September 29, 2022

Linkage Mag

Geared for the Automotive Life

Broad Arrow Auctions Totals $55.25m at the Monterey Jet Center — And Signs On at Amelia

Broad Arrow Auctions, a Hagerty company, announced that sales from its first ever auction event on 18 August at the Monterey Jet Center totaled $55,256,900 with 88% of the 93 lots on offer sold.

The Thursday auction was held in conjunction with Hagerty’s reimagined Motorlux event (formerly McCall’s Motorworks Revival) on Wednesday evening, with thousands of guests across the two events viewing the cars on offer.

The packed auction room saw bidders joining from around the world, both in person and via telephone, internet, and absentee bids. Auction veteran Lydia Fenet commanded the room from the rostrum, making her debut as Principal Auctioneer for Broad Arrow.

The evening sale was led by a three-owner, 5,000-mile, Classiche-certified 1995 Ferrari F50, which set a new world record price for the model at auction of $5,175,000, following an intense bidding battle between parties in the room and on the phone. The Ferrari F50 led the charge for a total of 14 new world record prices set by Broad Arrow on the night.

Additional well-sold supercars include a 2015 Ferrari LaFerrari, offered from The Halo Car Collection in “new-in-the-box” condition at $3,910,000, a well-preserved, Ferrari Classiche-certified 1990 Ferrari F40 at $1,985,000, and a stunning 2015 Porsche 918 Spyder Weissach Package at $1,930,000.

Further highlights include:

  • A meticulously prepared 1964 Aston Martin DB5 offered from the Estate of Sir Sean Connery at $2,425,000, with a significant portion of proceeds to benefit the Sean Connery Philanthropy Fund. A personal drive with Sir Jackie Stewart was included as part of the purchase.
  • A 1971 Mercedes-Benz 600 LWB Landaulet, one of just 26 six-door 600 Pullman landaulets built between 1963 and 1981, brought an auction record of $2,590,000.
  • A 1981 BMW M1 achieved $692,500, yet another new record price at auction for a road model.
  • One of the top-billing cars, a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” was sold following the sale for a final price of $5,500,000.
  • A 1930 Duesenberg Model J Willoughby Limousine ($1,000,000), a 1972 Ferrari 246 GT Dino ($425,000) and other notable cars were also sold immediately after the auction.

“This was an incredible debut, and we are tremendously grateful for the trust and support of our consignors, bidders, and the collector car community,” said Kenneth Ahn, CEO of Broad Arrow Group & President of Hagerty Marketplace. “This event was not only an important debut for establishing Broad Arrow as one of the premier auction houses in the industry, but it was also our first collaborative event under Hagerty’s stewardship. We expected a strong sale given the quality of cars we had on offer, but the sell-through rate and prices achieved on many cars well-exceeded our expectations. We look forward to hosting a series of world class events and auctions, including at The Amelia, to better serve car collectors and enthusiasts globally.”

“We are very excited about the success of the inaugural Broad Arrow auction,” said McKeel Hagerty, CEO of Hagerty. “The quality and diversity of the offerings clearly hit the mark with buyers and validated the trends we are seeing in the marketplace. If anyone had any questions about whether this would be a strong year in the collectible car market, this week proved that demand is strong and there are cars available for every taste.”

Monterey Jet Center Top Ten Sales

  1. 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” – $5,500,000
  2. 1995 Ferrari F50 –  $5,175,000
  3. 2015 Ferrari LaFerrari –  $3,910,000
  4. 1971 Mercedes-Benz 600 LWB Landaulet –  $2,590,000
  5. 1964 Aston Martin DB5 –  $2,425,000
  6. 1990 Ferrari F40 –  $1,985,000
  7. 2015 Porsche 918 Spyder Weissach Package –  $1,930,000
  8. 1987 Porsche 959 –  $1,875,000
  9. 2005 Porsche Carrera GT –  $1,765,000
  10. 1956 Mercedes-Benz 300 SL “Gullwing” Coupe –  $1,627,500

Complete results from Broad Arrow’s debut Monterey Jet Center event can be found at broadarrowauctions.com.

Looking Ahead

On the heels of a successful Monterey Jet Center Auction, Hagerty CEO McKeel Hagerty announced Broad Arrow Auctions as the official auction house of The Amelia starting in March 2023. The Amelia is a four-day celebration of world-class collectible cars, automotive enthusiasts, car culture and auctions in Amelia Island, Florida. Formerly known as the Amelia Island Concours d’Elegance, the event was acquired by Hagerty in 2021 and rebranded as The Amelia. It has been considered one of the world’s finest concours events since 1996. Tickets for The Amelia (2-5 March, 2023) will go on sale 1 October at www.ameliaconcours.com/event.

Broad Arrow continues its calendar with the auction house’s first private collection offering, Passion for the Drive: The Cars of Jim Taylor. This single owner collection of more than 120 motor cars and nearly 500 lots of memorabilia will be presented in Mr. Taylor’s hometown of Gloversville, New York on 14-15 October. The collection represents one of the finest assemblages of European, British, and American sports and vintage cars anywhere, with many having been rallied and shown around the world.

The company will host its debut West Palm Beach Auction, 18-19 November at the Palm Beach County Convention Center. The sale will offer approximately 300 collector cars ranging from pre-war classics to modern supercars.

NOTE: All prices are listed in USD and are inclusive of the applicable buyer’s premium. Broad Arrow’s buyer’s premium for all motor car lots is equal to the sum of twelve percent (12%) of the first $250,000 of the Hammer Price and ten percent (10%) of the amount by which the Hammer Price exceeds $250,000. Buyer’s premium for all non-motor car lots is twenty percent (20%) of the Hammer Price. Results include post-auction transactions that were completed immediately following the sale.

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