Amelia Island, FL, March 04, 2024 (GLOBE NEWSWIRE) -- 4 March 2024 – Broad Arrow Auction’s sale at The Amelia meaningfully exceeded expectations this past weekend, with total sales surpassing $63M and a sell-through rate of 92%. Now in its second year as the official auction house at The Amelia, Broad Arrow executed a two-day, standing-room-only sale with more than 1,000 registered bidders and their guests. With palpable energy on both days, the Broad Arrow Auction total sales nearly doubled over last year ($31M in 2023). Watch the wrap-up video here.
Among the top lots sold were the 1967 Ford GT40, which sold for $4,405,000, and the 2022 Bugatti Chiron Pur Sport, selling for $4,047,500. Other notable collection highlight sales across the two days include from the Racer X Collection offered on Friday evening which consisted of 12 cars, all of which were sold including the 1966 Shelby 427 S/C Cobra which sold post-auction after the first day. Meanwhile on Saturday, the Gregorie Neck Collection posted strong results for the genre with sales led by the 1938 Mercedes-Benz 540K Cabriolet by Norrmalm for $1,435,000. An additional after sale of note was the 1959 Porsche 718 RSK Spyder “Lucybelle III”, which found a new home shortly after the auction.
Barney Ruprecht, Head of Auctions for Broad Arrow stated, “The auction was a tremendous success across the board, and it was wonderful to see so many familiar faces over both auction days and during the well-attended preview. The sale itself speaks not only to the confidence in the market overall but also to the selection of cars sourced and offered by our team. We are truly grateful for the continued support and loyalty from our clients and look forward to the year of exciting auctions ahead.”
Kenneth Ahn, President of Hagerty Marketplace and Broad Arrow stated, “The results from this week by the auction houses on Amelia Island, including Broad Arrow, proved it to be the premier destination for car collectors in Florida each March. For Broad Arrow, the sale results nearly doubled the previous year’s sale total of $31M which further highlighted the increased demand and interest in the offering. In the months preceding the sale, our team curated an exceptional group of cars that spanned from early pre-war cars to modern supercars to appeal to a broad audience of car lovers for our two-day event. Onsite, our team executed flawlessly and achieved results that meaningfully exceeded our expectations. On behalf of our teams at Hagerty and Broad Arrow, we want to thank The Amelia attendees, a record-setting 27,000 of them, for attending the various auctions and the 29th annual concours d’elegance at Amelia Island.”
Additional highlights from the sale included the crowd favorite 1957 Mercedes-Benz 300SL Roadster finished in the unique color of Linden green, which achieved a final price of $2,260,000. In the same vein of cars with fantastic and rare colors, the 1973 Ferrari 365 GTB/4 Daytona Spiderbrought an impressive $3,305,000. Rounding out the group, the Oak Green Metallic 1988 Porsche 959 SC Reimagined by Canepa sold for $3,085,000.
Top Ten Auction Results from the Two-Day Event (All prices inclusive of Buyer’s Premium)
1 – 1967 Ford GT40 - $4,405,000
2 – 2022 Bugatti Chiron Pur Sport - $4,047,500
3 – 1973 Ferrari 365 GTB/4 Daytona Spider - $ 3,305,000
4 – 1988 Porsche 959 SC Reimagined by Canepa - $3,085,000
5 – 2021 Lamborghini Sian - $2,645,000
6 – 1957 Mercedes-Benz 300 SL Roadster - $2,260,000
7 - 2022 Hennessey Venom F5 - $2,205,000
8 – 2020 McLaren Speedtail - $2,067,500
*1959 Porsche 718 RSK Spyder “Lucybelle III”– Sold After Auction, within the Top Ten
*1966 Shelby 427 S/C Cobra – Sold After Auction, within the Top Ten
Broad Arrow Auctions next event will take place with Air|Water on Saturday, April 27th, in Costa Mesa, CA and feature approximately 70 Porsches, similar to the Broad Arrow Porsche 75th Anniversary Auction held in 2023 at the Porsche Experience Center in Atlanta, Georgia. Early consignments for the single marque auction include the Le Mans Class-Winning 1969 Porsche 908/02 LH Spyder. Additional information on the auction can be found here.
Photo Credit: D. Paul Graham
About Broad Arrow, a Hagerty Company - Broad Arrow, 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 operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn.
About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and fueling 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 more than 800,000 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 www.hagerty.com or connect with us on Facebook, Instagram, Twitter, LinkedIn, and YouTube.
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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 ikelleher@hagerty.com
