Scottsdale Auctions Bring Record Results
The first retail 2023 Chevrolet Corvette Z06 70th Anniversary edition brought a stunning $3.6 million over the weekend, with NASCAR race team owner and Chevrolet dealer Rick Hendrick placing the winning bid.
It’s a record sale for a charity vehicle donated by a manufacturer at Barrett-Jackson, where the car was auctioned. The sale surpasses the previous record, held by the first retail 2020 Chevrolet Corvette Stingray, by $600,000. Hendrick bought that one too.
The money from the Scottsdale, Arizona auction will go to Operation Homefront, a national 501(c)(3) nonprofit that Chevrolet has supported since 2017. The charity helps military families overcome short-term problems so that they don’t become long-term chronic issues.
“We are deeply grateful to our friends at Chevrolet and Barrett-Jackson for choosing Operation Homefront as the beneficiary of this incredible auction,” said Brig. Gen. (ret.) John I. Pray Jr., president and CEO of Operation Homefront. “The proceeds from the sale of this sensational Corvette Z06 will go a long way to helping us help our military families overcome their financial hardships and have the opportunity to thrive in the communities — our communities — they’ve worked so hard to protect.”
In the past, Chevrolet donated seven Silverado full-size trucks to the organization’s headquarters and six regional offices, as well as donated funding for services.
The organization says that 90% of expenditures goes directly towards programs and services.
“It’s truly a privilege to support our military members and their families through Operation Homefront,” said Steve Hill, Chevrolet vice president. “Proceeds from the first retail 2023 Corvette Z06 will benefit many U.S. military families across the country who have done so much to serve our country.”
A record-shattering auction week
But 2022 Arizona Auction Week, a nine-day extravaganza of collector of car auctions in Scottsdale, Arizona, far exceeded even the most optimistic expectations. According to Hagerty.com, total sales of $266.7 million, the second highest gross realized by the event, aside from 2016, when sales totaled $307.3 million.
Better yet was the sell-through rate of 99%, up from 97% the year before, as well as the average price of $126,556, up from $95,152 — a 25% increase. The number of vehicles priced at less than $50,000 shrank 9%, while the share of those between $50,000 and $250,000 rose 10%.
These results come despite the fact that fewer auction houses participated: Barrett-Jackson, Gooding & Co., Bonhams and RM Sotheby’s. But Hagerty notes that 71% of the vehicles in the Hagerty Price Guide have appreciated during the past year.
Notable sales
Barrett-Jackson also sold the first 2022 Toyota Tundra Capstone Hybrid Crewmax pickup to benefit Toyota U.S. Paralympic Fund, bringing $700,000, as well as the first 2022 Ford Shelby GT500KR First Production to benefit Carroll Shelby Foundation and JDRF sold for $700,000, a 194-mile 2020 McLaren Speedtail, brought $3.3 million; and actor James Garner’s 2009 Cadillac CTS 4-Door Sedan realized $100,000 for the James Garner Animal Rescue Fund.
At Gooding & Co.’s sale, the auction house sold 84% of its lots, bringing $6,785,450. A 2008 Porsche 997 GT2 brought $357,500; a 1962 Lancia Flaminia Sport 3C with ‘Double Bubble’ coachwork by Zagato, $286,000; a 1974 Ferrari Dino 246 GTS, $374,000; and a 1961 Maserati 5000 GT Coupe, one of three by Touring, brought $924,000.
At Bonham’s one-day sale, the company sold 81 out of 89 lots, bring in $11.3 million, with prices averaging $139,846. Notable lots included 1992 Ferrari 512 TR Prototype that sold for $296,500; a 1958 AC Ace Roadster brought $516,500; a 1953 Mercedes-Benz 300S Roadster $472,500; and the 1949 Buick Roadmaster Convertible used in the movie, “Rain Man,” and owned by actor Dustin Hoffman since then sold for $335,000.
Finally, at RM Sotheby’s 2022 Scottsdale auction brought sale of $43.3 million with 95% sell-through rate. Top sales were led by an alloy-bodied Mercedes-Benz 300 SL Gullwing at $6.8 million; a 1931 Duesenberg Model J Tourster at $3.4 million, a Mercedes-Benz 300 SL Roadster for $2.3 million, and a 1988 Cizeta-Moroder V16T with accompanying NFT for $1.3 million.
Florida auction brings similar results
There was an auction that previewed Scottsdale’s stunning prices: Mecum Auction’s sale in Kissimmee Florida. The mammoth auction, which took place from Jan. 6-16, 2022 brought in $217 million, $213 million from vehicles, or nearly as much as all Scottsdale auctions combined with 2,954 vehicles crossing the block — the most ever sold at a single live collector car auction. Sell though rate was 90%.
That’s a far cry from 2020, when Mecum made $88 million selling more than 1,000 vehicles. The auction house established a new company record on Saturday, Jan. 15 when Mecum realized the highest single-day auction total in company history, with $72 million in sales and nine vehicles reaching seven-figure prices.
The top price of the sale was the 1965 Shelby GT350R Prototype, which sold for $3.75 million. A 194-mile 2020 McLaren Speedtail from The Michael Fux Collection, one of 106 built, brought $3,3 million. A 1951 Hirohata Mercury Custom built by Sam and George Barris sold for $2.15 million, and the 1994 Porsche 911 Turbo used in the film “Bad Boys” brought $1.43 million. Other sales include a 1955 Mercedes-Benz 300SL Gullwing, $2,640,000; a 1992 Ferrari F40, $2,750,000; and a 1936 White Model 706 Glacier National Park Tour Bus, $1,430,000.
In addition, a Jan. 12-15 broadcast of the sale on Motor Trend TV attracted 6.3 million viewers, a record for a Mecum auction.
What’s next for collector car prices
It remains to be seen if the torrid pace will continue. But the upcoming sales at Rétromobile in February and Amelia Island in March will tell the true state of the market, as these sales offer far fewer cars but usually with far more provenance.
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