Grosse Pointe, Michigan, Dec. 18, 2024 (GLOBE NEWSWIRE) --
- 820 lots sold for total sales of $164 million with a 92 percent sell-through rate
- Top auction sale of 2024 is 1997 Porsche 911 GT1 Rennversion at $7,045,000 in Monterey
- 86 cars sold via private sale transactions, totaling more than $67 million
- Underwrote approximately $84 million in new financing transactions
- 2024 auction results and information on upcoming events available at broadarrowauctions.com
- 2024 year-in-review video available here: https://youtu.be/hHbI7d1RFsc (https://youtu.be/hHbI7d1RFsc)
Broad Arrow, a Hagerty.
"I would like to thank our clients, our team, and car lovers globally who helped us achieve incredible growth again in 2024," says Kenneth Ahn, President of Broad Arrow and Hagerty Marketplace. "While most players in the industry saw flat to declining transaction values, Broad Arrow achieved more than 50 percent year-over-year growth in auction sales, with 75 percent year-over-year growth in transaction values across all of Broad Arrow."
"As collectors' tastes across segments continue to shift, our team has worked diligently to curate our offering to cater to not only the established but also the rising generation of new collectors, with a decidedly younger selection of cars on a value-weighted basis vis-à-vis our key competitors. We are grateful to our clients for their continued trust, and we look forward to expanding our footprint and tailoring our offering as we expand our business to Europe in 2025. Our focus for the first three years was to build a great foundation, and we are now focused on becoming the global leader in the industry."
Broad Arrow Auctions sold more than $164 million in total sales across four live auctions and three online-only memorabilia auctions in 2024. The company's 2024 auction schedule began with a stand-out sale in its second year as the official auction house of The Amelia, meaningfully exceeding expectations with $63 million in total sales-nearly doubling 2023 results-and a 92 percent sell-through rate. Strong momentum continued at other live auctions throughout the year, with a Porsche-only auction in partnership with the first-ever Air|Water event from the creators of Luftgekühlt ($15.6 million), a flagship Motorlux Auction at the Monterey Jet Center ($71.5 million-compared to $57.5 million in 2023), and a new auction in partnership with The Chattanooga Motorcar Festival ($12.3 million). New for 2024, Broad Arrow Auctions held three online-only memorabilia auctions with great success, attracting bidders from more than 26 countries.
The Broad Arrow Auctions team, led by Barney Ruprecht(Vice President of Auctions), achieved an overall sell-through rate of 92 percent for 820 lots sold (431 cars and 389 memorabilia lots), setting no fewer than 18 world record auction prices. Bidders participated from 37 countries, with a 43 percent increase in the number of registered bidders over 2023, including meaningfully higher bidder growth from outside the United States.
Broad Arrow's top auction sales of 2024 include a diverse lineup of sports, racing, and supercars from the world's most desirable marques, with four of the top ten sales held by hallmark Porsche models from across the brand's illustrious history. The list is led by a superbly preserved 1997 Porsche 911 GT1 Rennversion, which sold for $7,045,000 at Broad Arrow's flagship Monterey Auction. The top three is completed by the extensively documented 1967 Ford GT40 that sold for $4,405,000 at the company's Amelia Auction, followed by the highly optioned 2022 Bugatti Chiron Pur Sport, which also sold at Amelia for $4,047,500.
BROAD ARROW TOP TEN AUCTION SALES 2024
- 1997 Porsche 911 GT1 Rennversion (Monterey) - $7,045,000
- 1967 Ford GT40 (Amelia) - $4,405,000
- 2022 Bugatti Chiron Pur Sport (Amelia) - $4,047,500
- 1973 Ferrari 365 GTB/4 Daytona Spider (Amelia) - $3,305,000
- 1957 Maserati 200Si by Fantuzzi (Monterey) - Sold After Auction
- 1988 Porsche 959 SC Reimagined by Canepa (Amelia) - $3,085,000
- 2015 Porsche 918 Spyder Weissach (Air|Water) - $2,865,000
- 1959 Porsche 718 RSK Spyder "Lucybelle III" (Amelia) - Sold After Auction
- 1966 Shelby 427 S/C Cobra (Amelia) - Sold After Auction
- 1972 Lamborghini Miura P400 SV (Monterey) - $2,700,000
Broad Arrow Private Sales, led by Alexander Weaver (Vice President of Private Sales), complements the auction division, providing expert advice to global clientele buying and selling collector cars outside the auction atmosphere. In 2024, Broad Arrow Private Sales helped collectors buy and sell 86 cars with total sales exceeding $67 million and an average sale price of approximately $785,000. Significant cars sold via private sale in 2024 are highlighted by a 1989 RUF CTR "Yellowbird" Lightweight, a 1972 Lamborghini Miura P400 SV, a 2014 Ferrari LaFerrari, a 1988 Porsche 959 S, and a 1990 Porsche 911 Reimagined by Singer DLS "Dynamics and Lightweight Study". Learn more at broadarrowprivatesales.com.
Broad Arrow Capital, a financing business led by Karsten Le Blanc (Vice President of Broad Arrow Capital and Head of EMEA) that provides tailored loans and financing solutions secured by collector cars, assisted clients in financing a significant number of cars in the U.S., the UK, and Europe, with approximately $84 million in new financing transactions in 2024. Broad Arrow Capital's team offers a combined 60 years of finance, banking, legal, and collector car industry experience. Learn more at broadarrowcapital.com.
Earlier this year, Broad Arrow announced its continued expansion into the UK and Europe with the addition of five new overseas team members, including veteran car specialists Joe Twyman and Robert Glover. In November 2024, Broad Arrow announced its debut European live auction via a partnership with BMW AG to become the new official auction house of the revered Concorso d'Eleganza Villa d'Este beginning in May 2025. Additional information on Broad Arrow's 2025 auction calendar, which begins with the company's presentation of The Academy of Art University Collection in February, is available at broadarrowauctions.com.
NOTE: All sales totals and prices are listed in USD. Prices include the 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 by which the Hammer Price exceeds $250,000. Buyer's premium for all non-motor car lots is twenty percent (20%) of the Hammer Price for North American auctions and twenty-five percent (25%) for all UK and European auctions.
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Photo Credits: (1) The 1997 Porsche 911 GT1 Rennversion, Broad Arrow's top auction sale of 2024, pictured on the block at the company's Monterey Jet Center Auction (Credit - Kayden Nelson / Courtesy of Broad Arrow Auctions). (2) (Credit - D. Paul Graham / Broad Arrow Auctions). (3) 1989 RUF CTR "Yellowbird" Lightweight sold via Broad Arrow Private Sales in 2024 (Credit - Courtesy of Broad Arrow Private Sales). (4) The 1972 Lamborghini Miura P400 SV sold via Broad Arrow Private Sales in 2024 (Credit - Tom Nisco / Courtesy of Broad Arrow Private Sales).
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Forward-Looking Statements -This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current intentions, expectations, or beliefs regarding the business. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be outside of our control. Some of the factors that may cause our actual results to differ materially from those contemplated by our forward-looking statements include: (i) our ability to recognize the anticipated benefits of the subject of this press release; (ii) our ability to compete effectively within our industry and attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on March 14, 2023. This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in those filings is important in order to fully understand our reported financial results and our business outlook for future periods. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
Attachments
- 1997 Porsche 911 GT1 Rennversion (https://ml.globenewswire.com/Resource/Download/81984b73-129a-4ad8-a1e3-76ed1e07d1a3)
- 1972 Lamborghini Miura P400 SV (https://ml.globenewswire.com/Resource/Download/58f15616-fb46-4f31-b774-5af553089052)
