As part of the Arizona Concours d'Elégance, RM/Sotheby's hosted the first major auction of the year on January 26, 2023. 88 cars and some automobilia went under the hammer at the Frank Lloyd-Wright-designed Arizona Bitmore Resort & Spa in Phoenix. The vehicles were driven up to the auction, so prospective buyers were able to see for themselves that the object of their desire was in working order.
On average, the 88 vehicles were around 44 years old and valued at a total of USD 55.4 million.
91 percent of the cars, 56 percent of which were offered without a minimum price, were sold and achieved an average price (including surcharge/commission) of around USD 586,000.
36 vehicle brands
The brands most strongly represented at RM in Arizona were Porsche (12 vehicles), Mercedes-Benz (11) and Ferrari (9), while all other manufacturers were represented by a handful of cars at most. At the other end of the brand spectrum were exotics such as Allard, Atalanta, Excalibus, Iso, Pegaso, Spyker and Talbot-Lago.
Both the Porsche and Ferrari vehicles were younger than average, on average not quite 30 years old. The statistical average age of all vehicles was 44 years.
Almost all very expensive cars sold
Prices in the seven-figure range were expected for 16 vehicles.
With the exception of the Bugatti EB110 GT from 1994, for which USD 1.45 million was offered, they were all sold, in some cases even above the not at all modest expectations.
The most expensive was a Ferrari LaFerrari in a unique color combination from 2014. USD 4.075 million was paid for the car.
It was followed by the Lamborghini Miura P400 SV from 1971, for which exactly the median estimate was bid and which went to a new owner for USD 3.58 million.
The Ferrari 275 GTB/4 from 1967 also sold for USD 3.36 million, in line with expectations.
The most expensive Corvette C3 of all time?
Chevrolet Corvettes of the third series (C3) rarely sell for millions at auction. This was not the case with the 1969 Corvette Stingray ZL-1.
The new owner paid USD 3.14 million for the red convertible. However, this is not a normal C3, but a horsepower monster equipped with an aluminum racing engine. The 427-CI-V8 is said to have produced 560 hp and only one convertible was fitted with it, as this engine was not actually intended for road use.
Chassis 194679S710209 cost more than twice as much as a normal Corvette of the time. Well, the investment was probably worth it.
The Corvette was even significantly more expensive than a Shelby 427 Competition Cobra from 1965, for which there is no official sales price quoted by RM. A Ferrari F40 from 1992 and a 500 Superfast Series II from 1966 were also sold for less.
Exotic cars rather below expectations
There was no shortage of exotic cars on offer at RM.
The Allard K2 Special Roadster from 1952 was expected to fetch USD 175,000 to 215,000, but was sold for USD 117,600.
The 1963 Apollo 3500 GT was expected to fetch between USD 150,000 and 200,000, but the new owner was able to take the coupé home for USD 123,200.
The Atalanta 4.3 Litre DHC from 1939 should have cost USD 900,000 to 1.2 million, but - thanks to "no limit" - was sold for just USD 335,000.
And the 1957 DeSoto Adventurer Convertible was expected to cost USD 175,000 to 250,000, but only sold for USD 128,800.
However, things went even worse for the interesting 1952 Pegaso Z-102 with Enasa bodywork, which once provided speed superlatives. The highest bid of USD 425,000 fell well short of the requested USD 550,000 to 650,000.
The Talbot-Lago T23 Major as a Chausson Cabriolet from 1939 was sold to a new owner well below expectations.
A quarter of the cars less than 20 years old
Whether Porsche Carrera GT, Alfa Romeo 8C Spider, Aston Martin V12 Zagato, Lexus LFA or Maserati MC20, the range of new classics was extensive. On average, 85% of the median estimate was bid for these young cars, with four of the 22 cars (Maserati MC20, Aston Martin V12 zagato, Alfa Romeo 8C Spider and Spyker C8 Spyder) not achieving a high enough top bid to win.
However, there were only a few cars without a minimum bid at the start.
USD 675,000 was paid for the 2012 Lexus LFA and USD 1.243 million was listed as the sale price for a 2005 Porsche Carrera GT.
All in all, RM/Sotheby's must have been satisfied. You can't complain when you sell a Pagoda (Mercedes-Benz 280 SL from 1969) for USD 187,600, for example, even if it was estimated at USD 175,000 to 225,000.
80 of the 88 cars were successfully sold, with total sales amounting to around USD 47 million.
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 105 | Ford Model A Roadster | 1930 | 25'000 | 35'000 | 25'000 | 28'000 | 25'760 | 25'760 | -6.67%
|
V |
| 106 | Mercedes-Benz 250 SE Coupe | 1967 | 50'000 | 75'000 | 60'000 | 67'200 | 61'824 | 61'824 | +7.52%
|
V |
| 107 | Chevrolet Corvette Sting Ray 427/435 Coupe | 1967 | 125'000 | 175'000 | 150'000 | 168'000 | 154'560 | 154'560 | +12%
|
V |
| 108 | Mercedes-Benz G 500 | 2002 | 110'000 | 135'000 | 90'000 | 100'800 | 92'736 | 92'736 | -17.71%
|
V |
| 109 | Buick LeSabre Hardtop Coupe Custom | 1959 | 80'000 | 100'000 | 115'000 | 128'800 | 118'496 | 118'496 | +43.11%
|
V |
| 110 | Excalibur Series IV Roadster | 1983 | 100'000 | 150'000 | 53'000 | 59'360 | 54'611 | 54'611 | -52.51%
|
V |
| 111 | Lincoln Continental Cabriolet | 1940 | 50'000 | 70'000 | 38'000 | 42'560 | 39'155 | 39'155 | -29.07%
|
V |
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All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
