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Saturday Arizona auction sales exceed $93 million

Pride of Pratte collection: Bonneville concept, Blastolene Special, Super Snake and Futurliner sold Saturday for a combined $13.3 million | Larry Edsall photo
Pride of Pratte collection: Bonneville concept, Blastolene Special, Super Snake and Futurliner sold Saturday for a combined $13.3 million | Larry Edsall photo

Throughout Arizona Auction Week, we bring you daily results as reported to us by Hagerty, the classic car insurance company and pricing-guide publisher, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty staffers and may not include post-sale transactions. Figures do include the buyer’s premium.

Television’s eye was on Barrett-Jackson, and it was an amazing show that unfolded for viewers. But WestWorld of Scottsdale wasn’t the only place in Arizona where classic cars were selling Saturday, and for strong prices.

Barrett-Jackson led the way Saturday with more than $56 million in sales, but Gooding & Company did more than $26.2 million in business at its sale, Russo and Steele did some $8.4 million in transactions, and Silver Auctions added $2 million to the day’s total, which exceeded $93.3 million.

Gooding & Co. and Russo and Steele also joined Barrett-Jackson in posting million-dollar sales of individual vehicles — at Gooding, six vehicles sold for $1.155 million or more Saturday, topped by a 1962 Ferrari 400 Superamerica cabriolet that brought $4.07 million — and Russo and Steele posted its only million-dollar sale of Arizona Auction Week when a 1957 Mercedes-Benz 300SL roadster sold for $1.43 million.

Of course, Barrett-Jackson had eight million-dollar-plus sales Saturday when you include the 1966 Shelby Cobra Super Snake, which did not sell on the block but the transaction was completed immediately thereafter  for $5.115 million. That was the highest sale of the day overall and the fourth-best of the entire Arizona Auction Week.

Gooding & Co. concluded its two-day 2015 Arizona auction Saturday with $51.5 million in total sales. A year ago, Gooding’s Arizona sales totaled $48.9 million.

Silver Auctions also wrapped up its first Arizona auction of the year — it returns in the spring and again in the fall — with $3.5 million in sales. A year ago, it did $3.1 million in Arizona in January.

Barrett-Jackson and Russo and Steele conclude their sales today.

Overall through Saturday from all auction companies

Cumulative total: $276.4 million
2,304 of 2,687 lots sold: 86 percent sell-through rate
Average sale price: $119,946

Overall Top 10 Sales from all auctions through Saturday:
1. 1964 Ferrari 250 LM Coupe Sold For $9,625,000 (RM)
2. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000 (Bonhams)
3. 1959 Ferrari 250 GT LWB California Spyder Sold For $7,700,000 (Gooding & Company)
4. 1962 Ferrari 400 Superamerica Cabriolet Sold For $4,070,000 (Gooding)
5. 1950 General Motors Futurliner Bus Sold For $4,000,000 (Barrett-Jackson)*
6. 1967 Ferrari 275 GTB/4 Coupe Sold For $3,657,500 (RM)
7. 1973 Ferrari 365 GTS/4 Spyder Sold For $3,300,000 (RM)
7. 1954 Pontiac Bonneville Special Motorama Concept Car Sold For $3,300,000 (Barrett-Jackson)
9. 1966 Ferrari 275 GTB/2 Coupe Sold For $2,750,000 (RM)
9. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000 (RM)
*Car sold for charity

NOTE: 1966 Shelby Cobra Super Snake Sold For $5,115,000 (Barrett-Jackson) in a post-block transaction

2014 cumulative results through Saturday
Cumulative total: $239.3 million
2,076 of 2,510 lots sold: 83 percent sell-through rate
Average sale price: $115,248

Results by auction company

BARRETT-JACKSON
Cumulative total through Saturday: $120.7 million
1,458 of 1,480 lots sold: 99 percent sell-through rate
Average sale price: $82,749

Overall Top 10 Sales:
1. 1950 General Motors Futurliner Parade Of Progress Tour Bus Sold For $4,000,000*
2. 1954 Pontiac Bonneville Special Motorama Concept Car Sold For $3,300,000
3. 1949 Talbot-Lago T-26 Grand Sport Coupe Sold For $1,650,000
4. 1965 Shelby Cobra 427 Roadster Sold For $1,595,000
5. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,100,000
6. 1937 Mercedes-Benz 320B Cabriolet Sold For $1,045,000
7. 2016 Shelby Mustang GT350 Coupe Sold For $1,000,000*
8. 2015 Chevrolet Corvette Z06 Convertible Sold For $800,000
9. 2015 BMW M5 Sedan Sold For $700,000
10. 1936 Delahaye “Whatthehaye” Street-Rod Sold For $671,000
*Car sold for charity

NOTE: 1966 Shelby Cobra Super Snake Sold For $5,115,000 (Barrett-Jackson) in a post-block transaction

Saturday total: $51.6 million
258 of 280 lots sold: 92 percent sell-through rate
Average sale price: $200,164

Top 10 Saturday Sales:
1. 1950 General Motors Futurliner Parade Of Progress Tour Bus Sold For $4,000,000*
2. 1954 Pontiac Bonneville Special Motorama Concept Car Sold For $3,300,000
3. 1949 Talbot-Lago T-26 Grand Sport Coupe Sold For $1,650,000
4. 1965 Shelby Cobra 427 Roadster Sold For $1,595,000
5. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,100,000
6. 1937 Mercedes-Benz 320B Cabriolet Sold For $1,045,000
7. 2016 Shelby Mustang GT350 Coupe Sold For $1,000,000*
8. 1936 Delahaye “Whatthehaye” Street-Rod Sold For $671,000
9. 1991 Ferrari F40 Coupe Sold For $638,000
10. 2005 Ford GT Coupe Sold For $605,000
*Car sold for charity

NOTE: 1966 Shelby Cobra Super Snake Sold For $5,115,000 (Barrett-Jackson) in a post-block transaction

2014 results through Saturday
Cumulative total: $100.9 million
1,246 of 1,255 lots sold: 99 percent sell-through rate
Average sale price: $80,942

BONHAMS
Overall total: $24.8 million
73 of 84 lots sold: 87 percent sell-through rate
Average sale price: $340,058

Overall Top 10 Sales:
1. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000
2. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,375,000
3. 1958 Mercedes-Benz 300SL Roadster Sold For $1,237,500
4. 1964 Shelby Cobra 289 R&P Roadster Sold For $1,017,500
5. 1957 Mercedes-Benz 300SL Roadster Sold For $902,000
6. 1969 Ferrari 365 GTB/4 Coupe Sold For $748,000
7. 1938 Bugatti Type 57 Roadster Sold For $671,000
8. 1914 American Underslung 646 5-Passenger Touring Sold For $528,000
9. 1953 Mercedes-Benz 300S Coupe Sold For $511,500
10. 1948 Automobile Shippers Special Indy Roadster Sold For $473,000

Overall 2014 results
Total: $23.5 million
86 of 101 lots sold: 85 percent sell-through rate
Average sale price: $272,890

GOODING & CO
Overall total: $51.5 million
114 of 126 lots sold: 91 percent sell-through rate
Average sale price: $451,900

Overall Top 10 Sales:
1. 1959 Ferrari 250 GT LWB California Spyder Sold For $7,700,000
2. 1962 Ferrari 400 Superamerica Cabriolet (closed headlight) Sold For $4,070,000
3. 1968 Ferrari 330 GTS Spyder Sold For $2,420,000
4. 1966 Porsche 906 Carrera 6 Coupe Sold For $1,980,000
5. 1963 Ferrari 250 GT Lusso Coupe Sold For $1,925,000
6. 1959 BMW 507 Roadster Sold For $1,815,000
7. 1988 Porsche 959 Sport Coupe Sold For $1,705,000
8. 1965 Ferrari 275 GTS Spyder Sold For $1,595,000
9. 1960 Mercedes-Benz 300SL Roadster Sold For $1,567,500
10. 1964 Shelby Cobra 289 R&P Roadster Sold For $1,155,000
10. 1970 Lamborghini Miura P400 S Coupe Sold For $1,155,000

Saturday total: $26.2 million
58 of 62 lots sold: 94 percent sell-through rate
Average sale price: $451,735

Top 10 Saturday Sales:
1. 1962 Ferrari 400 Superamerica Cabriolet (closed headlight) Sold For $4,070,000
2. 1968 Ferrari 330 GTS Spyder Sold For $2,420,000
3. 1966 Porsche 906 Carrera 6 Coupe Sold For $1,980,000
4. 1988 Porsche 959 Sport Coupe Sold For $1,705,000
5. 1960 Mercedes-Benz 300SL Roadster Sold For $1,567,500
6. 1970 Lamborghini Miura P400 S Coupe Sold For $1,155,000
7. 1964 Shelby Cobra 289 R&P Roadster Sold For $979,000
8. 1936 Auburn 852 Supercharged Boattail Speedster Sold For $770,000
9. 1973 Ferrari 365 GTB/4 Daytona Coupe Sold For $698,500
10. 1968 Lamborghini 400 GT 2+2 Coupe Sold For $682,000

