SCOTTSDALE, AZ — There were some questions going into the 2022 Arizona Auction Week: How will fewer cars for sale impact the auctions? Will the rise of online auctions hurt live events? Will inflation and stumbling financial markets impact sales?
Well, the answer is clear, the collector car market is as strong as ever, there is a ton of demand and people are willing to pay top-dollar right now.
For the five auctions that took place in Arizona last week, a total $266.7 million was spent on collector cars, according to insurance company and market watcher Hagerty, which forecasted $211 million in sales. A total of 2,107 cars were sold at last week’s auctions. This was the second highest grossing Arizona Auction Week ever, behind the $307.3 million of 2016.
When compared to 2020 — because not all the auctions happened the same time in 2021 amid the Covid-19 pandemic — the 2022 Arizona Auction Week sold 181 fewer cars, but sales were up 22.5% or a total of $49 million.
Read more of this story from the Phoenix Business Journal.