Total sales higher, average price lower at Arizona auctions

1960 Chevrolet engineering Research Vehicle (CERV) 1 - sold $1.32 million
CERV I, historic Chevrolet prototype/concept car, sells for $1.32 million at Barrett-Jackson | Bob Golfen photo

With a day of sales to go at some locations, total on-the-block revenues at the collector car auctions taking place in Arizona this week already have surpassed year-ago numbers, according to Hagerty, the insurance and vehicle valuation-tracking company that monitors all sales at major American auction venues. So far this week, sales have totaled $251.1 million, which is $1.1 million more than the figure for the entire 2016 sales week.

However, the average price per vehicle — $97,853 — has dropped 6 percent compared to last year and is even farther behind the 2015 Arizona record average of $115,729. With a seventh sale joining the Arizona auction array, nearly 250 more vehicles already have been sold, with another 450 to cross the blocks today.

Chevrolet Camaro Indy pace car on the block at Russo and Steele | Larry Edsall photo
Chevrolet Camaro Indy pace car on the block at Russo and Steele | Larry Edsall photo

While mainstream domestic brands have been relatively strong, Hagerty said, the top of the market remains “sluggish.” Despite sell-through rates and average prices for million-dollar cars both improving by more than 10 percent compared to 2016, half of the cars that comprise Hagerty’s Blue Chip Index have drawn bids less than market value. Cars priced above $250,000 have been much slower to sell than more-affordable cars, and 42 percent of lots priced above $250,000 that Hagerty inspected have earned bids lower than their condition would suggest.

Exceptional cars and cars that are fresh to market continue to find interest, but lesser examples are having a tougher time.

Hagerty notes that Gooding & Company did well to sell a 1965 Ferrari 500 Superfast for $2.915 million, but an alloy long-nose 275 GTB was a no sale at $2.5 million. Barrett-Jackson notched what Hagerty called “an outstanding sale” at $1.485 million for a 1965 Aston Martin DB5 and “an impressive” $1.32 million for the 1960 CERV 1 prototype, but a 1970 Plymouth Hemi Cuda convertible fell short of its reserve at $1.6 million, and Russo and Steele didn’t move a 2005 Ford GT prototype when the high bid of $600,000 was less than the owner demanded for the car.

Barrett-Jackson, Russo and Steele, and Silver Auctions will send more cars across their blocks today, with a total of 450 available for bidding at those three sites.

Listed below are raw results witnessed by Hagerty observers during the live auctions and may not include post-sale transactions. Figures do include appropriate buyer’s premiums.

Overall through Saturday from all auction companies

Cumulative total: $251.1 million
2,566/3,086 lots sold: 83 percent sell-through rate
Average sale price: $97,853

2016 Cumulative results through Saturday
Cumulative total: $242.2 million
2,330/2,842 lots sold: 82 percent sell-through rate
Average sale price: $104,231

Overall Top 10 Sales from all auctions through Saturday:
1. 1963 Jaguar E-Type Lightweight, $7,370,000 (Bonhams)
2. 1939 Mercedes-Benz 540K Special Roadster, $6,600,000 (RM Sotheby’s)
3. 1952 Ferrari 340 America Competizione Spider, $6,380,000 (Bonhams)
4. 1928 Mercedes-Benz Type S Sports Tourer, $4,812,500 (Bonhams)
5. 1969 Ferrari 365 GTS Spider, $3,602,500 (RM Sotheby’s)
6. 1925 Bugatti Type 35 Grand Prix Roadster, $3,300,000 (Gooding & Company)
7. 1995 Ferrari F50 Coupe, $3,135,000 (RM Sotheby’s)
8. 1961 Ferrari 400 Superamerica Coupe, $3,080,000 (RM Sotheby’s)
9. 1965 Ferrari 500 Superfast Series I Coupe, $2,915,000 (Gooding & Company)
10. 1931 Alfa Romeo 6C 1750 Gran Sport Spider, $2,805,000 (Bonhams)

