The 2019 Arizona Auction “Week” – which now totals ten days – has concluded.Our team of analysts tracked every auction in Scottsdale and the surrounding Phoenix area to catalog the results and determine what trends may be in place for the rest of the year. Our overall and daily recaps are listed below, followed by auction totals (both overall and for each auction house). To look up individual lot results, download the Hagerty Insider app on your iPhone or iPad.
Five Fast Facts from the AZ Auctions
Total Sales from Seven Auction Companies: $251M (Slight increase from $248M in 2018)
3,294 vehicles were offered, 2,660 sold – 81% sell-through rate (slight decrease from 84% in 2018)
2019 total represents the fourth highest and the 2nd-largest offering of vehicles in the history of the AZ Auctions
The market for vehicles below $250,000 saw the most activity and sold for the strongest prices compared to current market values
The top of the market (vehicles above $1M) had a sell-through rate of 48%, compared to 68% in 2018
Detailed insights from the AZ Auctions
The $251M overall total was essentially level with 2018's $248M tally, but eight percent shy of Hagerty's $271M forecast. Sell-through rate fell from 84 percent to 81 percent as the high-end reserve lots were not as popular this year. The enthusiasm for offerings under $250K is apparent from the increases in the average and median sale price, as average sale price improved from $92,952 in 2018 to $94,318 this year and the median sale price increased from $40,700 to $47,300.
Uneven performance at the top of the market weighed down the overall totals. Although million-dollar cars were strong towards the end of 2018, the momentum hasn't carried over to the new year as seven- and eight-figure lots in Arizona proved to be a tough sell. The sell-through rate at the reserve auctions was only 57 percent, down from 2018's 66 percent, despite having more no-reserve offerings at this price level. Indeed, RM Sotheby's and Gooding & Company both missed on their catalogue cover cars. Bonhams, however bucked this trend by selling their 1951 Maserati A6G/2000 Frua Spider for $2.755M.
"The top of the market is demanding perfection," observed Colin Comer, Hagerty's Marketplace Editor. "Right now, Blue Chip buyers can afford to make the right decision rather than the fast decision," continued Comer, "and that puts pressure on the seller."
Unknown official interpretations of tax law changes and general uncertainty around the economy cast a shadow over the week as well, with many collectors choosing to take a "wait and see" stance. Nonetheless, several major cars traded, with Gooding & Company selling the three biggest: a 1963 Ferrari 250 GT SWB for $7,595,000, a 1958 Ferrari 250 GT TdF at $5,890,000, and a 1953 Ferrari 250 MM Spider that sold for $5,395,000. The top sale from RM Sotheby's was a 1985 Ferrari 288 GTO that sold for $3,360,000, which is the highest price ever paid for one at a North American auction and 24 percent above the Hagerty Price Guide #1 value. Other notable sales include the 2019 McLaren Senna that was Barrett-Jackson's highest non-charity lot of the week at $1,457,500.
For lots bid to between $500,000 and $1M, the sell-through rate improved from 56 percent in 2018 to 60 percent this year. However, the sell-through rate for lots bid above $1M plummeted from 68 percent last year to 48 percent in 2019.
The middle of the market – where most of the industry operates – was much stronger. Using a single auction house as a lens for this segment, Barrett-Jackson recorded its second-best sale ever at $126M. Indicator cars like 1963-67 Chevrolet Corvettes were stable, while vintage pickups and SUVs accelerated. At this level there are plenty of choices for fun purchases. Not all standout sales were over $1M or from a top tier marque. A 1956 Ford F-100 pickup was sold by Barrett-Jackson for $88,000, which was 647 percent above Hagerty Price Guide values for the truck. One example of a card-carrying member of 1980s collectible cars – the Fox-body Mustang (1979-93) sold particularly well. At Barrett-Jackson a 1989 Ford Mustang LX Hatchback with 659 miles sold for $42,900, which is 280 percent above Hagerty Price Guide values for the model. Another outstanding result was the 2001 BMW 750iL with only 26k miles, which sold for $24,200 at Russo and Steele on Sunday. The price is a record for the pre-Bangle E38 7-series (1994-2001) and supports the trend of growing appreciation for ‘youngtimer' classics.
Original unrestored Porsches continue to sell well. An unrestored 1973 Porsche 911 2.4 T Targa in #4 condition sold for $117,600, which is 124 percent over the Hagerty Price Guide #1 value for the model.