Overall 2014 results
Total: $48.9 million
109 of 117 lots sold: 93 percent sell-through rate
Average sale price: $448,730

RM AUCTIONS
Overall total: $59.8 million
104 of 123 lots sold: 86 percent sell-through rate
Average sale price: $574,863

Overall Top 10 Sales:
1. 1964 Ferrari 250 LM Coupe Sold For $9,625,000
2. 1967 Ferrari 275 GTB/4 Coupe Sold For $3,657,500
3. 1973 Ferrari 365 GTS/4 Daytona Spyder Sold For $3,300,000
4. 1966 Ferrari 275 GTB/2 Longnose Coupe Sold For $2,750,000
4. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000
6. 1966 Ferrari 275 GTS Spyder Sold For $2,365,000
7. 1971 Lamborghini Miura P400 SVJ Coupe Sold For $1,897,500
8. 1962 Ferrari 250 SII Cabriolet Sold For $1,705,000
9. 1965 Porsche 904 Carrera GTS Coupe Sold For $1,650,000
10. 2005 Ferrari FXX Evoluzione Coupe Sold For $1,622,500

2014 results
Total: $45.6 million
108 of 126 lots sold: 86 percent sell-through rate
Average sale price: $421,884

RUSSO AND STEELE
Cumulative total through Saturday: $16.1 million
337 of 550 lots sold: 61 percent sell-through rate
Average sale price: $47,728

Overall Top 10 Sales:
1. 1957 Mercedes-Benz 300SL Roadster Sold For $1,430,000
2. 1969 Chevrolet Camaro COPO Sport Coupe Sold For $335,500
3. 1970 Ford Mustang Boss 429 Sportsroof Sold For $330,000
4. 1974 Porsche 911 Carrera 2.7 Coupe Sold For $302,500
5. 1957 Porsche 356 Speedster Sold For $286,000
6. 1970 Plymouth Cuda Hemi Hardtop Coupe Sold For $247,500
7. 2001 Prevost XL Sold For $206,250
8. 1959 Echidna Chassis #2 Roadster Sold For $162,800
9. 1937 Cord 812 Sportsman Cabriolet Sold For $151,250
10. 1953 Jaguar XK120 Roadster Sold For $143,000

Saturday total: $8.4 million
99 of 171 lots sold: 58 percent
Average sale price: $85,275

Top 10 Saturday Sales:
1. 1957 Mercedes-Benz 300SL Roadster Sold For $1,430,000
2. 1969 Chevrolet Camaro COPO Sport Coupe Sold For $335,500
3. 1970 Ford Mustang Boss 429 SportsRoof Sold For $330,000
4. 1974 Porsche 911 Carrera 2.7 Coupe Sold For $302,500
5. 1957 Porsche 356 Speedster Sold For $286,000
6. 1970 Plymouth Cuda Hemi Hardtop Coupe Sold For $247,500
7. 2001 Prevost XL Sold For $206,250
8. 1959 Echidna Chassis #2 Roadster Sold For $162,800
9. 1937 Cord 812 Sportsman Cabriolet Sold For $151,250
10. 1953 Jaguar XK120 Roadster Sold For $143,000

2014 results through Saturday
Cumulative total: $17.3 million
348 of 580 lots sold: 60 percent sell-through rate
Average sale price: $49,829

SILVER AUCTIONS
Cumulative total through Saturday: $3.5 million
218 of 324 lots sold: 67 percent
Average sale price: $16,039

Overall Top 10 Sales:
1. 1956 DeSoto Firedome Convertible Sold For $85,320
2. 1966 Chevrolet Corvette 427 Coupe Sold For $82,080
3. 1997 Lamborghini Diablo Sold For $71,280
4. 1931 Packard Standard 8 Convertible Sold For $64,800
5. 1969 Chevrolet Corvette Coupe Sold For $60,480
6. 1975 Porsche 911 Sold For $59,940
7. 1932 Ford Hi-Boy Roadster Sold For $56,160
8. 1967 Chevrolet Chevelle 396/325 Hardtop Coupe Sold For $52,380
9. 1969 Chevrolet Camaro Z/28 Sport Coupe Sold For $48,600
10. 1956 Chevrolet Bel Air Sport Coupe Sold For $44,280

Saturday total: $2.0 million
110 of 160 lots sold: 69 percent
Average sale price: $17,994

Top 10 Saturday Sales:
1. 1956 DeSoto Firedome Convertible  Sold For $85,320
2. 1966 Chevrolet Corvette 427 Coupe Sold For $82,080
3. 1997 Lamborghini Diablo Sold For $71,280
4. 1931 Packard Standard 8 Convertible Sold For $64,800
5. 1969 Chevrolet Corvette Coupe Sold For $60,480
6. 1975 Porsche 911 Sold For $59,940
7. 1967 Chevrolet Chevelle 396/325 Hardtop Coupe Sold For $52,380
8. 1951 Chevrolet 3100 Pickup Sold For $43,200
9. 1952 Chevrolet Custom Sold For $38,880
10. 1955 Ford Fairlane Sunliner Convertible Sold For $35,100

2014 results
Total: $3.1 million
179 of 331 lots sold: 54 percent
Average sale price: $17,414

 

Ferrari frenzy continues at Arizona auctions

1964 Ferrari 250 LM sells for $9.625 million at RM | Howard Koby photo
1964 Ferrari 250 LM sells for $9.625 million at RM | Howard Koby photo

Throughout Arizona Auction Week, we bring you daily results as reported to us by Hagerty, the classic car insurance company and pricing-guide publisher, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty staffers and may not include post-sale transactions. Figures do include the buyer’s premium.

Nine of the top-10 sales so far at the classic car auctions taking place this week in Arizona have involved — no surprise here — Ferraris.

Thursday, a 1966 Ferrari 275 GTB Competizione coupe sold for $9.405 million at Bonhams. But that figure was topped Friday when RM rolled a 1964 Ferrari 250 LM coupe across its block and the car sold for $9.625 million.

The top sale Friday at Gooding & Company also was a Ferrari, a 1959 Ferrari 250 GT long-wheelbase California Spyder selling for $7.7 million.

The top four sales Friday at RM and three of the top four at Gooding were Ferraris. Combined, those seven Ferraris sold for just shy of $29.4 million.

Overall through Friday, the Arizona auctions have generated $187.6 million in sales at an average price of $105,557. A year ago through Friday, total sales were $152.2 million and the average transaction price was $97.795.

RM wrapped up its 16th annual Arizona auction Friday with seven cars selling for more than $1 million and with $59.8 million in total sales, a significant increase compared to $43.5 million a year ago. The average transaction price at RM this year was more than $570,000, a big advance from the $410,000 figure in 2014.

Gooding and Silver conclude their sales Saturday while auction action continues through Sunday at Barrett-Jackson and at Russo and Steele. Bonhams held its one-day sale Thursday.

Overall sales through Friday from all auction companies

Cumulative total: $187.6 million
1,777 of 2,014 lots sold: 88 percent sell-through rate
Average sale price:  $105,557

2014 results through Friday
Cumulative total: $152.2 million
1,556 of 1,808 lots sold: 86 percent sell-through rate
Average sale price:  $97,795

Overall Top 10 Sales from all auctions through Friday:

  1. 1964 Ferrari 250 LM Coupe Sold For $9,625,000 (RM)
  2. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000 (Bonhams)
  3. 1959 Ferrari 250 GT LWB California Spyder Sold For $7,700,000 (Gooding & Company)
  4. 1967 Ferrari 275 GTB/4 Coupe Sold For $3,657,500 (RM)
  5. 1973 Ferrari 365 GTS/4 Daytona Spyder Sold For $3,300,000 (RM)
  6. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000 (RM)
  7. 1966 Ferrari 275 GTB/2 Longnose Coupe Sold For $2,750,000 (RM)
  8. 1966 Ferrari 275 GTS Spyder Sold For $2,365,000 (RM)
  9. 1963 Ferrari 250 GT Lusso Coupe Sold For $1,925,000 (Gooding & Company)
  10. 1971 Lamborghini Miura P400 SVJ Coupe Sold For $1,897,500 (RM)

Results by auction company

BARRETT-JACKSON

Cumulative total through Friday: $69.0 million
1,200 of 1,200 lots sold: 100 percent sell-through rate
Average sale price: $57,505

Overall Top 10 Sales:

