Arizona January Auction Results

[DEEPNHOCK]

Here's a recap from Hagerty....
(BP's gotta love number 5 at the Russo & Steele auction...)
Jeff

http://www.hagerty.com/scottsdale/blogentry.aspx?id=76546

(copy)
January 24

Preliminary Results: $157M

Only hours have passed since the last car crossed the block, but we've got the preliminary results from auction week. These results are what the Hagerty team witnessed on the block and don't reflect any post-block activity. Appropriate buyers premiums are factored into the sales figures.

Overall

Cumulative Total: $157M
2,325/2,887 lots sold: 81% sell-through rate
$67,722 average sale price

Overall Top 10 Sales

1. (Lot 58) 2006 Ferrari FXX Evoluzione: $2,090,000 (Gooding)
2. (Lot 285) 1949 Ferrari 166 MM Barchetta: $1,870,000 (RM)
3. (Lot 260) 1933 Packard Twelve Sport Phaeton: $1,760,000 (RM)
4. (Lot 157) 1953 Fiat 8V Supersonic: $1,705,000 (Gooding)
5. (Lot S723) 1970 Plymouth ’Cuda Hemi Convertible: $1,705,000 (Russo and Steele)
6. (Lot 111) 1930 Duesenberg Model J LeBaron Dual Cowl Phaeton: $1,485,000 (Gooding)
7. (Lot 122) 1965 Ferrari 275 GTB Alloy Long Nose: $1,430,000 (Gooding)
8. (Lot 249) 1955 Mercedes-Benz 300SL Gullwing Coupe: $1,375,000 (RM)
9. (Lot 219) 1929 Duesenberg Model J Dual Cowl Phaeton: $1,237,500 (RM)
10. (Lot 170) 1967 Ferrari 275 GTB/4: $1,155,000 (Gooding)

Barrett-Jackson Auction Company

2011 Total: $69.7M
2010 Total: $65M
1,240/1,240 lots sold: 100% sell-through rate
$56,248 average sale price
Top 5 sales:
1. (Lot 1303) 2010 Marine Technology Catamaran Custom 44’ boat: $742,500
2006 American Tilt Custom Trailer Sold with lot 1303
2008 Chevrolet Corvette Z06 Coupe Sold with lot 1303
2. (Lot 1296) 2012 Ford Mustang Boss 302 Laguna Seca Coupe: $450,000
3. (Lot 1252.1) 1956 De Soto Fireflite Convertible: $368,500
4. (Lot 1309) 1932 Ford Custom Roadster: $346,500
5. (Lot 1293) 1953 Chevrolet Corvette Convertible: $341,000
2003 Chevrolet Corvette Convertible Sold with lot 1293

Gooding & Company

2011 Total: $34.9M
2010 Total: $33.9M
119/128 lots sold: 93% sell-through rate
$293,090 average sale price
Top 5 sales:
1. (Lot 58) 2006 Ferrari FXX Evoluzione: $2,090,000
2. (Lot 157) 1953 Fiat 8V Supersonic: $1,705,000
3. (Lot 111) 1930 Duesenberg Model J LeBaron Dual Cowl Phaeton: $1,485,000
4. (Lot 122) 1965 Ferrari 275 GTB Alloy Long Nose: $1,430,000
5. (Lot 170) 1967 Ferrari 275 GTB/4: $1,155,000

RM Auctions

2011 Total: $30.6M
2010 Total: $19.6M
172/182 lots sold: 95% sell-through rate
$177,859 average sale price
Top 5 sales:
1. (Lot 285) 1949 Ferrari 166 MM Barchetta: $1,870,000
2. (Lot 260) 1933 Packard Twelve Sport Phaeton: $1,760,000
3. (Lot 249) 1955 Mercedes-Benz 300SL Gullwing Coupe: $1,375,000
4. (Lot 219) 1929 Duesenberg Model J Dual Cowl Phaeton: $1,237,500
5. (Lot 268) 1965 Ferrari 500 Superfast SI: $935,000

Russo and Steele

2011 Total: $18.8M
2010 Total: $6.88M
601/984 lots sold: 61% sell-through rate
$31,259 average sale price
Top 5 cumulative sales:
1. (Lot S723) 1970 Plymouth ’Cuda Hemi Convertible: $1,705,000
2. (Lot S724) 1955 Mercedes-Benz 300SL Gullwing Coupe: $704,000
3. (Lot S725) 1971 Plymouth ’Cuda Hemi Coupe: $401,500
4. (Lot S712) 1965 Shelby Cobra 427 CSX1001: $341,000
5. (Lot F527) 1970 Plymouth ’Cuda 440/6 Convertible: $225,500