All of these story lines considered, the answer to the ever-popular question "How's the market?" depends on which market you're talking about. But even for those cars that may be down, Dave Kinney, publisher of Hagerty Price Guide is quick to point out that "there is plenty of opportunity for savvy buyers if they stay patient, watch for sound examples, and plan on holding and enjoying the car for a few years."
With the Saturday auctions complete for Arizona Auction Week 2019, we are now in the closing stretch. The big catalog auctions are done and the prime-time lots at Barrett-Jackson and Russo and Steele have all crossed the block. Overall, total sales are less than one percent behind 2018 at $239.3M and the average sale price is nearly the same. Compared to Hagerty Price Guide values, 61 percent of cars offered so far have been bid to condition appropriate values, which is a slight drop from 65 percent last year. The sell-through rate dropped from 83 percent in 2018 to 80 percent through Saturday, which reflects the additional accessible lots offered, but also the indifference towards reserve lots.
For example, Saturday typically features the big offerings of the week. But unlike in 2018, which saw a median of price to condition-appropriate Hagerty Price Guide values at +16 percent, this fell to just two percent in 2019. This drop suggests that the market for accessible vehicles, which ran earlier in the week, and the high-end offerings, which ran Saturday, may be headed in different directions in 2019.
"Results are definitely mixed through Saturday for the Arizona auctions," remarked Dave Kinney, publisher of Hagerty Price Guide. "Big dollar bidders are not in the mood to open their wallets for anything that is not unique, near perfect, or an unrestored original, while those with more modest aims have come to buy."
One clear trend this week is the growing appeal of restomods and custom cars. At Barrett-Jackson in particular, the average sale price of restomods and custom vehicles jumped 22 percent year over year to $73,150. The average model year moved back from 1969 to 1964, suggesting that older vehicles are being customized and people are comfortable paying more for them.
Colin Comer, Hagerty Marketplace Editor, observed that "restomods continue to be in high demand by younger buyers seeking something unique, as well as older buyers who want the look of something from the past with modern driving conveniences."
Saturday did feature a few remarkable sales including Barrett-Jackson selling the first production 2020 Toyota Supra (VIN 20201) for $2.1M, setting a record for a Japanese marque; proceeds benefitted the American Heart Association and the Bob Woodruff Foundation.
The high-end Ferrari market—often viewed as a bellwether—has been varied. Unique cars like the 1957 Ferrari 250 GT Coupe Speciale at RM Sotheby's (est. $11M-$13M), the 1964 Ferrari 275 GTB Prototype at Gooding & Company (est. $6M-$8M), and the 1954 Ferrari 500 Mondial at Bonhams all failed to find a new garage. More familiar collectible Ferraris did better. Two "chairs and flares" 1973 Ferrari 246 Dinos, a GT and GTS sold for $500k and $555k, respectively. The cars sold for 36 percent over condition appropriate Hagerty Price Guide values. A 1963 Ferrari 250 GT SWB (est. $6M-$8M) in the classic red over black combination sold for $7,595,000, marking the high sale of the week. A dark blue over tan 1963 Ferrari 250 GT Lusso (est. $1.6M-$1.8M) sold for $1,902,500. Familiar collectible Ferraris seemed to find a ready group of bidders, but the one-offs were too special for most.
Sunday marks a quieter day as the week winds up. Only two auctions will sell cars on the last day: Barrett-Jackson and Russo and Steele. Barrett-Jackson has no more charity lots but amidst a mix of modern performance luxury cars, there are some first generation Ford Broncos, Toyota Land Cruisers, and early Chevrolet Blazers. Russo and Steele will offer a variety of Ford Mustangs and Chevrolet Corvettes.
All auction companies have started or completed their sales, and results so far have further revealed a polarization of the market. Cars below $250k are accelerating but offerings above that need a jump-start. Overall, total sales are 0.5 percent behind 2018 at $161.6M. Average sale price is up slightly from $79,840 in 2018 to $80,084 this year. The sell-through rate dropped from 84 percent in 2018 to 80 percent through Friday this year, which reflects the additional lots offered but the indifference towards reserve lots.
The split in the market is apparent in measures like share of vehicles bid above Hagerty Price Guide values. For offerings below $250k, the share more than doubled from 15 percent on average in 2018 to over 34 percent in 2019. The opposite happened for offerings above $250k, with the share falling from 33 percent to 17 percent in 2019. While the move towards more accessible cars has brought in new enthusiasts, such offerings have crowded out the big cars. Collectors looking for a new $1M-plus addition won’t bother with a handful of offerings.
"There are clearly two distinct and separate markets in effect," remarked Dave Kinney, publisher of Hagerty Price Guide. "Distilled down, big dollar players are sitting on their hands while the most accessible vehicles are attracting all the biding."
