News: Scottsdale Auction Week: Prices Down But Ferrari, Ford And Supra Sell For Millions

Scottsdale Auction Week: Prices Down But Ferrari, Ford And Supra Sell For Millions

News Desk By News Desk
January 21, 2019
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The Scottsdale auction week in Arizona is always guaranteed to play out considerable drama and 2019 has proven no exception. Some of this year’s listings exceeded their estimate by considerable margins whilst hotly anticipated vehicles fell far short of their reserves. One such surprise was the 1957 Ferrari 250 GT Coupé Speciale with unique bodywork by Pininfarina. Although attractive and presented in concours condition, the Ferrari was pushed off stage after bidding closed at $7.5 million. The Ferrari’s pre-sale estimate had ranged from $11 million to $13 million. Meanwhile, most classic enthusiasts would bet that a 1959 Lister-Jaguar sports racer, later raced in the SCCA C-modified championship, would be fiercely contested.  Alas, despite bids peaking at $1.4million, the Lister-Jaguar stayed put thanks to its higher reserve of $2.0-$2.6million. 

It wasn’t just those with circuit pedigree that suffered, as two Ford RS200 Group B homologation specials, more closely associated with rallying than track racing, were also unsuccessful in sourcing a buyer willing to meet their reserves. From the UK, a 1993 Jaguar XJ220 attracted much adoration but remained unsold, some $25,000 short of the lower $400,000 estimate. However, the auction week wasn’t all doom and gloom for sellers, with each present auction house posting healthy sales results. Gooding & Company sold off a 1963 Ferrari 250 GT SWB (above left) for a cool $7.595 million as well as a 1958 Ferrari 250 GT Tour de France (above right) for $5.89 million and a 1953 Ferrari 250 MM Spider for $5.395 million. These were the three most expensive cars sold during the auction week. Ferraris also dominated the sales headlines at RM Sotheby’s, with a 1985 Ferrari 288 GTO (top) achieving $3.36 million while an almost identical Ferrari finished to a round of applause at $2.5 million. Elsewhere, a staggering $3.6million was raised for research into Type 1 Diabetes and United Way for Southeastern Michigan, two of Ford’s long-term charity partners, courtesy of the sale of the marque’s first ever Ford GT Heritage Edition and 2020 Shelby Mustang GT500 through Barrett-Jackson. 

Perhaps one of the biggest surprises of the Saturday was Barrett-Jackson’s sale of the first production 2020 Toyota Supra, complete with a special silver colour scheme. Selling for $2.1 million, this listing also came with a VIP racing experience. One clear trend that did emerge from the auction week was the growing appeal of resto-mods. According to Barrett-Jackson, the average sale price of resto-mods and custom vehicles climbed 22% over 2018, resulting in an average of $73,150 per car. The auction house also suggested that average model years are getting older, jumping from 1969 to 1964 year-over-year. Colin Comer, Hagerty Marketplace Editor, observed that “resto-mods continue to be in high demand by younger buyers seeking something unique, as well as older buyers who want the look of something from the past with modern driving conveniences.”

Images courtesy of Gooding & Company, RM Sotheby’s, Ford, Toyota and Barrett-Jackson

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Graham Lawton Recent comment authors
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Graham Lawton
Graham Lawton

At BJ, a Testarossa went for only 60K, a 360 Spider for 65K and a manual F355 Spider was just under 60K. Ferrari’s were the bargains.