1969 Chevrolet Camaro ZL1 SOLD for $231,000 | LOT 1402 | #2 CONDITION Fathom Green Over Black Vinyl
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EXPERT NEWS & ANALYSIS FROM THE COLLECTOR CAR AUTHORITY MARCH | APRIL 2019 AMELIA ISLAND ANOTHER BIG YEAR FOR PORSCHES IN FLORIDA? DETAILS, PAGE 35 99 CARS RATED & EVALUATED IN-DEPTH AUCTION ANALYSIS FROM ARIZONA & KISSIMMEE THE NEXT RECESSION BRACING FOR BREXIT HOW BUYING A CAR WILL HELP THE IMPACT ON COLLECTORS MARCH | APRIL 2019 CONTENTS 9 | THE WILEY REPORT WHAT JANUARY SALES DO AND DON’T TELL US | BY JOHN WILEY 22 | THE LOOK AHEAD WEATHER THE NEXT RECESSION IN A CLASSIC CAR | BY JOHN D. STOLL 27 | THE VIEW FROM EUROPE BREXIT AND BARN-FIND BUGATTIS BY JOHN MAYHEAD & AARON ROBINSON 35 | ON THE BLOCK PORSCHES AT AMELIA ISLAND | BY ROB SASS 39 | THE DATASET FERRARI MIGRATION CHART | BY JOHN WILEY 40 | SCOTTSDALE & KISSIMMEE IN-DEPTH REPORTS FROM 99 AUCTIONS 2 EDITOR’S LETTER BY BRIAN RABOLD anuary is a Bacchanalian buying spree in the collector car world. Barrett-Jackson and the Arizona auctions capture most American J car geeks’ collective consciousness, and Dana Mecum has set up a selling spectacle of his own in central Florida. Over the course of 18 days (January 3-21), roughly one quarter of the year’s live auction cars crossed the block. That translates to a collector car being offered for sale every four minutes, night and day, for nearly three weeks straight. All told, more than $343 million of collector cars, trucks, vans, and motorcycles changed titles. Gaudy numbers. But what to make of them? John Wiley does a deep dive on page 9, but the short take is total sales for the Arizona auctions fell well short of our expectations, primarily due to misses among the top cars on offer. The road was rocky for million-dollar lots, be they classic European sports cars or modern performance machines. The top price level tends to be a leading indicator: When the wealthiest buyers exercise restraint, the rest of the market usually falls into line. But, as always, it pays to dig deeper. Meeting with my colleague Logan Calkins, a Hagerty national private client services account executive, at the 3 EDITOR’S LETTER Bonhams auction in Scottsdale on Thursday, I wondered aloud whether these results will further chill the market. As he walked me through a well- done if older recreation of a Bugatti Type 46 Superprofilée, he remarked, “a lot of the big guys are simply staying home this year.” “Are they not looking to buy right now?” I asked. “No,” he said, “there just isn’t enough interesting stuff here for them to make the trip.” Indeed, that was a common refrain among attendees. The star power of the cars wasn’t sufficiently bright. Buyers today, especially at the highest levels, are incredibly discerning—and they aren’t looking to settle. For every missed million-dollar car that had people talking, there seemed to be a dozen strong sales at more attainable levels that had attendees buzzing. If the top of the market was disappointing, the sub-$100,000 level plainly didn’t notice. Bonhams set a record for a Volvo 1800 coupe, selling a 1972 1800E for $91,840. Barrett-Jackson raised the ceiling on Chevy K5 Blazers (1969–91), with seven going for more than $40,000 (including four above $70,000). Gooding & Company kept the Porsche 914 hot streak alive when it sold a 1973 2.0L model for $58,240. For every missed million-dol- lar car that had people talking, there seemed to be a dozen strong sales at more attainable levels that had attendees buzzing. And there were bargains, too. On Thursday night, watching the RM Sotheby’s auction unfold, I found myself sitting next to the woman who ended up buying one of the cheapest cars of all the offerings at the Arizona auctions. She stole one of the last lots at the Bonhams auction, a cute 1965 Morris Minor, for $5600. “The whole tent applauded like I just spent $5 million instead of $5000,” she glowed. Which emphasizes that passion and emotion are as important to this market as anything. As Wayne Carini likes to say, buy what you want to own first and foremost, because “if the world goes to zero tomorrow, at least you’ll still have something that will make you smile.” Is there a market-related subject you’d like to hear more about? Drop me a line at [email protected]. 