$48.4 Million! This 1962 Ferrari 250 Gto Set an Auction Record in 2018
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EXPERT NEWS & ANALYSIS FROM THE COLLECTOR CAR AUTHORITY PREMIERE ISSUE | JAN-FEB 2019 $48.4 MILLION! THIS 1962 FERRARI 250 GTO SET AN AUCTION RECORD IN 2018. DETAILS, PAGE 4 2018 COLLECTOR CAR REVIEW LOOKING TOWARD SCOTTSDALE PORSCHES IN ATLANTA YOUTH UPRISING PREVIEW OF THE NEW YEAR SPLASHY SINGLE-MARQUE SALE PAGE 4 PAGE 16 PAGE 28 MARKET FORECAST 2018 SALES THAT TEACH HAGERTY 2019 BULL MARKET LIST ECONOMIC OUTLOOK FOR 2019 LEARN FROM THE EXPERTS TEN CARS ON THE RISE PAGE 12 PAGE 20 PAGE 36 THE HAGERTY VALUATION TEAM EDITOR’S NOTE The most experienced and knowledgeable experts in the collector car business. by Brian Rabold observations beyond auctions and into GLENN ARLT ROB BENNETT RICK CAREY COLIN COMER JAMES HEWITT Historian Vehicle Data Specialist Auction Analyst Marketplace Expert Information Analyst the buying and selling behaviors of our Traverse City, MI Traverse City, MI Thompson, CT Milwaukee, WI Boulder, CO members. A lifelong car enthusiast, Rob grew up in a sports Rick was one of the first people Colin is a sought-after expert James is a classic motorcycle Glenn left a career at a car household and is both to report on the collector car for top collectors worldwide, collector who has owned The result is that our market state- research lab to join Hagerty a Mustang enthusiast and market in detail almost 30 a panelist at our Valuation over 100 vintage bikes from more than 20 years ago. He a photographer. After years ago and has unparalleled seminars, and an advisor for the 1960s and ‘70s. He has ments aren’t opinions, but data-driven currently provides historical graduating from Central market knowledge. Primarily the Hagerty Price Guide. He an industrial engineering expertise to the Valuation Michigan University, he focused on auctions, he created is also the author of several degree from the University comments backed by rigorous analysis. Team while managing joined Hagerty in 2001 and and maintains one of the books on the muscle car era of Michigan and previous When we say a car is primed to grow in the “Ask Hagerty” was a trainer in the sales largest databases of auction and Shelby-American and a experience in software Concierge Service. department for 8 years. transactions at rickcarey.com. noted car collector himself. startups and the tech industry. value, we promise we don’t make the claim because we feel it is true; we have studied the probability that it is so. We are a team of 15 full-time analysts who chase data every day, led by industry veterans like Colin Comer, Dave Kinney, and Rick Carey. We personally inspect GREG INGOLD DAVE KINNEY ERIK NELSON MATT NELSON ANDREW NEWTON WELCOME TO THE FIRST ISSUE OF THE HAGERTY thousands of cars each year to go beyond a simple Assistant Editor, Publisher, Hagerty Price Guide Vehicle Data Specialist Vehicle Data Specialist Auction Editor Hagerty Price Guide Great Falls, VA Traverse City, MI Wilkes-Barre, PA Houston, TX Insider digital magazine. Our aim is to both educate sale price and truly understand a car’s configuration, Traverse City, MI Dave Kinney, the publisher of the Erik comes from a long Matt interned at Hagerty while Andrew has been writing Greg grew up tinkering Hagerty Price Guide, is a renowned line of avid car nuts and earning a finance degree from about cars and covering the and entertain you about changes in the collector car condition, and unique history. We look at millions of on old cars and trucks market expert who has written has bought and sold Michigan State University. collector car market since 2012. market, whether that applies to a $10,000 Ford or a annual transactions ranging from public sales, private and developed a regular columns for a host of many cars, particularly He is a Japanese import He has a masters in history particular obsession with magazines. He judges at events AMCs, over the years. A enthusiast and gained broad and served as both associate $10,000,000 Ferrari. No matter if you keenly monitor trades, asking prices, insurance value changes, and Pontiacs. A longtime and attends dozens of auctions 20-year Hagerty veteran, automotive expertise while editor at Sports Car Digest and Hagerty employee, he each year. Dave is an automotive he currently works on our working on the insurance side education manager at the Larz sales trends, casually check values, or are new to the prices reported through our insurance quotes. We vet currently owns a 1969 appraiser and a senior member of Valuation databases and of the business for Hagerty. Anderson Auto Museum before Pontiac Grand Prix. The American Society of Appraisers. VIN decoder. joining Hagerty in 2014. entire collector car landscape, the Hagerty Insider will our findings with dozens of trusted dealers who fill in