  1. 2015 Chevrolet Corvette Z06 Convertible Sold For $800,000*
  2. 2015 BMW M5 Sedan Sold For $700,000*
  3. 1999 Chevrolet Monte Carlo Nascar Busch Series Sold For $500,000*
  4. 1939 Cadillac La Salle C-Hawk Custom Hardtop Roadster Sold For $410,000*
  5. 1940 Ford Boyd Coddington Pickup Sold For $374,000
  6. 1969 Chevrolet Camaro COPO Coupe Sold For $330,000
  7. 1956 Chevrolet Bel Air Nomad Custom Wagon Sold For $275,000
  8. Beverly Hillbillies Custom Truck Sold For $275,000
  9. 1969 Chevrolet Chevelle Yenko 427 Sold For $275,000
  10. 1932 Ford Custom Show Roadster Sold For $269,500

*Sold for charity

Friday total: $23.8 million
298 of 298 lots sold: 100 percent sell-through rate
Average sale price: $79,789

Top 10 Friday Sales:

  1. 2015 Chevrolet Corvette Z06 Convertible Sold For $800,000*
  2. 1999 Chevrolet Monte Carlo Nascar Busch Series Sold For $500,000*
  3. 1939 Cadillac La Salle C-Hawk Custom Hardtop Roadster Sold For $410,000*
  4. 1956 Chevrolet Bel Air Nomad Custom Wagon Sold For $275,000
  5. 1961 Chevrolet Corvette Custom Convertible Sold For $242,000
  6. 1957 Ford Thunderbird ‘E’ Convertible Sold For $220,000
  7. 1957 Chevrolet Corvette Custom Convertible Sold For $220,000
  8. 1968 Oldsmobile 4-4-2 Convertible Sold For $209,000
  9. 1967 Chevrolet Camaro Z/28 Coupe Sold For $198,000
  10. 1957 Chevrolet Bel Air Convertible Sold For $192,500

*Sold for charity

2014 results through Friday
Cumulative Total: $49.1 million
979 of 979 lots sold: 100 percent sell-through rate
Average sale price: $50,168

RM AUCTIONS

Cumulative total through Friday: $59.8 million
104 of 123 lots sold: 86 percent sell-through rate
Average sale price: $574,863

Overall Top 10 Sales:

  1. 1964 Ferrari 250 LM Coupe Sold For $9,625,000
  2. 1967 Ferrari 275 GTB/4 Coupe Sold For $3,657,500
  3. 1973 Ferrari 365 GTS/4 Daytona Spyder Sold For $3,300,000
  4. 1966 Ferrari 275 GTB/2 Longnose Coupe Sold For $2,750,000
  5. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000
  6. 1966 Ferrari 275 GTS Spyder Sold For $2,365,000
  7. 1971 Lamborghini Miura P400 SVJ Coupe Sold For $1,897,500
  8. 1962 Ferrari 250 SII Cabroilet Sold For $1,705,000
  9. 1965 Porsche 904 Carrera GTS Coupe Sold For $1,650,000
  10. 2005 Ferrari FXX Evoluzione Coupe Sold For $1,622,500

Friday total: $32.1 million
49 of 61 lots sold: 77 percent sell-through rate
Average sale price: $681,824

Top 10 Friday Sales:

  1. 1964 Ferrari 250 LM Coupe Sold For $9,625,000
  2. 1967 Ferrari 275 GTB/4 Coupe Sold For $3,657,500
  3. 1973 Ferrari 365 GTS/4 Daytona Spyder Sold For $3,300,000
  4. 2005 Ferrari FXX Evoluzione Coupe Sold For $1,622,500
  5. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,485,000
  6. 1961 Maserati 3500GT Vignale Spider Sold For $1,347,500
  7. 1932 Packard Deluxe Eight Series 904 Sport Phaeton Sold For $1,045,000
  8. 1967 Aston Martin DB6 Vantage Saloon Sold For $687,500
  9. 1931 Minerva AL Convertible Sold For $660,000
  10. 2005 Ferrari 575 Superamerica Convertible Sold For $517,000

2014 results through Friday
Total: $43.5 million
106/126 lots sold: 84 percent sell-through rate
Average sale price: $410,207

GOODING AND CO

Friday total: $25.3 million
56 of 64 lots sold: 88 percent sell-through rate
Average sale price: $452,071

Overall Top 10 Sales:

  1. 1959 Ferrari 250 GT LWB California Spyder Sold For $7,700,000
  2. 1963 Ferrari 250 GT Lusso Coupe Sold For $1,925,000
  3. 1959 BMW 507 Roadster Sold For $1,815,000
  4. 1965 Ferrari 275 GTS Spyder Sold For $1,595,000
  5. 1964 Shelby Cobra 289 R&P Roadster Sold For $1,155,000
  6. 1990 Ferrari 641/2 F1 Sold For $990,000
  7. 1967 Ferrari 330 GTC Coupe Sold For $907,500
  8. 1956 Maserati A6G/2000 Coupe Sold For $715,000
  9. 1963 Porsche Carrera 2 GS Coupe Sold For $643,500
  10. 1958 Rolls-Royce Silver Cloud I HJ Mulliner Drop-Head Coupe Sold For $550,000

2014 results through Friday
Total: $25.9 million
56 of 59 lots sold: 95 percent sell-through rate
Average sale price: $461,980

BONHAMS

Overall total: $24.3M
71 of 84 lots sold: 85 percent sell-through rate
Average sale price: $342,356

Overall Top 10 Sales:

  1. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000
  2. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,375,000
  3. 1958 Mercedes-Benz 300SL Roadster Sold For $1,237,500
  4. 1964 Shelby Cobra 289 R&P Roadster Sold For $1,017,500
  5. 1957 Mercedes-Benz 300SL Roadster Sold For $902,000
  6. 1969 Ferrari 365 GTB/4 Coupe Sold For $748,000
  7. 1938 Bugatti Type 57 Roadster Sold For $671,000
  8. 1914 American Underslung 646 5-Passenger Touring Sold For $528,000
  9. 1953 Mercedes-Benz 300S Coupe Sold For $511,500
  10. 1948 Automobile Shippers Special Indy Roadster Sold For $473,000

Overall 2014 results
Total: $23.5 million
86 of 101 lots sold: 85 percent sell-through rate
Average sale price: $272,890

RUSSO AND STEELE

Cumulative total through Friday: $7.6 million
238 of 379 lots sold: 64 percent sell-through rate
Average sale price: $32,109

Overall Top 10 Sales:

  1. 2014 Shelby Cobra 50th Anniversary Roadster Sold For $111,100
  2. 1956 Chevrolet 210 Sedan Sold For $107,800
  3. 1949 Dodge 2 1/2 Ton Truck Flatbed Sold For $96,800
  4. 1967 Chevrolet Corvette Coupe Sold For $90,200
  5. 1957 Chevrolet Bel Air Nomad Station Wagon Sold For $85,800
  6. 1966 Chevrolet Corvette Convertible Sold For $85,800
  7. 1957 Ford Thunderbird Convertible Sold For $85,250
  8. 1961 Chevrolet Corvette Convertible Sold For $82,500
  9. 1940 Mercury 09A Convertible Sold For $77,000
  10. 2003 Ferrari 456 MGTA Coupe 2+2 Sold For $73,150

Friday total: $4.6 million
110 of 186 lots sold: 65 percent sell-through rate
Average sale price: $40,898

Top 10 Friday sales:

  1. 2014 Shelby Cobra 50th Anniversary Roadster Sold For $111,100
  2. 1956 Chevrolet 210 Sedan Sold For $107,800
  3. 1949 Dodge 2 1/2 Ton Truck Flatbed Sold For $96,800
  4. 1967 Chevrolet Corvette Coupe Sold For $90,200
  5. 1957 Chevrolet Bel Air Nomad Station Wagon Sold For $85,800
  6. 1966 Chevrolet Corvette Convertible Sold For $85,800
  7. 1957 Ford Thunderbird Convertible Sold For $85,250
  8. 1940 Mercury 09A Convertible Sold For $77,000
  9. 2003 Ferrari 456 MGTA Coupe 2+2 Sold For $73,150
  10. 1970 Plymouth Cuda AAR Hardtop Coupe Sold For $71,500

2014 results through Friday
Total: $9.1 million
257 of 403 lots sold: 64 percent sell-through rate
Average sale price: $35,518

SILVER

Cumulative total through Friday: $1.5M
108 of 164 lots sold: 66 percent sell-through rate
Average sale price: $14,047

Overall Top 10 sales:

  1. 1932 Ford Roadster Sold For $56,160
  2. 1969 Chevrolet Camaro Z/28 Sport Coupe Sold For $4,600
  3. 1956 Chevrolet Bel Air Sport Coupe Sold For $44,280
  4. 1940 Mercury Convertible Sold For $40,500
  5. 1957 Austin-Healey 100-6 BN4 Roadster Sold For $38,340
  6. 1932 Chevrolet Coupe Sold For $35,100
  7. 1959 Cadillac DeVille Hardtop Coupe Sold For $34,560
  8. 1957 Chevrolet Bel Air Sport Coupe Sold For $34,020
  9. 1954 Ford Meteor Coupe Sold For $32,940
  10. 1966 Shelby Cobra Replica Roadster Sold For $32,400

