2023 Scottsdale sales: The K500 takeaway

“You’ve come for the car sales. You’ve gone to Barrett-Jackson, right?” Three years since I was last in Arizona for the auctions, go into any bar or hotel and people still say this. Local outfit B-J looms large during Scottsdale week, but the international firms’ performance will always be a better measure of the market at the start of the year.

Only two turned up in 2023, both holding one-day events. What’s the verdict?

On the face of it, everything went pretty well. Some took the packed venues and overflowing car parks as a sign of strong results. Other than an impressive combined gross, a look at the figures reveals that not to be quite the case.

Compared with the same event in 2022, also featuring just Bonhams and RM over two days, this year’s metrics are worse. The gross is up by just under 40%, but the sell-through has dropped to 85% from 93%. Double the entries were sold below low estimate. Only 12% exceeded upper guide price, when 33% achieved that in 2022.

You can blame overconfident catalogues for much of this, and the fact that some vendors would not sell at any price – though half the entries was listed at No Reserve. More valuable cars catalogued this year boosted the overall figures. The fact that they sold is, of course, a sign of strength in the market. And nothing bombed. Six things to consider:

1. Enough is enough. A characteristic of many of the pricier cars was bidding evaporating near low estimate. RM’s LaFerrari, Bonhams BMW 507, Siata and 275 GTS all suffered. The F40 and 500 Superfast were hammered not sold at RM but deals were done while the sale was in full swing. Buyers are there, but only at a price.

2. Location, location, location. Scottsdale is easy to get to, the traffic is nothing heavy, the hotels only mildly rapacious thanks to an event going on and the weather is great. Parking wasn’t as easy as usual, but not Pebble-level. It’s a hassle-free week in the sun and fun to hang out with friends.

3. Only game in town. Efforts to introduce concours and other events to Scottsdale have, thankfully, not amounted to much. There were no distractions on the two auction days.

4. Keep it simple. Both firms will be pleased with the results, and all perhaps could learn lessons: why have multiple sales running simultaneously offering the same stuff? Three-sale Friday in Monterey is crazy, and the forthcoming bonanza at Amelia Island looks to be going the same way. It’s overkill.

5. Local heroes. Two results stand out: Bonhams’ 1912 Simplex and RM’s one-of-one Corvette Stingray ZL-1 Convertible. Both were home-grown, highly significant models born in the USA. That matters in a country that transformed the way the automobile – almost a religious object – was manufactured and marketed since the dawn of motoring.

6. It’s not a concours. Our annual reminder that the ranks of often terrible cars on offer in the sun are there to be bought and start life afresh with a new owner at market price on the day. You might not rate them. If so, don’t bid.

Arizona Sales, January 2023. Bonhams and RM Sotheby’s combined (2022†)

Gross: $73,953,721 ($54,704,460)
Number of cars not sold: 31 (11)
Number of cars withdrawn: 1 (2)
Total number of cars: 213 (158)
Number sold: 182 (147)
Percentage cars sold by number: 85% (93%)
Percentage by value average low/high estimate: 73% (90%)
Percentage of cars met or sold below low estimate: 57% (28%)
Percentage of cars sold below avge of estimates: 75% (46%)
Percentage of cars sold met/exceeded top estimate: 12% (33%)
Average value of cars sold: $406,339 ($372,139)
Average year of cars offered: 1972 (1972)
Percentage of cars offered at No Reserve: 51% (44%)

† In 2022 Gooding & Co held an online auction during Scottsdale week – results not included in these figures.

Scottsdale Week Sales 2023, Top 10 Cars Sold by Value

1. Bonhams 1912 Simplex 50HP 5 Passenger Torpedo Tourer $4,845,000
2. RM 2014 Ferrari LaFerrari $4,075,000
3. Bonhams 2006 Maserati MC12 Corse $3,811,000
4. RM 1971 Lamborghini Miura P400 SV $3,580,000
5. RM 1967 Ferrari 275 GTB/4 $3,360,000
6. RM 1969 Chevrolet Corvette Stingray ZL-1 Convertible $3,140,000
7. RM 1966 Ferrari 500 Superfast Series II $2,225,000
8. RM 1992 Ferrari F40 $2,150,000
9. Bonhams 1958 BMW 507 Series II $2,067,500
10. RM 1958 Mercedes-Benz 300 SL Roadster $1,820,000

Bonhams at the Westin Kierland, 27 January 2023 – results (2022)

Gross: $29,217,380 ($11,734,160)
Number of cars not sold: 23 (6)
Number of cars withdrawn: 1 (1)
Total number of cars: 125 (89)
Number sold: 102 (83)
Percentage cars sold by number: 82% (93%)
Percentage by value average low/high estimate: 74% (92%)
Percentage of cars met or sold below low estimate: 47% (33%)
Percentage of cars sold below avge of estimates: 71% (51%)
Percentage of cars sold met/exceeded top estimate: 16% (28%)
Average value of cars sold: $233,739 ($131,844)
Average year of cars offered: 1968 (1971)
Percentage of cars offered at No Reserve: 47% (47%)

RM Sotheby’s at the Arizona Biltmore, 26 January 2023 – results (2022)

Gross: $44,736,341 ($42,970,300)
Number of cars not sold: 8 (5)
Number of cars withdrawn: 0 (1)
Total number of cars: 88 (69)
Number sold: 80 (64)
Percentage cars sold by number: 91% (93%)
Percentage by value average low/high estimate: 73% (90%)
Percentage of cars met or sold below low estimate: 70% (22%)
Percentage of cars sold below avge of estimates: 81% (41%)
Percentage of cars sold met/exceeded top estimate: 8% (36%)
Average value of cars sold: $559,204 ($671,411)
Average year of cars offered: 1978 (1975)
Percentage of cars offered at No Reserve: 56% (41%)

You can download a list of all cars sold by Bonhams and RM Sotheby's sorted by make and model HERE.

Photos by K500