2022 Arizona Auction Week smashed our wildest expectations

Main themes:

• Arizona Auction Week shows just how strong the collector car market is, with total sales of $266.7M topping expectations.
• Compared to 2020, total sales were up 22 percent despite having one-third fewer vehicles.
• Online auctions are competing for volume and big cars, but live auctions can still produce record prices such as the 1970 Plymouth Road Runner Superbird that sold for $990K.
• Mecum’s Kissimmee auction in early January is rivaling the entire Arizona Auction Week in size and importance.
• In a post-pandemic world, the continuing broad appreciation seems to be fueled by something different. Or is it?

Highlights:

• RM Sotheby’s sold a 1955 Mercedes-Benz 300SL Alloy Gullwing for a record $6,825,000.
• The 2023 Chevrolet Corvette Z06 #001 sold for $3,700,000, with proceeds going to charity.
• Bonhams sold the 1949 Buick Roadmaster Convertible featured in the movie Rain Man for $335,000, which is in-line with the typical movie car premium of 5x.

The 2022 Arizona Auction Week far exceeded optimistic expectations, showing just how super-heated the collector car market is right now. Total sales of $266.7M bested Hagerty’s forecast of $211M, and the week’s total was the second highest ever gross behind the $307.3M haul of 2016. Despite fewer vehicles and fewer auction companies, the sell-through rate ticked up from 97% to 99%, and the average price increased from $95,152 to $126,556. That the average price increased reflects the broad appreciation we’ve seen in the enthusiast vehicle market across all segments, where 71% of vehicles in the Hagerty Price Guide appreciated in the past 12 months. Some of the factors driving that appreciation are as follows.

The growth of online auctions (whose sales have doubled every year since 2016), have brought enthusiast vehicles to more people than ever. No longer passively watching auctions on TV, they can bid from home easier than ever now. Since the pandemic began, people have also prioritized fun-to-drive vehicles over poised-to-appreciate ones. Witness the emerging popularity of the Porsche 911 Cabriolet—traditionally shunned by Porsche faithful in the U.S., this week Gooding & Company sold a 996 Turbo S Cabriolet for a near-record $126,500.

The popularity of online auctions has had an impact on live auctions, which had one-third fewer vehicles on offer during this year’s Arizona auctions (including seven-figure cars). Despite the drop in the number of vehicles, total sales at live auctions benefitted from widespread appreciation. That breadth of appreciation is partly apparent in the 33% increase in the average price, but also the share of vehicles under $50K shrinking by 9% while the share of those between $50K and $250K increased by 10%.

Live auctions do still produce some exceptionally strong prices, sometimes bordering on unbelievable. Despite audiences numbering tens of thousands for certain online lots, live auctions can still create the right atmosphere for a win-at-any-price attitude. In just the first month of 2022, among vehicles (defined as year make model) sold at auction, we’ve seen a record set for 29% of them.

The January auctions don’t just happen in Arizona, either. Mecum has grown its Kissimmee Florida event, held in early January each year, to mammoth proportions. Held over 11 days, Mecum sold nearly 3000 vehicles with sales totaling $213M. Compared to 2020, Mecum sold over 1000 more vehicles this year and sales soared from $88M. The average price increased from $46K to $72K, too, showing that increased take wasn’t strictly due to volume. The number of vehicles sold and the total sales rivals all the Arizona auctions combined. Live auctions will need to continue to create must-attend events to succeed.

As January’s live auctions have shown that rapid growth in the market continues, there are questions of how long these gains will last, if a widespread price correction coming (and when), and what that correction might look like. One possibility is that this bull rush won’t behave like past ones. Priorities changed during the pandemic and enthusiasts are valuing experiences and paying in cash. No speculators. Perhaps. However, vehicles sold at the January auctions and bought at auction in the two years prior were held for nearly two weeks less time this year compared to 2020. The average return jumped from 7% to 26% as well, with 73% of those repeats leading to positive gains. With a likely return of 26%, then, it’s realistic to expect the audience to grow as enthusiasts fear missing out.

Attention now turns to the upcoming Rétromobile and Amelia Island auctions, where volume sales will be replaced by more curated offerings of cars with provenance. In the meantime, we expect online auctions to continue to sell more vehicles at ever higher prices. But while the market is singing, it’s wise to remember that the collector car market is just as cyclical as any other market. Prospective buyers will do well to keep this top of mind as they seek out their next fun-to-drive purchase.

Listed below are the 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.

We are comparing results to 2020 because that was the most recent year all auctions were in January and in Arizona.

Overall through Sunday from all auction companies

Cumulative Total: $266.7M
2,107/2,135 lots sold: 99% sell-through rate
Average Sale Price: $126,556

2020 Cumulative Results through Sunday
Cumulative Total: $217.7M
2288/2352 lots sold: 97% sell-through rate
Average Sale Price: $95,152

Overall Top 10 Sales from all auctions through Sunday:

1. 1955 Mercedes-Benz 300SL Aluminum Gullwing Coupe sold for $6,825,000 (RM Sotheby’s)
2. 2023 Chevrolet Corvette Z06 Coupe sold for $3,700,000 (Barrett-Jackson)*
3. 1931 Duesenberg Model J Derham Tourster sold for $3,415,000 (RM Sotheby’s)
4. 1964 Mercedes-Benz 300SL Roadster sold for $2,315,000 (RM Sotheby’s)
5. 1929 Duesenberg Model J Derham Sedan, 5-pass. sold for $2,260,000 (Worldwide Auctioneers)
6. 2004 Porsche Carrera GT Coupe sold for $1,980,000 (Barrett-Jackson)
7. 1967 Ferrari 330 GTS Spider sold for $1,957,500 (RM Sotheby’s)
8. 1965 Ferrari 275 GTB Coupe sold for $1,875,000 (RM Sotheby’s)
9. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,870,000 (Barrett-Jackson)
10. 2015 Porsche 918 Spyder Roadster sold for $1,815,000 (Barrett-Jackson)

