The New York Times-20080127-In Arizona- Classics Hold Steady

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In Arizona, Classics Hold Steady

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THE state of the American economy was a cause for anxiety among auction houses and their clients leading up to this month's collector car sales in Arizona. As things turned out, there was little fallout from external conditions. Here are results of seven sales previewed in this section on Jan. 13 (Forecast in Arizona: Cooling Prices at Some Elevations). All prices include the buyer's premium, an additional commission to the auction house paid by the buyer.

1941 CHRYSLER THUNDERBOLT

SOLD FOR: $1.32 million at RM Auctions.

WHAT IT MEANS: Given the recent frenzy for automakers' show cars, it was a bit of a surprise that this early design study sold below estimate -- just $120,000 more than it brought two years ago.

1953 CHEVROLET CORVETTE

SOLD FOR: $264,000 at RM Auctions.

WHAT IT MEANS: The presale estimate was somewhat conservative in light of recent sales, yet the price was slightly under the low estimate. A restoration that was more than 20 years old and showing its age, and a string of recent sales of first-year 'Vettes, may have contributed to the mediocre result.

1970 CHEVROLET CHEVELLE LS6 COUPE

SOLD FOR: $75,900 at Russo & Steele.

WHAT IT MEANS: An anticipated result. Even documented LS6s like this one are down 25 percent from their 2006 high. Owners who paid in the $30,000 range five or six years ago can hold out for prices to recover, but those who bought at the market peak are likely to be under water for quite some time.

1971 Ferrari 365 GTB/4 Daytona

SOLD FOR: $319,000 at Russo & Steele.

WHAT IT MEANS: When the last string of public sales occurred, the Daytona coupe market was percolating at under $300,000. It now seems safe to say that the Daytona market is active again and that sub-$300,000 sales for good examples are a thing of the past.

1954 BUICK SKYLARK CONVERTIBLE

SOLD FOR: $110,000 at Barrett-Jackson.

WHAT IT MEANS: Condition is an important motivator for auction bidders, and this car's condition simply did not inspire people to lift their paddles. A better 1953 Skylark sold at Barrett-Jackson for $195,000. RM had a '54 that was nicer still, and it brought a market-correct $242,000.

1970 PLYMOUTH HEMI 'CUDA CONVERTIBLE RE-CREATION

SOLD FOR: $91,000 at Barrett-Jackson.

WHAT IT MEANS: Two years ago, a Hemi 'Cuda convertible replica sold for more than $200,000 at Barrett-Jackson; replicas like this are now worth less than half that. Today, collectors will pay top dollar only for authentic original cars with faultless paperwork, but $91,000 is probably less than it cost to build the car.

1936 DUESENBERG MODEL J SEDAN

SOLD FOR: $1.1 million at Gooding & Company.

WHAT IT MEANS: Although closer to the low end of the presale estimate, this is still a strong price for a closed Duesenberg. The two other Duesenbergs to choose from in Arizona held it back a bit, but Duesenbergs with documentation and original or period bodywork remain strong.