Amelia Island bidders shrug off outside worries

No panic observed and auctions experience a ‘normal’ weekend of sales

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Amelia 2020
Pre-war classics such as this 1938 Bugatti Type 57 D;leteren cabriolet, which sold for $1.655 million at RM Sotheby's, claimed 4 of the 5 most expensive sales during the Amelia Island auctions | RM Sotheby's photo

“Is there an Amelia Island effect happening?” Dave Kinney, publisher of the Hagerty Price Guide, was quoted in Hagerty’s auction wrap up from the island.

 “Where stock markets are roiling, and the fears of coronavirus epidemic seemingly all the media can talk about, things at the Amelia are remarkably calm,” he observed.

“All three auction companies got the job done with little drama, so much so that you could say that this is among the most ‘normal’ sales weekends in recent history. 

“Were their soft spots and a few misses? Yes. But those looking for panic with buyers and sellers running for the exits, this was not that weekend.”

Celebrity provenance still counts: The customized 1967 Meyers Manx, driven by Steve McQueen in ‘The Thomas Crown Affair,’ sold for $456,000 | Bonhams photo

Despite all sorts of reasons for panic, Hagerty media division reported that sales at the three auctions — RM Sotheby’s, Bonhams, Gooding & Company — were strong. Russo and Steele made its Amelia Island debut a year ago but did not return in 2020. That was one reason the overall sales total for 2020 — $77.4 million) was slightly less than the $79.6 million year-ago figure. 

However, the sell-through rate was 87 percent (compared with 71 percent in 2019) and the average sale price increased (from $247,906 to $252,838). And, the overall total could increase as auction companies complete any post-block sales.

Originally owned by opera star James Melton and then by Briggs Cunningham’s driver William Spear Jr. and later by Tony Hulman and his Indianapolis Motor Speedway Museum, this 1907 Renault Type AI racer sold for $3,332,500 on Amelia Island | Bonhams photo

Listed below are raw results witnessed by Hagerty during the live auctions and may not include post-block sales.

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Overall results, all auction companies

2020 sales: $77.4 million

306/350 lots sold: 87 percent sell-through rate 

Average sale price: $252,838 

2019 sales (including Russo and Steele): $79.6 million

321/452 lots sold: 71 percent sell-through rate 

Average sale price: $247,906

Overall top 10 sales

  1. 1932 Bugatti Type 55 Super Sport Roadster sold for $7,100,000 (Bonhams)
  2. 1907 Renault Type AI 35/45hp racer sold for $3,332,500 (Bonhams)
  3. 2003 Ferrari Enzo coupe sold for $2,782,500 (RM Sotheby’s)
  4. 1914 Rolls-Royce Silver Ghost 40/50 hp Phaeton sold for $2,205,000 (Gooding & Company) 
  5. 1938 Bugatti Type 57 D’leteren cabriolet sold for $1,655,000 (RM Sotheby’s)
  6.  1963 Ferrari 250 GT Lusso coupe sold for $1,600,000 (RM Sotheby’s)
  7.  1967 Ferrari 330 GTS Spider sold for $1,475,000 (Bonhams)
  8.  1969 Lamborghini Miura P400 S coupe sold for $1,435,000 (Gooding & Company)
  9.  1976 Porsche 934 race car sold for $1,380,000 (Gooding & Company)
  10.  1961 Ferrari 250 GT cabriolet SII sold for $1,352,500 (RM Sotheby’s) 

Results by auction company 

BONHAMS 

2020 sales: $21.2 million

88/116 lots sold: 76 percent sell-through rate

Average Sale Price: $240,536

Top-10 sales:

  1. 1932 Bugatti Type 55 Super Sport roadster sold for $7,100,000
  2. 1907 Renault Type AI 35/45hp racer sold for $3,332,500
  3. 1967 Ferrari 330 GTS Spider sold for $1,475,000
  4. 1958 Mercedes-Benz 300SL roadster sold for $1,028,000
  5. 1931 Invicta 4 1/2-Litre Vanden Plas Sports Tourer sold for $852,000
  6. 1962 Aston Martin DB4 GT sedan sold for $725,500
  7. 1967 Meyers Manx Dune Buggy sold for $456,000
  8. 1934 Mercedes-Benz 500K Tourer sold for $362,500
  9. 1928 Bugatti Type 44 cabriolet sold for $335,000
  10. 1974 Ferrari Dino 246 GTS Spider sold for $268,800
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2019 sales: $15.8 million

92/108 lots sold: 85 percent sell-through rate

Average sale price: $171,626

GOODING & COMPANY 

2020 sales: $20.8 million 

83/89 lots sold: 93 percent sell-through rate 

Average sale price: $250,698

Top 10 sales:

  1. 1914 Rolls-Royce Silver Ghost 40/50 hp Phaeton sold for $2,205,000
  2. 1969 Lamborghini Miura P400 S Coupe sold for $1,435,000
  3. 1976 Porsche 934 Race Car sold for $1,380,000
  4. 1957 Mercedes-Benz 300SL Roadster sold for $995,000
  5. 2019 McLaren Senna coupe sold for $978,500
  6. 2017 Ford GT coupe sold for $967,500
  7. 2009 RUF CTR3 Coupe sold for $808,000
  8. 1972 Maserati Ghibli SS Spyder sold for $753,000
  9. 2016 Ferrari F12tdf Coupe sold for $731,000
  10. 1998 RUF Turbo R Coupe sold for $676,000

2019 sales: $22.0 million

78/89 lots sold: 88 percent sell-through rate

Average sale price: $282,666

RM SOTHEBY’S 

2020 sales: $35.3 million

134/145 lots sold: 92 percent sell-through rate 

Average sale price: $263,502 

Top 10 sales: 

  1. 2003 Ferrari Enzo coupe sold for $2,782,500
  2. 1938 Bugatti Type 57 D’leteren cabriolet sold for $1,655,000
  3.  1963 Ferrari 250 GT Lusso coupe sold for $1,600,000
  4.  1961 Ferrari 250 GT cabriolet SII sold for $1,352,500
  5.  1932 Duesenberg Model J Rollston Stationary Victoria sold for $1,325,000
  6.  1930 Duesenberg Model J Murphy convertible coupe sold for $1,132,500
  7.  1987 Porsche 959 Komfort coupe sold for $1,050,000
  8.  1930 Cadillac Series 452 Fleetwood Sport Phaeton sold for $802,500
  9.  1939 Bugatti Type 57C Gangloff Stevio sold for $797,000
  10.  2004 Porsche Carrera GT coupe sold for $786,000 
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2019 sales: $38.1 million 

117/141 lots sold: 83 percent sell-through rate 

Average sale price: $325,219 

Source: Hagerty Media Properties 

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