Results by auction company

Barrett-Jackson

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

Overall Top 10 Sales:
1. 1964 Aston Martin DB5 Sedan, $1,485,000
2. 1960 Chevrolet CERV-1, $1,320,000
3. 1930 Duesenberg Model J Dual Cowl Phaeton, $880,000
4. 2012 Hennessey Venom GT Spyder, $800,000*
5. 2005 Porsche Carrera GT Coupe, $616,000
6. 1965 Shelby GT350 Fastback, $445,500
7. 2011 Ferrari 458 Italia Coupe, $434,500
8. 1970 Chevrolet Chevelle Malibu Sport Coupe, $400,000*
9. 1963 Chevrolet Corvette Z06 (big tank) Split-Window Coupe, $385,000
9. 1969 Ford Mustang Boss 429 SportsRoof, $385,000
* Charity

Saturday total: $36.1 million
239/247 lots sold: 97 percent sell-through rate
Average sale price: $151,142

Top 10 Saturday Sales:
1. 1964 Aston Martin DB5 Sedan, $1,485,000
2. 1960 Chevrolet CERV-1, $1,320,000
3. 1930 Duesenberg Model J Dual Cowl Phaeton, $880,000
4. 2005 Porsche Carrera GT Coupe, $616,000
5. 1965 Shelby GT350 Fastback, $445,500
6. 2011 Ferrari 458 Italia Coupe, $434,500
7. 1970 Chevrolet Chevelle Malibu Sport Coupe, $400,000*
8. 1963 Chevrolet Corvette Z06 (big tank) Split-Window Coupe, $385,000
9. 1969 Ford Mustang Boss 429 SportsRoof, $385,000
10. 1932 Rolls-Royce Phantom II Roadster, $341,000
* Charity

2016 Results through Saturday
Cumulative total: $91.7 million
1,346/1,353 lots sold: 99 percent sell-through rate
Average sale price: $72,166

Bonhams

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, $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 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
Total: $17.5 million
92/112 lots sold: 82 percent sell-through rate
Average sale price: $190,198

Gooding & Company

Overall total: $33.3 million
105/125 lots sold: 84 percent sell-through rate
Average sale price: $317,492

Overall Top 10 Sales:
1. 1925 Bugatti Type 35 Grand Prix Roadster, $3,300,000
2. 1965 Ferrari 500 Superfast Series I Coupe, $2,915,000
3. 1932 Alfa Romeo 6C 1750 Grand Sport Roadster, $1,595,000
4. 2011 Ferrari 599 SA Aperta Spider, $1,485,000
5. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,457,500
6. 1928 Bentley 4 1/2-Liter Open Sports Tourer, $1,100,000
7. 1964 Shelby Cobra 289 R&P Roadster, $1,100,000
8. 1988 Porsche 959 Komfort Coupe, $1,089,000
9. 1961 Mercedes-Benz 300SL Roadster, $1,034,000
10. 1969 American Motors AMX/3 Coupe, $891,000

Saturday total: $16.3 million
56/61 lots sold: 92 percent sell-through rate
Average sale price: $307,242

Top 10 Saturday Sales:
1. 1965 Ferrari 500 Superfast Series I Coupe, $2,915,000
2. 1932 Alfa Romeo 6C 1750 Grand Sport Roadster, $1,595,000
3. 1928 Bentley 4 1/2-Liter Open Sports Tourer, $1,100,000
4. 1961 Mercedes-Benz 300SL Roadster, $1,034,000
5. 1969 American Motors AMX/3 Coupe, $891,000
6. 1935 Auburn 851 Supercharged Speedster, $693,000
7. 2005 Porsche Carrera GT Coupe, $621,500
8. 1967 Aston Martin DB6 Vantage Saloon, $478,500
9. 1920 Stutz Series H Bearcat Roadster, $451,000
10. 1997 Porsche 911 Turbo S Coupe, $396,000

Overall 2016 results
Total: $43.0 million
97/113 lots sold: 86 percent sell-through rate
Average sale price: $443,390

RM Sotheby’s

Overall Total: $53.7 million
142/159 lots sold: 89 percent sell-through rate
Average sale price: $378,248

Overall Top 10 Sales:
1. 1939 Mercedes-Benz 540K Special Roadster, $6,600,000
2. 1969 Ferrari 365 GTS Spider, $3,602,500
3. 1995 Ferrari F50 Coupe, $3,135,000
4. 1961 Ferrari 400 Superamerica Coupe, $3,080,000
5. 2003 Ferrari Enzo Coupe, $2,695,000
6. 1967 Ferrari 330 GTS Spider, $2,475,000
7. 1966 Ferrari 275 GTB/2 Coupe, $2,117,500
8. 2013 Bugatti Veyron 16.4 Super Sport 300 Coupe, $2,090,000
9. 1948 Tucker 48 Sedan, $1,347,500
10. 2008 Lamborghini Reventón Coupe, $1,320,000