help you make sense of the numbers. the white space. Ultimately, in our case, the sum ends Hagerty has a long history in the collector car up being greater than the individual parts. industry. For the past 25 years this Michigan-based, In these pages you will learn that 2018 had some family-owned business has insured high points (three of the ten most millions of cars and millions of own- When we say a car is expensive auction sales happened ers around the globe. Today we are primed to grow in value, this year) but also some struggles (it JESSE PILARSKI BRIAN RABOLD TIM WEADOCK JOHN WILEY CHRIS WINSLOW the largest insurer specializing exclu- proved harder to sell ultra-expensive Information Analyst VP of Valuation Services, Senior Manager of Vehicle Senior Data Analyst Vehicle Data Specialist sively in vintage vehicles, but before we promise we don’t cars in public) that can help us fore- Seattle, WA Editor, Hagerty Insider Database Operations Seattle, WA Traverse City, MI Jesse joined Hagerty after Portland, OR Traverse City, MI John is a lifelong car nut Chris, who has a particular that you could find the Hagerty family make the claim because cast what lies ahead. Furthermore, earning a mathematics Brian began his career in Tim, a veteran of the collector and avid photographer interest in American muscle degree from Michigan State the collector car industry at car industry, has been with a masters in applied cars and modified classics, buying, restoring, and enjoying vin- we feel it is true; economic indicators are promising University. He has spent the Sports Car Market and now collecting Valuation and mathematics from the attended Northwestern tage cars in every aspect of their lives. for continued growth in 2019, but last seven years consuming, heads Hagerty’s Valuation market data for Hagerty for University of Chicago. Michigan College for we have studied the analyzing, and refining all department. He also two decades. He is one of the He joined Hagerty from Auto Tech and worked as Both of these facts permeate Hag- this growth won’t be widespread— of the automotive data serves as the editor of the inventors of Hagerty’s Zillow Group, where he a professional mechanic Hagerty has at its disposal. Hagerty Price Guide. pre-17-digit VIN decoder. was a data scientist. before joining Hagerty. erty’s market commentary. First and probability that it is so. there will be winners and losers. We foremost, our institutional under- dive deep into our trove of data to tell standing springs from car love, and all of the folks who you which cars are poised to grow the most. OF ALL VEHICLES SOLD AT U.S. COLLECTOR tirelessly examine the market are car people. If we No matter what the next year may bring, we remain 378 Years CAR AUCTIONS IN 2018 (OVER 14,000 VEHICLES) Over 1 million weren’t analyzing the car market for Hagerty you can committed to interrogating all of our market data to HISTORIC COLLECTOR CAR VALUES be certain we would be doing something else car-re- report changes to you, for better or worse. Because OF TEAM EXPERIENCE WERE PERSONALLY INSPECTED BY HAGERTY IN THE HAGERTY PRICE GUIDE TO ASSESS CONDITION. lated for our livelihoods. the thrill of that discovery is what drives us out of bed Secondly, our position as the leading insurer of spe- each day. Over 415,000 Over 1.25M cial interest cars positions us to have a deeper under- AUCTION AND PRIVATE CLASSIFIED LISTINGS DECODABLE VINS IN standing than other observers. We study how cars, val- If you have a market-related subject you’d like to hear more TRANSACTIONS ANALYZED 1,150,000 ANALYZED BY HAGERTY HAGERTY’S VIN DECODER ues, and demographics intersect, and we extend our about, drop me an email at [email protected]. 2 3 2018 COLLECTOR CAR MARKET YEAR IN REVIEW BY JOHN WILEY THE $48.4 MILLION 1962 FERRARI 250 GTO WAS THE Plenty happened elsewhere in the collector car world biggest headline in the collector car world in 2018. This last year that will have a more lasting impact than those blue-blooded Italian captured the highest price ever 8-figure sales. For the first time, younger generations paid for a car at auction at RM Sotheby’s Monterey, became the majority of people who were interested in California, auction in August. Despite drawing huge acquiring collector vehicles, and their influence became crowds to the auction room, the sale was overshad- evident in some surprising ways. Unlike Baby Boomers, owed by another 250 GTO that reportedly sold for $70 younger collectors—Gen-X and millennials—don’t col- million in the private market earlier in 2018. During lect the cars of their youth. The vehicles they do collect, the same August weekend, a 1935 Duesenberg SSJ the ones they don’t, their budgets, and their shopping Roadster sold for $22 million at Gooding & Company’s habits impacted not only Hagerty Price Guide values auction.