Scottsdale Auctions: Barrett-Jackson and Bonhams like Marilyn and Charity
08 February 2025 10 min read 9 images
Photo credit: Barrett-Jackson, Bonhams
To discuss the second part of the Scottsdale auctions, I decided to combine “the giant” and “the dwarf” of Scottsdale Week. Barrett-Jackson is obviously the giant. This year, the 1,807 cars offered may not have matched last year's 1,966, but the number remains "roaring". Despite an 8% drop in cars offered, revenue fell much less, from $187,509,270 to $184,924,430, a decrease of less than 1.5%. As a result, the average price per car sold increased from $95,376 to $102,338.
Bonhams, on the other hand, deserves credit for its boldness: while most auction houses are leaving Arizona for Florida (Amelia Island) in late February, Bonhams did the opposite—leaving Amelia to focus on Scottsdale. Well, the gamble did not pay off—quite the opposite. The success rate fell from 78.31% last year to 68.49% this year. They offered ten fewer cars (from 83 to 73) and sold 15 fewer (from 65 to 50). The real issue, however, was the nearly halved revenue: from $11,800,800 last year on $19,482,000 offered, to just $5,563,000 on $16,438,000 offered. A heavy loss.
One major factor in Bonhams’ weak sales was the unsold Lamborghini Miura P400. A 1967 model in Miura red, with about 33,000 miles and an impeccable restoration. But why, against an estimate of $2.2–2.8 million, did bids not exceed $1.8 million? Well, there were several reasons. First, the estimate was overly optimistic: the current record for a Miura P400 is $2,315,000 for a car restored by Lamborghini’s Polo Storico. Additionally, red is not one of the creative colors preferred by collectors. Moreover, the restoration was nine years old. Unsold.
At this point, a 1956 Mercedes-Benz 300SL Gullwing took center stage. Silver with a blue interior, it came with custom luggage and original tools. Estimated at $1.45–1.55 million, it was correctly sold for $1,490,000. A perfect estimation, showcasing Bonhams' professionalism.
For Barrett-Jackson, the top lot was the brand-new Chevrolet Corvette ZR1—the first to be delivered to a customer. The 5.5-liter twin-turbo V8 produces an impressive 1,064 bhp, making it the most powerful Corvette ever. Presented directly by Chevrolet, with all proceeds going to charity, it had the perfect setup for high bids. Predictions were spot-on: it sold for $3,700,000.
The charity factor also played a role in another Corvette sale. A few weeks ago, I wrote about rising Chevrolet Corvette C4 prices, citing a record of $110,000. However, the 1988 35th Anniversary Edition sold on Friday rewrote the rules. White with a white interior, it had just 7,370 miles. Without an estimate or reserve, it was hammered at $530,000 — five times the previous record. A magnificent car, but without the charity element, where would the price have landed?
Further down, the market remained lively and exciting. For example, at Barrett-Jackson, two youngtimer Mercedes-Benz sedans saw strong bidding. By now, it's no secret that 190E Evo IIs are “hot”, but who would have expected the more reserved Evo I to make waves? The auctioned model, in excellent condition but lacking mileage and history details, set a new record for a physical auction: it sold for $151,800, 50% above the previous record.
And what about the 1994 Mercedes-Benz E500? If you lived in Europe in the mid-'90s, you might remember it as the robbers’ car in the movie Taxi, but this Autobahn cruiser was actually an AMG before AMG officially joined Stuttgart. With European specifications, it had undergone $43,000 CAD (~$30,000 USD) in work during 2024. It sold for $137,500, surpassing the $130,000 previous record and doubling the highest sale at a physical auction.
Bonhams, meanwhile, was a bargain hunter’s paradise, often at low prices. The 1987 Nissan Skyline GTS-R Nismo was one such case. While it wasn't the famed R34 series but rather an R31, its historical importance is undeniable: it raced in the 1988–1989 Japanese Touring Car Championship with Moto Kitano and Takao Wada. It was also the first (and only surviving) example with the iconic Calsonic livery. Owned by the same collector since the mid-'90s and recently restored, it was estimated at $200,000–275,000 and sold for $201,600.
And what about the 1961 Land Rover S2 88”? Painted in sand color and featuring a hardtop, it was originally delivered to Pulitzer Prize-winning writer Arthur Miller. Alongside him was his wife: Marilyn Monroe. Always kept within the same family, it was offered without reserve. The $60,000–80,000 estimate seemed solid until auction house experts realized that Monroe had divorced Miller shortly before the car was picked up. The price collapsed to $28,000.
But the car I would have taken home was the final lot at Bonhams: the one-of-a-kind 1972 Fiat 127 Dinghy. Based on Fiat’s famous compact car, it was modified by Frua with inspiration from earlier beach cars like the Fiat 500 and 600 Jolly, featuring no doors or windows (except a windshield). Displayed at the 1977 Geneva Motor Show, it was brought to the U.S. in the early ‘80s and remained parked until 2022, when the consignor purchased it. Though in need of restoration, it had only 17,700 km, was unique, had a documented history, and seemed perfect for California or Portofino. The estimate? $10,000–20,000 (no reserve), but I wasn’t the only one interested — it “flew” to $31,360.
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