While the pandemic put a roadblock in front of in-person auctions at venues hosted by the likes of Mecum and Barrett Jackson, it appears to have subsided and even given way to a new in-person player. Broad Arrow Group was acquired by Hagerty not long after its debut, and is now promoting a major live auction happening in Palm Beach, Florida.
This raises an interesting question: despite the gangbusters success of the likes of Bring A Trailer and Cars & Bids, do members of the high-end collector class still prefer a packed auction house with a gorgeous backdrop and free wine and cheese? That will take further analysis, but with a new player like Broad Arrow (and partner/investor Hagerty) splurging on a massive in-person auction, it likely indicates there's data somewhere that points to car enthusiasts not moving entirely to digital auction formats outside of another pandemic.
In-person auctions do take some of the guesswork out of car purchase with the added bonus of seeing friends or spotting another car you want to take home after yours sells. It's one-stop shopping if you place an emphasis on relationships. How often do you keep in touch with the seller of a Bring A Trailer car versus a broker you've seen at every Mecum auction for 10 years and routinely horse trade with?
Both digital and in-person formats will co-exist happily for the foreseeable future, but it's fascinating to see the live auction format rebound after staring down both a pandemic and the arrival of two explosive digital competitors.