A record-setting $5.175M Ferrari F50 and a $2.425M Aston-Martin DB5 formerly owned by Sean Connery punctuated newcomer Broad Arrow Group’s* inaugural auction at Monterey Jet Center. Seventy-nine of the 90 lots on offer found new homes (including post-block sales), for an 88 percent percent sell-through rate and total sales of $55.1M.
New companies have tried to break into Monterey before with varying degrees of success. Broad Arrow maximized its chances by packing its consignment list with modern exotics, which have been a hot segment of late. An auction preview timed with Motorlux (formerly McCall’s Motorworks Revival) helped raise the visibility of the offerings.
In addition to the F50, a strong example that had just 5500 miles, Broad Arrow set auction records with a $692,500 BMW M1 road car, a $106,400 Volkswagen Karmann Ghia, and a $56,000 Honda Z600. The biggest “miss” of the night was a Mercedes-Benz 540K, which did not meet reserve on a reported high-bid of $6.25M.
We outline the most interesting and significant sales on the pages below. Keep an eye on this space, as we’ll be adding more auction reports from Broad Arrow and all the other Monterey auctions over the next couple of weeks.
Broad Arrow’s next in-person sale will take place this fall, in upstate New York.
*Hagerty has entered into a definitive agreement to acquire Broad Arrow Group. You can read more about it here.
Very cool!