Scottsdale Auction Week 2017 – Thursday recap

With five sales underway, Thursday marked the first full day of Scottsdale Auction Week. Overall totals were 30 percent above 2016’s numbers through the same point in the week. Higher sales volume was one factor, with 274 more lots offered and 266 more lots sold. Average sale price, however, across all auctions was another driver, with a 7 percent improvement over 2016. This was partly due to Worldwide Auctioneers offering a number of high-value cars earlier in the week compared to previous years.

Attendance was good across all auctions and enthusiasm was strong as well, which is promising for the rest of the week. Thus far, modern domestics (American cars built from 1980-2009) have led the way, with 40 percent of those vehicles selling above condition-appropriate amounts. Specifically, 1984-96 Chevrolet C4 Corvettes, 1994-2004 Ford Mustangs, and 1982-92 Pontiac Firebirds are all performing strongly overall. Meanwhile, sell-through rates on vehicles built since 2010 are the lowest of any decade.

Consignments from the upper end of the spectrum haven’t faired quite as well this year, though. The sell-through rate on million-dollar lots has fallen by 9 percent year over year, and many Enzo-era Ferraris (those built until 1973) have been bid to less than condition-appropriate amounts. Notably, the 1960 Ferrari 250 GT SWB California Spider from Bonhams failed to sell with a top bid at $10.65M, and the 1960 250 GT SII Cabriolet, also at Bonhams, sold just above #4 condition at $1.43M despite being closer to a #2 condition car.

Even so, a number of top lots impressed. RM Sotheby’s top sale of the night was Tommy Hilfiger’s 2003 Ferrari Enzo, which sold for $2.695M. A 2008 Lamborghini Reventon sold for $1.32M. Bonhams sold their highly anticipated 1963 Jaguar E-type lightweight for $7.37M, followed by a 1952 Ferrari 340 America Competizione Spider for $6.38M. A surprise sale for Barrett-Jackson was a rare 1970 GMC K2500 Crew Cab pickup that sold for $93,500.

As a marque, of the 28 Mercedes that Hagerty inspected, none were bid to above a condition-appropriate price. Not all Mercedes struggled, though, as Bonhams sold a 1990 Mercedes-Benz 190E 2.5-16 Evo II for $143,000 and a 1928 Type S 26/120/180 Supercharged Sports Tourer for $4,812,500.

Highlights for Friday include a 1939 Mercedes-Benz 540K Special Roadster at RM Sotheby’s, a 1925 Bugatti Type 35 Grand Prix car at Gooding & Company, Rick Hendrick’s well-optioned 1970 Ford Mustang Boss 302 from Barrett-Jackson and Russo and Steele’s 1970 Pontiac GTO Judge Ram Air IV hardtop.

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

Overall through Thursday from all auction companies:

Cumulative Total: $102.7M
1,417/1,574 lots sold: 90% Sell Through Rate
Average Sale Price: $72,491

2016 Cumulative Results through Thursday
Cumulative Total: $77.9M
1,151/1,300 lots sold: 89%
Average Sale Price: $67,680

Overall Top 10 Sales from all auctions through Thursday:

1. 1963 Jaguar E-Type Lightweight Coupe sold for $7,370,000 (Bonhams)
2. 1952 Ferrari 340 America Competizione Spider sold for $6,380,000 (Bonhams)
3. 1928 Mercedes-Benz Typ S Sports Tourer sold for $4,812,500 (Bonhams)
4. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,805,000 (Bonhams)
5. 2003 Ferrari Enzo Coupe sold for $2,695,000 (RM Sotheby’s)
6. 1964 Porsche 904 GTS Coupe sold for $2,310,000 (Bonhams)
7. 1967 Chevrolet Corvette Convertible sold for $1,980,000 (Worldwide Auctioneers)
8. 1966 Ferrari 275 GTB/2 Longnose Coupe sold for $1,732,500 (Bonhams)
9. 1960 Ferrari 250 GT Cabriolet sold for $1,430,000 (Bonhams)
10. 1948 Tucker 48 Sedan sold for $1,347,500 (RM Sotheby’s)

Individual results by auction company:

BARRETT-JACKSON
Cumulative Total through Thursday: $34.0M
982/982 lots sold: 100% Sell Through Rate
Average Sale Price: $34,593

Overall Top 10 Sales:

1. 1950 Chevrolet Series 3100 1/2 Ton Custom Pickup sold for $205,700
2. 1956 Chevrolet Bel Air Custom Sedan sold for $167,200
3. 1970 Chevrolet Camaro Custom Sport Coupe sold for $165,000
4. 1959 Chevrolet Corvette Custom Convertible sold for $165,000
5. 1962 Chevrolet Corvette 327/340 Convertible sold for $154,000
6. 1977 Porsche 911 S Custom Coupe sold for $132,000
7. 1970 Chevrolet Camaro Z/28 350/360 Sport Coupe sold for $130,000*
8. 1967 Ford Mustang Custom Fastback sold for $128,700
9. 1969 Dodge D200 3/4 Ton Custom Crew Cab Pickup sold for $128,700
10. 1937 Ford Model 74 Custom Roadster sold for $118,800

*Charity Lot

Thursday total: $16.4M
348/348 lots sold: 100% Sell Through Rate
Average Sale Price: $47,105

Top 10 Thursday Sales:

