18 March 2015

Auction Recap and Photo Gallery: Amelia Island 2015

Heading into this year's Amelia Island auction week, the big news was shaping up to be the entrance of Bonhams — which, by the way, had a very successful first sale on the island. By the time the final hammer had fallen on Saturday, however, the story centered on RM Sotheby’s. The Canadian company improved on last year's tremendous auction by boosting overall sales by more than 60%, and while there wasn't a world-class collection on offer as there was last year, there were more than enough important motor cars to drive a difference. The top sellers read like a who's-who: Superamerica, D-Type, Daytona Spyder, Mercedes 540K, Alfa 6C, Bugatti 57C, and so on.

Again, the numbers look gaudy from afar, but what really seems to be at play is the quality of consignments. High-end cars continue to garner strong prices, and they are still coming to market as a result. Historically, Amelia Island hasn't necessarily been the first sales venue selected for collectors over the years, but it is quickly emerging as an auction location that is on par with Arizona, at least as far as the catalog companies are concerned. The cars on offer in 2015 certainly make that point. That said, buyers looking at cars above the $1M level weren’t spending without restraint. Among the big sellers, almost all were reasonably priced. And there were a few misses among the heavy hitters, most notably the 1956 Maserati 200SI that failed to sell at a high bid of $4.7M.

The strongest segment of the market at the moment by far is for cars favored by Generation X: Those halo cars built during the 25 years from (roughly) 1973 to 1998 performed very well in Florida, with Bonhams setting a world record for a BMW M1 at $605,000, Gooding achieving a $192,500 price for a 1977 Ferrari 308 GTB, and RM Sotheby’s landing a final price of $252,000 for a 1979 Porsche 911 Turbo. A pair of Countaches failed to sell at what appeared to be market correct prices, but there were a dozen more sales for similar models at similarly impressive prices. As we have noted in the past, we don’t believe this is a short-lived market trend but evidence that market tastes are changing as younger buyers become more active in the market.

Listed below are the raw results witnessed by Hagerty during the live auctions and may not factor in any post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

Overall from all auction companies
Cumulative Total: $100.9M
241/269 lots sold: 90% sell-through rate
Average Sale Price: $418,862

2014 Overall Cumulative Results
Cumulative Total: $66.9M
166/179 lots sold: 93% sell-through rate
Average Sale Price: $402,777

Overall Top 10 Sales from all auctions:

  1. 1960 Ferrari 400 Superamerica Cabriolet (open headlight) sold for $6,380,000 (RM)
  2. 1955 Jaguar D-type Roadster sold for $3,675,000 (RM)
  3. 1972 Ferrari 365 GTS/4 Daytona Spyder sold for $3,300,000 (RM)
  4. 1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000 (Gooding)
  5. 1935 Mercedes-Benz 500/540K Sindelfingen Cabriolet sold for $3,025,000 (RM)
  6. 1931 Alfa Romeo 6C 1750 Gran Sport Zagato Spider sold for $2,420,000 (RM)
  7. 1938 Bugatti Type 57C Gangloff Aravis Cabriolet sold for $2,337,500 (RM)
  8. 1971 Lamborghini Miura P400 SV Coupe sold for $2,310,000 (RM)
  9. 1988 Jaguar XJR-9 Coupe sold for $2,145,000 (RM)
  10. 1967 Shelby Cobra 427 S/C Roadster sold for $2,117,500 (RM)

Results broken down by auction company

RM Sotheby’s
Overall Total: $60.1M
99/101 lots sold: 98% sell-through rate
Average Sale Price: $607,293

Overall Top 10 Sales:

  1. 1960 Ferrari 400 Superamerica Cabriolet (open headlight) sold for $6,380,000
  2. 1955 Jaguar D-type Roadster sold for $3,675,000
  3. 1972 Ferrari 365 GTS/4 Daytona Spyder sold for $3,300,000
  4. 1935 Mercedes-Benz 500/540K Sindelfingen Cabriolet sold for $3,025,000
  5. 1931 Alfa Romeo 6C 1750 Gran Sport Zagato Spider sold for $2,420,000
  6. 1938 Bugatti Type 57C Gangloff Aravis Cabriolet sold for $2,337,500
  7. 1971 Lamborghini Miura P400 SV Coupe sold for $2,310,000
  8. 1988 Jaguar XJR-9 Coupe sold for $2,145,000
  9. 1967 Shelby Cobra 427 S/C Roadster sold for $2,117,500
  10. 1953 Ferrari 250 Europa Vignale Coupe sold for $1,550,000

2014 Overall Results
Total: $35.9M
88/91 lots sold: 97% sell-through rate
Average Sale Price: $408,040

GOODING
Overall Total: $27.0M
76/85 lots sold: 89%
Average Sale Price: $354,831

Overall Top 10 Sales:

  1. 1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000
  2. 1961 Ferrari 250 SII Cabriolet sold for $2,090,000
  3. 1991 Ferrari F40 Coupe sold for $1,622,500
  4. 1963 Mercedes-Benz 300SL Roadster sold for $1,275,000
  5. 1957 Mercedes-Benz 300SL Roadster sold for $1,237,500
  6. 1974 Porsche 911 Carrera RSR Coupe sold for $1,237,500
  7. 2011 Ferrari 599 SA Aperta Convertible sold for $1,155,000
  8. 1996 Porsche 911 GT2 Coupe sold for $973,500
  9. 1967 Ferrari 330 GTC Coupe sold for $935,000
  10. 1932 Lincoln KB Dietrich Coupe sold for $836,000

2014 Overall Results
Total: $31.0M
78/88 lots sold: 89%
Average Sale Price: $396,839

BONHAMS
Overall Total: $13.9M
66/83 lots sold: 80% sell-through rate
Average Sale Price: $209,950

Overall Top 10 Sales:

  1. 1930 Cord Model L-29 Murphy Town Car sold for $1,760,000
  2. 1908 American Underslung 50HP Roadster sold for $1,738,000
  3. 1932 Stutz DV-32 Super Bearcat Convertible sold for $1,012,000
  4. 1930 Rolls-Royce Phantom I Hibbard & Darrin Transformal Phaeton sold for $742,500
  5. 1981 BMW M1 Coupe sold for $605,000
  6. 1969 Ferrari Dino 206 GT Coupe sold for $495,000
  7. 1925 Bentley 3 Litre Vanden Plas Four-Seater Touring sold for $462,000
  8. 1912 Peerless Model 60 Runabout sold for $440,000
  9. 1952 Alfa Romeo 1900C Sprint Coupe sold for $415,800
  10. 1980 Ferrari 512 BB Coupe sold for $359,700

Overall 2014 Results
Total: N/A
N/A lots sold: N/A sell-through rate
Average Sale Price: N/A

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