Auction action heats up in Arizona

1948 Tucker 48, photo by Andy Reid

1948 Tucker 48, photo by Andy Reid

Bonhams, RM Sotheby’s, Silver Auctions Arizona and Russo and Steele opened their 2018 Scottsdale and Phoenix sales Thursday, joining Barrett-Jackson’s on-going auction action. Gooding & Company expands the offerings as it starts its two-day sale today.

Hagerty, the insurance and vehicle-valuation company that monitors each of the auction venues, reports that while 85 fewer vehicles have been offered to date than a year ago, and that million-dollar sales have backed off some, the sell-through rate remains consistent and some of the most anticipated cars crossed the block Thursday, “and those star cars didn’t disappoint.”

“The top car of the night was Bonhams’ 1958 Porsche 550A Spyder works race car that placed fifth overall at Le Mans,” Hagerty said in its daily report. “The 550A was the subject of fierce bidding, riding that enthusiasm to a $5.17 million final price, including buyer’s premium.

1977 Maserati Merak SS

1977 Maserati Merak SS

“RM Sotheby’s top car was the 1966 Shelby Cobra 427 S/C, which closed to applause at a $2,948,750 sale price. Bonhams also sold its 1972 Ferrari 365 GTS/4 Daytona sold for $2.64 million, and RM Sotheby’s 1948 Tucker 48 Sedan sold for $1,793,750 — both strong numbers.”

More such featured cars are on the dockets today and Saturday.

Meanwhile, the heart of the collector car marketplace continued to beat strongly in Arizona on Thursday.

“Pickup trucks and vintage SUVs continued to outperform, with nearly 40 percent selling above expected prices,” Hagerty reported. “In particular, Barrett-Jackson sold a 1971 Ford Ranchero GT 429 Cobra Jet for $64,900 and a 1954 Chevrolet Series 3100 pickup for $31,900.

Hagerty added that no segment is truly suffering, “with muscle cars, sports cars, and even cars from the 1950s hitting expected numbers.”

Hagerty noted that highlights for Friday figure to be RM Sotheby’s offer of a 1954 Jaguar D-Type XKD403 (estimated to be worth $12 million to $15 million), Gooding & Company offering a 1958 Ferrari 250 GT Series I Cabriolet (estimate of $7,000,000 to $8,500,000), and Barrett-Jackson sending across its block the 2019 Ford Mustang Bullitt serial number 001 with proceeds benefitting Boys Republic, Steve McQueen’s favored charity.

Figures below are preliminary numbers recorded at the auctions by Hagerty observers and include buyer’s fees, but do not include any post-block sales.

Overall through Thursday from all auction companies

Cumulative total: $85.3 million
1,329/1,489 lots sold: 89 percent sell-through rate
Average sale price: $64,149
Prior year (2017) results through Thursday
Cumulative total: $102.7 million
1,417/1,574 lots sold: 90 percent sell-through rate
Average sale price: $72,491

Overall Top 10 Sales from all auctions through Thursday:
1. 1958 Porsche 550A Spyder sold for $5,170,000 (Bonhams)
2. 1966 Shelby Cobra 427 S/C sold for $2,948,750 (RM Sotheby’s)
3. 1972 Ferrari 365 GTS/4 Daytona sold for $2,640,000 (Bonhams)
4. 1948 Tucker 48 Sedan sold for $1,793,750 (RM Sotheby’s)
5. 1991 Ferrari F40 Coupe sold for $1,512,500 (Bonhams)
6. 1957 Mercedes-Benz 300SL Roadster sold for $1,512,500 (Bonhams)
7. 1930 Bentley Speed Six Le Mans Replica Tourer sold for $1,457,500 (Bonhams)
8. 2017 Ferrari F12tdf Coupe sold for $1,326,250 (RM Sotheby’s)
9. 2015 Porsche 918 Spyder sold for $1,292,500 (Bonhams)
10. 1987 Porsche 959 Komfort Coupe sold for $1,161,250 (RM Sotheby’s)

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