6 Major Trends at Scottsdale Auction Week
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Last week’s annual collector car auction in Scottsdale, Ariz. brought perfect weather and record sales. The prime example was a Mercedes-Benz 540K special roadster that went for $9.9 million at RM Sotheby’s. Amid the chaos of six auctions and record crowds, we asked Craig Jackson, chief executive at Barrett-Jackson, and McKeel Hagerty, chief executive at Hagerty Insurance, for opinions about the best opportunities for new buyers.
1. Pre-war art cars and exotics still command top dollar: The top of the market hasn’t changed, consisting of pre-war one-off cars such as Duesenberg Model Js, Figoni and Falaschi Delahayes, the aforementioned Mercedes-Benz, and exotic sports cars. Although the market for these vehicles remains strong, Hagerty doesn’t expect much short-term growth. “Global currency and oil industry issues are affecting the market for very high-dollar cars” said Hagerty, who sees the biggest opportunities for growth in the middle and bottom of the market.
Delahaye Saoutchik
2. Muscle car are back: On Friday evening, a frame-off 1970 Chevelle LS6 matching-numbers convertible sold for $165,000 at Barrett-Jackson, offering proof, as if we need it, that muscle cars have recovered from their post-2008 slump. Cars without documentation ranged in price from $50,000 to $100,000. Strong sales indicate that muscle car values are here to stay and are not a fluke of a market overinflated by the influx of new collectors in the early 2000s.
“(Muscle cars) were the most inflated segment of the market and they took the biggest hit during the recession whereas other segments such as Ferrari, Porsche, and Jaguar took a pause and then moved up,” said Hagerty. “Over the last two years the muscle car market returned to its pre-recession prices. At the Mecum auction in Florida last week we saw a strength in the segment we had not anticipated.”
3. Pickup trucks and station wagons are on the rise: “Pickup trucks are super strong,” said Jackson. “There’s also a lot of interest in station wagons among a generation of buyers who grew up in rural areas watching the world go by backwards from the back seat.”
“The best starter vehicles are still pickup trucks,” said Hagerty. “They were built in big numbers so they’re affordable and they make great collector cars.” Hagerty cited the Chevrolet C10s, Ford Broncos, Toyota Scouts and Jeep Wagoneers with woodgrain appliques as desirable models.
4. Mustache muscle cars are affordable classics: Muscle cars from the late 1970s and early 1980s don’t have the horsepower and torque of the 1960s cars, but they’re affordable and have cool styling that makes them desirable. “Pontiac Trans Ams from 1978 and 1979 are a perfect example,” said Hagerty.
Pontiac GTO
5. Television cars from the 1980s and 90s are highly collectible: “Looking at all six auctions this week, the number of pre-war cars were down, muscle cars were down but 1980s and 1990s cars were up 22 percent year-over-year,” said Hagerty. “The Toyota Supras, Corvettes, and Mustangs from that era are affordable and they’re a good investment. These were the cars the new generation of collectors grew up with a saw on television so they have become very popular.”
Hagerty also suggests imports such as the Mazda Miata, a marque that celebrated its 25th
anniversary last year, early Audi Quattros, and Volkswagen GTIs. “Kids on the coast didn’t buy domestic cars,” he said, so they are more interested in Asian and European performance cars.”
2006 Ford GT Heritage Edition
6. Retro mods, hot rods, and customs draw mixed reactions: Jackson and Hagerty parted ways on this segment, with Jackson giving it the thumbs up, citing record sales at this year’s auction. Jackson believes growing notoriety of the SEMA show and television shows featuring customs shops are helping to fuel the segment.
Looking at these cars as an appraiser, Hagerty was more cautious. “It’s anyone’s prerogative to add modern parts to a classic car,” he said, “and while it improves the drivability, the vehicle is really the vision of the owner or the owner and the builder.” He said same thing applies to pure customs. “Unless you’re talking about a known builder such as Boyd Coddington, it’s one of one.”
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