1. 1950 Chevrolet Series 3100 1/2 Ton Custom Pickup sold for $205,700
2. 1956 Chevrolet Bel Air Custom Sedan sold for $167,200
3. 1970 Chevrolet Camaro Custom Sport Coupe sold for $165,000
4. 1959 Chevrolet Corvette Custom Convertible sold for $16,5000
5. 1962 Chevrolet Corvette 327/340 Convertible sold for $154,000
6. 1977 Porsche 911 S Coupe sold for $132,000
7. 1970 Chevrolet Camaro Z/28 350/360 Sport Coupe sold for $130,000*
8. 1967 Ford Mustang Custom Fastback sold for $128,700
9. 1969 Dodge D200 3/4 Ton Custom Crew Cab Pickup sold for $128,700
10. 1937 Ford Model 74 Custom Roadster sold for $118,800

*Charity Lot

2016 Results through Thursday
Cumulative Total: $28.6M
766/766 sold: 100%
Average Sale Price: $37,280

BONHAMS
Thursday total: $36.4M
86/105 lots sold: 82% Sell Through Rate
Average Sale Price: $422,736

Top 10 Sales:

1. 1963 Jaguar E-Type Lightweight Coupe sold for $7,370,000
2. 1952 Ferrari 340 America Competizione Spider sold for $6,380,000
3. 1928 Mercedes-Benz Typ S Sports Tourer sold for $4,812,500
4. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,805,000
5. 1964 Porsche 904 GTS Coupe sold for $2,310,000
6. 1966 Ferrari 275 GTB/2 Longnose Coupe sold for $1,732,500
7. 1960 Ferrari 250 GT SII Cabriolet sold for $1,430,000
8. 1913 Rolls-Royce Silver Ghost London-Edinburgh Sports Tourer sold for $698,500
9. 1955 Austin-Healey 100 S Roadster sold for $539,000
10. 1956 Porsche 356A Speedster sold for $528,000

2016 Results through Thursday
Total: $17.5M
92/112 lots sold: 82%
Average Sale Price: $190,198

RM SOTHEBY’S
Thursday total: $16.1M
65/78 lots sold: 83% Sell Through Rate
Average Sale Price: $247,556

Top 10 Thursday Sales:

1. 2003 Ferrari Enzo Coupe sold for $2,695,000
2. 1948 Tucker 48 Sedan sold for $1,347,500
3. 2008 Lamborghini Reventon Coupe sold for $1,320,000
4. 1966 Shelby Cobra 427 (CSX3101 – CSX3200) Roadster sold for $1,100,000
5. 1965 Aston Martin DB5 Sedan sold for $1,045,000
6. 1939 Bugatti Type 57 Cabriolet sold for $1,017,500
7. 2005 Porsche Carrera GT Coupe sold for $742,500
8. 1979 Lamborghini Countach LP400S Coupe sold for $429,000
9. 2003 Aston Martin DB AR1 Convertible sold for $379,500
9. 1962 Alfa Romeo SZ-2 Coupe sold for $379,500

2016 Results through Thursday
Total: $27.9M
64/76 lots sold: 84%
Average Sale Price: $433,777

RUSSO AND STEELE
Thursday total: $4.0M
167/226 lots sold: 74% Sell Through Rate
Average Sale Price: $23,686

Top 10 Thursday Sales:

1. 2017 Jeep Wrangler Custom Utility Vehicle 4×4 sold for $74,250
2. 1970 Chevrolet Chevelle SS 454/360 Sport Coupe sold for $57,200
3. 1991 International 470 Truck sold for $56,100
4. 1963 Chevrolet Impala Custom Sport Coupe sold for $52,800
5. 2001 Dodge Viper GTS ACR Coupe sold for $52,250
6. 2013 Chevrolet Corvette 427 Collector Edition 427/505 Convertible sold for $51,700
7. 1936 Ford Model 40 Custom Coupe sold for $49,500
7. 1961 Chevrolet Impala Custom Convertible sold for $49,500
9. 1959 Chevrolet El Camino Pickup sold for $48,400
10. 1966 Ford Galaxie 500 Hardtop Coupe sold for $46,200
10. 1967 Ford Mustang Custom Fastback sold for $46,200

2016 Results through Thursday
Total: $3.3M
152/215 lots sold: 71%
Average Sale Price: $21,691

SILVER
Thursday total: $445K
50/101 lots sold: 50% Sell Through Rate
Average Sale Price: $8,893

Top 10 Thursday Sales:

1. 1956 Chrysler Windsor sold for $62,640
2. 1970 Chevrolet Camaro Z/28 sold for $38,610
3. 1957 Ford Thunderbird sold for $27,540
4. 1965 Ford Mustang sold for $20,520
5. 1968 Chevrolet Camaro sold for $20,250
6. 1960 Chevrolet Impala sold for $19,656
7. 1963 Chevrolet Impala sold for $18,576
8. 1972 Chevrolet K10 sold for $18,360
9. 1956 Chevrolet 210 Townsman Station Wagon sold for $17,550
10. 1961 Cadillac DeVille Coupe sold for $14,850

2016 Results through Thursday
Total: $658K
77/131 lots sold: 58%
Average Sale Price: $8,548

WORLDWIDE AUCTIONEERS
Total: $11.9M
67/82 lots sold: 82% sell-through rate
Average Sale Price: $177,658

Overall Top 10 Sales:

1. 1967 Chevrolet Corvette 427/430 Convertible sold for $1,980,000
2. 1955 Lancia Aurelia B24 Spider America sold for $1,100,000
3. 1966 Shelby GT350 Convertible sold for $742,500
4. 1965 Shelby GT350 Fastback sold for $379,500
5. 1962 Aston Martin DB4 Sedan sold for $37,4000
6. 2005 Ferrari 575 Superamerica Convertible sold for $313,500
7. 1933 Packard Super Eight-Series Coupe Roadster sold for $308,000
8. 1955 Porsche 356A Speedster sold for $297,000
9. 1937 Bentley 4 1/4-Litre Fixed-Head Coupe sold for $286,000
10. 1953 Porsche 356 Cabriolet sold for $275,000