Lots bid above $500,000 had a sell-through rate of 54 percent, and lots bid above $1M had a sell-through rate of just 36 percent. Both were improvements from Thursday at 48 and 25 percent, respectively. For comparison, in 2018 the sell-through rates through Friday were 69 percent for bids above $500k and 63 percent for bids above $1M.
Certain 1980s vehicles are proving popular this year. Nine out of 11 fourth generation Corvettes have been bid to at or above condition appropriate values and the same is true for all five Buick Regals. However, the five Mercedes-Benz 350/450SLs were bid below condition appropriate Hagerty Price Guide values.
Results for collector cars destined to ascend or return to the garage queen throne were mixed. A 2010 Porsche 911 Sport Classic with 150 miles, which is only eligible in the U.S. under Show and Display, sold for $654k. This was well above the $500k high estimate. Meanwhile, the 150-mile 1989 Ferrari Testarossa sold today for $221,200, which was down from a prior sale of the same car in 2012 at $264,000. The risk seems to be paying too much (or selling too soon) for low-mileage cars – time will tell on the wisdom of paying $88,000 for the 1957 Buick Roadmaster 76R with 19k miles, which was 76 percent over its condition #1 value.
On Saturday, Gooding has its final day and Barrett-Jackson and Russo and Steele get into their prime offerings. Highlight lots include the ex-Monte Carlo rally entry – a 1964 Ferrari 275 GTB prototype at Gooding & Company (estimated at $6M-$8M) and four Chevrolet Camaros from four different Transformer movies at Barrett-Jackson. Another highlight from Barrett-Jackson is the first production 2020 Toyota Supra VIN 20201 with proceeds benefiting the American Heart Association and the Bob Woodruff Foundation. Russo and Steel will offer a 1964 Cheetah race car on Saturday.
With most auctions now posting results, sales are beginning to show a pattern of what enthusiasts are buying and what they aren't. The move towards more accessible vehicles has helped sell-through rates at some auctions, but often at the expense of other metrics like total sales and average sale price. Consequently, overall sales are down six percent and the average price is down three percent. However, vehicles have on average been bid 31 percent above condition appropriate Hagerty Price Guide values, which is a nine percent increase from last year. While sales are behind 2018 so far, big misses at the top are masking strong bidding for accessible cars.
"Lower priced cars in exceptional condition are doing exceptionally well, especially among contemporary models," remarked Colin Comer. "This was one of the biggest growth segments of 2018 and its showing no signs of slowing down." Cars from the 1980s in general have also performed well, with the average bid at 54% above current Hagerty Price Guide values.
Vehicles bid above $500,000 had a sell-through rate of 48 percent, and vehicles bid above $1M had a sell-through rate of just 25 percent; down from 55 percent and 71 percent for Arizona auction week through Thursday in 2018, respectively.
Sporty (and accessible) coupes did well at Bonhams, with a 1972 Volvo 1800E selling for $91,840 (a record for the model), a 2002 BMW M-Coupe selling for $56,000, and a 1994 Porsche 968 coupe selling for $61,040 (another record for a base model). At Barrett-Jackson, a 1993 Ford Mustang Cobra R with just over 500 miles sold for $132,000, which is a record for a production Fox-body (1979-1993) Mustang.
One remarkable sale at Barrett-Jackson was a 1972 Chevrolet Corvette LT1 convertible with factory air-conditioning that sold for $203,500. Another standout result was RM Sotheby's sale of a 1993 Vector Avtech WX-3 prototype that set a world record for the model at $615,500.
On Friday, RM Sotheby's concludes its two-day auction, Gooding and Company begins its two-day event, and Russo and Steel and Barrett-Jackson move towards their feature cars. Highlight lots include a 1963 Ferrari 250 GT SWB Berlinetta at Gooding & Company (estimated at $6M-$8M) and a 1957 Ferrari 250 GT Coupe Speciale at RM Sotheby's (the car with the highest estimate of the week at $11M-$13M). Barrett-Jackson will sell the first production example of the recently debuted 2020 Ford Mustang Shelby GT500 (VIN 001) with proceeds to benefit the Juvenile Diabetes Research Foundation.
Sales are off to a strong start with the overall total up 11 percent and the average sale price up 17 percent from a year ago. Silver Auctions Arizona and Worldwide Auctioneers have concluded their sales, and Barrett-Jackson has conducted three days of auctions. Thus far, 69 percent of lots were bid above condition-appropriate prices. Cars and trucks from the 1950s-1980s all performed markedly better than in 2017. Cars from the 1990s and 2000s, however, generally performed worse than a year ago.
