Supercars, classics draw jaw-dropping prices at B-J, Bonhams, and RM Sotheby’s annual collector-car auctions in Arizona
Barrett-Jackson’s “Super Saturday” saw thousands of collector-vehicle enthusiasts crowd into the company’s giant auction tent late January, with additional buyers on the internet and telephone. Those assorted gearheads celebrated million-dollar moments and paid cubic dollars for the art on wheels crossing the block in Scottsdale, Arizona this year.
The most expensive non-charity car in the sale was a US$2.2-million 2023 Hennessey Venom F5 Roadster. One of only 30 produced, this 1,817 horsepower hypercar is capable of a top speed of 265 miles per hour (426 km/h).
That checkbox on the order form got the buyer exposed carbon fiber, a front diffuser, larger wheels, a blue-looking burnt titanium exhaust system and other add-ons. It’s what you would expect in a supercar that can go from zero to 100 km/h (62 mph) in just three seconds. And the sale price of US$1.925 million is probably what you expect, too.
Each year, total sales at Barrett-Jackson’s Scottsdale auction seem to increase, with 2024’s total sales at $200 million, versus $184 million the previous year.
Collector-car auction sales generally add a 10% buyer premium to the final bid, making the costs of adding a car to one’s collection just that much more expensive.
He says banks generally won’t loan money on really old cars, and, if they do, their interest rates are higher than leasing. Bank loans are amortized down to zero, so payments are high. Then on the other hand, those buying collector cars outright have to pay sales tax up front, which can be as much as $10,000.
“Leases don’t show up on people’s credit reports. Their companies can lease the car, and they can buy it out personally at the end of the lease. There are many advantages,” he says. “Most of the auction companies know us and, when someone buys a car and we’re involved, they often release the car without payment. We handle all the paperwork and financing making purchases simple.”
Alyn Edwards is a classic car enthusiast and partner in a Vancouver-based public relations company. You can reach him at [email protected].
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