Friday total: $1.4 million
94 of 136 lots sold: 69 percent sell-through rate
Average sale price: $15,099

Top 10 Friday sales:

  1. 1932 Ford Roadster Sold For $56,160
  2. 1969 Chevrolet Camaro Z/28 Sport Coupe Sold For $4,600
  3. 1956 Chevrolet Bel Air Sport Coupe Sold For $44,280
  4. 1940 Mercury Convertible Sold For $40,500
  5. 1957 Austin-Healey 100-6 BN4 Roadster Sold For $38,340
  6. 1932 Chevrolet Coupe Sold For $35,100
  7. 1959 Cadillac DeVille Hardtop Coupe Sold For $34,560
  8. 1957 Chevrolet Bel Air Sport Coupe Sold For $34,020
  9. 1954 Ford Meteor Coupe Sold For $32,940
  10. 1966 Shelby Cobra Replica Roadster Sold For $32,400

2014 results through Friday
Total: $1.1 million
72 of 140 lots sold: 51 percent sell-through rate
Average sale price: $15,334

 

Barn finds, Cuban cars draw panelists’ attention

Panelists (from left): Hagerty, Carini, Oscar Pereda of Michelin and Menneto | Jim Resnick photos
Panelists (from left): Hagerty, Carini, Oscar Pereda of Michelin and Menneto | Jim Resnick photos

Russo and Steele auctions hosted a seminar Friday designed to help some car owners understand how to extract the most value from their classic vehicles when they decide to sell at auction.

Barn Find cars
With so many “barn find” cars in the news lately, the panel began with that subject and how to treat them, their values — which seem to be at an all-time high — and what they mean for the collector hobby in general.

“With barn find cars, what you do with it depends totally on what kind of car it is,” said Jim Menneto of Hemmings Motor News. “If you find a 1937 Mercedes tucked away in obscurity that’s in operational condition and original, I’d think twice about doing anything to it. On the other hand, if you find a similar 1977 Chevy, that’s a totally different story.”

Hagerty makes a point
Hagerty makes a point

“You have to ask yourself what you want any classic to be,” said McKeel Hagerty of the insurance company that bears his family’s name, “because putting some things right on certain older cars swill be prohibitively expensive, like chrome on 1950s cars like Cadillacs. Rechroming parts is so expensive now. Redoing a ’59 Caddy will run you $30,000 in chrome-plating alone.”

“It’s rare to find a car in a barn that’s worth a damn,” chuckled Wayne Carini, owner of F40 Motorsports and host of the television show Chasing Classic Cars.

“They’re great as long as they’ve been maintained to some degree,” he continued. “Sometimes, I travel to look at a barn car and I can’t even tell what kind of car it is, it’s so dilapidated. And then it’s clearly not worth the time or effort. I’d say that if you are in the market for a collectible car, don’t expect to make the find of the century. It’s not going to happen and you’ll have wasted time you could have spent enjoying your car.”

“I think we need to make a distinction between a preservation-class car and a typical barn find,” said Hagerty. “I’ve been judging preservation-class cars at Pebble Beach for about 15 years and there are differences. Barn finds are often too far gone to keep as you found them. Also, Europeans appreciate preserved cars quite a bit more than we do here in the U.S., so if you’re interested in marketing your car abroad, don’t overlook that fact.”

All the experts were unanimous on one overriding fact. If you have a car that can remain well preserved without a restoration, think hard and long before restoring it because it can only be original once. And this goes to the main point of the whole discussion panel’s purpose: An original car will see greater value and appreciation over the long haul than a perfectly restored car.

You can find 50 highly restored cars in concours condition. But a preserved or survivor car is simultaneously original-spec and unique. Preservation cars wear years and use nobly.

Hagerty said another way to think about selective restoration work on a car and how it affects value.

“If just some work is done,” he says, “like a partial repaint or a repainted body but the interior retains its original, highly aged upholstery, does everything still appear to have aged together? That is something I look for personally, but something that also matters to a car’s value. I think the marketplace will note that and the car’s value will suffer.”

Cuban cars
With the Obama administration recently making the historic decision moving toward opening official relations with Cuba, the panel turned to the question about whether this opens up an opportunity to find older classics.

“Well, under communist rule, if the Cuban government found out you had a valuable car or one that post-dated Castro, they’d come and take it,” said Carini. “At one time, there were significant interesting cars in Cuba like Gullwing Mercedes, Ferraris, old race cars and rare American iron. But it’s very likely all those were extracted decades ago.”

Carini said that special cars were broken apart back then.

“Special interest cars in Cuba just after the revolution were often dismantled with the engine tucked away in one place, wheels in another location, bodies in yet another and so on, so that they wouldn’t be noticed by the government and taken away.”

Hagerty said that old American cars still running in Cuba — and often are featured in photos on the news or Internet, but are held together with chewing gum and bailing wire.

“The people running those old cars have gone through several generations of major repairs and parts,” said Hagerty. “And these are field repairs, for sure, often done without lathes to fabricate new parts – only using manual files.” It’s truly remarkable how Cuban mechanics and drivers have kept those old cars going, but it does not bode well for the collector seeking opportunities.

“It makes Cuba the Galapagos Island of the car world because of that isolation,” Hagerty says. “What they have there now bears almost no relation to the progenitor car species.”

Buy them now
There are some modern cars that will have collectible potential, and the panel couldn’t resist talking about them. The BMW Z8 and the already-rising Ford GT are fairly well-known as collectibles, but the experts also had some new suggestions.

“Both the Ferrari 550 and 575 Maranello are cars that will likely ascend in value,” remarked Hagerty. “And just watch what happens with Ferrari 308s and Testarossas.”

Indeed, the whole group agreed that cars from the 1970s will rise in value, and in some cases, have already started.

Menetto continued that thought: “On modern cars, it really comes down to low production numbers,” he said. “If there were few to begin with, there will be even fewer to end with.”

 

 

Arizona auctions top $100 million, and the weekend is just beginning

Le Mans-raced 1966 Ferrari sells for $9.5 miliion at Bonhams | Larry Edsall photo
Le Mans-raced 1966 Ferrari sells for $9.5 miliion at Bonhams | Larry Edsall photo

Throughout Arizona Auction Week, we bring you daily results as reported to us by Hagerty, the classic car insurance company and pricing-guide publisher, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty staffers and may not include post-sale transactions. Figures do include the buyer’s premium.

Friday and Saturday are supposed to be the big sales days within the annual Arizona Auction Week, but that’s changed this year. First, there was the sale Tuesday at Barrett-Jackson of more than cars from the Ron Pratte collection. Then, on Thursday, RM and Bonhams combined to sell 13 cars for $1 million or more, including a 1966 Ferrari 275 GTB Competizione coupe that went for $9.405 million at Bonhams.

Add in the results so far from Barrett-Jackson, plus the opening-day sales at Russo and Steele and at Silver, and the Arizona auctions go into Friday’s bidding already with more than $100 million in sales.

RM did $27.7 million in sales on its opening day in Arizona with nine cars selling for $1 million or more, including three Ferraris that topped $2 million. RM’s Thursday sales were far beyond the $16.6 million it did on its opening day a year ago.

Bonhams generated $24.3 million in sales Thursday, when it sold 15 fewer cars than it did a year ago but sold them for more money; sales at its single-day 2014 auction in Arizona totaled $23.5 million. Also significant for the auction house and its clients was the average sales price: nearly $350,000 this year vs. less than $275,000 a year ago.

Barrett-Jackson sold 302 lots Thursday for $15.8 million, led by a 2015 BMW M5 sedan that brought $700,000 for charity, the BMW Car Club of America Foundation.

Russo and Steele opened its 2015 auction with $3.1 million in sales. Silver Auctions also started, with $97,740 in sales.

The auctions continue today at Barrett-Jackson, RM, Russo and Steele and Silver and begin at Gooding & Company.

