The 2022 Scottsdale Auctions: the five-point K500 takeaway

By every metric, this year’s selling spree in Arizona was better than 12 months ago and even the last pre-pandemic, ‘normal’ year of 2020. We take a look at the real trends behind the glowing press releases.
 
A glance at the numbers below proves the case made by industry insiders in their end-of-year comments to K500. Business is bullish, particularly in North America. Despite that, the average value of cars sold in Arizona declined – a function of Gooding slimming down to online-only and Bonhams also presenting a catalogue without anything heavyweight – but still an improvement on 2020. The overall gross is down on two years ago, lacking the two-day marathons for RM and Gooding. Cars are beating their pre-sale guides more often than before – 30% above top estimate this year, only 8% in 2020.

Quality cars at the right prices are hard to consign; the Cizeta-Moroder V16T coming direct from marque joint founder and disco legend Giorgio Moroder proved the point – it sold for $1,363,500 with premium.

Click HERE for full results from the Big Three sorted by make and model
 
Arizona Sales, January 2022. Bonhams/Gooding/RM Sotheby’s combined (2021, 2020)
 
Gross: $61,488,710 ($47,931,320, $74,121,930)
Number of cars not sold: 20 (28, 52)
Number of cars withdrawn: 2 (5, 6)
Total number of cars: 215 (155, 394)
Number sold: 195 (127, 342)
Percentage cars sold by number: 91% (82%, 87%)
Percentage by value average low/high estimate: 88% (64%, 51%)
Percentage of cars met or sold below low estimate: 33% (57%, 74%)
Percentage of cars sold below avge of estimates: 51% (72%, 86%)
Percentage of cars sold met/exceeded top estimate: 30% (19%, 8%)
Average value of cars sold: $ $315,327 ($377,412, $216,731)
Average year of cars offered: 1970 (1970, 1968)
Percentage of cars offered at No Reserve: 41% (37%, 70%)

Here’s our five-point take on the 2022 Scottsdale auction week:
 
1. It’s not over for the older models, as long as they are exceptional. Pre-War Americana apart, cars such as Bonhams’ $516.5k AC Ace with original AC engine – the least desirable – did well as it had been restored to superlative standards by Kevin Kay. We’ve noticed demand for more ‘touring’ European GTs soften in the last 18 months, yet RM sold a LHD DB6 Vantage (also by Kevin Kay, to concours level) for $621k. The slow recovery of ‘DB’ Aston values continues; despite another raft of indifferent Kuwaiti cars, Scottsdale in January 2022 was no fire sale. RM’s Lancia Aurelia B24S Convertible sold for a strong $489k. We liked the unique Pininfarina ‘frog-eye’ Ferrari 330 GTC development car (above), sold for $967.5k. Hopefully its correct cloth interior will be reinstated. There’s still money in the blue blazer, chinos, high belts and Panama hat set.

Dramatic ‘Great Gatsby’ era tourers from Packard, Duesenberg and Cadillac have road presence like few others, and still have a strong following among more mature US collectors. RM sold a 1931 Duesenberg Model J Tourster (above) over mid estimate for $3.415m. Expect further strong results at Amelia in March.

2. The staying power of the Silver Arrows. Mercedes 300 SLs attracted plenty of bidding, maintaining the momentum seen since last year. The alloy Gullwing lacked its original gearbox (pictured top, which RM’s catalogue text skirted around, not helpful on a car of this value) and sold post-auction below bottom estimate; the replacement alloy engine of the attractive late-spec 300 SL Roadster (pictured, above) hurt its value but it still topped $2 million; the regular Gullwing in ‘one-of-two’ dark grey had visual presence despite some poetic liberty with the restoration, and made $1.7m, Even Bonhams’ ‘ripe-for-rebuild’ 1953 Mercedes-Benz 300S Roadster, usually a staid performer on the road and in the marketplace, beat mid-estimate at $472.5k.

3. Countach! Nuccio Bertone could well have uttered the Piedmontese expletive if he’d witnessed a ‘dregs-de-la-creme’ 25th Anniversary model knocked down for $445k gross at Bonhams. And it was red. Interest in the model has heightened since the factory decided to build a replica of the prototype car and reprise the name in 2021. Expect more strong market showings for Gandini’s outrageous creation this year.

4. Modern Porsches. The very latest, ‘showroom unobtainium’ limited-edition 911s are a gift to online auctions, but go back 20 years or so and genuinely short-run 911s can still cause a stir at a live sale. Witness RM’s 1994 Porsche 911 Turbo S 'Flachbau' ($1.325m gross) and Bonhams’ estimate-busting 1997 Porsche 911 (993) Turbo S ($467k gross). Beware, though, that the fussy, “read about it on a forum” attitude to these cars and others right now does affect transactions. More Porsches to come at Amelia.

The 1967 911 2.0 S ‘soft window’ Targa sold by Bonhams for $288,250 proves the ‘chrome bumper’ market is still active and that interest in Stuttgart cars runs across the board.

5. Going live. They are fun, they are sociable – people enjoy being with like-minded friends, shooting the breeze and buying stuff with a Margarita in their hand. Online auctions have a place and are here to stay but, for atmosphere and sheer, “Hell, I want that today” feeling, a physical auction in the right place and time with a quality offering has no equal. Scottsdale worked, and we have no doubt Amelia and Pebble will be similarly bullish – maybe events in Europe less so; the Paris sales next week (orphaned without Rétromobile) will be a pointer.

Top 10 sales at Scottsdale 2022

1. RM 159 1955 Mercedes-Benz 300 SL Alloy 'Gullwing' $6,825,000
2. RM 152 1931 Duesenberg Model J Tourster $3,415,000
3. RM 115 1964 Mercedes-Benz 300 SL Roadster $2,315,000
4. RM 135 1967 Ferrari 330 GTS $1,957,500
5. RM 134 1965 Ferrari 275 GTB $1,875,000
6. RM 129 1955 Mercedes-Benz 300 SL 'Gullwing' $1,710,000
7. RM 148 2015 Porsche 918 Spyder $1,600,000
8. RM 149 1987 Porsche 959 Komfort $1,600,000
9. RM 143 2005 Porsche Carrera GT $1,545,000
10. RM 168 1988 Cizeta-Moroder V16T $1,363,500

Photos by K500