Everyone has their own nostalgia. This explains most, but not all, of the collector car market. Cars we admired when we were growing up or have a fond memory attached to them are ones that collectors tend to pursue. Price appreciation is emblematic of that.
So, it’s interesting to see what prices will be realized during Arizona Car Week, a confluence of collector car auctions that occur during the next few days. While some prices may be anomalies, ones realized with the combined effect of a heated battle for a car between two buyers, others indicate where the market is heading.
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Certainly, as Baby Boomers and the Greatest Generation age and die off, the cars they covet won’t see the price appreciation they once did. That said, some cars from that era will always appreciate simply due to their iconic status.
Still, this week’s auctions will show where the market is right now, and we’ve chosen three to watch to indicate where the buyers’ hearts and wallets are at the moment.
1995 BMW M3
RM Sotheby's
Auction house: RM Sotheby’s
Details: With single-family ownership for 30 years, a mere 4,832 miles on its odometer, and finished in Dakar Yellow with a black extended leather interior, this is one sweet E36-chassis BMW M3. Powered by a 3.0-liter DOHC inline six-cylinder engine and five-speed manual transmission, it generates 240 horsepower. This example is fitted with the optional Luxury Package, heated front seats, a power sunroof, wood trim, extended leather, and power sport seats. The second-generation M3 was still a track rat, if a bit less so than the M3 that preceded it.
Auction estimate: $50,000–$70,000
Why we’re watching it: A BMW M3 will continue to be a good investment as market prices continue to rise, especially since Generation X and Millennials lust after the cars they admired when they were younger. Now in their 30s and 40s, they are one of the fastest-growing groups of car collectors. This seems to be a particularly prime example, so it will be interesting to see if the hammer price exceeds expectations.
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1911 Pierce-Arrow Model 66-A
RM Sotheby's
Auction house: RM Sotheby’s
Details: This 1911 Pierce-Arrow Model 66-A is one of 32 antique and pre-war vehicles being sold from the Janet Cussler Collection, which was assembled by the late author Clive Cussler and comprises most of RM Sotheby’s Arizona auction. This Pierce-Arrow boasts a 13.5-litre T-head six-cylinder engine, the largest powerplant fitted in a U.S. production car, and is one of only 40 still in existence.
To make the vehicle more livable, a 12-volt electrical system was installed along with an alternator under the original Westinghouse starter. The engine and transmission were updated for modern traffic, as this is a Brass-Era car that can run 60 mph.
Auction estimate: $175,000-$250,000
Why we’re watching it: Pre-war cars continue to struggle, facing a diminishing audience that makes it challenging to find new buyers, even for exceptional models from renowned brands. But there are pockets of strength. Consider that the value of Brass Era cars, those built from 1896 through 1915, languished for years. The segment has shown signs of strength in recent years before eventually leveling off. It will be interesting to see which parts of the Pre-War car market pop, if any. Certainly, no one remembers them from when they were new.
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1961 Land Rover Series II
RM Sotheby's
Auction house: Bonham’s
Details: This Land Rover was originally owned by Pulitzer Prize-winning playwright and author Arthur Miller for 44 years and lasted through his marriage to actress Marilyn Monroe. The 2.3-liter four-cylinder gas engine produces 77 horsepower through a four-speed manual transmission and a two-speed transfer case, although only the third and fourth gears are synchro-meshed. The original factory invoice, title, and factory hardtop are included with the vehicle, which was delivered to Miller at the factory, according to Bonhams.
Auction estimate: $60,000-$80,000
Why we’re watching it: While celebrity ownership usually equates to a higher price than normal examples of that particular car, this should also show how hot the collectible truck market is, as it seems to be an up-and-coming part of the hobby. Its increased popularity reflects the new car buyer’s obsession with SUVs of every stripe. As they say, what’s popular new is what’s popular used.
Final thoughts
Regardless of their final price, the Arizona Car Week auctions will have some incredibly interesting vehicles cross their block. We can’t possibly write detailed articles about all of them, although we wish we could, but are there any particular ones you have your eyes on? Let us know!
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