Overall  sales through Thursday from all auction companies
Cumulative Total: $100.5 million
1,172/1,269 lots sold (92 percent sell-through rate)
Average Sale Price:  $85,768

Overall Top 10 Sales from all auctions through Thursday:

  1. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000 (Bonhams)
  2. 1966 Ferrari 275 GTB/2 Coupe Sold For $2,750,000 (RM)
  3. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000 (RM)
  4. 1966 Ferrari 275 GTS Spyder Sold For $2,365000 (RM)
  5. 1971 Lamborghini Miura SVJ Coupe Sold For $1,897,500 (RM)
  6. 1962 Ferrari 250 SII Cabriolet Sold For $1,705,000 (RM)
  7. 1965 Porsche 904 Carrera GTS Coupe Sold For $1,650,000 (RM)
  8. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,375,000 (Bonhams)
  9. 1990 Ferrari F40 Coupe Sold For $1,265,000 (RM)
  10.  1958 Mercedes-Benz 300SL Roadster Sold For $1,237,500 (Bonhams)

2014 Cumulative Results through Thursday
Cumulative Total:  $70.2M
967 of 1,072 lots sold (90 percent sell-through rate)
Average Sale Price:  $72,617

BARRETT-JACKSON

Cumulative Total through Thursday: $45.2 million
902 of 902 lots sold (100 percent sell-through rate)
Average Sale Price: $50,147

Overall Top 10 Sales:

  1. 2015 BMW M5 4-dr. Sedan Sold For $700,000*
  2. 1940 Ford Boyd Coddington Pickup Sold For $374,000
  3. 1969 Chevrolet Camaro COPO Coupe Sold For $330,000
  4. 1969 Chevrolet Chevelle Yenko 427 Sold For $275,000
  5. Beverly Hillbillies Custom Truck Sold For $275,000
  6. 1932 Ford  Custom Show Roadster Sold For $269,500
  7. 1956 Ford F-100 Short Bed Pickup Sold For $253,000
  8. 1956 Chrysler Custom Sport Wagon Sold For $242,000
  9. 1954 Chevrolet Corvette Coddington Custom Sold For $242,000
  10. 1970 Plymouth Hemi Cuda Hardtop Sold For $225,500

*Sold for charity

Thursday total: $15.8 million

302 of 302 lots sold (100 percent sell-through rate)

Average Sale Price: $52,233

Top 10 Thursday Sales:

  1. 2015 BMW M5 Sedan Sold For $700,000*
  2. 1956 Ford F-100 Short Bed Pickup Sold For $242,000
  3. 1933 Ford Custom Roadster Sold For $198,000
  4. 2016 Cadillac CTS-V Sedan Sold For $170,000*
  5. 1956 Ford F-100 Short Bed Pickup Sold For $161,700
  6. 1973 Jaguar E-type 2+2 Coupe Sold For $135,300
  7. 1979 Oldsmobile Cutlass Hurst Coupe Sold For $140,000*
  8. 1967 Ford Mustang Custom Fastback Sold For $112,200
  9. 1958 Chevrolet Bel Air Impala Convertible Sold For $110,000
  10. 1966 Ford Mustang Convertible Sold For $110,000
  11. 1969 Pontiac GTO Judge RA III Coupe Sold For $110,000
  12. 1971 Plymouth Barracuda 383/300 Convertible Sold For $110,000
  13. 1969 Pontiac GTO Judge RA III Coupe Sold For $110,000

*Sold for charity

2014 Results through Thursday

Cumulative Total: $26.7 million

691/691 sold (100 percent sell-through rate)

Average Sale Price: $38,622

BONHAMS

Thursday total: $24.3 million

71 of 84 lots sold (85 percent sell-through rate)

Average Sale Price: $342,356

Top 10 Thursday Sales:

  1. 1966 Ferrari 275 GTB Competizione Coupe Sold For $9,405,000
  2. 1955 Mercedes-Benz 300SL Gullwing Coupe Sold For $1,375,000
  3. 1958 Mercedes-Benz 300SL Roadster Sold For $1,237,500
  4. 1964 Shelby Cobra 289 R&P Roadster Sold For $1,017,500
  5. 1957 Mercedes-Benz 300SL Roadster Sold For $902,000
  6. 1969 Ferrari 365 GTB/4 Coupe Sold For $748,000
  7. 1938 Bugatti Type 57 Roadster Sold For $671,000
  8. 1914 American Underslung 646 5-Passenger Touring Sold For $528,000
  9. 1953 Mercedes-Benz 300S Coupe Sold For $511,500
  10. 1948 Automobile Shippers Special Indy Roadster Sold For $473,000

2014 Results through Thursday

Total: $23.5 million

86/101 lots sold (85 percent sell-through rate)

Average Sale Price: $272,890

RM AUCTIONS

Thursday total: $27.7 million

57 of 62 lots sold (91 percent sell-through rate)

Average Sale Price: $486,667

Top 10 Thursday Sales:

  1. 1984 Ferrari 288 GTO Coupe Sold For $2,750,000
  2. 1966 Ferrari 275 GTB/2 Coupe Sold For $2,750,000
  3. 1966 Ferrari 275 GTS Spyder Sold For $2,365,000
  4. 1971 Lamborghini Miura SVJ Coupe Sold For $1,897,500
  5. 1962 Ferrari 250 SII Cabriolet Sold For $1,7050,00
  6. 1965 Porsche 904 Carrera GTS Coupe Sold For $1,650,000
  7. 1990 Ferrari F40 Coupe Sold For $1,265,000
  8. 1957 Mercedes-Benz 300SL Roadster Sold For $1,210,000
  9. 1988 Porsche 959 Komfort Coupe Sold For $1,045,000
  10. 1966 Shelby Cobra 427 Roadster Sold For $990,000

2014 Results through Thursday

Total: $16.6 million

56/87 lots sold (84 percent sell-through rate)

Average Sale Price: $296,018

RUSSO AND STEELE

Thursday total: $3.1 million

128 of 193 lots sold (66 percent sell-through rate)

Average Sale Price: $24,557

Top 10 Thursday Sales:

  1. 1961 Chevrolet Corvette Convertible Sold For $82,500
  2. 1995 BMW M3 Coupe Sold For $71,500
  3. 1956 Chevrolet Series 3100 Pickup Sold For $60,500
  4. 1939 Ford Deluxe Convertible Sold For $60,500
  5. 2003 Porsche 911 Coupe Sold For $57,200
  6. 1962 Chevrolet Corvette Convertible Sold For $56,100
  7. 1956 Ford F100 Short Bed Pickup Sold For $55,000
  8. 1960 Cadillac DeVille Coupe Sold For $55,000
  9. 1949 Ford F-1 Pickup Sold For $50,600
  10. 2007 Mercedes-Benz CL600 Coupe Sold For $48,400

2014 Results through Thursday

Total: $3.5 million

134 of 213 lots sold (63 percent sell-through rate)

Average Sale Price: $26,028

SILVER AUCTIONS

Thursday total: $97,740

14 of 28 lots sold (50 percent sell-through rate)

Average Sale Price: $6,981

Top 10 Thursday Sales:

  1. 1960 Ford Thunderbird Sold For $16,956
  2. 1972 Volkswagen Karmann Ghia  Sold For $10,692
  3. 2001 Audi TT Convertible Sold For $10,260
  4. 1974 Saab Sonett Coupe Sold For $8,208
  5. 2003 Ford Thunderbird Convertible Sold For $7,668
  6. 1969 GMC Pickup Sold For $7,128
  7. 1971 Rolls-Royce Silver Shadow Sedan Sold For $7,020
  8. 1979 Ford F-250 Pickup Sold For $6,372
  9. 2004 Volkswagen Beetle Cabriolet Sold For $6,156
  10. 1986 Nissan 300ZX Coupe Sold For $5,724

Note:  Silver did not have a Thursday sale in 2014

 

Less boom, but no bust in 2015, say classic car experts

Boom or Bust panelists (from left) Rob Sass of Hagerty, Rick Carey, Don Williams, Wayne Carini, Ken Lingenfelter, Donnie Gould of Auctions America and Dave Kinney, appraiser and Hagerty Price Guide publisher | Larry Edsall photos
Boom or Bust panelists (from left) Rob Sass of Hagerty Classic Cars magazine, Rick Carey, Don Williams, Wayne Carini, Ken Lingenfelter, Donnie Gould of Auctions America and Dave Kinney, appraiser and Hagerty Price Guide publisher | Larry Edsall photos

Car crashes are never good things, let alone something to celebrate. Nonetheless, in recognition of the 25th anniversary of the worst crash in the history of the car-collecting hobby, the largest of classic car insurance companies assembled a panel of experts Thursday to stage a sort of autopsy. Well, actually more of an exercise in forensic anthropology.

The point of the pathological exercise was to remind everyone of what happened back then, and to draw comparisons or contrasts to the recent escalation in the prices being paid for classic vehicles.

“Twenty-fifteen isn’t 1990,” said Don Williams, who’s been involved with the buying and selling of classic cars since he was 19 years ago and who, for many years, has been the owner of the acclaimed Blackhawk Collection.

Williams told the standing-room-only audience at the Penske Motorsports Museum in Scottsdale, Arizona, about spending $150,000 to buy a car — a Shelby Cobra, no less — during the frantic, speculator-fueled price run-up in the late 1980s and then, after that bubble burst and a panic-selling mentality took over, how in 1992 he had little choice but to sell that same car at auction in Arizona for $50,000.

Williams said a recession is when you see your neighbor suffer financial setback, but a depression is when you are the one suffering.

In the early 1990s, everyone suffered.

