The auction house wows in second year.
Broad Arrow Auctions, a branch of Hagerty (NYSE: HGTY), has marked an extraordinary second year of operations, solidifying its position in the collector car market with over $180 million in transactions. This impressive achievement encompasses $108.5 million from three live auction events, $34 million in private sales, and a burgeoning financing arm that secured around $38 million in new transactions.
At the heart of Broad Arrow’s success were three pivotal auctions, each offering a curated selection of classic and modern collector cars. The Amelia Auction, the official auction house of The Amelia, garnered $31 million in sales, while a special Porsche auction celebrating Porsche's 75th Anniversary contributed $20 million. The flagship Motorlux Auction in Monterey was the standout event, achieving a staggering $57.5 million in sales. These auctions not only drew car enthusiasts worldwide but also set 16 world record auction prices, highlighting Broad Arrow's expertise in the collector car market.
Leading the pack in Monterey were three exceptional Ferraris, each a jewel in the marque's crown. A 1995 Ferrari F50 fetched $4,240,000, followed closely by a 1985 Ferrari 288 GTO and a 1964 Ferrari 250 GT Berlinetta Lusso, selling for $3,910,000 and $2,810,000, respectively. These sales underscored the enduring appeal of classic Ferraris in the collector car market.
Broad Arrow's private sales division also had a notable year, with over 100 transactions averaging above $900,000 each. This division specializes in matching discerning buyers and sellers, ensuring transactions are conducted with utmost professionalism and integrity. One notable post-auction sale was the 2007 Porsche RS Spyder EVO, initially falling short at auction but later finding a new home through Broad Arrow's dedicated efforts.
Moreover, Broad Arrow Capital, the financing arm of the company, saw remarkable growth. By offering financing options using collector cars as collateral, they facilitated approximately $38 million in new financings, expanding their loan book to over $50 million. This achievement highlights Broad Arrow's comprehensive approach to serving the collector car community.
Looking ahead, Broad Arrow is poised to commence its 2024 calendar with The Amelia Auction on March 1st and 2nd. As the official auction of The Amelia at The Ritz-Carlton, Amelia Island, the event promises an exceptional lineup of collector cars, from vintage classics to modern supercars, showcasing Broad Arrow's continued commitment to the collector car world.