Broad Arrow: The 2025 Academy of Art University Collection auction

With British auctioneer Thomas Forrester at the helm helped by the Hagerty-owned firm’s VP of operations Alain Squindo announcing the lots, last Saturday Broad Arrow found new owners for 105 cars amassed by the San Francisco Academy of Art University. It was impressive work that generated a gross of $14,464,700.

The entire catalogue was offered without reserve and included the following paragraph: “Please note that all lots included in this sale have an ownership interest by Broad Arrow in whole or in part.”

The decision by the Academy to rationalise its museum was made to make “space to modernise the contents of the collection for a new generation of design students.” Alumnus of the institution Caroline Cassini, Senior Car Specialist at Broad Arrow, consigned the cars which were offered at an afternoon event at the Academy itself, set in the smart suburb of Pacific Heights, San Francisco.

At 84 per cent by net value of the average of low and high estimates, the results were notable and showed not only accurate estimating but the strength of the market right across the board in the US. In Paris earlier this month the combined figure was 56 percent. In Arizona in January over two auctions (Bonhams and RM) it was 82 percent, both figures an improvement on 2024.

Top-selling car at the Academy sale was the 1955 Mercedes-Benz 300 SL ‘Gullwing’ (est. $1.2m to $1.5m). Forrester hammered it sold dead-on mid-estimate, at $1,350,000, or $1,490,000 with premium. The car was catalogued with a matching numbers chassis, engine and body, the description less forthcoming on the gearbox, axle and other numbered parts now so important in the obsessive world of 300 SL ownership. Born interesting and desirable Graphite Grey (DB190) with red leather interior, the US-delivered Gullwing had been restored in the late-1990s to strawberry red with beige leather and had been in the collection since 2009. Factor in an expensive return to its original colours and this is a ca. $2m Gullwing.

Many generally less-favoured sectors of the market in Europe did well, including 1920s and ’30s Americana (a 1933 Chrysler Custom Imperial LeBaron Dual-Windshield Phaeton achieved $1,039,000), pre-war in general ($401,000 1939 Lagonda LG6 Rapide) and 1950s and ’60s everyday European. Included in the latter were the $61,600 1962 Triumph TR3B, $78,400 1967 Volvo 1800 S and $50,400 1949 Triumph 2000 Roadster. These are figures unattainable in Europe today. A 1963 Lotus Elite SE was bought for $123,200 but it did have the desirable ZF gearbox. A 1937 Squire 1½-Litre Drophead Coupé by Corsica (est. $400k to $600k) went for $643,000. All figures gross.

Next stop for Broad Arrow is its two-day event at The Amelia on 7-8 March. We will be there, and before then it’s RM’s double-header at ModaMiami on 27-28 February. Expect a full K500 preview with complete lotlisting nearer the time.

Broad Arrow The Academy of Art University Collection auction, 15 February 2025 – results

Total gross cars: $14,464,700
Number of cars not sold: 0
Number of cars withdrawn: 1
Total number of cars: 105
Number sold: 105
Percentage cars sold by number: 100%
Percentage by value average low/high estimate: 84%
Percentage of cars sold below low estimate: 44%
Percentage of cars sold not met avge of estimates: 65%
Percentage of cars sold met/exceeded top estimate: 19%
Average value of cars sold: $137,759
Average year of cars offered: 1948
Percentage of cars offered at No Reserve: 100%

Photos by Broad Arrow