(Editor’s note: As it did during Arizona Auction Week, Hagerty is providing daily coverage of the collector car auctions taking place during The Amelia concours d’elegance this weekend in Florida. Here is the report on auction action Friday, March 4.)
• Sales in Amelia through Friday were strong, but appreciation hasn’t accelerated away from Scottsdale. Total sales in Florida were $81.5 million, which trails the two-day forecast of $95 million. Both the actual sell-through rate of 93 percent and the average price of $377,183 are behind the forecast too.
• Gooding & Company concluded its first live auction since Pebble Beach. Its big sale of the Talbot-Lago shows that blue-chip collector cars are back at live auctions.
• RM Sotheby’s auction today is the last auction of the weekend led by a trio of hypercars.
• Porsches at Bonhams and Gooding have been strong. The last time the two-day average price of $647,032 was bettered 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 sold well. Their collectability may be where Porsche was a decade ago.
For those looking to Amelia’s second day of auctions to raise energy and produce noteworthy sales, Gooding & Company did not disappoint. Bolstered by a packed house of hungry bidders interested in several blue-chip 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 gave us plenty to unpack.
The Gooding tent was occasionally overflowing with bidders and enthusiasts alike, all drawn to 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. The audience exploded as the bidding crossed $10 million, and then again at $11 million, and again at $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, offering insight into multiple market niches. A 1967 Toyota-Shelby 2000 GT crossed the block for $2,535,000 to become the most expensive Japanese car sold at public auction.
It would be enticing to point to this as validation for the Japanese collector market’s trajectory, but given this particular car’s provenance, rarity, racing history, and association with a certain gentleman named Shelby, our team sees this as more of a one-off sale rather than a market indicator.
Shortly thereafter, a Riviera Blue 1998 RUF Turbo R Limited sold for $2,040,000, setting a record for the German automaker. Newer companies like Singer and Gunther Werks have popularized high-dollar, resto-mod Porsches in the 21st Century, proving people are no longer reluctant to spend large sums on a 911 that was worked on by someone other than the
Porsche factory — as long as that company has a solid reputation. This might be driving demand back to the RUF market.
Each of these cars would be impressive in and of themselves, but they also highlight another trend we’re seeing at in-person auctions. The market strength we’ve noticed in the last year has brought out the million-dollar-plus cars — 45 percent more than in 2020 — as well as a room full of bidders willing to pay top dollar for them. These factors enabled Gooding to more than triple its 2020 Amelia sales this year.
We’ve written recently about renewed interest in the prewar market. A duo of repeat sales this weekend indicate some prewar values remain extremely stable over the last decade.
A 1939 Bentley 4.25-Litre 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 for $220,000 nine years ago. While they might not keep pace with inflation (especially in today’s world), these are indicators that despite their age, prewar cars are still holding some attention in the collector world.
Despite the record sales, the weekend remains softer and less dramatic than Scottsdale. As noted yesterday, Amelia tends to be a more reserved atmosphere than other major auction events. Total sales from the first two days stands at $81.5 million, trailing our forecast of $95 million. Average sales prices of $377,183 and a 95 percent sell-through rate are lower than projected as well.
Amelia still has one day left, but it looks as though the collector car market won’t exit the week with the heat it had when it began. Whether this is an isolated scenario or an indicator of the market cooling off will take additional time and perspective.
RM Sotheby’s auction will wrap up Amelia’s sales, offering 86 vehicles across 11 decades. This broad spectrum is highlighted by a 1934 Packard Twelve, a 1994 Bugatti EB110 GT Prototype, and a trio of modern multi-million-dollar hyper cars. While no 8-figure cars are on the docket, the wealth of blue-chip cars remains likely drive interest and bidder engagement.
Other strong results so far:
– 1954 Bentley R-Type Continental with sport seats and center shift sold for $2.975m, or nearly $1m over the condition #1 value.
– 1963 Chevrolet Corvette Z06 (small tank) sold for $1.125m, nearly 3-times Hagerty Price Guide condition #1 value. A one-owner 1966 Chevrolet Corvette at $533,000 set a new world record for the ‘66 year. Continuing the robust performance from C2 Corvettes seen at the January auctions.
– The Hagerty Bull Market looks good after a 1993 Porsche 968 sold for $123,000, 64 percent over Hagerty #1 condition value and setting the record for a base 968.
– Gooding offered several modern BMW performance cars, and with each carrying an average 54 percent premium to Hagerty Price Guide condition appropriate value, it is perhaps an indication that they’re getting wider recognition as a collector car like Porsches did a decade ago when only 12 were offered at Amelia auctions.
Results through March 4
Listed below are the raw results Hagerty Valuation Team members witnessed during live auctions. They may not factor in post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.
Cumulative total: $81.5M
216/233 lots sold: 93 percent sell-through rate
Average sale price: $377,183
2021 cumulative total through Friday: $36.8M
131/152 lots sold: 86 percent sell-through rate
Average sale price: $281,044
Results by auction company
GOODING & COMPANY
Total sales: $66.5M
91/99 lots sold: 92 percent sell-through rate
Average sale price: $731,148
1. 1937 Talbot-Lago T150-C-SS Coupe sold for $13,425,000
2. 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: $16.1M
44/47 lots sold: 94 percent sell-through rate
Average sale price: $366,625
Total sals: $14.9M
125/134 lots sold: 93 percent sell-through rate
Average sale price: $119,497
- 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: $20.7M
87/105 lots sold: 83 percent sell-through rate
Average sale price: $237,761