Monterey debutant Broad Arrow grosses $48m+

In a move that shook the classic car auction establishment late last year, top executives at RM Sotheby’s left the Canadian firm to set up their own business, Broad Arrow. Earlier this evening in the white heat of Monterey Week, the new set-up – now wholly owned by Hagerty – held its first sale.

The auction was held in a hangar at the Monterey Jet Center, the scene of last night’s jollities at Motorlux. As a high-profile auction venue it worked well, with few seats free at the start of the sale, though the room inevitably thinned out as the star lots came and went. Proceedings were conducted by experienced auctioneer and Christie’s Ambassador Lydia Fenet, aided by Alain Squindo introducing the cars.

Having sold several modern Ferraris for big money, all eyes were on the 5,000-mile, US-spec (important) F50 when it crossed the block. The bids just kept on coming, a process artfully managed by Fenet with the final result of $4.7m net, or $5.175m with US industry standard premium.

A record was set – not bad going on your first sale, though Gooding has another at Pebble this weekend.

At a glance from strictly on-the-night figures:
 
* Gross, motor cars: $47,977,400
* Percentage sold by number: 77%
* Top-selling car: 1995 Ferrari F50 $5,175,000 gross, $4,700,000 net (est. $4.4m to $5m)
* Well sold? $709k all-in was big money for the $375k to $450k 2016 RUF Turbo Florio
* Well bought? Great things were expected of the white Dino GTS. It sold for a so-so $401k on the night

Neither the Mercedes 540K Spezial Roadster (not the best lines; in a weak market proven over at RM) nor the Ferrari 250 GT Tour de France berlinetta (complicated back story) generated any meaningful bids. The ambitious Toyota 2000GT failed to sell on the day.

Notable sales on the night (all figures gross and provisional):

* 2018 Ferrari California T 70th Anniversary, $417,500. London dealers amazed.
* 2015 Ferrari LaFerrari, $3.91m. An everyday red car.
* 2011 Ferrari 599 GTO, $967.5k. The era of the $1m 599 GTO must be round the corner. And it was red.
* 1971 Mercedes-Benz 600 LWB Landaulet, $2.59m. A gargantuan despots’ special with restoration bill to match.
* 1956 Mercedes-Benz 300 SL ‘Gullwing’, $1.627.5m. Strong money for late-model car originally white over red, now silver.
* 1964 Aston Martin DB5 ex-Sir Sean Connery, $2.425m. Bought by owner of a genuine Bond DB5.

Odd misses apart, it was an impressive start and in Lidya Fenet the Hagerty Broad Arrow combo has a fine auctioneer.

Broad Arrow Auctions at the Monterey Jet Center, 18 August 2022 – provisional results

Gross: $47,977,400
Number of cars not sold: 21
Number of cars withdrawn: 0
Total number of cars: 90
Number sold: 69
Percentage cars sold by number: 77%
Percentage by value average low/high estimate: 63%
Percentage of cars met or sold below low estimate: 33%
Percentage of cars sold below avge of estimates: 48%
Percentage of cars sold met/exceeded top estimate: 36%
Average price of cars sold: $695,325
Average year of cars offered: 1979
Percentage of cars offered at No Reserve: 38%

Photos by K500