(Editor’s note: As with auction week in Arizona, Hagerty provides daily coverage of the classic car auctions taking place at the Amelia Concours d’Elegance this weekend in Florida. Here’s the auction action report for Friday, March 4.)
The main themes:
• Sales at Amelia through Friday were strong, but appreciation has not accelerated outside of Scottsdale. Total Florida sales came in at $81.5 million, lower than the two-day forecast of $95 million. The actual sell rate of 93% and the average price of $377,183 are also behind expectations.
• Gooding & Company concluded its first live auction from Pebble Beach. His big Talbot-Lago sale shows that top-notch collector cars are back at live auctions.
• Today’s RM Sotheby’s auction is the final auction of the weekend led by a trio of hypercars.
• The Porsches at Bonhams and Gooding were strong. The last time the two-day average price of $647,032 improved was in 2016 when Jerry Seinfeld sold 16 Porsches.
• The 1937 Talbot-Lago T150-C-SS Teardrop Coupe at Gooding sold for $13,425,000, setting a record for a French car.
• The 1967 Toyota-Shelby 2000 GT set a record for a Japanese car at $2,535,000.
• Modern BMW performance cars have sold well. Their collection may be where Porsche was ten years ago.
For those waiting for Amelia’s second day auction to increase energy and produce remarkable sales, Gooding & Company did not disappoint. Backed by a packed house of hungry bidders interested in several top-notch cars, Gooding delivered its best-selling Amelia auction ever, with $66.5 million worth of cars changing hands.
While not quite the frenzy we saw in Scottsdale six weeks ago, today’s auction at Amelia’s gave us plenty to unpack.
The Gooding tent was sometimes overflowing with bidders and enthusiasts, all attracted by the excellent collection of vehicles on display. A voluptuous 1937 Talbot-Lago T150-C-SS Teardrop Coupe was the star of the show, and the only car of the weekend expected to cross eight figures. Audience explodes as bidding crosses $10 million, then back to $11 million, and again to $12 million, before finally selling for $13,425,000, a new record for a French car at auction.
A diverse group of cars added to the records set today, providing insight into several market niches. A 1967 Toyota-Shelby 2000 GT broke the block for $2,535,000 to become the most expensive Japanese car sold at public auction.
It would be tempting to point this as a validation for the trajectory of the Japanese collectors market, but considering the provenance, rarity, racing history and association with a certain gentleman named Shelby, our team views this as a one-time sale rather than a market indicator.
Shortly after, a Riviera Blue 1998 RUF Turbo R Limited sold for $2,040,000, setting a record for the German automaker. New companies like Singer and Gunther Werks have popularized high-priced resto-mod Porsches in the 21st century, proving that people no longer mind spending big bucks on a 911 that’s been worked on by someone other than the
Porsche factory – as long as this company has a solid reputation. This could bring demand back to the RUF market.
Each of these cars would be impressive on their own, but they also highlight another trend we’re seeing at in-person auctions. The strength of the market we’ve noticed over the past year has brought out million-plus cars – 45% more than in 2020 – along with a room full of bidders willing to pay the big prize for them. These factors have allowed Gooding to more than triple its 2020 Amelia sales this year.
We wrote recently about the renewed interest in the pre-war market. A duo of repeat sales this weekend indicates that some pre-war values have remained extremely stable over the past decade.
A 1939 Bentley 4.25 liter sold for $775,000, previously selling for $770,000 in 2016 and $769,000 in 2015. The 1911 Winton at Bonhams sold for $224,000 after selling 220 $000 nine years ago. While they may not keep pace with inflation (especially in today’s world), these are indicators that despite their age, pre-war cars are still getting some attention. in the world of collectors.
Despite record sales, the weekend remains milder and less dramatic than Scottsdale. As noted yesterday, Amelia tends to be a more reserved atmosphere than other major auction events. Total sales for the first two days came in at $81.5 million, trailing our forecast of $95 million. Average selling prices of $377,183 and a sell-through rate of 95% are also below expectations.
