Grosse Pointe, MI, Feb. 09, 2024 (GLOBE NEWSWIRE) — Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is thrilled to announce an exclusive Porsche-only auction in partnership with the first-ever Air|Water standalone event. 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. Air|Water will take place on Saturday, April 27th in Costa Mesa, California featuring both air-cooled and water-cooled Porsches of all eras.
An early highlight consigned to the auction is the 1969 Porsche 908/02 Langheck Flunder Spyder, (estimate: $4,750,000-$5,750,000), chassis 908/02-005, a celebrated example that will be instantly recognizable to Porsche endurance racing enthusiasts. Boasting an impressive works and ex-works competition record, it was piloted during its illustrious career by Porsche legends including Vic Elford, Richard Attwood, Dr. Helmut Marko, Gérard Larrousse and Rudi Lins. Competing against the mighty five-liter 917s on behalf of the Martini International Racing Team, this 908’s consistent speed allowed it to secure 3rd overall while also taking a historic class win and winning the Index of Performance in the epic 1970 Le Mans 24 Hours, ensuring a 1-2-3 podium sweep for Porsche in one of the era’s defining motorsport events. In addition, it competed successfully in many of the other keystone World Championship events of its day, including the Sebring 12 Hours, Nürburgring 1000 Kms, Spa 1000 Kms, BOAC 1000 Kms, amongst others. 908/02-005 was additionally featured during the filming of Steve McQueen’s cinematic epic Le Mans, cementing its place in popular culture. With a known and continuous ownership history since, and in the care of a significant Porsche race car collection for the last decade, 908/02-005 is one of the undisputed cornerstones of Porsche’s endurance racing legacy.
Broad Arrow’s auction will take place with Air|Water on Saturday, April 27th, and feature approximately 70 Porsches similar to the Broad Arrow Porsche 75th Anniversary Auction held in 2023 at the Porsche Experience Center in Atlanta, Georgia. That auction, held with Porsche Cars North America and the Porsche Experience Center Atlanta, proved to be an outstanding success, with total sales in excess of $20 million and a 93% sell-through rate.
Alexander Weaver, Senior Car Specialist and Head of Private Sales for Broad Arrow Auctions, states, “The Broad Arrow team is thrilled to partner with Patrick, Jeff, and the team to host the first-ever auction with Luftgekühlt. As a long-term partner, we see great synergy between our two brands and know that this year’s auction will be an additive and exciting element as part of the Air|Water event. We look forward to celebrating all things Porsche with one of the most loyal and die-hard enthusiast bases in the collector car industry.”
Patrick Long, Founder of Air|Water, states, “I’ve known many of the Broad Arrow principals and founding members for years, and when the opportunity arose to collaborate in a new and meaningful way in collaboration with our Air|Water event, the partnership was both a natural fit and a unique opportunity. We look forward to adding this new interactive component and are excited to see what significant cars are highlighted alongside our exhibitors’ presentations.”
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 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.
In anticipation of the Air|Water auction event, Broad Arrow is set to feature upcoming highlight consignments for the auction at the inaugural F.A.T. Ice Race in Aspen, Colorado on February 7-10. This exclusive event, sponsored by Broad Arrow and Hagerty, will showcase a unique array of cars from around the globe in an exciting and dynamic format. More information can be found here.
Broad Arrow will kickstart its 2024 auction calendar with the company’s second annual auction at The Amelia. Set for March 1-2 at The Ritz-Carlton in Amelia Island, Broad Arrow’s auction at The Amelia will feature approximately 150 exceptional collector cars ranging from pre-War classics to modern supercars. More information about the auction can be found here.
All Historic Photography: Courtesy of Motorsport Images
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 quality, integrity, 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.
The 908/02 Langheck Flunder Spyder, chassis 908/02-005, would complete a 1-2-3 sweep of the podium for Porsche at the 1970 Le Mans 24 HoursThe 908/02 Langheck Flunder Spyder, chassis 908/02-005, would complete a 1-2-3 sweep of the podium for Porsche at the 1970 Le Mans 24 Hours