More than $100 million of cars traded owners during the 2009 Arizona Auction Week. While the results were by and large down (except for Gooding & Company), they were stronger than most expected in light of the current economic conditions.
In a stark contrast to the volatile equity, fixed income and commodity markets, the collector car market has until now proven to be relatively stable, especially for rare, documented cars. While records were generally not broken, the top 10 prices paid during Arizona Auction Week were still significant.
Automobiles from the very successful Gooding & Company auction took the top eight spots, with RM Auctions taking the remainder. RM did achieve the highest bid of the week with the 1963 Chevrolet Corvette Grand Sport garnering $4,900,000, but it was not enough to meet the seller’s reserve price.
The top seller during the week was a Post-War Ferrari, although 70% of the top sellers were Pre-War, indicating that celebrated cars from that era are still strong. One additional note is that the week produced no new members of the All-Time Top 10 Prices Paid at Auction club since it takes nearly $6.5 million to gain membership.
2009 Arizona Auction Week Top 10 Prices Paid:
1. 1960 Ferrari 250 GT SWB California Spyder, Gooding & Company, $4,950,000
2. 1937 Talbot-Lago T150 C SS Tear Drop Coupe, Gooding & Company, $3,520,000
3. 1932 Daimler 40/50 Double Six Sport Saloon, Gooding & Company, $2,970,000
4. 1929 Duesenberg Model J Dual Cowl Phaeton, Gooding & Company, $1,375,000
5. 1937 Bentley 4.25 Liter Fixed Head Sport Coupe, Gooding & Company, $1,320,000
6. 2003 Ferrari Enzo, Gooding & Company, $1,265,000
7. 1933 Isotta Fraschini Tipo 8A Dual Cowl Sports Phaeton, Gooding & Company, $1,089,000
8. 1938 Mercedes-Benz 540K Sport Cabriolet, Gooding & Company, $946,000
9. 1967 Ferrari 275 GTB/4 Coupe, RM Auctions, $918,500
10. (tie) 1954 Dodge Firearrow III Sport Coupe Concept Car, RM Auctions, $880,000
10. (tie) 1936 Hispano-Suiza J12 Convertible Victoria, Gooding & Company, $880,000
[Source: Photos by Pawel Litwinski © 2009, Courtesy of Gooding & Company]