $1,100,000
3. 1966 Shelby GT350 Convertible, $742,500
4. 1965 Shelby GT350 Fastback, $379,500
5. 1962 Aston Martin DB4 Sedan, $37,4000
6. 2005 Ferrari 575 Superamerica Convertible, $313,500
7. 1933 Packard Super Eight-Series Coupe Roadster, $308,000
8. 1955 Porsche 356A Speedster, $297,000
9. 1937 Bentley 4 1/4-Litre Fixed-Head Coupe, $286,000
10. 1953 Porsche 356 Cabriolet, $275,000

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