There’s still a day left in Amelia, but it looks like the collector car market won’t leave the week with the heat it had at the start. Whether it’s an isolated scenario or an indicator of a market downturn, it will take more time and hindsight.
RM Sotheby’s auction will wrap up Amelia’s sales, offering 86 vehicles over 11 decades. This wide range is highlighted by a 1934 Packard Twelve, a 1994 Bugatti EB110 GT prototype and a trio of multi-million dollar modern hyper cars. Although no 8-figure cars are on the register, the wealth of top-notch cars is still likely to generate interest and commitment from bidders.
Other good results so far:
– 1954 Bentley R-Type Continental with sports seats and center offset sold for $2.975 million, almost $1 million more than the value of #1 condition.
– 1963 Chevrolet Corvette Z06 (small tank) sold for $1.125 million, almost 3 times Hagerty Price Guide condition #1 value. A one-owner 1966 Chevrolet Corvette at $533,000 set a new world record for the year 1966. Continuation of the robust performance of C2 Corvettes seen at the January auction.
– The Hagerty Bull Market looks good after a 1993 Porsche 968 sold for $123,000, 64% above the value of Hagerty #1 condition and sets the record for a base 968.
– Gooding offered several modern BMW performance cars, each offering an average premium of 54% to Hagerty Price Guide appropriate value, perhaps it’s an indication that they’re gaining greater recognition as a collector’s car like Porsches did a decade ago when only 12 were offered at Amelia auctions.
Results until March 4
Below are the raw results that members of the Hagerty evaluation team witnessed during the live auctions. They may not take into account after-sales transactions that have taken place. These figures include the appropriate buyer’s premiums.
Cumulative total: $81.5M
216/233 lots sold: 93% sales rate
Average selling price: $377,183
Cumulative total 2021 through Friday: $36.8 million
131/152 lots sold: 86% sales rate
Average selling price: $281,044
Results by auction company
GOODING & COMPANY
Total sales: $66.5M
91/99 lots sold: 92% sale rate
Average selling price: $731,148
Top 10 sales:
1. 1937 Talbot-Lago T150-C-SS Coupe sold for $13,425,000
2. The 1959 Porsche 718 RSK Spyder sold for $2,975,000
3. 1954 Bentley R-Type Continental 4.9 Sedan sold for $2,975,000 4. 1967 Toyota 2000GT Coupe sold for $2,535,000
5. 1991 Ferrari F40 Coupe sold for $2,452,500
6. 1965 Porsche 904/6 Coupe sold for $2,205,000
7. 1959 BMW 507 Roadster sold for $2,150,000
8. 1967 Ferrari 330 GTS Spider sold for $2,095,000
9. 1998 RUF Turbo R Limited Coupe sold for $2,040,000
10. 2005 Porsche Carrera GT Coupe sold for $2,012,500
2021 results: $16.1 million
44/47 lots sold: 94% sales rate
Average selling price: $366,625
Total sales: $14.9M
125/134 lots sold: 93% sales rate
Average selling price: $119,497
Top 10 sales
- 1955 Porsche 550 Spyder Roadster sold for $4,185,000
- 2. 1929 Duesenberg Model J Murphy sold for $1,066,500
3. 1954 Jaguar XK 120 SE by Pinin Farina sold for $940,000
4. 1937 Riley Sprite Sports sold for $491,750
5. 1914 Rolls-Royce Silver Ghost sold for $489,000
6. 1933 Bentley 3-litre Speed Sports Tourer sold for $428,500 7. 1935 Rolls-Royce Phantom II Saloon sold for $335,000
8. 1933 Rolls-Royce Phantom II Tourer sold for $335,000
9. 1971 Mercedes-Benz 280SE 3.5 Cabriolet sold for $324,000 10. 1968 Lamborghini 400 GT Coupe sold for $318,500
2021 results: $20.7 million
87/105 lots sold: 83% sales rate
Average selling price: $237,761