Affordable options were strong, with lots priced between $25,000 and $50,000 performing particularly well. A full 76 percent of such cars were bid above expected amounts, including a 1987 Buick Regal T-Type that sold at Barrett-Jackson for $42,350, and a 1987 Chevrolet Monte Carlo SS that also sold at Barrett-Jackson for $33,000.
As has been the case the last several years, vintage trucks and SUVs continued to be strong at Barrett-Jackson, with a 1972 Chevrolet C10 Super Cheyenne Pickup selling for $36,300, a 1972 GMC Sierra Grande C1500 Pickup selling for $60,500, and a 1972 Chevrolet K5 Blazer selling for an impressive $71,500. On the down side, all five Mercedes-Benz R129 SLs (1990-2001) were bid below expectations.
Tomorrow, Bonhams, RM Sotheby’s, and Russo and Steel join Barrett-Jackson in the fray. Highlight lots include a 2017 LaFerrari Aperta at RM Sotheby’s (estimated at $6.5M-$8.5M) and a 1954 Ferrari 500 Mondial Series 1 Spider at Bonhams (estimated at $5M-$6M).
Below are the results from the 2019 Arizona Auctions through Wednesday evening. Please keep in mind these reports consist of the raw results witnessed during the live auctions and may not include every post-sale "off the block" transaction.
Overall from all auction companies
Sell-through rate: 81 percent (2660/3294 lots sold)
Average sale price: $94,318
Overall Top 10 Sales from all auctions through Saturday:
1963 Ferrari 250 GT SWB Coupe sold for $7,595,000 (Gooding & Company)
1958 Ferrari 250 GT TdF Coupe sold for $5,890,000 (Gooding & Company)
1953 Ferrari 250 MM Spider sold for $5,395,000 (Gooding & Company)
1985 Ferrari 288 GTO Coupe sold for $3,360,000 (RM Sotheby's)
1951 Maserati A6G 2000 Spider sold for $2,755,000 (Bonhams)
1985 Ferrari 288 GTO Coupe sold for $2,507,500 (Gooding & Company)
2019 Ford GT Heritage Coupe sold for $2,500,000 (Barrett-Jackson)*
1958 BMW 507 Roadster sold for $2,175,000 (RM Sotheby's)
2020 Toyota Supra Coupe sold for $2,100,000 (Barrett-Jackson)*
1967 Ferrari 330 GTS Spider sold for $2,012,500 (RM Sotheby's)
Sell-through rate: 84 percent (2666/3176 lots sold)
Average sale price: $92,952
Results broken down by auction company
Sell-through rate: 99 percent (1817/1818 lots sold)
Average sale price: $69,571
Overall Top 10 Sales:
2019 Ford GT Heritage Coupe sold for $2,500,000*
2020 Toyota Supra Coupe sold for $2,100,000*
2019 McLaren Senna Coupe sold for $1,457,500
2014 Mercedes-Benz G63 AMG Sport Utility Vehicle 4x4 sold for $1,210,000
2020 Ford Mustang Shelby GT500 Coupe sold for $1,100,000
2012 Lexus LFA Nurburgring Coupe sold for $918,500
2005 Saleen S7 Twin Turbo Coupe sold for $687,500
2016 Chevrolet Corvette Z06 C7.R Edition Coupe sold for $600,000
2006 Ford GT Heritage Coupe sold for $533,500
2015 Ford Mustang Shelby GT350R Coupe sold for $500,000
Sell-through rate: 99 percent (1709/1729 lots sold)
Average sale price: $65,692
GOODING & COMPANY
Sell-through rate: 85 percent (105/124 lots sold)
Average sale price: $448,458
Overall Top 10 Sales:
1963 Ferrari 250 GT SWB Coupe sold for $7,595,000
1958 Ferrari 250 GT TdF Coupe sold for $5,890,000
1953 Ferrari 250 MM Spider sold for $5,395,000
1985 Ferrari 288 GTO Coupe sold for $2,507,500
1952 Ferrari 212 Europa Coupe sold for $1,930,000
1963 Ferrari 250 GT Lusso Coupe sold for $1,902,500
1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,435,000
1964 Shelby Cobra 289 R&P Roadster sold for $1,050,000
1957 Mercedes-Benz 300SL Roadster sold for $1,006,000
1965 Shelby Cobra 289 R&P Roadster sold for $912,500
