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Market and auctions

Broad Arrow Auctions: second show, second success

Cliff Goodall’s view

Photo credit: Broad Arrow Auctions

126 cars from the complete collection of Jim Taylor on offer, 125 sold by Broad Arrow Auctions in its second showing after a stunning debut at Pebble Beach. 

Just like being behind the wheel: everything you need to know to fully understand the situation

The expected revenue of $20,324,000 (€20,684,040) was surpassed with $20,519,068 (€20,978,800) in takings. Everything perfect? Yes and no for the super experts who, under the protective wing of Hagerty, have created the new, ambitious auction house that will also be the official sale of Amelia Island. 

Just like being behind the wheel: everything you need to know to fully understand the situation

Yes, for the numbers, no for not selling the only car that came to auction with a reserve price, the Jaguar D-Type that once belonged to Colonel Ronnie Hoare (the first UK importer of Ferrari), and subsequently to collectors of the calibre of Evert Louwman and John McCaw. Bids stopped at $7,250,000 (€7,412,435), which would have meant roughly $8 million net once the commissions had been paid. Too low? Not really, the last one sold a couple of years ago went for $6,000,000, so the house team had done their calculations correctly. What was excessive, however, was the ambition of the seller. Another contributing factor was the “edgy” atmosphere in the room, with some cars selling at twice their estimates while others struggled to reach 15% of theirs! If the numbers add up, then there’s something to learn here.

1955 Jaguar D-Type went unsold at $7,250,000 (€7,412,435)

Behind the D-Type, there were three the contenders for the crown: a 2020 Ford GT 69 Heritage Edition with just 850 miles to its credit (and the Gulf livery), a 1967 Shelby Cobra 427 with just 7,360 miles on the clock, and to conclude, a 1961 Mercedes-Benz 300SL Roadster complete with hardtop, custom luggage and Nardi steering wheel. 

2020 Ford GT ’69 Heritage Edition sold for $1,297,500 (€1,326,570)

This latter example had a mysterious detail: it was one of the last to be built so it should have had both the aluminium engine and the disc brakes (which increases the value by 30%), but since they were not mentioned I can only imagine it had neither. The estimate also reflected the absence: $1.2m-$1.4m, the same estimate of the Cobra and only slightly less than the $1.25m-$1.5m needed to take home the Ford GT.

1967 Shelby 427 Cobra sold for $1,325,000 (€1,354,685)

In the end, the tables were turned: the more expensive Ford went for $1,297,500 (€1,326,570), the Cobra changed hands for $1,325,000 (€1,354,685 ) while the Mercedes broke through its estimate and was sold for $1,820,000 (€1,860,775). Maybe it had the famous “value-adding” accessories after all…

1961 Mercedes-Benz 300 SL Roadster sold for $1,820,000 (€1,860,775)

Speaking of Ford GTs, it’s worth updating market prices for this thoroughbred. In the collection for sale there was both a Heritage Edition and a normal road version. The Heritage model was one of the best examples currently on the market, with just 4.5 miles from new – basically the distance between my house and the baker and back – and it came with an estimate of $650,000-$700,000, very low considering that at Pebble Beach one with 116 miles on the clock sold for $731,000. In the end, the buyer took home a great deal at $621,000. The same can be said for a white Ford GT with blue stripes. Finally a cherished and well-used GT! In fact, it was one of Jim Taylor’s favourite cars to drive, so it was by no means a garage queen hidden away to be sold at a later date. Even here, the estimate of $450,000-$500,000 was by no means exorbitant, but an astute buyer took it home for just $401,000 (€409,985).

2005 Ford GT sold for $401,000 (€409,985)

It is also interesting to take a closer look at the market for recent Ferraris with manual transmission. Jim Taylor had two examples. The first was a red 612 Scaglietti with the coveted manual transmission. The estimate of $200,000-$250,000 was spot on as it sold for $224,000 (€229,015). Considering the colour that many would argue does not do the Scaglietti justice, it was a good result.

2005 Ferrari 612 Scaglietti 6-Speed Manual Gearbox sold for $224,000 (€229,015)

The other manual was a 599 GTB Fiorano, red once more, and with a gear lever between the seats. One of only 30 produced. The last one of these sold at auction, just a couple of months ago, went for a truly astronomical $880,000. This one came with an estimate of $550,000-$650,000 and should have comfortably exceeded it. Instead, it stopped at the minimum estimate and went to its new home for $549,500 (€561,810), one of the cheapest examples since the phenomenon exploded. An exception or a signal?

2007 Ferrari 599 GTB Fiorano 6-Speed Manual Gearbox sold for $549,500 (€561,810)

An amazing success for the “second lines” of American “muscle cars”. There was a direct clash between two Ford Mustang Bosses: a white 429 Fastback from 1969, with just 23,000 miles to its credit: the muscle car that every “Ford-fanatic” dreams of having in their garage. 

1969 Ford Mustang Boss 429 sold for $291,000 (€297,520)

The other one, a blue 302 Fastback, with just 5,600 miles on the clock, that appears in fewer “Ford-fanatic” dreams, The estimates were consistent: $225,000-$275,000 for the 429, $100,000-$125,000 for the 302. But the match between the two was more aggressive and the 429 won yes, but only on points: $291,000 (€297.520) against $224,000 (€229,020).

1970 Ford Mustang Boss 302 sold for $224,000 (€229,020)

The Shelby GT350 Hertz with manual transmission also set the room ablaze: in perfect condition in order to justify its estimate of $250,000-$300,000 (about $100,000 above a normal version) but that did not deter the bidders. On the contrary: the battle in the room ended with the car changing hands for $313,000 (€320,015).

1966 Shelby GT350 4-Speed Manual Gearbox sold for $313,000 (€320,015)

To conclude, the Horch 853 Cabriolet from 1937: perfectly preserved, purchased at an RM auction in 2006 for $299,000, presented here in identical form, just like a good wine that is appreciated more over time. It changed hands for $335,000 (€342,505). 

1937 Horch 853 Cabriolet sold for $335,000 (€342,505)Photo credit: Broad Arrow Auctions