Arizona Auction Week Proves In-Person Classic Car Auctions Aren’t Dead Yet

Auction week in Arizona has wrapped up for the 2022 season and the results show that in-person classic car auctions aren’t becoming a thing of the past…yet.

Live auctions have seen a decrease in sale numbers and attendance, but you wouldn’t know it by looking at the numbers racked up this week in AZ. Yes, online auction websites like BringaTrailer.com are crushing the live competition, but there is still something to be said about the excitement and atmosphere of a live auction that simply cannot be replicated behind a keyboard.

The big story of Arizona’s auction week is not the number of vehicles auctioned off, nor was it the total sales numbers or number of seven figure vehicles. The big story coming out of the auctions is the dramatic increase in prices paid for these collector vehicles.

The results show that the median price for a collector car is up 30% from where they were in 2020. That is 30 percent more than valuations given to the same vehicle using Hagerty’s Valuation Tool.

At first, you might think there is some shill bidding going on, but that conspiracy was shot down due to the elaborate scheme it would require to see these auction prices go up on most vehicles at all of the major auction houses.

Barrett-Jackson as well as the other major auctioneers all saw higher than expected selling prices for the collector car lots this year with an average price of $126,566 versus $95,152 in 2020. The sell through rate was also up compared to previous years with an overall 99 percent sell-through rate within all the weeklong auctions.

The final sales total for the week was $266.7 million vs. $217.7 million in 2020. This year’s stats are better compared to 2020 than 2021 as the 2020 auction week was just before the pandemic hit and 2021 was a weird year for all in-person, live events.

Here are the overall stats of the 2022 Arizona Auction Week, including numbers from 2020 for comparison.

Overall top-10 sales

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)

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Results by auction company

 

BARRETT-JACKSON

Total sales: $195.5M

1,841/1,841 lots sold: 100.0 percent 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

2020 sales: $137.1M

1908/1909 lots sold: 99.9 percent sell-through rate

Average sale price: $71,833

 

RM SOTHEBY’S

Total sales: $43.3M

66/70 lots sold: 94 percent 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 sales: $30.3M

128/143 lots sold: 90 percent sell-through rate

Average sale price: $237,080

 

BONHAMS

Total sales: $11.3M

81/89 lots sold: 91 percent 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 sales: $8.4M

88/108 lots sold: 82 percent sell-through rate

Average sale price: $95,872

 

WORLDWIDE

Total sales: $9.7M

72/79 lots sold: 91 percent 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 sales: $6.1M

42/55 lots sold: 76 percent sell-through rate

Average sale price: $144,263

 

GOODING & COMPANY

Total sales: $6.8M

47/56 lots sold: 84 percent sell-through rate

Average sale price: $144,159

Overall Top 10 Sales:

1961 Maserati 5000GT Touring Coupe sold for $924,000

2005 Ford GT Coupe sold for $423,500

1974 Ferrari Dino 246 GTS Spider sold for $374,000

2008 Porsche 911 GT2 Coupe sold for $357,500

1963 Chevrolet Corvette Split-Window Coupe sold for $335,500

1962 Lancia Flaminia GT 3C Coupe sold for $286,000

1937 Cord 812 Customized Westchester Sedan sold for $275,000

2011 Mercedes-Benz SLS AMG Coupe sold for $264,000

1957 Porsche 356A 1300 Super Speedster sold for $247,500

1961 Jaguar E-Type SI 3.8 Flat Floor Roadster sold for $247,500

2020 sales: $35.8M

122/137 lots sold: 89 percent sell-through rate

Average sale price: $293,501