Broad Arrow Starts 2025 Strong with $14.5 Million in Total Sales for The Academy of Art University Collection Auction
Grosse Pointe, Michigan, Feb. 18, 2025 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty company (NYSE:HGTY), kicked off its 2025 auction calendar with the highly successful presentation of The Academy of Art University Collection Auction this past Saturday, February 15, at the University's Museum facilities in San Francisco. The Auction saw 105 of the collector car hobby's most desirable pre- and post-War classics sell under the Broad Arrow gavel—entirely without reserve—achieving $14.5 million in total sales before a packed auction room, in addition to hundreds of bidders both online and on the phones.
Thomas Forrester, Broad Arrow's Auctioneer for Europe, presided over the sale, which saw enthusiastic bidding from 13 countries. More than 50 percent of registered bidders participated online. A Strawberry Red 1955 Mercedes-Benz 300 SL Gullwing dazzled attendees throughout the preview and drew plenty of pre-sale interest, resulting in a lengthy bidding competition on Saturday afternoon. With the entire phone desk on their feet, the iconic collector car eventually sold for a final $1,490,000 (Estimate: $1,200,000 - $1,500,000) to a new Broad Arrow bidder over the phone, becoming the top sale of the auction.
"Our fantastic results for The Academy of Art University Collection send a resounding message that enthusiasm for classic era collector cars remains alive and well," said Caroline Cassini, Senior Car Specialist, Broad Arrow Auctions, following the sale. "The special nature of the cars on offer drew significant bidder interest from clients both known and new, demonstrating the Broad Arrow team's expertise in executing private collection sales and in matching cars with buyers across the full spectrum of the collector car market. We were honored to be entrusted by the Stephens family to preserve and pass on the collection's legacy to so many wonderful new homes."
Beyond the 300 SL Gullwing, the top 10 sales from The Academy of Art University Collection are studded with impressive coachbuilt American and European classics of the 1920s and 1930s. A resplendent 1933 Chrysler Custom Imperial Dual-Windshield Phaeton by LeBaron, the one-off personal car of famed LeBaron designer, Ralph Roberts, achieved a final $1,039,000 (Estimate: $900,000 - $1,200,000), while a rare and sporting, yet luxurious 1937 Squire 1½-Liter Drophead Coupe by Corsica exceeded expectations at a final $643,000 (Estimate: $400,000 - $600,000). A singular 1931 Invicta S-Type 4½-Litre Low Chassis Fixed Head Coupe was presented with a standing invitation to the 2025 Pebble Beach Concours d'Elegance and sold for a final $445,000 (Estimate $450,000 - $650,000). Rounding out the top five sales, an elegant, V-16 powered 1932 Marmon Sixteen Convertible Sedan by LeBaron, originally owned by J. Paul Getty, achieved an above-estimate $423,000 (Estimate: $300,000 - $400,000). From post-War sports cars to charming microcars, many lots were hard-won by determined bidders throughout the auction, demonstrating continued enthusiasm for the classic car segment of the market.
Broad Arrow's The Academy of Art University Collection – Top 10 Sales
| 1955 Mercedes-Benz 300 SL Gullwing Coupe | $1,490,000 |
| 1933 Chrysler Custom Imperial Dual-Windshield Phaeton | $1,039,000 |
| 1937 Squire 1½-Liter Corsica Drophead Coupe | $643,000 |
| 1931 Invicta S-Type 4½-Litre Low Chassis Fixed Head Coupe | $445,000 |
| 1932 Marmon Sixteen LeBaron Convertible Sedan | $423,000 |
| 1930 Isotta Fraschini Tipo 8A S Castagna Roadster Cabriolet | $412,000 |
| 1939 Lagonda LG6 Rapide | $401,000 |
| 1928 Rolls-Royce Phantom I "Riviera" Brewster Town Car | $357,000 |
| 1934 Packard Twelve 1107 Convertible Victoria | $357,000 |
| 1928 Daimler Double-Six 50 Type P Royal Limousine | $346,000 |
Complete results from Broad Arrow's presentation of The Academy of Art University Collection Auction are available at broadarrowauctions.com. Broad Arrow now shifts its focus to the company's third annual Amelia Auction, set for March 7-8 at The Ritz-Carlton Amelia Island. The official auction of The Amelia (Concours d'Elegance) will present more than 165 desirable collector cars across a two-day sale, led by a pair of Le Mans legends, including a 1959 Ferrari 250 GT LWB California Spider Competizione and a 1954 Jaguar D-Type Works Competition famously known as OKV 2. Event details, bidder registration, and the complete digital catalog are available at broadarrowauctions.com.
NOTE: All prices are listed in USD and include buyer's premium, which 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 for all motor car lots.
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Editors Notes
About Broad Arrow Auctions - Broad Arrow Auctions, a Hagerty (NYSE:HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow's flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d'Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow is launching its first auction in Europe in May 2025 as the new official auction house of the Concorso d'Eleganza Villa d'Este in Italy. Learn more at broadarrowauctions.com and follow us on Instagram, Facebook, LinkedIn, and Twitter.
About Hagerty, Inc. (NYSE:HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 865,000 who can't get enough of cars. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter and LinkedIn.
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
- 1955 Mercedes-Benz 300 SL Gullwing
- The sale room at Broad Arrow's presentation of The Academy of Art University Collection Auction
Ian Kelleher Broad Arrow Auctions 917-971-4008 [email protected] Meghan McGrail Broad Arrow Auctions 5193658750 [email protected]