Records were broken at all three of Amelia Island Concours collectible car auctions on the weekend, with a 1960 Ferrari 400 Superamerica SWB Cabriolet fetching US$6,380,000 to become one of the top 100 cars ever sold at auction.
RM Sotheby’s was the official auctioneer for the Concours, and reported bidders hailing from no fewer than 22 countries, of which 22 percent were new to the company.
There were plenty of indications that the market remains strong, including 23 cars selling for more than $1,000,000 (RM-Sothebys 13, Gooding seven and Bonhams three), and $101 million worth of cars sold in three days (RM-Sothebys $60.4m, Gooding $26.9m, Bonhams $13.9m) – both records. It was Bonhams' first Amelia sale, but the amount of money in the marketplace is clearly still growing, as last year the combined RM and Gooding & Co results totaled $66.9 million – roughly a 50 percent increase in car sales in one year.
Further testimony to the buoyancy of the market was the exceptionally high sell-through rates with Bonhams reporting 78 percent (65 from 83), Gooding 89 percent (76 from 85) and with the largest and official RM-Sotheby's sale returning a 98 percent sell-through rate (99 from 101), the entire week's sell-through finished at 89.2 percent, with 43.7 percent more cars sold this year than last.
Yet another indication of the strength of the market can be gauged by comparisons with the average car price in 2014 with 2015 ($418,862 in 2015 compared with $402,777 in 2014) and robustness of the top ten Amelia Island sales of 2014 with 2015.
Top 10 cars sold at Amelia Island – 2014
1 – 1937 Delahaye 135 Competition Roadster sold for $6,600,000 (RM)
2 – 1968 Porsche 907 Longtail Coupe sold for $3,630,000 (Gooding)
3 – 1959 Porsche 718 RSK Spyder sold for $3,300,000 (Gooding)
4 – 1955 Ferrari 250 Europa GT Coupe sold for $2,530,000 (Gooding)
5 – 1958 BMW 507 Roadster sold for $2,420,000 (RM)
6 – 1964 Mercedes-Benz 300SL Roadster sold for $2,035,000 (Gooding)
7 – 1957 Mercedes-Benz 300SL Roadster sold for $1,842,500 (RM)
8 – 1958 BMW 507 Roadster sold for $1,815,000 (Gooding)
9 – 1961 Ferrari 250 GT Series 2 Cabriolet sold for $1,760,000 (RM)
10 – 1934 Duesenberg Model SJ Convertible sold for $1,567,500 (RM)
Top 10 cars sold at Amelia Island – 2015
1 – 1960 Ferrari 400 Superamerica SWB Cabriolet sold for $6,380,000 (RM)
2 – 1955 Jaguar D-Type sold for $3,675,000 (RM)
3 – 1967 Ferrari 275 GTB/4 sold for $3,300,000 (Gooding)
4 – 1972 Ferrari 365 GTB/4 Daytona Spider sold for $3,300,000 (RM)
5 – 1935 Mercedes-Benz 500/540 K Cabriolet A sold for $3,025,000 (RM)
6 – 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,420,000 (RM)
7 – 1938 Bugatti Type 57C Aravis Cabriolet sold for $2,337,500 (RM)
8 – 1971 Lamborghini Miura SV sold for $2,310,000 (RM)
9 – 1988 Jaguar XJR-9 sold for $2,145,000 (RM)
10 – 1967 Shelby 427 'Semi-Competition' Cobra sold for $2,117,500 (RM)
Some people spoke of cars selling towards the bottom of their estimate range, but estimates are set based on marketplace expectations and when viewed against previous auction results for the last few years, the classic car market remains in ruddy health.