Broad Arrow Auctions Completes Sales of $55.25 Million at Monterey Jet Center Inaugural Event | New

Monterey, Calif., Aug. 22, 2022 (GLOBE NEWSWIRE) —

  • Ferrari F50 tops supercars, setting new world record price of $5,175,000
  • Monterey Jet Center event sees stellar turnout and grandstand veteran Lydia Fenet’s first appearance as Broad Arrow’s lead auctioneer
  • Broad Arrow Auctions’ calendar continues with the “Passion for the Drive: The Cars of Jim Taylor” private collection sale in October, followed by the first West Palm Beach auction in November 2022
  • Hagerty appoints Broad Arrow as official auction house for ‘The Amelia’ from 2023

Broad Arrow Auctions, a Hagerty Company (NYSE: HGTY), today announced that sales from its first-ever auction on August 18 at the Monterey Jet Center totaled $55,256,900, with 88% of the 93 lots on offer having been sold.

Thursday’s auction took place alongside Hagerty’s (formerly McCall’s Motorworks Revival) Motorlux Reimagined event on Wednesday night, with thousands of guests across both events viewing the cars on offer.

The crowded auction room saw bidders come from all over the world, both in person and via telephone, internet and mail-order auctions. Auction veteran Lydia Fenet commanded the room from the grandstand, making her debut as lead auctioneer for Broad Arrow. The evening sale was led by a three-owner 5,000-mile Classiche-certified 1995 Ferrari F50, which set a new world record price for the model at auction of $5,175,000, following an intense bidding battle. between the parties in the room and on the phone. The Ferrari F50 led the charge for a total of 14 new world record awards set by Broad Arrow overnight.

Other well-selling supercars include a 2015 Ferrari LaFerrari, offered by The Halo Car Collection in “new in box” condition at $3,910,000, a well-preserved 1990 Ferrari F40 certified Ferrari Classiche at $1,985,000, and a stunning 2015 Porsche 918 Spyder Weissach Package at $1,930,000.

Other auction highlights include:

  • A meticulously prepared 1964 Aston Martin DB5 donated by the estate of Sir Sean Connery for $2,425,000, with a significant portion of the proceeds benefiting the Sean Connery Philanthropy Fund. A personal ride with Sir Jackie Stewart was included in the purchase.
  • A 1971 Mercedes-Benz 600 LWB Landaulet, one of 26 six-door 600 Pullman landaulets built between 1963 and 1981, fetched an auction record of $2,590,000.
  • A 1981 BMW M1 fetched $692,500, yet another record auction price for a road-going model.
  • One of the best-selling cars, a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” was sold after the sale for a final price of $5,500,000.
  • A 1930 Duesenberg Model J Willoughby limousine ($1,000,000), a 1972 Ferrari 246 GT Dino ($425,000), and other notable cars also sold immediately after the auction.

“It’s been an amazing start, and we’re extremely grateful for the trust and support from our shippers, bidders and the collector car community,” said Kenneth Ahn, CEO of Broad Arrow Group and President of Hagerty Marketplace. “This event was not only a significant start to building Broad Arrow into one of the industry’s leading auction houses, it was also our first collaborative event under Hagerty’s leadership. We expected a strong sale given the quality of the cars we offered, but the rate of sales and the prices obtained on many cars far exceeded our expectations. We look forward to hosting a series of world-class events and auctions, including at The Amelia, to better serve collectors and car enthusiasts globally.

“We are delighted with the success of Broad Arrow’s inaugural auction,” said McKeel Hagerty, CEO of Hagerty. “The quality and diversity of the offers clearly hit the bull’s eye with buyers and validated the trends we are seeing in the market. If anyone was wondering if this would be a good year in the collector car market, this week proved that demand is high and there are cars for everyone.

Monterey Jet Center Top 10 Sales

  1. 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” – $5,500,000
  2. 1995 Ferrari F50 – $5,175,000
  3. 2015 Ferrari LaFerrari – $3,910,000
  4. 1971 Mercedes-Benz 600 LWB Landaulet – $2,590,000
  5. 1964 Aston Martin DB5 – $2,425,000
  6. 1990 Ferrari F40 – $1,985,000
  7. 2015 Porsche 918 Spyder Weissach Package – $1,930,000
  8. 1987 Porsche 959 – $1,875,000
  9. 2005 Porsche Carrera GT – $1,765,000
  10. 1956 Mercedes-Benz 300 SL Coupe “Gullwing” – $1,627,500

Full results from Broad Arrow’s first Monterey Jet Center event are available at broadarrowauctions.com.

Look forward

On the heels of a successful Monterey Jet Center auction, Hagerty CEO McKeel Hagerty announced that Broad Arrow Auctions will be the official auction house for the Amelia beginning in March 2023. The Amelia is a four-day celebration of world-class collector cars, automotive enthusiasts, car culture and auctions in Amelia Island, Florida. Formerly known as the Amelia Island Concours d’Elegance, the event was acquired by Hagerty in 2021 and renamed The Amelia. It has been considered one of the best competitions in the world since 1996. Tickets for The Amelia (March 2-5, 2023) will go on sale October 1 at www.ameliaconcours.com/event.

Broad Arrow continues its calendar with the auction house’s first private collection offering, Passion for the Drive: The Cars of Jim Taylor. This unique collection of more than 120 cars and nearly 500 memorabilia lots will be on display in Mr. Taylor’s hometown of Gloversville, New York on October 14-15. The collection represents one of the finest assemblages of European, British and American sports and collector cars, many of which have been collected and exhibited around the world.

The company will hold its first West Palm Beach auction on November 18-19 at the Palm Beach County Convention Center. The sale will feature around 300 collectible cars ranging from pre-war classics to modern supercars.

REMARK: All prices are quoted in USD and include applicable buyer’s premium. Broad Arrow’s buyer’s premium for all motor car lots is equal to the sum of twelve percent (12%) of the first $250,000 of the hammer price and ten percent (10%) of the amount per which the auction price exceeds $250,000. The buyer’s premium for all car lots other than automobiles is twenty percent (20%) of the hammer price. Results include post-auction transactions that closed immediately after the sale.

About Broad Arrow Group, a Hagerty Company

Broad Arrow Group, a Hagerty Company (NYSE: HGTY), 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. To learn more, visit broadarrowgroup.com.

Attachments

Ian Kelleher, CMO Broad Arrow Auctions 917-971-4008 [email protected] Meghan McGrail, Director of Media Relations Broad Arrow Auctions 519-365-8750 [email protected]

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