Jacksonville, FL — Despite concerns about the coronavirus and the financial market’s reactions to it, sales at Amelia Island were up as Bonhams, Gooding & Company, and RM Sotheby’s completed their auctions in connection with Sunday’s concours. And the 1984 Tiga SC84 Sports 2000 donated for auction by John Oates sold (by RM Sotheby’s) for $50,400 to benefit the Amelia Island Concours Foundation.
A few key takeaways, according to on-site observations by Hagerty, include that vehicles priced at or above $500,000 — which have suffered in recent auctions — had a better sell-through rate than last year; bidders were interested primarily in vehicles that were accessible and that appear often at auctions; valuable vehicles, in contrast, got higher bids if they were rare opportunities; and that Pre-war cars continue to provide mixed results with familiar vehicles selling poorly overall while exceptional ones sold well.
Bidders in the $100,000+ segment seemed to favor the opposite approach, taking chances on vehicles that aren’t typically found at auction but showing little interest in those that cross the block regularly. Vehicles that appear at auction less than once a year and were bid above $100,000 sold for a median of 7% above condition-appropriate value. For instance, Aston Martin DB4 GTs sell at auction about once every five years, and a 1962 example sold at Bonhams brought 34% above its condition-appropriate value. That’s in contrast to expensive vehicles that appear more often at auction, like the Ferrari 365 GTB/4 Daytona and Jaguar E-Type SI, which typically sell 68 and 60 examples, respectively, per year. Vehicles at or above $100,000 that sell more than once a year sold for a median of -17% below condition-appropriate value.
Although cars built prior to 1946 sold poorly overall — with a sell-through rate of 76%, or 13 points lower than last year despite having a higher portion of lots offered without reserve — one bright spot was the 1932 Bugatti Type 55 Super Sport Roadster sold by Bonhams for $7.1 million, making it the highest-selling car at auction so far this year.
Overall top 10:
• 1932 Bugatti Type 55 Super Sport Roadster: $7.1 million (Bonhams)
• 1907 Renault Type AI 35/45hp Racer: $3.332 million (Bonhams)
• 2003 Ferrari Enzo Coupe: $2.782 million (RM Sotheby’s)
• 1914 Rolls-Royce Silver Ghost 40/50 hp Phaeton: $2.205 million (Gooding & Company
• 1938 Bugatti Type 57 D’leteren Cabriolet: $1.655 million (RM Sotheby’s)
• 1963 Ferrari 250 GT Lusso Coupe: $1.6 million (RM Sotheby’s)
• 1967 Ferrari 330 GTS Spider: $1.475 million (Bonhams)
• 1969 Lamborghini Miura P400 S Coupe: $1.435 million (Gooding & Company)
• 1976 Porsche 934 Race Car: $1.380 million (Gooding & Company)
• 1961 Ferrari 250 GT Cabriolet SII: $1.352 million (RM Sotheby’s)
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