The Scottsdale auctions historically rank among the year’s most anticipated events, alongside Amelia Island and Monterey, forming the cornerstone of the traditional auction calendar that enthusiasts and data analysts like us rely on to gauge the market. However, as outlined in our Year-end Report, the collector car landscape is evolving, with one expected trend being the diminishing significance of these cornerstone events, as results become more evenly distributed throughout the year. The outcomes of Scottsdale 2024 already reflect this shift.
This year, four (4) auction houses hosted events in Scottsdale, down from the seven that participated before the Pandemic hit in 2020. Two former participants, Leake and Russo & Steele, are no longer operational, and Gooding & Company chose to forgo the event altogether this year.
Barrett-Jackson, the event’s originator, remains the largest auction in Scottsdale. The overall growth evident in the following figures is largely attributed to Barrett-Jackson’s expansion and their policy of selling all lots at No Reserve for the past two (2) years.
- Results for Worldwide Auctioneers Scottsdale are not included in this report, as Worldwide has not yet reported results as of 11am Eastern time on February 5, 2024.
- When reviewing this data, it's important to note that the Scottsdale auctions took place before the Pandemic started in 2020. And in 2021, many Scottsdale auctions were postponed until March.
The standout sale of the event featured a remarkable 256-mile Bugatti Chiron Super Sport 300+, which fetched over $5 million at Bonhams. With only 30 examples of this model ever produced, it's noteworthy that this is only the second one to grace the public auction block.
Although Barrett-Jackson didn't claim the top spot in terms of highest sale, they secured an impressive six of the Top 10 sales, boasting a higher percentage than any other auction house. Bonhams and RM Sotheby's each clinched two spots in the Top 10 as well.
Top Sale: Bonhams
Top Sale: Barrett-Jackson
Top Sale: RM Sotheby's
As previously noted, Barrett-Jackson dominated the Scottsdale auctions, leading in both total Dollar Volume and the number of Sold Listings. Furthermore, they had a 100% Sell-through rate for the second consecutive year, with all lots selling with No Reserve.
Despite Bonhams and RM Sotheby's boasting a higher Average Price compared to Barrett-Jackson, both experienced declines in this metric compared to previous years.
As January draws to a close, industry analysts are eagerly anticipating the upcoming March auctions. Traditionally, March is synonymous with the prestigious auctions at Amelia Island, known for featuring many of the year's top sales. However, this year brings a notable change, as RM Sotheby's has opted out of participating in the Amelia events, choosing instead to relocate their auction to Miami concurrently with the Amelia event. Anticipation is high for what promises to be an exciting and eventful occasion—we're ready with our popcorn in hand.