3 breakout sales from the 2018 Scottsdale auctions
It was a hectic week at this year’s Scottsdale auctions, which finished with roughly $248 million in total sales—down five percent from 2017. The breadth and scale of the auctions in Scottsdale is enormous, as always, but all of the data tells us that we have a healthy market on our hands that bodes particularly well for affordable, fun, attainable classics.
Three breakout sales—auction results that set a new standard price or put a car on the collector-market radar—stand out from the masses. In each case, these sales represent a considerably higher transaction price than we’d expect, given even #1-condition value according to the Hagerty Price Guide. We never know what the future holds until it’s here, but these three breakout sales could serve as a “reset button” for the cars involved.
1993 Bugatti EB110 GT
Sold at RM Sotheby’s for $967,500
HPG values: $450,000–$860,000
The futuristic-looking, 561-hp EB110 GT has been on the move for the last three years, but this particular sale took it to another level. Fiercely contested bidding led to a world-record result, not to mention an amount that could have purchased a spicy 605-hp SS example two years ago. (Michael Schumacher bought one of these, if that’s an endorsement.)
The EB110 was Dave Kinney’s “buy” in January 2017 and made the short list for Hagerty’s Bull Market story. The list of million-dollar cars from the 1990s is a brief one: McLaren F1, Porsche GT1 Strassenversion, Ferrari F40, Ferrari F50, Mercedes-Benz CLK GTR, and Bugatti EB110 SS. Looks like the EB110 GT will soon be part of the club.
1993 Mercedes-Benz 500E
Sold at Russo and Steele for $72,600
HPG values: $18,000–$51,200
The 500E was a Q-ship collaboration between Mercedes and Porsche, shuttled back and forth between the two during assembly. Its high-end tech and features gave it true luxury appeal, while its lovely 315-hp 5.0-liter V-8 and beefy brakes made it a performance benchmark for mid-range luxury sedans of the era. Values jumped from 2012–2015 but have been quiet for the last two years. This price for a 20,000-mile example is well above public sales for 500Es and should put this model rightfully in the spotlight.
1990 Toyota Supra Mk III Turbo
Sold at Barrett-Jackson for $44,000
HPG Value: $4,800–$23,100
The Mk IV Supra gets all the love, but the Mk III is definitely worth a look. Turbo versions have been moving up in value over the past three years, but this price for a 3300-mile example is effectively worth twice what HPG’s #1 value is. As on all Mk III Turbo models, this example came new with Toyota Electronic Modulated Suspension and a 230-hp 3.0-liter DOHC straight-six with a heavy-duty five-speed stick. If these have been on your list but you just haven’t been energized to cut the check, act now because this sale will certainly get the forums talking.