*Charity car

Results broken down by Auction Company

Barrett-Jackson

Cumulative Total through Sunday: $195.5M
1,841/1,841 lots sold: 100.0% sell-through rate
Average Sale Price: $106,202

Overall Top 10 Sales:

1. 2023 Chevrolet Corvette Z06 Coupe sold for $3,700,000*
2. 2004 Porsche Carrera GT Coupe sold for $1,980,000
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,870,000
4. 2015 Porsche 918 Spyder Roadster sold for $1,815,000
5. 2014 McLaren P1 Coupe sold for $1,705,000
6. 2019 Ford GT Heritage Coupe sold for $1,650,000
7. 2019 McLaren Senna Coupe sold for $1,512,500
8. 2017 Ford GT Coupe sold for $1,430,000
9. 2020 Ford GT Carbon Series Coupe sold for $1,375,000
10. 1967 Shelby Cobra 427 (CSX3300 – CSX3360) Roadster sold for $1,210,000

*Charity car

2020 Cumulative Results
Cumulative Total: $137.1M
1908/1909 lots sold: 99.9% sell-through rate
Average Sale Price: $71,833

RM Sotheby’s

Cumulative Total through Sunday: $43.3M
66/70 lots sold: 94% sell-through rate
Average Sale Price: $655,803

Overall Top 10 Sales:

1. 1955 Mercedes-Benz 300SL Aluminum Gullwing Coupe sold for $6,825,000
2. 1931 Duesenberg Model J Derham Tourster sold for $3,415,000
3. 1964 Mercedes-Benz 300SL Roadster sold for $2,315,000
4. 1967 Ferrari 330 GTS Spider sold for $1,957,500
5. 1965 Ferrari 275 GTB Coupe sold for $1,875,000
6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,710,000
7. 2015 Porsche 918 Spyder Roadster sold for $1,600,000
8. 1987 Porsche 959 Komfort Coupe sold for $1,600,000
9. 2005 Porsche Carrera GT Coupe sold for $1,545,000
10. 1988 Cizeta-Moroder V16T Prototype Coupe sold for $1,363,500

2020 Cumulative Results
Cumulative Total: $30.3M
128/143 lots sold: 90% sell-through rate
Average Sale Price: $237,080

Bonhams

Cumulative Total through Sunday: $11.3M
81/89 lots sold: 91% sell-through rate
Average Sale Price: $139,846

Overall Top 10 Sales:

1. 1958 AC Ace Roadster sold for $516,500
2. 1953 Mercedes-Benz 300S Roadster sold for $472,500
3. 1997 Porsche 911 Turbo S Coupe sold for $467,000
4. 1989 Lamborghini Countach Coupe sold for $445,000
5. 1962 Aston Martin DB4 Vantage Sedan sold for $381,750
6. 1962 Aston Martin DB4 Vantage Sedan sold for $379,000
7. 1949 Buick Roadmaster Model 76C Convertible sold for $335,000
8. 1992 Ferrari 512 TR Coupe sold for $296,500
9. 1967 Porsche 911 S Targa sold for $288,250
10. 1954 Porsche 356 1500 Coupe sold for $257,600

2020 Results through Thursday
Cumulative Total: $8.4M
88/108 lots sold: 82% sell-through rate
Average Sale Price: $95,872

Worldwide Auctioneers

Cumulative Total through Thursday: $9.7M
72/79 lots sold: 91% sell-through rate
Average Sale Price: $135,391

Overall Top 10 Sales:

1. 1929 Duesenberg Model J Derham Sedan, 5-pass. sold for $2,260,000
2. 1935 Delahaye 135MS Competition Drophead Coupe sold for $1,435,000
3. 1932 Chrysler Imperial Convertible Sedan sold for $940,000
4. 1970 Dodge Challenger R/T Hardtop Coupe sold for $329,500
5. 1991 Lamborghini Diablo Coupe sold for $302,000
6. 1937 Packard Twelve-Series 1507 Coupe sold for $280,000
7. 1983 Ferrari 512 BBi Coupe sold for $263,200
8. 1961 Chevrolet Impala Customized Station Wagon, 6-pass. sold for $252,000
9. 1937 Cord 812 Supercharged Convertible Phaeton Sedan sold for $235,200
10. 1967 Shelby GT350 Fastback sold for $207,200

2020 Cumulative Results
Total: $6.1M
42/55 lots sold: 76% sell-through rate
Average Sale Price: $144,263

Gooding & Company

Cumulative Total through Sunday: $6.8M
47/56 lots sold: 84% sell-through rate
Average Sale Price: $144,159

Overall Top 10 Sales:

1. 1961 Maserati 5000GT Touring Coupe sold for $924,000
2. 2005 Ford GT Coupe sold for $423,500
3. 1974 Ferrari Dino 246 GTS Spider sold for $374,000
4. 2008 Porsche 911 GT2 Coupe sold for $357,500
5. 1963 Chevrolet Corvette Split-Window Coupe sold for $335,500
6. 1962 Lancia Flaminia GT 3C Coupe sold for $286,000
7. 1937 Cord 812 Customized Westchester Sedan sold for $275,000
8. 2011 Mercedes-Benz SLS AMG Coupe sold for $264,000
9. 1957 Porsche 356A 1300 Super Speedster sold for $247,500
10. 1961 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $247,500

2020 Cumulative Results
Cumulative Total: $35.8M
122/137 lots sold: 89% sell-through rate
Average Sale Price: $293,501