2018 Arizona Auction Week Final Report

1965 Ferrari 275 GTB Speciale

After seven days, seven venues, and 3,176 vehicles, the final exhaust note at Barrett-Jackson faded away at 5:15 p.m. and the books officially closed on the 2018 Arizona Collector Car Auctions. Preliminary results total $247.8M—a 5% decline from last year. The immediate takeaway is that 2018 is shaping up to be a good year for the “Everyman” classic: That affordable, fun, and largest segment of the market.

More bidders flocked to the Valley of the Sun than last year, and a soaring stock market and clarity on tax reform might have had buyers feeling flush. Popular American options saw strong results, including 1968-1982 C3 Chevrolet Corvettes (selling 9% above condition-appropriate Hagerty Price Guide values), first-generation 1967-69 Chevrolet Camaros (average price paid is up 7% compared to last year), and vintage trucks and SUVs (Barrett-Jackson sold a 1948 Dodge Power Wagon for $74,800). And solid examples of early Ford Broncos are now officially a $50,000 ticket.

Fox-body 1979-93 Ford Mustangs also did well even though this year’s selection wasn’t quite as minty as 2017’s record-setting offerings. Among the 21 offered at Barrett-Jackson this year, a 1983 Ford Mustang 5.0 GT Hatchback and a 1990 5.0 GT coupe both sold for $33,000. All this spending pushed Barrett-Jackson to $112.3M, which is the company’s second-highest total ever.

At the higher rungs on the pricing ladder results weren’t as strong, but not for lack of effort from bidders. Nearly 90% of cars valued above $250,000 were bid to amounts at or above market-correct prices, although the sell-through rate in this price bracket was only 70%. The two star Jaguar D-Types at Gooding & Company and RM Sotheby’s missed with high bids of $8.85M and $9.8M respectively, and further struggles were specifically seen in the $2M-$5M range, all of which could indicate a softening in the market. However, the best examples of cars in this range have been appearing at the Amelia Island sales more frequently, so the March auctions will provide a better indication of whether the uppermost reaches of the market are slipping.

This week it also became clear that provenance is ever more important. The top lot of the week was Batista Pininfarina’s personal 1965 Ferrari 275 GTB Speciale, with numerous unique styling details, that Gooding & Company sold for $8.085M. The 2006 Ford GT that Carroll Shelby originally purchased sold at Bonhams for $489,500 (via the Shelby estate), whereas a similar Ford GT without the star connection traded at $335,500 at Barrett-Jackson. Mr. Shelby’s 1966 Shelby GT350H also hammered sold at the Bonhams auction, this time for $253,000, or $100,000 above the Hagerty Price Guide value for a standard GT350H in similar condition. For collectors, the car’s story is often as relevant as the car itself.

The Arizona Auctions traditionally set the tone for the next six months, so we expect spending to pick up for most enthusiasts. The conclusion for the upper end isn’t quite so clear.

Listed below are the final raw results witnessed by Hagerty during the live auctions and may not factor in any post-sale deals that have occurred.  These numbers include the appropriate buyer’s premiums.

Overall from all auction companies

Total: $247.8M
2,668/3,176 lots sold: 84% sell-through rate
Average Sale Price: $92,887

Overall 2017 Results
Cumulative Total: $259.8M
2,899/3,486 lots sold: 83% sell-through rate
Average Sale Price: $89,601

Overall Top 10 Sales:

  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

Results broken down by Auction Company

BARRETT-JACKSON
Overall Total: $112.3M
1,709/1,729 lots sold: 99% sell-through rate
Average Sale Price: $65,692

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

2017 Results
Overall Total: $101.0M
1,703/1,711 lots sold: 99.5% sell-through rate
Average Sale Price: $59,323

GOODING & COMPANY
Overall Total: $49.2M
110/129 lots sold: 85% 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. 1960 Mercedes-Benz 300SL Roadster sold for $1,100,000

2017 Results
Overall Total: $33.3M
105/125 lots sold: 84% sell-through rate
Average Sale Price: $317,492

RM SOTHEBY’S
Overall Total: $36.0M
110/127 lots sold: 87% 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

2017 Results
Overall Total: $53.7M
142/159 lots sold: 89% sell-through rate
Average Sale Price: $378,248

BONHAMS
Overall Total: $25.2M
94/108 lots sold: 87% sell-through rate
Average Sale Price: $267,649

Overall 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
  4. 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 

2017 Results
Overall Total: $36.3M
86/105 lots sold: 82% sell-through rate
Average Sale Price: $422,376

RUSSO AND STEELE
Overall Total: $15.9M
415/646 lots sold: 64% sell-through rate
Average Sale Price: $38,197

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

2017 Results
Overall Total: $20.7M
579/778 lots sold: 74% sell-through rate
Average Sale Price: $35,720

WORLDWIDE AUCTIONEERS
Overall Total: $6.1M
50/82 lots sold: 61% 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

2017 Results
Overall Total: $11.4M
64/82 lots sold: 78% sell-through rate
Average Sale Price: $177,816

SILVER
Overall Total: $3.2M
180/355 lots sold: 50% sell-through rate
Average Sale Price: $17,620

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 Coupe sold for $57,240
  8. 1957 Ford Thunderbird Convertible sold for $56,160
  9. 2012 Factory Five GTM R Coupe sold for $54,000
  10. 1951 Lincoln Cosmopolitan Convertible sold for $49,680

2017 Results
Overall Total: $3.3M
220/526 lots sold: 42%
Average Sale Price: $15,078