Financial News
Broad Arrow Radius Auction Achieves $57.5M with 84% Sell-Through at the Monterey Jet Center with Sales Led by Ferrari F50, 288 GTO, and 250 GT Lusso
Grosse Pointe, MI, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Grosse Pointe, MI, (August 22, 2023) – Broad Arrow Auctions is pleased to announce results from the Radius Auction held at the Monterey Jet Center this past 17-18 August. The auction followed on the heels of the successful and sold out Hagerty Motorlux party held on Wednesday evening. The party saw more than 3,000 attendees celebrate the start of Monterey’s annual car week with exceptional dining and entertainment, alongside the auction preview of Broad Arrow’s 170 cars on display.
Total sales achieved $57.5M with a 84% sell-through rate over two days. Top sales from the auction included the exquisite 1995 Ferrari F50, which achieved a sales price of $4,240,000, followed by the 1985 Ferrari 288 GTO with a sale price of $3,910,000. The stunning 1964 Ferrari 250 GT Berlinetta Lusso realized a final price of $2,810,000 to elated cheers from the crowd.
Kenneth Ahn, President of Hagerty Marketplace states, “On behalf of our team at Hagerty and Broad Arrow, we want to thank all of our clients and friends for their support this past week. We were delighted to host so many car lovers and enthusiasts for our second-ever auction on the Monterey Peninsula with [142] cars sold for $[57.5] million, in conjunction with Hagerty Motorlux.”
Friday’s auction was headlined by the pair of single-owner collections with the Hendricks Collection of the Gateway Museum up for auction first. Impressively, the collection achieved a 100% sell-through rate with $7.9M in total sales led by the spectacular 1954 Oldsmobile F-88, which sold for $1,765,000 while the one-of-two Hibbard & Darrin 1930 Duesenberg Model J Transformable Cabriolet sold for $1,435,000.
The sale concluded on Friday with the Academy of Art University collection, which saw strong bidding and interest on all lots, selling all but one car from the collection, which was sold after the auction. Results included a final price of $1,105,000 for the stunning 1937 Delage D8-120 Coach JeLM by Letourner et Marchand while the 1937 Bugatti Type 57C Atalante sold for $1,325,000.
Top Ten Auction Results From the Two-Day Auction (All prices inclusive of Buyer’s Premium)
1 - 1995 Ferrari F50 - $4,240,000
2 - 1985 Ferrari 288 GTO - $3,910,000
3 - 1964 Ferrari 250 GT Berlinetta Lusso - $2,810,000
4 - 2015 Porsche 918 Spyder - $1,985,000
5 - 1956 Mercedes-Benz 300SL Gullwing - $1,930,000
6 - 1954 Oldsmobile F-88 - $1,765,000
7 - 1935 Mercedes-Benz 500K Cabriolet A - $1,710,000
8 - 1930 Duesenberg Model J Hibbard & Darrin Transformable Cabriolet - $1,435,000
9 - 1930 Duesenberg Model J Murphy Convertible Sedan - $1,380,000
10 - 1937 Bugatti Type 57C Atalante - $1,325,000
About Broad Arrow Group, a Hagerty Company - Broad Arrow Group, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors with a commitment to integrity, trust, and innovation. Broad Arrow Group operates Broad Arrow Auctions, Broad Arrow Capital, and Collectors Garage and is headquartered in Grosse Pointe, Michigan. Learn more at broadarrowgroup.com.
About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive lifestyle brand committed to saving driving and car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self describe as car enthusiasts. Hagerty also operates in Canada and the UK and is home to Hagerty Drivers Club, a community of 750,000 who can’t get enough of cars. As a purpose-driven organization, Hagerty Impact aims to be a catalyst for positive change across the issues that matter most to our teams, our members, the broader automotive community, our shareholders and the planet at large. For more information, please visit https://www.hagerty.com/, or connect with us on Facebook, Instagram and Twitter. Press materials can be found at newsroom.hagerty.com.
Forward-Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current intentions, expectations, or beliefs regarding the business. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be outside of our control. Some of the factors that may cause our actual results to differ materially from those contemplated by our forward-looking statements include: (i) our ability to recognize the anticipated benefits of the subject of this press release; (ii) our ability to compete effectively within our industry and attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2023. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in those filings is important in order to fully understand our reported financial results and our business outlook for future periods. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Attachments
Ian Kelleher Broad Arrow Auctions 917-971-4008 ian.kelleher@broadarrowgroup.com
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