Sell-through rate: 85 percent (110/129 lots sold)
Average sale price: $447,415
Sell-through rate: 84 percent (129/154 lots sold)
Average sale price: $285,448
Overall Top 10 Sales:
1985 Ferrari 288 GTO Coupe sold for $3,360,000
1958 BMW 507 Roadster sold for $2,175,000
1967 Ferrari 330 GTS Spider sold for $2,012,500
1948 Tucker 48 Sedan sold for $1,600,000
1956 Bentley S1 Continental Coachbuilt Drophead Coupe sold for $1,077,500
2017 Ferrari F12tdf Coupe sold for $1,006,000
1930 Cadillac Series 452 Fleetwood Sport Phaeton sold for $940,000
2012 Lexus LFA Coupe sold for $885,000
1968 Ferrari 330 GTC Coupe sold for $687,000
1971 Ferrari 365 GTB/4 Daytona Cut Spyder sold for $670,500
Sell-through rate: 87 percent (110/127 lots sold)
Average sale price: $327,641
Sell-through rate: 90 percent (108/120 lots sold)
Average sale price: $149,070
Overall Top 10 Sales:
1951 Maserati A6G 2000 Spider sold for $2,755,000
1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,110,000
1963 Porsche Carrera 2 GS Cabriolet sold for $1,000,500
1934 Mercedes-Benz 500K Tourer sold for $830,000
1965 Aston Martin DB5 Saloon sold for $610,000
1946 Fiat 1100C Spider sold for $577,000
1956 Porsche 356A Speedster sold for $362,500
1970 Mercedes-Benz 280SE 3.5 Cabriolet sold for $362,500
1937 Jaguar SS100 2.5 Roadster sold for $329,500
1989 Porsche 911 Turbo 930 Cabriolet sold for $229,600
Sell-through rate: 87 percent (94/108 lots sold)
Average sale price: $267,649
RUSSO AND STEELE
Sell-through rate: 50 percent (308/621 lots sold)
Average sale price: $38,464
Overall Top 10 Sales:
2012 Lexus LFA Coupe sold for $375,000*
1972 Ferrari 365 GTC/4 Coupe sold for $330,000
2006 Ford GT Coupe sold for $286,000
1967 Dodge Charger Fastback sold for $280,500
1970 Plymouth Cuda Hardtop Coupe sold for $231,000
2002 BMW Z8 Roadster sold for $165,000
1971 Mercedes-Benz 280SL Convertible sold for $152,900
1998 Lamborghini Diablo SV Coupe sold for $148,500
1967 Chevrolet Corvette Convertible sold for $145,750
1964 Porsche 356C Cabriolet sold for $143,000
Sell-through rate: 64 percent (415/646 lots sold)
Average sale price: $38,197
Sell-through rate: 74 percent (54/73 lots sold)
Average sale price: $168,260
Overall Top 10 Sales:
1959 Mercedes-Benz 300SL Roadster sold for $990,000
1935 Auburn 851 Supercharged Speedster sold for $687,500
1935 Auburn 851 Supercharged Speedster sold for $632,500
1936 Duesenberg Model JN Rollston Convertible Sedan sold for $605,000
1969 Chevrolet Corvette Coupe sold for $522,500
1931 Duesenberg Model J Judkins Limousine sold for $506,000
1947 Delahaye 135M Cabriolet sold for $357,500
1927 Bentley 3-Litre Sports Tourer sold for $330,000
1932 Auburn 12-160A Custom Speedster sold for $291,500
1966 Jaguar E-Type SI 4.2 Roadster sold for $266,750
Sell-through rate: 61 percent (50/82 lots sold)
Average sale price: $122,319
Sell-through rate: 36 percent (139/384 lots sold)
Average Sale Price: $17,861
Overall Top 10 Sales:
2016 Chevrolet Corvette Z06 Convertible sold for $84,240
1932 Ford Model 18 Sport Coupe sold for $59,400
1969 Pontiac GTO Coupe sold for $52,920
1955 Chevrolet Bel Air Sedan sold for $51,840
1958 Pontiac Bonneville Hardtop Coupe sold for $49,680
1957 Cadillac Eldorado Seville Hardtop sold for $49,500
1932 Hupmobile Series F-222 Convertible sold for $49,140
1941 Cadillac Series 62 Fisher Deluxe Convertible Coupe, 2/4-p. sold for $48,600
1931 REO Royale Model 35 Sedan sold for $45,360
1957 Chevrolet Bel Air Convertible sold for $43,200
Sell-through rate: 50 percent (178/355 lots sold)
Average Sale Price: $17,756