Amelia Island Auctions Summary Report By Hagerty March 2020 Part One
Supercarsandclassics.com would like to thank Hagerty for this report they covered all of the sales at the Amelia Island Auctions 2020, these included Bonhams, Gooding and Company and RM Sotheby’s.
Their comprehensive report is as follows, and offers a great insights into the direction of the collector’s car market over the coming year.
Please be aware that this was slightly before lockdown and despite concerns about the coronavirus, stock prices, and a general softening in the collector car market over the last year, sales at Amelia Island auctions were up (excluding the 2019 sales of Russo and Steele, which did not come this year).
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 mainly in vehicles that were accessible and that appear often at auctions.
Valuable vehicles, in contrast, got higher bids if they were rare opportunities.
Pre-war cars continue to polarize; familiar vehicles sold poorly while exceptional ones sold well.
And here’s a plus that we here at supercarsandclassics.com constantly preach, cars from the 1990s with less than 10,000 miles or very low mileage sold better than vehicles with similar mileage from other decades.
Amelia Island 2020 concluded all auctions on Saturday (March 7th). RM Sotheby’s wrapped up its two-day sale with a total of $35.3M and a sell-through rate of 92 percent.
Gooding & Company, which finished on Friday, announced a post-block sale to bring its total sales to $20.8M, and the sell-through rate improved to 93 percent.
Bonhams, which concluded on Thursday, also announced an additional sale to bring its total to $21.2M, and the sell-through rate improved to 77 percent. Total sales through Saturday are $77.4M (compared to $79.6M in 2019, which includes Russo and Steele).
Total lots offered fell from 452 in 2019 to 350 this year, but the sell-through rate improved from 71 percent in 2019 to 87 percent in 2020, and average sale price increased from $247,906 in 2019 to $252,838.
Concerns about the coronavirus were apparent at times, with fewer observers milling through the auction tents. Bidders, however, still showed up ready to buy cars and as you can see below there were some great bids on the day, this has of course changed considerable since this date.
Overall Top 10 Sales from all auctions through Saturday:
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)