Source: Gooding & Co.
A 1965 Ferrari 275 GTB Speciale Coupe, auctioned by Gooding & Company, sold for more than $8 million.
What’s more, a provision in the new tax law that prevents “value-in-kind exchanges” for cars has crimped sales at the top. Previously, collectors were allowed to sell one car and buy another of equal or greater value without paying a capital gains tax.
Half as many cars sold for $3 million or more this year compared with last year, according to Hagerty.
“At the higher rungs on the pricing ladder, results weren’t as strong,” Hagerty said. “Further struggles were specifically seen in the $2 million to $5 million range, all of which could indicate a softening in the market.”
Yet while the buyers of $15 million Jaguars and $20 million Ferraris have pulled back, the market for old trucks, muscle cars and American classics remains strong. Demand for classic Corvettes, Mustangs and Camaros was strong. Hagerty said 1968-1982 C3 Chevrolet Corvettes, the first generation 1967-69 Chevrolet Camaros and Fox-body 1979-1993 Mustangs were among the best performers.
Vintage trucks and SUVs are also doing surprisingly well. Auctioneer Barrett-Jackson sold a 1948 Dodge Power Wagon for $74,800, while early Ford Broncos are selling for $50,000.
Cars that were sold for charity also fared well. Former President George W. Bush, Jay Leno and Chad McQueen (son of Steve McQueen) helped auction off a 2017 Ford GT for $2.55 million, a 2018 Corvette Carbon Fiber 65 Edition for $1.4 million and the first production 2019 Corvette ZR1 for $925,000. The proceeds from the sales went to various charities.
Here are the top 10 most expensive cars sold in Arizona, along with the auction companies.
- 1965 Ferrari 275 GTB Speciale Coupe sold for $8,085,000 (Gooding & Co.)
- 1958 Porsche 550A Spyder sold for $5,170,000 (Bonhams)
- 1954 Ferrari 500 Mondial Spider sold for $4,455,000 (Gooding & Co.)
- 1931 Bugatti Type 55 Roadster sold for $4,070,000 (Gooding & Co.)
- 1966 Shelby Cobra 427 S/C Roadster sold for $2,947,500 (RM Sotheby’s)
- 1972 Ferrari 365 GTS/4 Daytona Spider sold for $2,640,000 (Bonhams)
- 1967 Ferrari 330 GTS Spider sold for $2,530,000 (Gooding & Co.)
- 2017 Ford GT Coupe sold for $2,500,000 (Barrett-Jackson for charity)
- 2014 Pagani Huayra Coupe sold for $2,090,000 (Gooding & Co.)
- 1948 Tucker 48 Sedan sold for $1,792,500 (RM Sotheby’s)