The Market

100.0

What happened at the 2025 Arizona auctions?

What happened at the 2025 Arizona auctions? 25th January 2025

When K500 first travelled to Arizona for the January auctions 10 years ago the car collecting landscape looked very different. Between them, Bonhams RM and Gooding offered 335 cars. Nearly nine out of ten sold and the combined gross topped $143m.

This year, only the Brits and Canadians made it to the Copper State and each just for one day. The final auction has just finished with the pair posting a grand total for the 169 cars listed of $35.9m at a sell-through of 82%. Here’s our take.

After the buzz and positivity for business generated earlier this week at the presidential inauguration, perhaps it’s unsurprising that the results this time round were strong: for RM Sotheby’s over at the Biltmore at least.

Bonhams suffered by not selling the 1967 Lamborghini Miura P400, a fine, well-restored car that stalled at $1.8m. Est. $2.2m to $2.8m. A run of other Not Solds meant it was almost only entries offered at No Reserve that sold on the day. The unfashionable-today 1956 Ferrari 250 Europa GT was another casualty despite restoration by recognised name Patrick Ottis, and Classiche certification.

Interestingly, there was not a single Ferrari 365 GTB/4 ‘Daytona’, no BMW 328 or 507, no Lancia Aurelia B24 Spider America; only RM’s big-selling Ferrari F512M, but no other regular Testarossas, BB 512s or BB 365s.

At a glance: Bonhams and RM Sotheby’s combined

* Combined gross, motor cars: $35,933,195 (2024, $35,039,180)
* Top-selling car: 1958 Ferrari 250 GT LWB Berlinetta 'Tour de France' $3,772,500 gross, $3,425,000 net (est. $3.5m to $4.5m) at RM Sotheby’s     
* Total average of estimates: $54.4m (2024, $66.3m)
* Number of cars offered: 169 (2024, 168)
* Percentage sold by number: 82% (2024, 79%)
* Percentage of cars at No Reserve: 61% (2024, 57%)
* Average year of car offered: 1963 (2024, 1966)


RM Sotheby’s

The Canadian powerhouse kicked off proceedings on Friday with 88 lots – 83 of which sold – lined up inside and outside its familiar Scottsdale Week venue, the Arizona Biltmore. Regular stateside auctioneer Mike Shackleton was the safe pair of hands at the rostrum, and he rattled through the catalogue in no time, aided by nearly two thirds listed at No Reserve.

The estimate on the top-selling ‘TdF was keen, and the car catalogued well in as-delivered Oro Chiaro. Against it, as a 1958 it’s not eligible for the modern Mille Miglia, and – the passion-killer –did not have its original engine block. The interior was replaced but the old one came with the car. TdFs have usually experienced tough lives, but this one appeared a generally unmolested exception with its bodywork, gearbox and rear axle from 1958. The vendor purchased it in 2006, so it came out of relatively long-term ownership.

The final price of $3,772,500 appears low but these cars have fallen out of favour in recent years, and don’t forget that non-matching engine. Crystal ball time but this might prove to be well-bought.

Runner-up was the 1931 Bentley 8-Litre Convertible Victoria by Murphy, a magnificent Vintage Bentley well sold above low estimate for $3,195,000. Only five cars went home unsold.

Other results of note (all prices gross):

* 1956 Mercedes-Benz 300 SL 'Gullwing', $2,040,000. Healthy figure for a silver Gullwing specced with desirable NSL engine, sports suspension and Rudge wheels but born unfashionable Fire Engine Red. Gearbox a 1957 replacement but most other numbers, including the engine, correct.
* 1939 Bugatti Type 57 C Atalante by Gangloff, $2,370,000. Sold above estimate. Good result for a model that has needed a top-tier venue to sell well in more recent years. Factory supercharger helped.
* 1995 Ferrari F512 M, $555,000. Mega money for run-of-the-mill red car. 22,000 miles recorded not super-low.
* 1937 Cord 812 Supercharged 'Sportsman' Cabriolet, $489,000. Sold considerably over upper estimate. The death of ‘Great Gatsby’ Americana has been much exaggerated.
* 1984 Audi Sport quattro, $758,500. Another top-dollar result, particularly as this Sport quattro had been modded from standard for local competition.
* 1973 Porsche 911 Carrera RS 2.7 Touring, $472,500. Upgraded with a/c and bigger wheels but benefitted from delivery in rare and unusual Gulf Orange. A typically ‘average’ RS 2.7, broadly estimated at $450k to $550k.

After this strong performance, RM will go to Paris with confidence.

