2018 Amelia Island auction results

The 2018 Amelia Island auctions are finished and the response to the results has been mixed. The $80.4M total across all five auction houses was down from 2017, which was expected due to fewer and less expensive cars being offered. Perhaps more important, the final figure was well below Hagerty’s forecast of $91M due to several misses among the most expensive offerings on the island. In all, 334 of 489 cars sold for a 68 percent sell-through rate and an average price of $240,794. For detailed results of every lot and links to the auction house listings, check out our Hagerty Insider iOS app.

“In some ways, the thrill is gone as far as seven-figure cars go,” remarked Dave Kinney, publisher of Hagerty Price Guide, “at least as it applies to those that aren’t in exemplary condition or have an exemplary story.” Even still, market observer Colin Comer noted that “this week’s sales proved that buyers have faith in the underlying strength of the market, which kicked off with a bang in Arizona despite gloomy expectations. Spectacular cars priced under $1M and fresh-to-market cars such as the barn find Cobra and Ferrari 275 GTB that sold at Gooding continue to be especially attractive to buyers.”

Amelia Island has established itself as the place to sell Porsches. Despite a dizzying array of Porsches across all the auction venues, the Stuttgart marque outperformed the market at large with a strong 90 percent sell-through rate at the catalog auctions and a sale price six percent above the low estimate. RM Sotheby’s sold a 1993 Porsche 911 Carrera RS 3.8 in Speed Yellow with 6,825 km on the odometer for $1,655,000, while Gooding & Company sold a 1993 Porsche 964 Turbo S Leichtbau in Midnight Blue with only 95 km for $1,760,000. And a 1974 Porsche 914 2.0 with 4,938 miles for an impressive $93,500. Overall, the 964 and 993 Porsche generations had mixed results with roughly half of these cars selling above condition-appropriate prices and half selling below—those that scored big were the distinct cars.

In general, later model, low-mileage, low-production performance cars did well. “That’s the bright and shiny segment right now,” said Comer. “Many such lots saw spirited bidding and exceeded expectations this week.” A 2001 Lamborghini Diablo VT 6.0 SE with 14 miles sold for a strong $412,000 at RM Sotheby’s auction. A 2007 Ferrari 599 GTB Fiorano in black with a rare 6-speed manual (one of 20) sold for $506,000 at Gooding & Company, which is not much less than the $621,000 that a 1972 Ferrari 365 GTB/4 Daytona Coupe sold for at RM Sotheby’s auction.

The pre-war segment also had a good showing at the catalog auctions this year, underscoring the importance of offering these special cars to the correct audience. The 83 percent sell-through rate for these cars was slightly below last year’s, but the cars performed better against estimate than in 2017. While some examples such as the condition #1 rated 1931 Marmon Sixteen Convertible Coupe at RM Sotheby’s sold for 50 percent over low estimate at $1,050,000, more typical was the condition #2- 1939 Bentley 4-¼ liter Tourer Convertible that Bonhams sold for $197,120 at four percent over its low estimate. As with all segments of the market, exceptional pre-war cars sell very well, while the market for condition #2 and 3 cars continues to hum along.

Volkswagen Beetles had strong results (RM Sotheby’s sold a 1956 convertible for $72,800 and Hollywood Wheels sold a 1963 sedan for $27,000) as did later Mercedes-Benz SLs (Gooding sold a 2002 SL500 for $48,400, and RM Sotheby’s sold a 1988 560SL for $95,200). Another standout sale was the 1975 BMW 2002 turbo that set an auction record for the model when it sold for $192,500 at Gooding & Company’s auction on Friday.

Bonhams kicked off the auctions on Thursday, March 8, to the tune of $15.6 million. This figure is up 56 percent from last year’s $10 million (although well off 2016’s stellar total of $27.7 million). The 87-percent sell-through rate and the $177,192 average price were both improvements from the 83-percent and $141,342 average price of 2017 and should be considered strong numbers overall.

So far this year, the top of the market has had some stumbles, with several high-profile misses at both the Arizona and Paris auctions, but Bonhams sold eight of its top-10 lots. At the top of the list was a 2015 McLaren P1, selling for $1,710,000. The 13 pre-war lots offered by Bonhams were only slightly behind the overall sell-through rate at 85 percent, but the final sale-price-to-low-estimate ratio was lower at 59 percent, compared to 80 percent for the entire auction. The first of a flurry of 17 Porsche 964s (911 models manufactured and sold between 1989 and 1994) offered at Amelia Island sold well, with Bonhams’ 1992 Porsche 911 Turbo 3.3 selling for more than the high estimate at $343,800. 

The high seller of the day on Friday was the barn find 1966 Ferrari 275 GTB long nose alloy coupe that Gooding & Company sold for $2.53M, but many of the most expensive consignments fell short. Again at Gooding, the star 1974 Porsche 911 RSR 2.1 Turbo rode a wave of quick bidding to $5.4M only to stall there and return home unsold. At the same sale, the 1956 Ferrari 410 Superamerica coupe was shy of its $5M low estimate with a high bid of $3.9M. Hagerty erroneously reported the 1973 Ferrari 365 GTS/4 Daytona Spider from Bonhams on Thursday, which in fact was unsold at a high bid of $2.2M, further adding to the high-line cars that will return home with their owners. This has been fixed in the current report.

