VALLEY CAR AUCTIONS GENERATE $176 MILLION, BREAKING SLUMP
by Peter Corbett – Jan. 22, 2012 09:15 PMThe Republic | azcentral.com
Collector-car buyers, clearly private from economic hardships, paid for more than $176 million in cars over the past week at 6 Valley auctions.
Two mid-1950s Mercedes-Benz 300SL Gullwings, a contingent of Ferraris and a 1948 Tucker Torpedo were between the stars at Barrett-Jackson and Gooding & Co., both in Scottsdale, and RM Auctions at the Arizona Biltmore in Phoenix. All 3 auctions finished Sunday.
Photos | Up close: The cars
Santa Monica, Calif.-based Gooding sole a 1955 Mercedes-Benz 300SL with a lightweight aluminum physique for $4.62 million and a 1959 Ferrari 250 California Spyder for $3.9 million. Those were the top-two offered cars of auction week in the Valley.
Scottsdale-based Barrett-Jackson, with $85 million in automobile sales through Saturday, had the best year given 2008 with 9 cars that sole for more than $1 million.
The auction formula simulate certainty in the economy, said McKeel Hagerty, whose insurance company covers gourmet cars.
“Arizona auction week delivered a number of hits and large sales for the classic-car world,” he said, adding that the formula were distinct “the undiscerning merriment of a couple of years ago.”
Collector-car sales appearance in 2007 at $111 million for Barrett-Jackson, the largest of the internal auctions, and dipped to $63 million in 2009 as the manage to buy soured. After two years of medium growth in sales, Barrett-Jackson’s formula this year are already up twenty-two percent from final year not counting Sunday’s totals.
“Barrett-Jackson is behind with million-dollar-plus cars, which should move a little courtesy behind to them,” Hagerty said.
Barrett-Jackson’s 4 decades of success in Scottsdale has brought foe from Phoenix-based Russo and Steele and the more-focused Gooding, RM Auctions and Bonhams, which underline European sports cars and couple of if any American flesh cars.
“Gooding is a lot more worldly and it has more costly cars, though they’re all fun,” pronounced Larry Turek, 52, of Gilbert.
It did not warn him that the ’55 Mercedes Gullwing sole for $4.6 million.
“It’s a singular investment vehicle,” pronounced Turek, an exotic-car fan who drives a 1995 Lotus Esprit. “They won’t remove income on it.”
Gooding reported sales of 7 million-dollar cars and $39.6 million in total sales, up thirteen percent from a year ago.
RM Auction’s sales slipped seventeen percent though it scored a large sale of a 1957 Ferrari 410 Superamerica Coupe for $1.8 million.
Bonhams, brand brand brand new to the Valley, sole $5.7 million value of cars on Thursday at the Westin Kierland Resort and Spa in Phoenix, according to total gathered by Hagerty Insurance.
Russo’s sales in Scottsdale totaled $9.6 million through Saturday at an normal cost of $81,039,Hagerty reported.
One of Russo’s featured cars, a 1953 Chevrolet Corvette prolonged owned by Corvette historian Noland Adams, did not strech the smallest or haven cost and did not sell.
Dwayne Bublitz, the Corvette’s co-owner, pronounced the behest halted at $395,000.
“That’s the approach it goes with the auction game,” pronounced Bublitz, who runs a Corvette tour association based in Flagstaff.
Silver Auctions’ sales at the Fort McDowell Resort and Casino strike $2.95 million.
Bidders at Barrett-Jackson were in a spending mood on Saturday night as they competed for a 1964 Ford Fairlane 500 that lifted $1 million for the Armed Forces Foundation.
Jay Leno egged on bids for his 2007 New Holland tractor that brought $535,000 for the Fisher House, an additional gift that helps troops families.
One of the wild-card cars at Barrett-Jackson, a 1964 Cadillac hearse linked to President Kennedy, sole for $176,000. It carried the president’s physique after the 1963 gangland slaying in Dallas.
Stephen Tebo, 67, a blurb genuine estate financier in Boulder, Colo., paid for the hearse.
“I have a automobile pick up that I wish to spin in to a museum,” Tebo said.
