Strong First Year for Broad Arrow Auctions
Broad Arrow Group is ending the year with a tease of what’s to come in their first event at The Amelia, March 3-4, 2023. But first, let’s look back at Broad Arrow’s first year of operations, 2022. The recently-acquired subsidiary of Hagerty held three auctions in 2022 and kicked things off with the Monterey Jet Center Auction that produced $55.3 million in total sales.
Following their success in August during Monterey Car Week, Broad Arrow held a single-owner sale in Gloversville, NY for The Cars of Jim Taylor. The Taylor offering exceeded expectations with $21.3 million sold across all vehicles and automobilia. That was followed by their West Palm Beach Auction in November that offered a greater variety of cars that were accessible to collectors of all ages and budgets.
Throughout 2022 Broad Arrow and their very experienced team managed to achieve 17 new world record auction prices and an overall sell-through rate of 84% and yearly sales of $86.8 million. We had the chance to attend all three of their 2022 auctions and were pleased to note a consistently high quality of vehicle on offer.
The next auction scheduled by Broad Arrow will be their first to be held at The Amelia as the official auction house for the prestigious concours. More than 100 vehicles are expected to be on offer and more details about the automobiles to be sold will be forthcoming, but a few have been announced already.
The most exciting car to be offered so far is a 1961 Mercedes-Benz 300 SL Disc Brake Roadster with an auction estimate of $1,350,000 – $1,550,000. Alongside its very well-documented ownership history that proves it’s more than just a showpiece, it includes a set of fitted luggage and black hardtop. Really, if you’re going to spend that much on a car you really should get luggage that matches it, right?
Two striking Ferraris will be offered as well, the first of which is a 1982 Ferrari 512 BBi with an auction estimate of $300,000 – $350,000. An extremely original example of the 512 BBi, it’s traveled fewer than 7,500 miles since new and retains its original Rosso Corsa paint with Nero Stoffa leather. This is believed to be one of only 27 “Ermenegildo Zegna” 512 BBis with wool inserts in the seats, door panels, and headliner.
The other major Ferrari that’s been announced is a 1969 Ferrari 365 GTB/4 Daytona Competizione Conversion, estimated at $600,000 – $650,000. The conversion to Competizione specifications was completed by Roelofs Engineering of Rheden, Netherlands in 1985. More recently, in 2016, the car underwent a thorough engine and differential rebuild and still sits in race-ready condition, last certified by the FIA in 2014. It has competed in the Monterey Motorsports Reunion, Classic 12 Hour at Sebring, and Classic 24 Hour at Daytona. Maybe a race car for a lucky bidder to go along with the 300 SL and its matching luggage?
We’re very excited about the 1967 Iso Grifo GL Series I, which is one of our favorite lesser-known grand touring cars. The Iso Grifo is estimated around $350,000 – $400,000 and fittingly won Best in Class at the 2017 Amelia Island Concours d’Elegance. Equipped with the optional ZF five-speed transmission and finished in Rosso Cordoba Metallizzato with a tan leather interior, it’s about time the Iso Grifo starts getting the attention it deserves.
We’ll share more news about Broad Arrow’s upcoming auction at The Amelia as March of 2023 grows closer.