A river of millions in Scottsdale
01 February 2023 3 min read 16 images
The week in Arizona changed its formula: fewer cars but of higher quality: RM in a single day (26th January) made $44,736,340 (€41,112,695) in sales, up from last year’s $42 million, while Barrett-Jackson closed the Scottsdale events (lasting seven days from 23rd to 29th January) with $182,948,970 (€168,130,105) in takings, here a slight decrease compared to the $196 million it achieved in 2022 but we need to factor in that last year’s event was the first real edition after a three-year stop. Bonhams seems unstoppable: the $11.7 million from last year pales in comparison to this year’s $30,430,520 (€27,965,645) result.
All the customary sales percentages were high and stable (83.20% for Bonhams, 90.90% for RM and the usual “all sold” from Barrett-Jackson).
Average prices were slightly down for RM ($559,204 vs $665,661 in 2022), and Barrett-Jackson ($99,052 vs $110,000 in 2022) with Bonhams more than doubling theirs (up from $142,762 in 2022 to $292,601). Overall, these were very impressive results for everyone.
One final look at the cars we set as a reference before the auctions took place: the MGB Roadster prepared by Frontline Development did not make a splash and sold for $68,200 (€62,675) while the less valuable, but original, Triumph Spitfire went away for $84,700 (€77,840). The three Toyota Supras did pretty well, however: $110,000 (€101,090), $145,200 (€133,440) and $187,000 (€171,850), despite their relatively high mileage, so all in all these were pretty noteworthy prices. I had suggested following the BMW Z8 at RM, which had covered just under 7,500 miles and changed hands at high end of its estimate at $260,400 (€239,305). The Porsche 911/997 GT3 RS with just 374 miles on the clock sold for $406,500 (€373,575), which was above its minimum estimate, as anticipated. As I said last week, that $400,000-$600,000 estimate was high but in the not-too-distant future, it could well turn out to be an absolute bargain.
“Some cars are like the phoenix, they appear to be dead and buried, only to resurface stronger than ever.” These were the words I used last week to describe the 1912 Simplex 50hp. And that’s exactly what happened to this wily old girl: estimated at $2.5m-$3.5m, it sold for a staggering $4,845,000 (€4,452,555) – making it the most expensive Pre-WWI car ever sold. The only unsold lot, the Ferrari 488 Pista, couldn’t make it above $470,000 (€431,930), close to but still below its estimate of $500,000-$600,000. The F430 Scuderia sold for $428,500 (€393,790), was also well below its estimate of $500,000-$750,000 just like the Porsche GT3 RS. It would seem that this sector is taking a break.
However, there were one or two other sales that gave me a very clear indication of which direction the market winds are blowing.
The first item that caught my eye was one of the two 1969 Chevrolet Corvette ZL1s, which changed hands for a record amount: estimated at $2.6m-$3m, it sold for $3,144,000 (€2,885,660).
The top lot over at RM was the Ferrari LaFerrari: the only one produced in Electric Blue with Cream interior, estimated at $4m-$4.5m, the sale price of $4,075,000 (€3,744,925) was the highest we’ve seen over the past five years but another factor needs to be considered: in August last year, another red example with just 144 miles on the clock sold for $3,910,000 (€3,593,290), while this one had 3,874 miles to its credit. So the price was very high. Was that because of the colour or the growing market?
The one that amazed me the most was one of the first Lamborghini Diablo VTs, the original one with pop-up lights and just 15,650 km on the clock. Exactly one year ago in Scottsdale, the record was set for a “first series” of this model at $302,000 (white with 12,500 km on the clock), so the estimate of $250,000-$300,000 was ambitious but nevertheless achievable. It eventually broke through and sold for $379,000 (€348,300).
At Barrett-Jackson, I could have mentioned the “mouse grey” Ferrari F40 sold for $2,750.00, or the 2021 Ford Shelby Super Snake Count’s Kustom Edition which, thanks to its $350,000 sale price going completely to charity, allowed Barrett-Jackson to break through the $150,000,000 threshold of total charitable donations. But I prefer something less spectacular: the 1968 Ford Mustang “Black Hornet” produced as a tribute to the Green Hornet in every way except for the colour: a 428ci big-block V8 engine, Holley carburettors, aluminium intake and heads. But this was not just any Black Hornet, it was originally made by and for Carroll Shelby himself who was so satisfied with the work, he kept it for almost forty years until his death. Considering how much anything he touched is worth nowadays, $451,000 seems like a bargain to me.
I kept Bonhams until last because it brought some very fancy cars to its event.
It’s been a decade since I last saw a Maserati MC12 up for sale, and even longer for a Corsa version. Back then, the average price was in the order of $1.5m-$2m, regardless of whether it was in one configuration or the other. This year, the British auction house offered one of the 12 racing examples, with just 123 miles on the clock and never used on the track. The time gap between this sale and the last was remarkable but so too was the price, which reached $3,811,000 (€3,502,300).
Perhaps this is of little consequence but the cars I would have brought home were a triptych of Italian-American hybrids. I’m talking about the 1954 Chrysler-Ghia GS1, the 1957 Chrysler-Ghia Super Dart 400 and the 1961 Chrysler-Ghia 6.4L Coupé, because they represent the vision of the future of luxury cars from the 1950s.
The oldest one still had numerous references to the stylistic features of the past, the Super Dart was a concept made in the “age of fins” while the more mature 6.4L was the only one that had a minimum of success (even though they made just 17 on them).
Each one set a new record: the GS1 went for $802,500 (€737,500), estimated $600,000-$800,000, the Super Dart 400 changed hands for $819,000 (€752,660) at the lower end of the expected $750,000-950,000 while the Ghia went for $577,000 (estimate: $450,000-$650,000).
SUPERMIND TRIVIA