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Classic Car Auction Hits Records

Classic Car Auction Hits RecordsClassic Car Auction Hits Records

It’s a classic car lover’s paradise. Over two thousand classic vehicles were auctioned for a total of 223.8 million over the weekend in Scottsdale Arizona. The numbers break last year’s previous record of $183.9 million.

Numerous records were broken at the auctions. Two Ferraris nailed the top spots of the week, auctioned for more than 8 million each. The highest sale of the week was a 1958 Ferrari 250 GT California LWB Spider. It sold for $8.25 million, a record amount at a January auction in Arizona. Another Ferarri, a 1960 GT SWB Competizione Berlinetta was sold by RM Auctions for $8.14 million.

Following in third was the Batmobile. The original wheels from the 1960’s “Batman” television series, was based on a 1955 Lincoln Futura concept car, and was sold for $4.62 million at Barrett-Jackson’s auction.

Other highlights were sold by Gooding. A 1959 Porsche 718 RSK Roadster went for $3.14 million and a 1957 Maserati 150 GT Spider sold for $3.08 million. All of the totals included 10 percent sales commissions. The commissions were added onto the “hammer price,” which is the high bid when the auction closes. In total, the average price per car sold was $100,176. It was the first time the average price had ever achieved a six figure average.

The auctions all saw significant success this weekend. Barret-Jackson achieved the highest totals overall, selling all but for of the 1,340 lots consigned to them. Gooding sold all but three of its 104 consignments, and RM’s one-day sale saw an 89 percent sell-through rate.

At A.J. Benet, we understand your passion for the cars you collect, restore, and drive. To comprehensively insure antique, classic, and collector cars, we partners with carriers that offer exceptional coverage and services especially designed for these types of vehicles. In addition, at A.J. Benet, we have expertise in addressing specialized claims, which is the real test when a loss occurs. Contact us today for more information.


Source: Wall Street Journal

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