4 THE HAGERTY VALUATION TEAM THE MOST EXPERIENCED AND KNOWLEDGEABLE EXPERTS IN THE COLLECTOR CAR BUSINESS. GLENN ARLT ROB BENNETT RICK CAREY Historian Vehicle Data Specialist Auction Analyst Traverse City, MI Traverse City, MI Thompson, CT A lifelong car enthusiast, Rob grew up in a sports Rick was one of the first people Glenn left a career at a car household and is both to report on the collector car research lab to join Hagerty a Mustang enthusiast and market in detail almost 30 more than 20 years ago. He a photographer. After years ago and has unparalleled currently provides historical graduating from Central market knowledge. Primarily expertise to the Valuation Michigan University, he focused on auctions, he created Team while managing joined Hagerty in 2001 and and maintains one of the the “Ask Hagerty” was a trainer in the sales largest databases of auction Concierge Service. department for 8 years. transactions at rickcarey.com. COLIN COMER JAMES HEWITT GREG INGOLD Marketplace Expert Information Analyst Assistant Editor, Milwaukee, WI Boulder, CO Hagerty Price Guide Colin is a sought-after expert James is a classic motorcycle Traverse City, MI for top collectors worldwide, collector who has owned Greg grew up tinkering a panelist at our Valuation over 100 vintage bikes from on old cars and trucks seminars, and an advisor for the 1960s and ‘70s. He has and developed a the Hagerty Price Guide. He an industrial engineering particular obsession with is also the author of several degree from the University Pontiacs. A longtime books on the muscle car era of Michigan and previous Hagerty employee, he and Shelby-American and a experience in software currently owns a 1969 DARIN SCHNABEL ©2018 COURTESY OF RM SOTHEBY’S noted car collector himself. startups and the tech industry. Pontiac Grand Prix. 5 THE VALUATION TEAM DAVE KINNEY ERIK NELSON MATT NELSON Publisher, Hagerty Price Guide Vehicle Data Specialist Vehicle Data Specialist Great Falls, VA Traverse City, MI Wilkes-Barre, PA Dave Kinney, the publisher of Erik comes from a long Matt interned at Hagerty the Hagerty Price Guide, is a line of car nuts and has while earning a finance renowned market expert who bought and sold many degree from Michigan State has written regular columns cars, particularly AMCs, University. He is a Japanese for a host of magazines. He over the years. A 20- import enthusiast and judges at events and attends year Hagerty veteran, he gained broad automotive dozens of auctions each currently works on our expertise while working on year. Dave is an automotive Valuation databases and the insurance side of the appraiser and a senior member VIN decoder. business for Hagerty. of The American Society of Appraisers. ANDREW NEWTON JESSE PILARSKI BRIAN RABOLD Auction Editor Information Analyst VP of Valuation Services, Houston, TX Seattle, WA Editor, Hagerty Insider Andrew has been writing Jesse joined Hagerty after Portland, OR about cars and covering the earning a mathematics Brian began his career in collector car market since 2012. degree from Michigan State the collector car industry at He has a masters in history University. He has spent the Sports Car Market and now and served as both associate last seven years consuming, heads Hagerty’s Valuation editor at Sports Car Digest and analyzing, and refining all department. He also education manager at the Larz of the automotive data serves as the editor of the Anderson Auto Museum before Hagerty has at its disposal. Hagerty Price Guide. joining Hagerty in 2014. TIM WEADOCK JOHN WILEY CHRIS WINSLOW Senior Manager of Vehicle Senior Data Analyst Vehicle Data Specialist Database Operations Seattle, WA Traverse City, MI Traverse City, MI John is a lifelong car nut Chris, who has a particular Tim, a veteran of the collector and avid photographer interest in American muscle car industry, has been with a masters in applied cars and modified classics, collecting Valuation and mathematics from the attended Northwestern market data for Hagerty for University of Chicago. Michigan College for two decades. He is one of the He joined Hagerty from Auto Tech and worked as inventors of Hagerty’s Zillow Group, where he a professional mechanic pre-17-digit VIN decoder. was a data scientist. before joining Hagerty. 6 THE VALUATION TEAM $209,173,565 IN CARS INDIVIDUALLY INSPECTED BY HAGERTY TO ASSESS CONDITION AT U.S. COLLECTOR CAR AUCTIONS IN JANUARY 2019 CLASSIFIED LISTINGS ANALYZED BY HAGERTY 378 Years OF TEAM EXPERIENCE OF ALL VEHICLES SOLD AT U.S. COLLECTOR CAR AUCTIONS IN 2018 (OVER 14,000 VEHICLES) WERE PERSONALLY INSPECTED BY HAGERTY TO ASSESS CONDITION. Over 1.25 Million DECODABLE VINS IN HAGERTY’S VIN DECODER Over 415,000 Over 1 million AUCTION AND PRIVATE HISTORIC COLLECTOR CAR VALUES TRANSACTIONS ANALYZED IN THE HAGERTY PRICE GUIDE 7 100 THE WILEY REPORT THE JANUARY MYTH Do the year’s early auctions tell us anything about the coming year? Plus, the Top Ten Sales and more. BY JOHN WILEY 9 THE WILEY REPORT ar enthusiasts don’t have Magic 8 Balls or tarot cards, but they do put a lot of faith in January auctions. Whether sales are going to be up for the year, which cars are hot, and which are headed for a fall.