Vintage News

3/16/2017 - Amelia Island Auctions Tally $121.3 Million

Jacksonville, FL -- With lower overall results on average price, sell-through rate and total sales as compared to the 2016 event, the five auctions held March 9-11 at Amelia Island pulled in a total of $121.3 million. Last year's cumulative total was $140 million.

One of three, with just six caretakers since '37, this 57S was Amelia's top seller. Photo: RM Sotheby's

The sell-through rate registered 67% compared to 2016's figure of 71%, and the average car price closed at $332,345 in contrast to last year's $420,551.

Top 10 overall sales
1. 1937 Bugatti Type 57S Cabriolet (RM Sotheby's): $7.7 million
2. 1998 Porsche 911 GT1 Strassenversion Coupe (Gooding & Company): $5.665 million
3. 1995 Ferrari F50 Coupe (RM Sotheby's): $2.640 million
4. 2015 McLaren P1 Coupe (Gooding & Company): $2.392 million
5. 1956 Maserati A6G/54 Series II Coupe (RM Sotheby's): $2.365 million
6. 1955 Ferrari 250 Europa Coupe (Bonhams): $2.227 million
7. 1936 Lancia Astura Series III Cabriolet (RM Sotheby's): $2.145 million
8. 1964 Ferrari 275 GTB Coupe (RM Sotheby's): $1.842 million
9. 1989 Mazda 767B Race Car (Gooding & Company): $1.750 million
10. 1929 Stutz Model M Coupe (RM Sotheby's) sold for $1.705 million

Hagerty's analysis noted that the Amelia Island auctions showed both a strong and vibrant entry-level market (cars valued below $50,000) and a continued softening of the upper-middle market (cars valued between $250,000-$1 million). Entry-level cars have experienced a surge in popularity over the past year and are the only segment to see an improvement in their sell-through rate during the past 12 months.

At Amelia Island specifically, 70% of the entry-level cars Hagerty evaluated brought bids above Hagerty Price Guide (HPG) values based on their condition. In contrast, about 60% of upper-middle market cars brought bids below current HPG values based on their condition. Upper-middle market German cars (such as the 1967-1971 Mercedes-Benz 280SE) and Italian cars (such as the Ferrari 246 Dino) had particularly tough weekends with nearly 80% and 65%, respectively, of the cars from these regions that Hagerty inspected bringing bids below HPG values based on their condition.

Hagerty also commented on the rise in Amelia's impact on the North American auction scene, noting that over the last five years, its auctions have grown at an average rate of more 25% a year. That's a sales increase from $55 million in 2013 to $140 million last year. Despite the decrease in overall sales this year, the Amelia Island auctions continue to emerge as a preferred destination for ultra-expensive cars, with only one fewer car selling in excess of $5 million there than sold during January's Arizona Auction Week.

RM Sotheby's
The company posted a new record for an Amelia Island auction with sales of $70.9 million and a 90% sell-through rate in its Saturday auction -- even though the Amelia Island Concours was moved to Saturday after forecasts called for torrential rain on Sunday.

And for the first time, RM hosted a Friday evening sale at Amelia to accommodate the Orin Smith Collection of 63 vehicles, which fetched $31 million and a 100% sell-through rate.

Leading RM's string of 19 individual million-dollar-plus sales and claiming top honors of the Amelia auctions was the 1937 Bugatti Type 57S Cabriolet, one of only three examples sporting rare coachwork by Vanvooren. Offered for public sale for the first time in its 80-year history, the car commanded $7.7 million. Rounding out the top three were a 1995 Ferrari F50 at $2.640 million and a 1956 Maserati A6G/54 Coupe Series III that brought $2.365 million.

Gooding & Company
The company posted sales of $30.568 million and a 78% sell-through rate from its Friday auction.

Nine cars sold over the $1 million mark, with the 1998 Porsche 911 GT1 Strassenversion selling for $5.665 million -- a new world record for the model and for the Porsche 911. Thirteen new benchmarks were set across Porsche, McLaren, Aston Martin and Mazda. Highlights included the 2015 McLaren P1 ($2.392 million), the 1989 Mazda 767B ($1.750 million) that raced at the 1989 24 Hours of Le Mans, and the 1949 Aston Martin DB Mk II ($1.540 million) formerly owned by company head David Brown.

All four Porsches from the Private Porsche Collection achieved world record prices, including the 1998 Porsche 911 GT1 Strassenversion, a 1993 Porsche 964 Turbo S Leichtbau ($1.540 million), a 2011 997 GT3 RS 4.0 ($748,000), and a 2011 Porsche 997 GT2 RS ($561,000).

The company posted sales of $10.2 million and an 87% sell-through rate from its Thursday auction.

Highlighting the day was the sale of the competition-designed 1955 Ferrari 250 Europa GT Alloy, just one of two built with Pinin Farina coachwork, to a European collector for $2.27 million. Other top sales included the 1911 Pierce-Arrow Model 48 Touring that sold for $550,000 and the 1961 Jaguar E-Type Series 1 Roadster -- one of the earliest known examples -- that brought $326,700 after spirited bidding. The 1986 Lamborghini Countach 500 S Quattrovalvole fetched $335,500 and the 1954 Arnolt-Bristol Prototype Roadster achieved $324,500.

Bonhams also set new world auction records for various marques and models, including the 1904 Knox Tudor, 1913 Lancia Theta Runabout, 1987 BMW M6 Coupe and 1953 Sunbeam Talbot Alpine Roadster.

Hollywood Wheels
With no cumulative sales results provided by the company, Hagerty reported that Hollywood Wheels sold $4.2 million in its Amelia Island auctions that included a Friday Porsche sale and Saturday's select sale. The company achieved a 28% sell-through rate.

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