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What we learned from the 2019 Arizona auctions


#1

This was my 27th Arizona auction week—which is what’s it’s now called, years after it was simply “Scottsdale” and consisted of a much-smaller Barrett-Jackson (ah, how I miss the mud pit years) and the now-gone Kruse Auction carnival affair, held in the equally superficial Wild West park. If some of those blanks they used to shoot at attendees upon entry were actually real, I could have avoided a few bad deals.


This is a companion discussion topic for the original entry at https://www.hagerty.com/articles-videos/articles/2019/01/24/what-we-learned-at-2019-arizona-auctions

#2

Great points @ColinComer .

Honing in on #2 I 100% agree and the surge in prices of collector grade fox Mustangs was proof enough for me. I, like you, was a little astonished at the price that '93 Cobra R rung the bell at. I had a R in stock just 3 years ago that I said to myself “figure out what top retail is and then add 25%” as I knew one day they’d bring serious money and loved having it in my shop so much I put a crazy $90k ask on it… the example at BJ had just over 550 miles, mine had 9… letting it go for $77.5k seemed like a home run, and it was at the time, now I get to sit and wonder how it would do in today’s crazed '80’s and '90’s landscape.

For #5, I guess I just don’t understand the mindset of the 1% who can afford to buy multi-million dollar vehicles for speculative purposes… I know they think differently possessing that much wealth… but typically the top goes down the price goes up is a accurate reflection on prices but I can’t justify in my head the mindset these sellers have thinking an Aperta is worth multi-millions more than a coupe… let alone the gentleman you overheard who would contemplate buying another LaFerrari when he already has one. More money more problems right?

Combing #1 and #6 It was clearly evident that resto-mod vintage cars, especially Corvettes, are the hot ticket. BJ certainly is the right venue for these vehicles, I just wasn’t expecting this segment to explode in growth like it did as they have been around for a while but Scottsdale this year pushed them into a bigger spotlight in my view.

One trend I noticed pertains to the '05/'06 Ford GT, specifically the Heritage, that led me to a thought. There were 3 at BJ, a 3,100 mile Canadian example, a 288 mile, and a 77 mile. I was scratching my head looking at the results as the 77 mile example brought the least at $462k all in, which was a reasonable result in the current market, and the 3,100 mile example brought the most at $533.5k all in, which is unexplainable in the current market, and I got to wondering; is there a new mini-trend of buyers paying a premium for examples they can drive without fear of adding mileage? Roy Cats seemed to make the case stronger paying $1.46M all in for the 281 mile McLaren Senna and then proceeding to drive it 1,389 miles back to Washington… which it will then likely find it’s way into his inventory with 1,670 miles on the clock. Seems like a contradictory trend but crazy things happen in this world. Maybe something to keep a watch on in the exotic car market.

As always, enjoy reading your work.

-Adam