Sellers, bidders disagree on values at top of market

Sellers, bidders disagree on values at top of market

Trend continues at Amelia Island, though sub-$1 million vehicles are selling well

We’re seeing a trend at the top of the collector car auction marketplace as consignors’ expectations continue to exceed bidders’ willingness to part with their money. Just as in Arizona in January, Friday on Amelia Island many of the vehicles with the highest pre-sale estimated values were not hammered sold because reserve prices were not reached in the bidding process.

Hagerty, the vehicle insurance and valuation-tracking company, reported several examples from its auction observations Friday. For example, the star 1974 Porsche 911 RSR 2.1 Turbo was bid to $5.4 million at Gooding & Company, only to be unsold at that figure. Also at Gooding, the 1956 Ferrari 410 Superamerica coupe, valued at $5 million, reached only $3.9 in bidding.

Hagerty also noted another example. It had reported that a 1973 Ferrari 365 GTS/4 Daytona Spider sold for $2.2 million Thursday at Bonhams, but actually that car was a no sale (as reflected in the updated figures below).

The top sale of the day on the island Friday was a 1966 Ferrari 275 GTB long-nose alloy coupe that went to a new owner for $2.53 million at Gooding.  The Ferrari was a remarkable “barn find” presented at the auction in musty “as-found” condition.  

1961 Maserati 3500 GT coupe is on the auction block at RM Sotheby’s | Andy Reid photo

“While some of the stars disappointed, interest in the sub-$1 million market is growing,” Dave Kinney, publisher of Hagerty Price Guide, was quoted in the Hagerty news release, which noted that the sell-through rate for lots bid to $1 million at Amelia was 73 percent, a slight increase compared to Arizona figures.

“Even with shifting auction schedules, cars were selling, and their prices were solid,” car collector, restoration specialist and market observer Colin Comer told Hagerty. Comer was referring to the condensed Amelia auction schedule with RM Sotheby’s moving its sale up to Friday because the concours d’elegance also shifted its schedule because of threatening weather forecasts for Sunday.

Despite the Porsche RSR’s miss, Hagerty noted that Amelia Island continues to be a prime market for Porsches — 77 percent of the 90 such cars offered have sold so far.

1990 Porsche 962C sells for $1.595 million | Bob Golfen photo

Hagerty reports that buyers are paying particular favor to rare and race-bred 911s, pointing out that Gooding sold a 95-kilometer 1993 Porsche 964 Turbo S Leichtbau for $1.76 million. RM Sotheby’s sold a 6,825-kilometer 1993 Porsche 911 Carrera RS 3.8 for $1.655 million.

“Special interest cars from the 1990s and 2000s that have been treated like collector cars from new have been strong,” Kinney said, “and many of the Porsches offered this week showed that.”

Even with some impressive numbers, RM Sotheby’s Porsche 964 collection was perhaps too much of a good thing, Hagerty noted: “Only half of the reserve lots sold, which was well below RM’s 68 percent sell-through rate on reserve lots.”

The three major sales have been completed, but Hollywood Wheels and Motostalgia auctions resume Sunday after the concours.

Amelia Island auctions

Overall results through Friday
Cumulative total: $76.4 million
268/351 lots sold: 76 percent sell-through rate
Average sale price: $284,920

Prior year through Friday
Cumulative total: $73.3 million
223/291 lots sold: 77 percent sell-through rate
Average sale price: $328,989

Overall Top 10 sales from all auctions through Friday:

1. 1966 Ferrari 275 GTB Long Nose Alloy Coupe, $2,530,000 (Gooding & Company)
2. 2003 Ferrari Enzo Coupe, $2,365,000 (Gooding & Company)
3. 1966 Ferrari 275 GTB Long Nose Coupe, $2,205,000 (RM Sotheby’s)
4. 1967 Ford GT40 Mk IV Coupe, $1,925,000 (Gooding & Company)
5. 1993 Porsche 911 Turbo S Leichtbau Coupe, $1,760,000 (Gooding & Company)
6. 2015 McLaren P1 Coupe, $1,710,000 (Bonhams)
7. 1993 Porsche 911 Carrera RS 3.8 Coupe, $1,655,000 (RM Sotheby’s)
8. 1952 Ferrari 212 Europa Cabriolet, $1,600,000 (Gooding & Company)
9. 1990 Porsche 962C Race Car, $1,595,000 (Gooding & Company)
10. 2015 Porsche 918 Spyder Roadster, $1,540,000 (Gooding & Company)

