Big dollar cars don't meet reserves at RM's Arizona auction

Across town from Barrett-Jackson at the Bitmore Resort, RM Auctions held its "Automobiles of Arizona" auction highlighted by several multi-million dollar cars including a one-of-five 1963 Chevrolet Corvette Grand Sport and a past Pebble Beach winner 1937 Bugatti 57SC Atalante Coupe (much like the one that was recently found in a barn).

Unfortunately, neither car saw a bid that met the reserve price, perhaps an indication that current economic conditions are finally catching up with the high-end collector car market. The Grand Sport went unsold with a top bid of $5 million, and the Bugatti failed to meet its reserve with a high bid of $4.4 million. A 1958 Ferrari 250 GT Tour de France also went unsold with a top bid of $1.8 million.

One notable car that did find a new owner was the 1954 Dodge Firearrow III Concept with the hammer falling at $800,000 before auction fees. There were plenty of other beautiful cars that did sell, and you can check out the full list at RM's web site.