Grosse Pointe, MI, April 30, 2024 (GLOBE NEWSWIRE) -- Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is pleased to announce the results for the exclusive Porsche-only auction in partnership with the first-ever Air|Water standalone event held this past Saturday, April 27th at the Orange County Fairgrounds in California. The auction consisted of 56 cars and 41 lots of memorabilia and saw strong attendance from both registered bidders and their guests alongside show spectators, resulting in a standing-room-only atmosphere for the entire event. Total sales surpassed $15.6 with a sell-through rate of 80% for the event.
The top sale from the auction was the 2015 Porsche 918 Spyder Weissach, which sold for $2,865,000, with second spot honors going to the 1988 Porsche 959 Komfort, which sold for $1,930,000. The 2005 Porsche Carrera GT rounded out the top three with a sale price of $1,792,500. A notable aftersale included the 1997 RUF BTR Twin which sold for $1,150,000 post auction.
Alexander Weaver, Senior Car Specialist and Head of Private Sales for Broad Arrow states, “The Broad Arrow team was delighted with the sale results from this past weekend. It was terrific to see so many clients and familiar faces in the bustling crowd on Saturday. Working with Patrick Long and the entire Luftgekühlt/Air|Water team was outstanding, and being able to host more than 11,000 attendees, many of whom attended their first-ever auction event, was an exciting and unique element for the weekend. We look forward to continuing to find new avenues to present the Broad Arrow brand alongside Patrick and Luftgekühlt/Air|Water.”
Patrick Long, Founder of Luftgekühlt and Air|Water states, “From an all-around perspective, having the Broad Arrow auction that thousands of our attendees could attend, witness and even participate in as an experiential element to the day’s events was tremendous. Over 11,000 people attended the first-year show, and we quickly sold out of car space, with more than 1,000 included in the show. We were delighted with not only how well the event went but also with how well the auction fit in within the day’s festivities.”
Further additional highlights from the auction included a pair of historic race cars, the 1986 Porsche 962 IMSA GTP Dyson Racing car, which achieved a final price of $775,000, and the 2007 Porsche 911 GT3 RSR Flying Lizard which sold for $747,500.
Top Ten Auction Results (All prices inclusive of Buyer’s Premium)
- 2015 Porsche 918 Spyder Weissach - $2,865,000
- 1988 Porsche 959 Komfort - $1,930,000
- 2005 Porsche Carrera GT - $1,792,500
- 1997 RUF BTR Twin - $1,150,000
- 1986 Porsche 962 IMSA GTP Dyson Racing - $775,000
- 2007 Porsche 911 GT3 RSR Flying Lizard - $747,500
- 2023 Porsche 911 Sport Classic - $478,000
- 1994 Porsche 911 Turbo 3.6 - $423,000
- 2023 Porsche GT3 RS Weissach $423,000
- 1957 Porsche 356 A 1600 Super Speedster - $362,500
Air|Water is the brainchild of Luftgekühlt founder Patrick Long, who is well-known and respected in the Porsche world and has organized world-class gatherings for the Porsche community to celebrate not only Porsches but the camaraderie of the Porsche enthusiast community.
In January 2024, Hagerty and The Porsche Club of America, Inc. (PCA) announced Hagerty and Broad Arrow as the official insurance and auction partner, respectively, for key PCA national events. PCA is the largest single marque car club in the world with over 160,000 members. This auction, in partnership with Air|Water and collaboration with PCA, reflects Hagerty and Broad Arrow’s continued commitment to the Porsche community to help Porsche enthusiasts to protect, buy/sell, and enjoy their Porsches. More information about the Hagerty and Porsche Club of America partnership can be found here, and more information about PCA can be found here.
Broad Arrow’s next auction will take place alongside the Hagerty Motorlux event in Monterey, CA on 15-16 of August and will feature approximately 150 cars over the course of the two-day auction. Early highlights include a 1955 Mercedes-Benz 300 SL Gullwing and a 1998 RUF CTR II. More information on the auction can be found at www.broadarrowauctions.com or via the link in our bio.
Photo Credits: All event photography courtesy of Broad Arrow/Robin Adams
About Broad Arrow, a Hagerty Company - Broad Arrow, 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 operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn.
About Hagerty, Inc. (NYSE: HGTY) - Hagerty is an automotive enthusiast brand committed to saving driving and 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 UK and is home to Hagerty Drivers Club, a community of more than 800,000 who can't get enough of cars. As a purpose-driven organization, Hagerty Impact aims to be a catalyst for positive change across the issues that matter most to our teams, our members, the broader automotive community, our shareholders and the planet at large. For more information, please visit www.hagerty.com or connect with us on Facebook, Instagram, Twitter, LinkedIn, and YouTube.
Press materials can be found at newsroom.hagerty.com.
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.
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