Hagerty's newly acquired Broad Arrow Auctions exceeds expectations with $55.3 million in sales at inaugural Monterey Jet Center event

• 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France" tops Broad Arrow's inaugural auction at $5,500,000
• Ferrari F50 leads supercar highlights, setting a new world record price of $5,175,000
• First appearance of rostrum veteran Lydia Fenet as Broad Arrow's Principal Auctioneer
• Broad Arrow Auctions calendar continues in October with private collection sale 'Passion for the Drive: The Cars of Jim Taylor' followed by debut of West Palm Beach Auction in November 2022
• Hagerty names Broad Arrow Auctions as the official auction house of 'The Amelia' starting in 2023

TRAVERSE CITY, Mich., Aug. 22, 2022 /PRNewswire/ -- Broad Arrow Auctions, a Hagerty (HGTY) company, today announced that sales from its August 18 live auction at the Monterey Jet Center totaled nearly $55.3 million with 88 percent of all 93 lots on offer sold.

The Thursday auction was held in conjunction with Hagerty's reimagined Motorlux event (formerly McCall's Motorworks Revival) on Wednesday evening, with thousands of guests across the two events viewing the cars on offer.

The crowded auction room included bidders from around the world, both in person and via telephone, internet and absentee bids. Auction veteran Lydia Fenet commanded the room from the rostrum, making her debut as Principal Auctioneer for Broad Arrow. The evening sale was led by a three-owner, 5,000-mile, Classiche-certified 1995 Ferrari F50, which set a new world record price for the model at auction of $5,175,000, following an intense bidding battle between parties in the room and on the phone.

Additional well-sold supercars included a 2015 Ferrari LaFerrari, offered from The Halo Car Collection in immaculate "new-in-the-box" condition at $3,910,000, a well-preserved Ferrari Classiche-certified 1990 Ferrari F40 at $1,985,000 and a stunning 2015 Porsche 918 Spyder Weissach Package at $1,930,000.

Further stand-out auction highlights include:

• A meticulously prepared 1964 Aston Martin DB5 offered from the Estate of Sir Sean Connery at $2,425,000. A significant portion of the proceeds will benefit the Sean Connery Philanthropy Fund. A personal drive with Sir Jackie Stewart was included as part of the purchase.
• A highly desirable 1971 Mercedes-Benz 600 LWB Landaulet, one of just 26, six-door 600 Pullman landaulets built between 1963 and 1981, brought an auction record $2,590,000.
• A 1981 BMW M1 achieved $692,500, yet another new record price at auction for a road model.
• One of the top-billing cars, a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti "Tour de France" was sold following the sale for a final price of $5,500,000.
• A 1930 Duesenberg Model J Willoughby Limousine for $1,000,000, and other notable cars were also sold immediately after the auction.

"We are very excited about the success of the inaugural Broad Arrow auction," said McKeel Hagerty, CEO of Hagerty. "The quality and diversity of the offerings clearly hit the mark with buyers and validated the trends we are seeing in the marketplace. If anyone had any questions about whether this would be a strong year in the collectible car market, this week proved that demand is strong and there are cars available for every taste."

"This was an incredible debut, and we are tremendously grateful for the trust and support of our consignors, bidders and car collector community," said Kenneth Ahn, CEO of Broad Arrow Group & President of Hagerty Marketplace. "This event was not only important for establishing Broad Arrow as one of the premier auction houses in the industry, but it was also the first collaborative event under Hagerty's stewardship. We look forward to hosting a series of world class events and auctions, including at The Amelia, to better serve car collectors and enthusiasts globally."

Complete results from Broad Arrow's debut Monterey Jet Center event can be found at broadarrowauctions.com. 

On the heels of a successful Monterey Jet Center Auction, Hagerty CEO McKeel Hagerty announced Broad Arrow Auctions as the official auction house of The Amelia starting in March 2023. The Amelia is a four-day celebration of world-class collectible cars, automotive enthusiasts, car culture and auctions in Amelia Island, Florida. Formerly known as the Amelia Island Concours d'Elegance, the event was acquired by Hagerty in 2021 and rebranded as The Amelia. It has been considered one of the world's finest concours events since 1996. Tickets for The Amelia (March 2-5, 2023) will go on sale October 1 at www.ameliaconcours.com/event.

Additional Broad Arrow Auctions this year include the company's first private collection offering, "Passion for the Drive: The Cars of Jim Taylor." This single owner collection of more than 120 motor cars and nearly 500 lots of memorabilia will be presented in Mr. Taylor's hometown of Gloversville, New York on October 14-15. The collection represents one of the finest assemblages of European, British and American sports and vintage cars anywhere, with many having been rallied and shown around the world.

The company will host its debut West Palm Beach Auction, November 18-19 at the Palm Beach County Convention Center. The sale will offer approximately 300 collector cars ranging from pre-war classics to modern supercars. 

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.

Broad Arrow Group, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors, with 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.

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 global automotive enthusiast market. Hagerty is home to Hagerty Drivers Club, DriveShare, Hagerty Valuation Tools, Hagerty Media, Hagerty Drivers Club magazine, MotorsportReg, Hagerty Garage + Social, The Amelia, the Concours d'Elegance of America, the Greenwich Concours d'Elegance, the California Mille, Motorlux, the Hagerty Drivers Foundation and more. For more information on Hagerty, please visit www.hagerty.com, or connect with us on Facebook, Instagram and Twitter.

For more information, visit newsroom.hagerty.com.

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. 

SOURCE Hagerty

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