And with the recent surge in classic car transaction prices, might the same thing be about to happen again? “Boom or Bust? What 2015 Holds for the Market,” was the title of the Hagerty Seminars’ presentation that included Williams as one of seven panelists.

During seminar, Hagerty projected this chart, which uses a 100-point scale to track the strength of the collector car market over the last 25 years
During seminar, Hagerty projected this chart, which uses a 100-point scale to track the strength of the collector car market over the last 25 years

The consensus, as Williams noted, is that 2015 is not 1990. None of the panelists even mentioned the term “market correction.” And while many expect to see less dramatic growth in prices, they don’t anticipate a crash waiting around the next curve. And they offered several reasons:

In the late ’80s and very early ’90s, there was no Internet posting transaction prices within minutes of a sale.

“Nobody knew what cars were worth,” said Rick Carey, who began tracking and reporting those prices just as the bubble was bursting.

In the late ’80s and very early ’90s, speculators bankrolled by too-easy-to-obtain bank loans were the ones driving up prices, and selling the cars they bought not to collectors but to each other — at 20 percent markups — before the cars finally went into a collector’s garage.

Wayne Carini, long-time car-restoration specialist and host of the Chasing Classic Cars television show, shared the story of being asked by a bank to go to Florida to retrieve a Ferrari Daytona Spider on which it had issued an unpaid million-dollar loan. What Carini found wasn’t a true Spider but a Ferrari that had had its roof chopped off, that probably had cost $150,000 and enabled the speculator-buyer to simply walk away with $850K.

“A lot of that went on,” Williams said, noting one case in Europe in which banks lost $100 million on such loans.

And yet, it wasn’t all that long ago that people were buying classic cars with money borrowed against the equity of homes with inflated values.

Don Williams slides over to check out some of Rick Carey's sales-tracking statistics
Don Williams slides over to check out some of Rick Carey’s sales-tracking statistics

But since the recovery — here and elsewhere — the panelists agreed, it is the end users, the collectors, who are buying cars, and primarily with their own money, money they can afford to spend.

“Now,” said Williams, “everyone is paying the current market value.”

The increases in car values are the result of true market influences — supply and demand. The supply of cars remains finite while the demand increases as the expansion of auction schedules, and televised coverage not only of those events but of other collector-car programming, brings more people into the market. And people from around the globe.

“A lot of people from Europe and South Korea and other parts of the world want in,” said Ken Lingenfelter, a long-time collectors and performance-parts manufacturer.

A question from the audience asked about the recent sale of some major collections, and whether those collectors were getting out while the getting is good.

“I’ve been in this my whole life,” Williams said. “There are changes of generations, but there are always new people coming in (and buying).”

Carini noted a big microcar collection sold in 2013 by Bruce Weiner, and explained that Weiner fills his building with cars, and when it’s full, he sells those cars and starts a new collection.

Carey noted that Ron Pratte is selling his huge car collection this week at Barrett-Jackson, where 110 of Pratte’s cars and other vehicles brought in $13.272 million on Tuesday, with the best of his cars still to cross the block Saturday.

Carey said he was able to compare what Pratte paid for 60 of the cars sold Tuesday, some of them cars for which people thought Pratte had overpaid. And maybe he did, but when they sold Tuesday, it was for 22 percent ($1.85 million) more than Pratte had paid.

Williams noted that people point to the six Arizona auctions as a barometer for the year ahead. However, he said, they really are an indicator to the public of where the market has been for the past year. Auction sales represent only the tip of the classic car marketplace iceberg, and most sales — especially of high-cost cars — take place in what are called private treaty sales reported perhaps to the buyer’s and seller’s accountants, lawyers and insurance companies, but not to anyone else.

 

Experts assess rising tide of collector-car values in ‘Sports Car Market’ seminar

Values for top Ferraris, such as this 1959 250 GT LWB Spider at Gooding, continue to soar | Bob Golfen photos
Values for top Ferraris, such as this 1959 250 GT LWB Spider at Gooding, continue to soar | Bob Golfen photos

Rising values, worth vs. drivability, and the fact that high-value collector cars are too-often seen today as precious commodities rather than classic automobiles meant to be enjoyed – these were the overarching themes of Thursday’s second annual Sports Car Market Scottsdale Insider’s Seminar.

“As you heard, we are all slightly saddened that collector cars are being looked at primarily as investments,” moderator Donald Osborne said in summing up the panel discussion held at the Gooding & Company auction tent in Scottsdale.

Osborne, a well-know collector-car expert, writer, appraiser and commentator, both emceed and took part in the seminar, which provided a look at some of the leading trends of the classic car market during Arizona’s  famous auction week. Plus, the witty banter between the panelists drew lots of laughs from the crowd of several hundred.

The panelists consider the trends for Jaguar E-Type Series 1 roadsters
The panelists consider the trends for Jaguar E-Type Series 1 roadsters

Osborne was joined onstage by four of the top collector-car experts in the business, all of them regular contributors to Sports Car Market magazine: Carl Bomstead, writer, collector and concours judge; Colin Comer, classic car dealer, author, editor and prolific commentator; Simon Kidston, top-tier auction expert, car-collecting consultant and concours host; and Steve Serio, Aston Martin dealer and unflagging aficionado of European sports cars.

The rapid rise over the past few years of auction results for classic cars, especially for Ferraris, Porsches and other key vintage rides, is both exhilarating and worrying, Serio said.

“This is a like when the stock market first started,” he said. “This is relatively new. It really has become an asset-based marketplace.”

The discussion was wide-ranging but focused on eight European sports cars that represent various aspects of the collector-car market:

1960-63 Ferrari 250 GTE – “This is the runt of the litter,” Kidston said in dismissing the desirability of the four-seater that has been dragged up in value by more important Ferraris. “They are a ‘poor man’s Ferrari’ worth $400,000 to $450,000 today.”

1960-61 Jaguar E-type Series 1 convertible – “The devil’s in the details with these cars,” Bomstead said, noting that they are expensive to restore and become considerably less valuable with just minor flaws. They have seen a strong surge in overall value, he added, which will most likely continue.

Kidston called it, “The iconic supercar of the ’60s.”

1964-64 Porsche 356C and 356SC coupe – The $80,000 to $100,000 value estimate for 2015 by the SCM price guide is “wildly outdated,” Serio said. “For a great driving ’65, it would take $150,000 to $175,000 to get into one now.”

1968-76 Triumph TR6 – Values for these have stayed flat, in the $20,000 to $25,000 range, the panelists observed. “They are not an investment,” Kidston said. “They don’t have that ‘wow’ factor.”

But Comer took a more positive stance on the TR6, that they are fun cars that most people can still buy without breaking the bank.

“Not bad to have a British sports car that people can still afford and then have fun with them,” Comer said.

1965-68 Porsche 911 – “The explosion in value of 911s is quite incredible,” Kidston said. “I do find it troubling and somewhat baffling.”

But values for 911s are expected to remain strong, Serio added. “It’s a shape that appeals to all generations.”

1955-58 Lancia Aurelia convertible – “They have had a fairly solid run up, but these cars have arguably fallen back a bit,” Kidston said of the value. “This is a nice car to drive and to go on events, but it’s not the best (Lancia).”

1954-57 Mercedes-Benz 300SL gullwing coupe – “They continue to be the gold standard,” Bomstead said as he noted the expected 2015 value range of $1.1 million to $1.5 million.

“The gullwing is one of those cars that have a worldwide market,” Kidston added. “It is also one of the most usable of classic cars.”

1960-62 Ferrari 250 GT SWB coupe (steel-bodied) – Noting that the SCM estimated value for the short-wheelbase 250 GT has risen sharply to a very exclusive $9 million to $10 million, Comer said, “As for the values (for top Ferraris), when will they stop? They seem to be endless, but we all know better than that.”

Donald Osborne reveals his arcane, Lancia-dominated choices
Donald Osborne reveals his arcane, Lancia-dominated choices

After that discussion, the five experts engaged in a competition of choices called The Perfect Pair, in which they picked two collector cars that could both be purchased in three price ranges: under $50,000, under $500,000 and under $5 million. Each also picked a “wild card” of whatever they wanted.

The choices were revealing. Bomstead’s were all pre-war classics, Kidston’s were somewhat add Europeans (including a Fiat 600 Multiplia, a model that he said most often were seen in Italy driven by Catholic nuns), Comer’s were quirky and clever, Osborne’s were essentially all Lancias, and Serio’s were a thoughtful group of exotic sports cars and drivable classics.

Osborne took a vote based on a hand-held volume gauge to measure applause, and Serio’s range of picks was the winner hands down, although Bomstead, Kidston and Comer each received respectable applause.

Not so for Donald Osborne. By far the biggest laugh of the morning happened when Osborne’s turn for applause came around for his choices.

And absolutely nobody clapped.

