Grosse Pointe, MI, June 12, 2023 (GLOBE NEWSWIRE) -- (ATLANTA, Georgia) 12 June 2023 – Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, today announced official results from its Porsche 75th Anniversary Auction held at the Porsche Experience Center in Atlanta on 10 June. The auction achieved $20.0 million in total sales with 93 percent of all lots sold. The auction saw a standing room only crowd in attendance set against the striking architectural background of Porsche’s North American headquarters and adjoining driver development track. With more than 450 attendees converging on One Porsche Drive, including Porsche executives and guests from around the world, the event exhibited a palpable energy that was reflected in the highly active bidding environment.
Kenneth Ahn, President of Broad Arrow Group stated, “Saturday’s auction was a terrific success, and we were thrilled to host this historic auction. The atmosphere was electric throughout the weekend, kicked off by Porsche’s Driven by Dreams Festival. We are grateful to Porsche Experience Center Atlanta, our consignors, bidders and more than 450 attendees who helped make this a special event to be remembered.”
Ayesha Coker, Vice President of Marketing, Porsche Cars North America stated, “We were delighted for Broad Arrow to host the auction to celebrate Porsche’s 75th anniversary with our friends at Hagerty at our home in North America, the Porsche Experience Center in Atlanta. The auction event and results were outstanding.”
The top seller of the auction was the significant 1964 Porsche 904 Carrera GTS; the exceptional dual-purpose sports racer which was recently the subject of a full length film with noted Porsche specialist Rod Emory, who referred to the car as “the perfect Porsche”. After an exciting exchange between multiple bidders, the 904 achieved a final bid price of $2,535,000.
Another top seller of the auction and certainly one of the most popular cars in the auction is the 1999 Porsche 911 Classic Club Coupe “Sonderwunsch” Factory One-Off that was specially commissioned by Porsche Club of America that carried a presale auction estimate $292,865. After a highly competitive bidding exchange, witnessed by the team responsible for the car’s creation, including its designer Grant Larson, the very special Porsche 911 achieved a final bid price of $1,325,000.
Vu Nguyen, Executive Director of the Porsche Club America commented, “It is a bittersweet moment indeed as we close our last chapter with the Classic Club Coupe. We say farewell to our unprecedented project with Porsche and Porsche Classic but are excited to know its new caretaker will place it among other Porsche icons.” Mr. Nguyen continued, “Our decision to place the Classic Club Coupe with Broad Arrow for the 75th Anniversary Auction was obvious from the beginning and the result speaks for itself.”
One of the most exciting moments of the afternoon occurred during the bidding of the historic and iconic 1984 Porsche 962, which was driven across the block by none other than Bobby Akin, who shared his personal experience and family connection to the car with the audience. After an equally riveting bidding contest, the Coca-Cola liveried 962 ended up selling for $1,270,000.
Broad Arrow set nine new auction records in Atlanta, many of which represent highly desirable modern collectible Porsche models with new and long-standing collectors and enthusiasts, including lot 214 - the 1974 911 Carrera, lot 231 - the 1983 911 Turbo “Sonderwunsch”, lot 236 - the 1981 924 Carrera GT, lot 243 - the 1959 356A 1600 Cabriolet and lot 248 - 1988 944 Turbo Cup Coupe to name a few.
Broad Arrow Porsche 75th Anniversary Auction 2023 Top 10 Sales
1. Lot 227 - 1964 Porsche 904 Carrera GTS - $2,535,000
2. Lot 219 - 2004 Porsche Carrera GT - $1,462,500
3. Lot 231 - 1999 Porsche 911 Classic Club Coupe - $1,325,000
4. Lot 239 - 1984 Porsche 962 - $1,270,000
5. Lot 247 - 2005 Porsche Carrera GT - $1,028,000
6. Lot 241 - 1993 Porsche 911 Carrera 4 Lightweight - $885,000
7. Lot 252 - 2011 Porsche 911 GT3 RS - $637,000
8. Lot 226 - 2011 Porsche 911 GT2 RS - $577,000
9. Lot 216 - 1971 Porsche 914/6 ‘M471’ - $555,000
10. Lot 228 - 2011 Porsche 911R - $533,000
Complete results from Broad Arrow’s Porsche 75th Anniversary Auction can be found at broadarrowauctions.com.
Broad Arrow continues its calendar with The Monterey Jet Center Auction in August. This two-day sale will be held in conjunction with the Hagerty Motorlux, where thousands of guests will be in attendance across the two events to kick off Monterey Car Week. The live auction event will present approximately 150 exceptional motorcars, from pre-war American and European Classics to modern collectibles and supercars. Those interested in consigning their car or collection in Monterey this August can contact one of the Broad Arrow team members to discuss consignment opportunities.
NOTE: All prices are listed in USD and are inclusive of 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. Results include post-auction transactions that were completed immediately following the sale.
Photo Credits - All photos courtesy of Ashton Staniszewski and Alec Coutinho @aleccoutinho
About Broad Arrow Group, a Hagerty Company - Broad Arrow Group, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors with a commitment to integrity, trust, and innovation. Broad Arrow Group operates Broad Arrow Auctions, Broad Arrow Capital, and Collectors Garage and is headquartered in Grosse Pointe, Michigan. Learn more at broadarrowgroup.com.
About Hagerty, Inc. (NYSE: HGTY) - Based in Traverse City, Michigan, Hagerty's purpose is to save driving and car culture for future generations and its mission is to build a global business to fund that purpose. Hagerty is an automotive enthusiast brand offering integrated membership products and programs as well as a specialty insurance provider focused on the automotive enthusiast market. Hagerty is home to Hagerty Marketplace, Hagerty Drivers Club®, Hagerty Drivers Club magazine, Hagerty Drivers Foundation, Hagerty DriveShare™, Hagerty Valuation Tools®, Hagerty Media, MotorsportReg, Hagerty Garage + Social®, The Amelia, the Detroit Concours d'Elegance, the Greenwich Concours d'Elegance, the California Mille, Motorlux, RADwood, Broad Arrow Group and more. For more information on Hagerty please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.
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 24, 2022. 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
Ian Kelleher Broad Arrow Auctions 917-971-4008 ian.kelleher@broadarrowgroup.com