Final sales and assemblage total from Barrett-Jackson and Russo and Steele were taken late Sunday afternoon.
car – Yahoo! News Search Results
by Peter Corbett – Jan. 22, 2012 09:15 PMThe Republic | azcentral.com
Collector-car buyers, clearly private from economic hardships, paid for more than $176 million in cars over the past week at 6 Valley auctions.
Two mid-1950s Mercedes-Benz 300SL Gullwings, a contingent of Ferraris and a 1948 Tucker Torpedo were between the stars at Barrett-Jackson and Gooding & Co., both in Scottsdale, and RM Auctions at the Arizona Biltmore in Phoenix. All 3 auctions finished Sunday.
Photos | Up close: The cars
Santa Monica, Calif.-based Gooding sole a 1955 Mercedes-Benz 300SL with a lightweight aluminum physique for $4.62 million and a 1959 Ferrari 250 California Spyder for $3.9 million. Those were the top-two offered cars of auction week in the Valley.
Scottsdale-based Barrett-Jackson, with $85 million in automobile sales through Saturday, had the best year given 2008 with 9 cars that sole for more than $1 million.
The auction formula simulate certainty in the economy, said McKeel Hagerty, whose insurance company covers gourmet cars.
“Arizona auction week delivered a number of hits and large sales for the classic-car world,” he said, adding that the formula were distinct “the undiscerning merriment of a couple of years ago.”
Collector-car sales appearance in 2007 at $111 million for Barrett-Jackson, the largest of the internal auctions, and dipped to $63 million in 2009 as the manage to buy soured. After two years of medium growth in sales, Barrett-Jackson’s formula this year are already up twenty-two percent from final year not counting Sunday’s totals.
“Barrett-Jackson is behind with million-dollar-plus cars, which should move a little courtesy behind to them,” Hagerty said.
Barrett-Jackson’s 4 decades of success in Scottsdale has brought foe from Phoenix-based Russo and Steele and the more-focused Gooding, RM Auctions and Bonhams, which underline European sports cars and couple of if any American flesh cars.
“Gooding is a lot more worldly and it has more costly cars, though they’re all fun,” pronounced Larry Turek, 52, of Gilbert.
It did not warn him that the ’55 Mercedes Gullwing sole for $4.6 million.
“It’s a singular investment vehicle,” pronounced Turek, an exotic-car fan who drives a 1995 Lotus Esprit. “They won’t remove income on it.”
Gooding reported sales of 7 million-dollar cars and $39.6 million in total sales, up thirteen percent from a year ago.
RM Auction’s sales slipped seventeen percent though it scored a large sale of a 1957 Ferrari 410 Superamerica Coupe for $1.8 million.
Bonhams, brand brand brand new to the Valley, sole $5.7 million value of cars on Thursday at the Westin Kierland Resort and Spa in Phoenix, according to total gathered by Hagerty Insurance.
Russo’s sales in Scottsdale totaled $9.6 million through Saturday at an normal cost of $81,039,Hagerty reported.
One of Russo’s featured cars, a 1953 Chevrolet Corvette prolonged owned by Corvette historian Noland Adams, did not strech the smallest or haven cost and did not sell.
Dwayne Bublitz, the Corvette’s co-owner, pronounced the behest halted at $395,000.
“That’s the approach it goes with the auction game,” pronounced Bublitz, who runs a Corvette tour association based in Flagstaff.
Silver Auctions’ sales at the Fort McDowell Resort and Casino strike $2.95 million.
Bidders at Barrett-Jackson were in a spending mood on Saturday night as they competed for a 1964 Ford Fairlane 500 that lifted $1 million for the Armed Forces Foundation.
Jay Leno egged on bids for his 2007 New Holland tractor that brought $535,000 for the Fisher House, an additional gift that helps troops families.
One of the wild-card cars at Barrett-Jackson, a 1964 Cadillac hearse linked to President Kennedy, sole for $176,000. It carried the president’s physique after the 1963 gangland slaying in Dallas.
Stephen Tebo, 67, a blurb genuine estate financier in Boulder, Colo., paid for the hearse.
“I have a automobile pick up that I wish to spin in to a museum,” Tebo said.
Final sales and assemblage total from Barrett-Jackson and Russo and Steele were taken late Sunday afternoon.
car – Yahoo! News Search Results