Results by auction company

Gooding & Company

Cumulative total through Friday: $35.5 million
81/86 lots sold: 94 percent sell-through rate
Average sale price: $438,818

Overall Top 10 Sales:
1. 1966 Ferrari 275 GTB Long Nose Alloy Coupe, $2,530,000
2. 2003 Ferrari Enzo Coupe, $2,365,000
3. 1967 Ford GT40 Mk IV Coupe, $1,925,000
4. 1993 Porsche 911 Turbo S Leichtbau Coupe, $1,760,000
5. 1952 Ferrari 212 Europa Cabriolet, $1,600,000
6. 1990 Porsche 962C Race Car, $1,595,000
7. 2015 Porsche 918 Spyder Roadster, $1,540,000
8. 1996 Porsche 911 GT2 Coupe, $1,485,000
9. 1966 Shelby Cobra 428 Roadster, $1,457,500
10. 1976 Porsche 911 Carrera Turbo Coupe, $1,320,000

Prior year (2017) results through Friday
Total: $30.6 million
69/88 lots sold: 78 percent sell-through rate
Average sale price: $443,025

RM Sotheby’s

Cumulative total through Friday: $27.0 million
87/102 lots sold: 85 percent sell-through rate
Average sale price: $310,477

Overall Top 10 Sales:
1. 1966 Ferrari 275 GTB Long Nose Coupe, $2,205,000
2. 1993 Porsche 911 Carrera RS 3.8 Coupe, $1,655,000
3. 1993 Porsche 911 Carrera RSR 3.8 Coupe, $1,270,000
4. 1930 Isotta Fraschini Tipo 8A S Boattail Cabriolet, $1,270,000
5. 1957 Mercedes-Benz 300SL Roadster, $1,094,000
6. 1956 Mercedes-Benz 300SL Gullwing Coupe, $1,077,500
7. 1931 Marmon Sixteen Convertible Coupe, $1,050,000
8. 1930 Duesenberg Model J Hibbard & Darrin Imperial Cabriolet, $995,000
9. 1960 Ferrari 250 GT Coupe, $720,000
10. 1994 Porsche 911 Carrera Turbo S Flachbau Coupe, $654,000

Prior year (2017) results for Saturday (RM’s 2nd day is comparable)
Total: $39.8 million
71/87 lots sold: 82 percent sell-through rate
Average sale price: $560,179

Hollywood Wheels

Cumulative total through Friday: $0.6 million
12/62 lots sold: 19 percent sell-through rate
Average sale price: $50,826

Overall Top 10 Sales:
1. 2003 BMW Z8 Alpina Roadster, $216,000
2. 2007 Bentley Azure Convertible Coupe, $108,000
3. 1980 Ferrari 308 GTB Coupe, $68,040
4. 1969 Mercedes-Benz 280SL Convertible, $56,700
5. 1967 Mercedes-Benz 250SE Coupe, $42,120
6. 1979 Volkswagen Super Beetle Convertible, $28,600
7. 1963 Volkswagen Beetle Sedan, $27,000
8. 1956 Volkswagen Beetle Oval-Window Sedan, $25,110
9. 1953 MG TD Roadster, $11,880
10. 1984 Porsche 944 Coupe, $10,260

2017 results through Friday
Total: $1.7 million
18/51 lots sold: 35 percent sell-through rate
Average sale price: $97,980

Bonhams

Total sales: $13.2 million
88/101 lots sold: 87 percent sell-through rate
Average sale price: $149,919

Overall Top 10 Sales:
1. 2015 McLaren P1 Coupe, $1,710,000
2. 1959 Porsche 356A Carrera GS Coupe, $632,000
3. 1968 Ferrari 330 GTC Coupe, $545,100
4. 1936 Horch 853 Roadster, $544,000
5. 1933 Rolls-Royce Phantom II Continental Convertible, $480,200
6. 1947 Delahaye 135MS Coupe, $478,000
7. 2001 Ferrari 550 Barchetta Convertible, $450,500
8. 1957 Porsche 356A 1600 Super Speedster, $445,000
9. 1995 Porsche 911 Carrera RS Coupe, $368,000
10. 1992 Porsche 911 Turbo Coupe, $343,800

2017 Results
Total: $10.0 million
71/86 lots sold: 83 percent sell-through rate
Average sale price: $141,342

(Prices include buyer’s fees.)

Related Vehicles For Sale

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Related Posts

Search the Journal

Latest Articles

Trending Articles