Overall 2016 results
Total: $62.8 million
126/149 lots sold: 85 percent sell-through rate
Average sale price: $497,994

Russo and Steele

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

Overall Top 10 Sales:
1. 1954 Mercedes-Benz 300S Cabriolet, $423,500
2. 1973 Ferrari Dino 246 GTS Spider, $379,500
3. 1969 Ford Mustang Boss 429 SportsRoof, $335,500
4. 2006 Ford GT Coupe, $261,250
5. 2006 Mercedes-Benz SLR McLaren Coupe, $253,000
6. 1969 Ferrari 365 GT Coupe 2+2, $209,000
7. 1970 Oldsmobile 4-4-2 W-30 Holiday Coupe, $165,000
8. 2011 Ferrari 458 Challenge Coupe, $165,000
9. 1962 Mercedes-Benz 190SL Convertible, $154,000
10. 2013 Ferrari California 2+2 Coupe, $151,250

Saturday total: $8.5 million
104/180 lots sold: 58 percent sell through rate
Average sale price: $81,350

Top 10 Saturday Sales:
1. 1954 Mercedes-Benz 300S Cabriolet, $423,500
2. 1973 Ferrari Dino 246 GTS Spider, $379,500
3. 1969 Ford Mustang Boss 429 SportsRoof, $335,500
4. 2006 Ford GT Coupe, $261,250
5. 2006 Mercedes-Benz SLR McLaren Coupe, $253,000
6. 1969 Ferrari 365 GT Coupe 2+2, $209,000
7. 1970 Oldsmobile 4-4-2 W-30 Holiday Coupe, $165,000
8. 2011 Ferrari 458 Challenge Coupe, $165,000
9. 1962 Mercedes-Benz 190SL Convertible, $154,000
10. 2013 Ferrari California 2+2 Coupe, $151,250

2016 Results through Saturday
Cumulative total: $18.0 million
387/602 lots sold: 64 percent sell-through rate
Average sale price: $46,575

Silver Auctions

Cumulative total through Saturday: $3.2 million
205/454 lots sold: 45 percent sell-through rate
Average sale price: $15,507

Overall Top 10 Sales:
1. 2007 Ford Mustang Shelby GT GC, $70,200
2. 1952 Nash-Haley Pininfarina, $70,200
3. 1968 Dodge Hemi Charger, $68,580
4. 1966 Dodge Hemi Coronet, $67,500
5. 1956 Chrysler Windsor, $62,640
6. 1948 Chevrolet Fleetmaster Woody Wagon, $62,640
7. 1941 Buick 51C Convertible Sedan, $54,540
8. 1961 Chevrolet Impala Custom Hardtop, $54,000
9. 2001 Aston Martin DB7, $50,760
10. 1968 Chevrolet Impala, $46,710

Saturday total: $1.4 million
75/177 lots sold: 42 percent sell through rate
Average sale price: $18,663

Top 10 Saturday Sales:
1. 1966 Dodge Hemi Coronet, $67,500
2. 1948 Chevrolet Fleetmaster Woody Wagon, $62,640
3. 1941 Buick 51C Convertible Sedan, $54,540
4. 1961 Chevrolet Impala Custom Hardtop, $54,000
5. 1968 Chevrolet Impala, $46,710
6. 1968 Dodge Hemi Dart, $45,360
7. 1955 Chrysler C300, $43,200
8. 1957 Chevrolet Bel Air, $43,200
9. 1969 Pontiac Firebird Convertible, $32,400
10. 1956 Lincoln Continental Mark II, $32,400

Overall 2016 results
Total: $3.8 million
279/513 lots sold: 54 percent
Average sale price: $13,649

Worldwide Auctioneers

Total: $11.4 million
64/82 lots sold: 78 percent sell-through rate
Average sale price: $177,816

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, $374,000
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-Liter Fixed-Head Coupe, $286,000
10. 1953 Porsche 356 Cabriolet, $275,000
10. 2005 Ford GT Coupe, $275,000

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