Barrett-Jackson posts $11.8 million in sales Wednesday

Throughout Arizona Auction Week, we’ll be bringing you daily results as reported to us by Hagerty, the classic car insurance company and pricing-guide publisher, which staffs each of the venues and tracks the sales. These are raw results witnessed by Hagerty staffers and may not include post-sale transactions. Figures do include the buyer’s premium.

Wednesday, January 14

BARRETT-JACKSON

Cumulative Total through Wednesday: $29.5 million
600 of 600 lots sold: 100-percent sell-through rate
Average Sale Price: $49,097

Overall Top 10 Sales:
1. 1940 Ford Boyd Coddington Pickup Sold For $374,000
2. 1969 Chevrolet Camaro COPO Coupe Sold For $330,000
3. Beverly Hillbillies Custom Truck Sold For $275,000
4. 1969 Chevrolet Chevelle Yenko 427 Sold For $275,000
5. 1932 Ford  Custom Show Roadster Sold For $269,500
6. 1954 Chevrolet Corvette Coddington Custom Sold For $242,000
6. 1956 Chrysler  Custom 2-Dr. Sport Wagon Sold For $242,000
8. 1970 Plymouth Hemi Cuda 2-Dr. Hardtop Sold For $225,500
9. 1932 Ford Muroc II Roadster Sold For $222,200
10. 1970 Dodge Hemi Charger R/T Hardtop Sold For $220,000
10. 1955 Chevrolet Bel Air Nomad Autorama Custom Wagon Sold For $220,000
10. 1965 Ford Mustang Custom Fastback Sold For $220,000
10. 1978 Tupolev N007 Gullwing Boat Sold For $220,000
10. 1962 Chevrolet Impala SS Convertible Sold For $220,000
10. 1932 Ford Factory Show Chassis Sold For $220,000
10. 1955 Pontiac Star Chief Convertible Sold For $220,000
10. 1955 Chevrolet Bel Air Nomad Custom Wagon Sold For $220,000

Wednesday total: $11.8 million
319 of 319 lots sold
Average Sale Price: $36,825

Top 5 Wednesday Sales:
1. 1964 Jaguar E-type Roadster Sold For $181,500
2. 1936 Ford Convertible Sold For $104,500
3. 1935 White Custom Bus Sold For $90,200
4 1950 Chevrolet Series 3100 Pickup Sold For $89,100
5. 2015 Jeep Wrangler Custom  Sold For $85,000*

*Sold for Charity

2014 Results through Wednesday
Cumulative Total: $14.6 million
425 of 425 sold
Average Sale Price: $34,461

Restore or modify? Experts offers suggestions to muscle car buyers

(From left), Pickering, Comer, Bomstead and Carlson discuss muscle cars | James Resnick photo
(From left), Pickering, Comer, Bomstead and Carlson discuss muscle cars | James Resnick photo

The greatest thing about car collecting is not the speed, the swoopy designs, the history, the visible progress of technology or the togetherness and camaraderie of like-minded people. Nope. The single best thing is that there’s something for everyone.

In all of my years hanging around cars, be they old or new, race or street, big or small, cheap or more dear than the Gross National Product of a small country, no one has ever said, “There just isn’t a car out there for me.”

Well, okay, only three guys ever said that: Preston Tucker, Carroll Shelby and Ferruccio Lamborghini, and, though it’s possible, it’s highly unlikely that you are about to start your own car company.

Which brings us to the American Car Collector magazine seminar held during Arizolna Auction Week. “Restore or Modify?” asks the question you must ask of yourself before buying anything: “What do you plan on doing with your collector muscle car?”

In so doing, you quickly figure out to not be trigger happy. Not with a purchase. Not with a restoration.

Colin Comer, a Shelby expert and ACC dditor-at-large joined contributors B. Mitchell Carlson, Carl Bomstead and ACC editor Jim Pickering to discuss it all, plus to pick some winners for the future in the muscle car segment.

“A car is original only once,” said Comer. “I advise people that with an old muscle car, reversible modifications that improve some function or aspect of the car are fine. But if it’s a mostly original car, don’t do anything that will damage its collectability in the future.”

Some examples Comer offered of reversible modifications that result in real-world improvements are modern tires, points-free ignition, updating fuel systems to withstand modern ethanol-laced fuels that erode gaskets and other rubber and brake linings.

On the subject of modern brakes, and specifically front disc-brake conversions, Comer does not recommend them to most people with older muscle cars. He cites his own experience on the street (and even in vintage car road racing) with updated drums brakes using modern linings for both shoes and drums, plus larger wheel cylinders to actuate the shoes and braided steel brake lines.

He also recommends replacing an old driveshaft that’s likely out of balance at today’s elevated steady highway speeds with a modern aluminum driveshaft.

“This can make a shocking difference in highway ride quality,” he said.

The experts also are cautious on some oil and fluid selections for old muscle cars.

“Today, we have much better fluids and oils than we did even in the 1970s, but be careful with the oil you choose for old transmissions,” Comer warned. “Brass synchromesh rings, as used in vintage manual transmissions, are not compatible with modern GL5 transmission fluid.”

All GL5 lube has some level of sulfur, which attacks brass. Over time, the synchros then fail.

A GL4 brew of fluid specifically formulated to work with old brass synchros is a must. For differential oil, Comer still believes in good old-fashioned oil made from dead dinosaurs.

Many enthusiasts who want to drive frequently or long distance have looked into a fuel injection conversion to improve mileage. The panel recommends giving the old trusty carburetor a chance to work first, rebuilding and re-jetting them to work better with our modern ethanol-laced fuel. Even if you need to bring or ship your old carb to an expert for this procedure, it’s far cheaper than an EFI conversion and it may just satisfy your need. Plus, there’s no involved and possibly invasive wiring and fuel-feed surgery needed.

As for predictions, the panel provided some vision into future values at several price categories for American classics:

$10,000
Carl Bomstead: Carroll Shelby GT Golf Cart (Carl says it’s rare and fast!)

B. Mitchell Carlson: 1980-86 Ford Bronco XLT 4×4 (unmodified, must be 4WD as 2WD models are not nearly as desirable)

Colin Comer: 1986-93 Fox-body 5.0-liter Mustang LX or GT 5-speed (especially the 4-headlight early models)

Jim Pickering: 1973-87 Chevy and GMC pickups trucks (must be very clean; getting very popular among collectors; higher trim packages more desirable; short beds are more valuable)

$20,000
Carl Bomstead: 1953 Kaiser Dragon (one year only and just 1277 were built)

B. Mitchell Carlson: post-WWII Willys M38 & M38A1 (authentically restored)

Colin Comer: 1986-93 Fox-body Saleen Mustang (very fun to drive even by today’s standards; racing pedigree; the GT350 of the ’80s & early ’90s)

Jim Pickering: 1990-95 Corvette ZR-1 (very fast & well-rounded; unique exotic connection with Lotus; racing history; tons of notoriety at the time)

$50,000
Carl Bomstead: 1965 Buick Riviera (landmark design; universally well-regarded)

B. Mitchell Carlson: Pickups with tailfins like the 1957-59 Dodge Sweptside and 1955-57 Chevy Cameo (finned cars have leveled or started declining yet these pickups are rising; crowd-pleasers; younger audiences perceive them as cool and not mere tools) and/or 2012-13 Ford Mustang Boss 302 Laguna Seca (the last and best solid axle all-around high performance car; racing pedigree; first reuse of “Boss 302″)

Colin Comer: 2016 Ford Shelby GT350 (just announced; will be both a driving and investment value; will sell out quickly)

Jim Pickering: 2015 Dodge Challenger or Charger Hellcat (manic modern muscle; possibly a high-water mark with 707hp; already huge notoriety)

$100,000
Carl Bomstead: 1954 Kaiser Darrin (just 435 built; seem to be at every auction)

B. Mitchell Carlson: 1963-65 Corvette with fuel injection (appeal more greatly to European sports car collectors than just about any other American car; at a low ebb in valuation right now)

Colin Comer: 1967 Shelby GT350 (last Shelbys made in California; possibly the best looking of the Shelby Mustangs)

Jim Pickering: 1969-70 Plymouth Road Runner Hemi

$200,000
Carl Bomstead: 1958 Dodge 300D Convertible with fuel injection (only 191 total D convertibles with 50 alive today, 20 of which had fuel injection)

B. Mitchell Carlson: 2005-06 Ford GT (the last great mid-engine, V8 supercar with a clutch pedal; the new one just announced could improve the values of the 2005-’06 model; nobody thought at the time these would become collectible, but they’ve risen phenomenally and steadily)

Colin Comer: 1965 Shelby GT350 (defined Shelby’s success early; low production – 521 total; racing pedigree; parts are cheap)

Jim Pickering: 1969 Chevy Camaro ZL1 (interest in the originals is going to be boosted by the new modern ZL1)

 

Auction of Pratte collection brings record Tuesday crowd to Barrett-Jackson in Scottsdale

The 1940 Ford pickup custom started by the late Boyd Coddington and finished by Ron Pratte crosses the block | Bob Golfen photos
Boyd Coddington custom 1940 Ford pickup  finished by Ron Pratte crosses the block | Bob Golfen photos

Tuesdays are generally pretty mellow at Barrett-Jackson’s Scottsdale auctions, not too crowded and with a selection of not-too-pricey collector cars. But not this year. Ron Pratte changed all that.