RM Sotheby’s at the Arizona Biltmore, 24 January 2025 – results (2024)

Gross: $31,321,000 ($22,937,660)
Number of cars not sold: 5 (21)
Number of cars withdrawn: 0 (1)
Total number of cars: 88 (84)
Number sold: 83 (63)
Percentage cars sold by number: 94% (75%)
Percentage by value average low/high estimate: 79% (46%)
Percentage of cars met or sold below low estimate: 52% (52%)
Percentage of cars sold below avge of estimates: 65% (73%)
Percentage of cars sold met/exceeded top estimate: 22% (17%)
Average value of cars sold: $377,361 ($364,090)
Average year of cars offered: 1953 (1976)
Percentage of cars offered at No Reserve:  64% (50%)
Average mid-estimate per car offered: $406,420 ($534,077)


Bonhams

The Bond St firm made a late, but wise decision to shift the date of its Scottsdale auction from Friday, the same day as RM, to Saturday. Likeable British auctioneer Harvey Camell, who’d conducted recent sales in Monterey, was at the controls assisted by another Brit, Richard Stafford.

Bidding on the Miura started at $1m. Taking bids in only $100k increments, it never looked as if Camell would sell the car. Which is a shame, as we rate it, having met the Californian doctor who owned it for many years at Pebble Beach and the American restoration is a good one. The 250 GT Europa as a model looks unfashionable today and Bonhams’ example, at $1.8m to $2.3m was too expensive in a generally low-key event.

The British company’s sell-through-by number of 68% was just not good enough for a North American auction.

Other results of note (all prices gross):

* 1961 Land Rover Series II 88-inch Hardtop, $28,000. The buy of the week – purchased new by author Arthur Miller who registered it in Connecticut where he owned a big estate. A saleroom notice stated that Marilyn Monroe was unlikely to have travelled in it as they divorced in 1961.
* 1978 Porsche 930 3.3 Turbo Coupe, $112,000. No Reserve California car in Grand Prix White with 100,000 miles recorded. A driver.  
* 1957 Rolls-Royce Silver Wraith LWB Touring Limousine, $24,640. One of a run of 1950s Rolls and Bentleys requiring commissioning. Incredible value considering its price new and status as the 1956 New York Auto Show car.
* 1974 Jaguar E-type Series III V12 Roadster, $24,640. Regency Red manual sold $43,000 under its low estimate. Blame the totally OTT rubber bumpers.
* 1992 Porsche 911 'Type 964' Turbo 3.3 Coupé, $257,600. A rare success on the day. Odometer reading fewer than 18,000 miles a plus.
* 1963 Porsche 356B Carrera 2 Sunroof Coupé, Not Sold. The stars need to align for these to sell in the mid-2020s. Nice history as a Porsche press car, but replacement engine killed it.

Bonhams in Scottsdale, 25 January 2025 – results (2025)

Gross: $4,612,195 ($12,101,520)
Number of cars not sold: 25 (14)
Number of cars withdrawn: 4 (0)
Total number of cars: 77 (84)
Number sold: 52 (70)
Percentage cars sold by number: 68% (83%)
Percentage by value average low/high estimate: 22% (51%)
Percentage of cars met or sold below low estimate: 60% (69%)
Percentage of cars sold below avge of estimates: 83% (80%)
Percentage of cars sold met/exceeded top estimate: 8% (13%)
Average value of cars sold: $59,899 ($144,066)
Average year of cars offered: 1973 (1955)
Percentage of cars offered at No Reserve:  60% (62%)
Average mid-estimate per car offered: $242,234 ($254,625)

===

What can be read into this for sales at Paris Rétromobile Week coming down the tracks in 10 days’ time? The European market (and economy) is far removed from the can-do, will-do and hell, we’re going to do it attitude in the US right now. Expect RM’s No Reserve day on Tuesday to set the tone for the week. When Artcurial opened the Monaco sales last year with a similar, everything-must-go bonanza and some nice cars went at fire sale prices it did not work out well.

A full preview on the Paris auctions to come on K500 next week.

Click here for Bonhams and RM Sotheby’s 2025 Scottsdale results sorted by make and model.

Arizona Sales, January 2025. Bonhams and RM Sotheby’s combined (2024)

Gross: $35,933,195 ($35,039,180)
Number of cars not sold: 30 (35)
Number of cars withdrawn: 4 (1)
Total number of cars: 165 (168)
Number sold: 135 (133)
Percentage cars sold by number: 82% (79%)
Percentage by value average low/high estimate: 60% (48%)
Percentage of cars met or sold below low estimate: 55% (61%)
Percentage of cars sold below avge of estimates: 72% (77%)
Percentage of cars sold met/exceeded top estimate: 19% (17%)
Average value of cars sold: $266,172 ($263,452)
Average year of cars offered: 1963 (1966)
Percentage of cars offered at No Reserve: 62% (57%)

Photos by the auction houses