Silver Auctions

2011 Total: $3.4M
193/353 lots sold: 55% sell-through rate
$17,869 average sale price
Top 3 sales:
1. (Lot 349) 2001 Ford F-650 and Trailer: $91,260
2. (Lot 324) 1963 Chevrolet Impala Convertible: $79,920
3. (Lot 312) 1967 Plymouth Barracuda Pro-Touring Custom: $71,280

[studegary]

Thanks. I watched much of the B-J auction. Some of the high dollar units are those with the payment going to a charity. This results in unrealistic amounts for the vehicles. I think that these charity sales should be excluded from reporting or at least identified as such. Otherwise, people get an unrealistic idea of value for similar vehicles.

[BobPalma]

Here's a rcap from Hagerty....
(BP's gotta love number 5 at the Russo & Steele auction...)
Jeff

Right, Jeff: My '71 should be worth more than the '70. It is the rarer (last convertible year until 1982) 1971 and has the smaller 318 engine for better gas mileage. The guy that bought that 440 engine will surely be looking for a 318 as soon as he buys his second tank of gas...'specially with all those carburetors. <GGG> BP

[Chris Pile]

Some of the high dollar units are those with the payment going to a charity. This results in unrealistic amounts for the vehicles.

Darryl Gwynn's COORS Extra Gold dragster has been sold multiple times for charity.

[JBOYLE]

A hemi 'cuda convertible for $1.7 million?
Sounds like 2007 or 8 again.

B-J did well but for the second or third year it's top sale wasn't a car...last year it was the Hamiltion metalplane for $600k+ . And no million dollar lots.
Maybe it's the economy or perhaps they're taking a play from Silver's book at offering "affordable" cars? The average of "only" $56k seems low ...maybe the result of competition for high dollar lots (RM & Gooding) or as a result of the "No reserve" policy. The conventional wisdom is that the real high dollar lots won't be risked at a no sererve auction. Or perhaps it's seen a a bit too much of a carnival for the likes of multi-million dollar Ferraris, Bugattis and Duesenbergs. (Though when I last attended in 2003, they had a Mercedes Gullwing..then "only" a 300k car...and a very rare Jaguar XK-SS on offer).

I'd love to ask Jackson, but I'm sure he wouldn't be candid and Speed doesn't want to upset B-J by asking hard questions...after all the last guy that didn't stick with the "party line" was Keith Martin and he was kicked out of the auction and Speed was forced to fire him as well. Pity, since he was their only commentator that addressed the money side of the hobby. A slight aside, it's the same way covering NASCAR, certain networks and publications don't dare cross the "powers that be".

I agree with Gary, the charity sales should be separate from the auction totals and the average prices. It does tend to inflate the averages.

I was pleased to see the number of classics offered at B-J, they seemed to bring respectable numbers (aside from the $35K Cord. If I'd been there I'd have bought it in a heartbeat).
And I really don't get the 56 DeSoto at $360k..it's a nice car and would cost a fortune to restore, but that seems like way too much money. I guess that's why B-J is the 500 pound gorollia, it attracts the numbers of bidders where there may be two guys (alcohol or ego fueled?) willing to spend whatever it takes to "win" a car.

[garyash]

Yes, the top 5 do drive the averages a lot! Take out the top 5, as listed, and the average drops about 20% for the rest for the cars.

I must be hanging out with the wrong crowd - a bunch of CASOs that I like a lot. I don't THINK I know anybody who would be buying "Top 5" cars. Well, maybe one or two guys, but they would never confess to having it or brag about it, and I think they would buy cars they wanted without doing it through the expensive auctions. I don't see much point in having million dollar cars that can't be driven.

[klifton1]

I find it hard to belive the Pitts sold for only $37,000
Klif

[rockne10]

Good to know there are still Deusenbergs to be had. Need to sharpen my pencil.

[JBOYLE]

...I think they would buy cars they wanted without doing it through the expensive auctions.

The trouble is, unless you personally know the owner, the only place some of the high dollar stuff comes up for sale is at auctions.

Having said that, most of the high-end firms have "Private treaty" sales...they know who has what and who might be selling...as well as who is in the market. A lot of expensive stuff sells and we nevar hear about it.