This year, the WestWorld auction site was packed wall-to-wall Tuesday as more than 100 of Pratte’s prized cars, trucks, motorcycles, scooters and a Russian military boat crossed the block. The auction was the first blast of Pratte’s 140-vehicle collection, with the most valuable ones arriving in the mammoth arena Saturday, when who knows how many spectators and bidders will show up. Already, attendance is up more than 20 percent, according to the auction company.

A 1962 Chevrolet 409 glistens in the sunset before selling for $137,500
A 1962 Chevrolet 409 glistens in the Arizona sunset before selling for $137,500

Barrett-Jackson boosted its 2015 auction to nine days this year to accommodate the Pratte collection, which also includes more than 1,500 superb pieces of automobilia, among them hundreds of valuable antique gas-pump globes and scores of pristine neon signs.

Overall, Barrett-Jackson’s Scottsdale auction includes more than 1,600 vehicles from all consignors.

The sale Tuesday was like watching a decade of Barrett-Jackson history rolling by, since nearly every Pratte car was bought by him at Barrett-Jackson.

The top sale came early in the Pratte auction for a bright-red custom 1940 Ford pickup truck that had been started by the famed builder Boyd Coddington before his  death. Pratte bought the truck and arranged to have it completed by Squeeg’s Kustoms, an Arizona shop where experts finished the truck in a style that stayed true to Coddington’s vision.

The finished truck is magnificent, powered by a 427-cid V8, and with just 200 miles since completion, and it sold for $374,000 (all sales results include the bidder fees).

A custom 1955 Chevy Nomad rolls toward the auction block
A custom 1955 Chevy Nomad rolls toward the auction block

A number of Boyd Coddington vehicles came out of Pratte’s collection, including a pair of 1940 Fords, a coupe and a convertible, that had been started by the maestro customizer but were never finished. They sold for $57,200 and $49,500, respectively.

The next-highest sale was for a rare and highly desirable performance car, an authentic 1969 Chevrolet Camaro COPO 427 that went for $330,000. Shortly after came the sale of another dealer-created super Chevy, a 1969 Chevelle Yenko 427 for $275,000.

About 75 other vehicles were sold before the Pratte collection came up, with generally solid numbers, but things definitely picked up when his cars started going over. The crowd began to roar when three vehicles with Hollywood connections came up, with somewhat startling results.

First was a 1955 Pontiac Star Chief convertible that had appeared in the I Love Lucy TV series, which sold for a surprisingly high $220,000. But that was nothing compared with what came up next.

That was the famous jalopy truck from The Beverly Hillbillies, which was created to look homespun and decrepit by the “King of Kustomizers” George Barris. On board are manikins decked out like the Clampett family, although Ellie May’s dummy hardly does her justice. The truck sold for an amazing $275,000, probably bought by someone else who struck oil in the backyard.

The 1978 Tupolev N007 was designed for the Russian space program
The 1978 Tupolev N007 was designed for the Russian space program

Next up was perhaps the most evil car in film history, the 1958 Plymouth Fury used in the movie Christine. Restored to her former glory, you could almost see the sly glint in her headlights as she sold for $198,000 to some courageous bidder.

Some other notable sales:

The 1978 Tupolev N007 Gullwing Boat, an amphibious craft designed by the former USSR to recover cosmonauts after their space flights, sold for $220,000.

A custom 1954 Corvette by Boyd Coddington, $242,000.

A 1956 Chrysler custom sportswagon, $242,000.

A 1932 Ford custom roadster, $269,500.

A custom 1955 Chevrolet Nomad wagon, $220,000.

A rare 1956 BMW Isetta microcar convertible, at a lofty $93,500.

A 1967 Amphicar (no auction is complete without one of these weird amphibious convertibles), which reached $79,200.

Among the oldest sports cars in the sale were a pair of early Fords; a 1909 Model T racer sold for $42,900 and an attractive Model T speedster hit $110,000.

Hagerty reports that total sales of Pratte vehicles Tuesday at Barrett-Jackson was $13.3 million.

Saturday’s sale will feature some real collector-car gems, such as Carroll Shelby’s personal 1966 Shelby Cobra 427 Super Snake, which Pratte bought at Barrett-Jackson Scottsdale in 2007 for a then-record $5.5 million and which is expected to go through the roof again this time around; the unique, handbuilt 2007 Blastolene roadster, inspired by the great French coachbuilt cars of the 1930s;  a 1953 Buick sedan once owned by Howard Hughes and custom fitted with his own eccentric touches; and the iconic Chezoom coupe built by Coddington as homage to the 1957 Chevy.

And perhaps the most famous vehicle of Pratte’s collection, the 1950 Futurliner, a gigantic tour bus used by General Motors for its traveling Parade of Progress exhibits, and which Pratte bought at Barrett-Jackson in 2006 for $4.2 million. Along with that is the sale of a GM Motorama concept car, the 1954 Pontiac Bonneville Special, purchased by Pratte at the same 2006 auction for $3 million.

For a look at the full auction results so far, see Barrett-Jackson’s website at barrett-jackson.com, and click on “docket.”

 

Keno Brothers launch new classic car auction

Leigh Keno judging at Pebble Beach in 2006 | Larry Edsall photo
Leigh Keno judging at Pebble Beach in 2006 | Larry Edsall photo

The launches of two new classic car auction houses were announced Tuesday, and one of them figures to further enhance the growing popularity of the car-collecting hobby in the United States.

Omaha-based Proxibid announced an exclusive partnership with Leigh and Lesie Keno and their business partner Ken Sterne in the launch of Keno Brothers, an online auction house that will focus on premium collector cars.

The American classic car community has long known the Kenos as car collectors, vintage racers and judges at concours from Pebble Beach to Amelia Island. But perhaps even more significant for the growth of the hobby is that the greater American public also knows them as the expressive blond brothers who evaluated all that antique furniture on public televisions’s long-running Antiques Roadshow.

Signficant for the car collecting hobby is that the Kenos will do their auctions online via the Proxibid Marketplace.

“We are delighted to bring the most sought-after collector cars to global buyers via Proxibid,” Leigh Keno said in a news release.

“This new partnership enables Keno Brothers to provide a superior buying experience that offers all of the cache of exclusive international events, combined with the convenience of buying online through Proxibid’s trusted Marketplace,” Leslie Keno added.

Proxibid specializes in the buying and selling of high-value items. It reports that some $2 billion in inventory passes through its online auctions annually, ranging from real estate and industrial equipment to fine art, antiques and soon classic cars.

“Their name brings attention,” Donald Osborne, well-known classic car expert and appraiser told ClassicCars.com of the Kenos’ new project. “They have the experience and expertise that would encourage bidders to say that if they have endorsed it, then we can trust it, and that’s the biggest challenge online.”

Still, Osborne added, bidding online doesn’t provide the same emotional experience as standing in front of a beautiful car and then placing bids.

Online auctions have gained increasing acceptance with fine art collectors, and are making inroads with car collectors as well. Rick Cole returned to the Monterey Peninsula last summer with a format that had the cars on display, but with all bidding done via the Internet. Auctions America recently staged an online auction. European companies also are employing the format. Speaking of Europe…

Joe Watts and Richard Greenhalgh lead new CCA | Silverstone Auctions photo
Joe Watts and Richard Greenhalgh lead new CCA | Silverstone Auctions photo

In addition to the Kenos new venture, Silverstone Auctions of England announced Tuesday the launch of Classic Car Auctions (CCA), which it calls “a specialist auction house for the sale of ‘everyman’ classic cars.”

CCA will hold its first sale March 3 in the Formula One pit garages at the Silverstone racing circuit. Then, starting in April, it plans to hold an auction the first Tuesday of every other month at Silverstone.

“Our aim with this new venture is to make buying and selling a classic car as easy and as straightforward as possible, as well as to inject some energy into this area of the market,” Joe Watts, CCA auction manager, said in the news release.

CCA anticipates its typical vehicles will have value of around $40,000. Consigning a car will cost about $125, with the auction house charging six percent fees to buyers and sellers.

“For buyers, CCA will offer the opportunity to buy an impressive selection of iconic classic cars, from Golf GTis, to MGBs, Minis and Alfa Spiders,” said Watts. “We will offer a fantastic selection of affordable classic cars including potential projects, those that can be enjoyed every day as well as best of breed examples. Each will be presented with extensive information and detailed condition reports.”