“While some of the stars disappointed, interest in the sub-$1M market is growing,” remarked Dave Kinney. Indeed, the sell-through rate for lots bid to at least $1M is 73 percent, which is up slightly from 70 percent in Arizona in January. “Even with shifting auction schedules, cars were selling, and their prices were solid,” said Colin Comer.

We expect interest to continue to focus on more modern cars, especially those with a legitimate motorsports connection or outstanding performance pedigree. As for the rarefied models, Comer concluded, “sellers of upper-altitude cars will either have to adjust their expectations to what could be new market values or simply become comfortable waiting for the right buyer to come along.” Kinney agreed, saying “the top of the market is as choosy as ever.”

Overall results from all auction companies

Total: $80.4M
Sell-through rate: 68% (334/489 lots sold)
Average Sale Price: $240,794

2017 Cumulative Results
Cumulative Total: $120.3M
Sell-through rate: 66% (361/550 lots sold)
Average Sale Price: $333,219

Overall Top 10 Sales from all auctions:

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

Results broken down by Auction Company

GOODING & COMPANY

Overall Total: $35.5M
Sell-through rate: 94% (81/86 lots sold)
Average Sale Price: $438,818

Overall Top 10 Sales:

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

2017 Results
Overall total: $30.6M
Sell-through rate: 78% (69/88 lots sold)
Average Sale Price: $443,025

RM SOTHEBYS

Overall Total: $27.6M
Sell-through rate: 85% (87/102 lots sold)
Average Sale Price: $316,824

Overall Top 10 Sales:

1. 1966 Ferrari 275 GTB Long Nose Coupe sold for $2,205,000
2. 1993 Porsche 911 Carrera RS 3.8 Coupe sold for $1,655,000
3. 1993 Porsche 911 Carrera RSR 3.8 Coupe sold for $1,270,000
4. 1930 Isotta Fraschini Tipo 8A S Boattail Cabriolet sold for $1,270,000
5. 1957 Mercedes-Benz 300SL Roadster sold for $1,094,000
6. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,077,500
7. 1931 Marmon Sixteen Convertible Coupe sold for $1,050,000
8. 1930 Duesenberg Model J Hibbard & Darrin Imperial Cabriolet sold for $995,000
9. 1962 Aston Martin DB4 Saloon sold for $765,000
10. 1960 Ferrari 250 GT Coupe sold for $720,000

2017 Results (two-day auction; 2018 was one day)
Overall total: $70.8M
Sell-through rate: 89% (134/150 lots sold)
Average Sale Price: $528,131

BONHAMS

Overall Total: $13.2M
Sell-through rate: 87% (88/101 lots sold)
Average Sale Price: $149,919

Overall Top 10 Sales:

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

2017 Results
Overall total: $10.0M
Sell-through rate: 83% (71/86 lots sold)
Average Sale Price: $141,342

MOTOSTALGIA

Overall Total: $2.3M
Sell-through rate: 69% (50/72 lots sold)
Average Sale Price: $46,985

Overall Top 10 Sales:

1. 2005 Mercedes-Benz SLR McLaren Coupe sold for $286,000
2. 1965 Ferrari 330 GT SI Coupe 2+2 sold for $225,500
3. 1965 Shelby Cobra CSX 7000 Series Roadster sold for $158,400
4. 2012 Mercedes-Benz SLS AMG Convertible sold for $119,900
5. 1962 Alfa Romeo 2000 Spider sold for $106,700
6. 1967 Jaguar E-Type SI 4.2 Coupe sold for $104,500
7. 2004 Ferrari 360 Spider sold for $91,300
8. 1953 Jaguar XK120 SE Fixed-Head Coupe sold for $90,200
9. 2005 Aston Martin Vanquish S Coupe sold for $85,800
10. 1991 Ferrari Testarossa Coupe sold for $84,700

2017 Results
Overall total: $4.7M
Sell-through rate: 53% (50/95 lots sold)
Average Sale Price: $94,844

HOLLYWOOD WHEELS

Overall Total: $1.8M
Sell-through rate: 23% (28/128 lots sold)
Average Sale Price: $66,831

Overall Top 10 Sales:

1. 2003 BMW Z8 Alpina Roadster sold for $216,000
2. 1968 Shelby GT500 KR Fastback sold for $183,600
3. 1958 Chevrolet Bel Air Impala 348/250 Sport Coupe sold for $116,100
4. 1954 Chevrolet Corvette Roadster sold for $114,480
5. 2007 Bentley Azure Convertible Coupe sold for $108,000
6. 1966 Chevrolet Corvette Convertible Restomod sold for $99,900
7. 1959 Chevrolet Corvette 283/245 Convertible sold for $97,200
8. 1947 DeSoto Deluxe Sedan sold for $78,300
9. 1980 Ferrari 308 GTB Coupe sold for $68,040
10. 1964 Buick Riviera Sport Coupe sold for $57,240

2017 Results
Overall total: $4.2M
Sell-through rate: 28% (37/130 lots sold)
Average Sale Price: $112,875