March Classic Auction Report: Age Is Just a Number, and a Stable Market is Back
One of the most diverse collector car auction weeks in history has wrapped, with $183.8M trading hands across 468 vehicles offered spanning 121 years of automotive history, leading to the highest sales total for the March Classic Auctions. RM Sotheby’s was notably absent from Amelia Island this year, instead opting to hold a two-day auction the same weekend in Miami. However, we will include this auction in our writeup as part of the March Classic Auctions, as the sale nonetheless helps inform the market.
Main Themes:
- This weekend set a record total for the March Classic Auctions at $183.8M, exceeding the previous record of $177.7M set last year
- 119-year span in the top ten sales – the collector car market shows collectability isn’t bound by age
- Wide range of big sales, from new hypercars to turn of the 20th century racers
- The median final price to condition appropriate Hagerty Price Guide value was +10 percent, down from +15 percent last year.
- After 16 months of softening market activity extending into late 2023, with encouraging results from the March Classic Auctions and January sales, the market has turned the corner.
Highlights:
- A 1903 Mercedes-Simplex 60 HP ‘Roi des Belges’ sold for $12,105,000, becoming the most expensive pre-1930s car ever sold at auction.
- A 1967 Ford GT40 Mk I road car sold for $4,405,000.
- The first 2022 Hennessey Venom F5 to be offered at public auction sold for $2,205,000.
- A 2005 Ferrari 612 with a gated manual transmission sold for $467,000, setting a record for the model.
- A 1988 Porsche 959 SC Reimagined by Canepa set the record for a 959 road car at $3,085,000.
Top Sales
The weekend’s top sale was Gooding’s 1903 Mercedes-Simplex 60 HP ‘Roi des Belges’, which brought just over $12 million, making it the most expensive pre-1930s car ever sold at auction. A 1967 Ford GT40 Mk I road car took the second spot at $4,405,000, and a 1953 Ferrari 250 Europa followed closely behind at $4,295,000. A 2022 Bugatti Chiron Pur Sport set a record for the variant at $4,047,500—the 119-year range of vehicles in the top 10 shows car collectors aren’t bothered by age.
Porsche Market Pauses
Only one Porsche made the overall top 10—a 2018 918 Spyder Weissach Roadster that sold at Gooding for $3,525,000. Another one, a 1988 Porsche 959 SC Reimagined by Canepa, was a strong sale, setting the record for a 959 road car at $3,085,000. Other Porsche sales were less confident even though March has long been associated with significant Porsche sales. Two notable early Porsche racers didn’t sell on the block, instead transacting after the auctions concluded: The 1959 Porsche 718 RSK Spyder at Broad Arrow and the 1961 Porsche RS61 from Gooding, which sold for $3,100,000.
What’s more, some Porsches that crossed the $1M threshold did not quite meet expectations. A 1996 Porsche 911 Remastered by Gunther Werks sold for $1,022,500 after reaching a high bid of $1.15M and not selling on Bring a Trailer in late 2023, while a Porsche Reimagined by Singer went unsold with a $1,225,000 high bid. RUF, the only Porsche modifier considered a manufacturer and comprising its own class at Amelia on Sunday, went 4 for 6. The top sale was a 1998 RUF Turbo R selling for $1,517,500 in Miami. However, these modified Porsches had a lower sell-through rate than their stock counterparts—67 percent vs. 81 percent.
Stability Returns
Stability has returned to the collector market, and results show a less speculative nature. The median return on a car bought since 2020 and sold this week was zero percent. The median premium to Hagerty Price Guide condition-appropriate value fell to 10 percent this year from 15 percent last year, indicating a return to rationality. This resurgent stability brings traditional classics to the forefront, and a shift in priorities to how much joy and passion the vehicle can provide to a collector rather than return on investment.
Prewar Performance
It wasn’t just a few big sales. Overall, the prewar segment performed in line with or better than vehicles built after World War II. 82 percent of prewar cars sold, while the sell-through rate for postwar vehicles trailed at 80 percent. This is the first year since 2019, when the brass-era Don C. Boulton Collection was offered at Bonhams, where prewar cars had a higher sell-through rate at the Amelia Auctions. Postwar cars performed worse compared to auction house estimates as well. 75 percent of Postwar cars sold with a hammer bid below their low estimate, while only 69 percent of prewar cars did. On top of that, prewar cars were twice as likely as postwar cars to sell above their high estimate (16 percent vs. eight percent). Even as car collectors get younger, with most not even alive when these cars were new, there is still a tremendous appreciation for these antique automobiles.
March Classic Auction Results through March 3rd, 2024
Listed below are the raw results Hagerty Automotive Intelligence team members witnessed during live auctions, as well as after-sales reported to Hagerty by the auction companies. Results may not include all post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.
Overall through Sunday from all auction companies
- Cumulative Total: $183.8M
- 383/468 lots sold: 82% sell-through rate
- Average Sale Price: $479,899
2023 Cumulative Results through Sunday
- Cumulative Total: $177.7M
- 389/453 lots sold: 85.9% sell-through rate
- Average Sale Price: $456,792
Overall Top 10 Sales from all auctions through Sunday:
- 1903 Mercedes-Simplex 60 HP Roi des Belges sold for $12,105,000 (Gooding & Company)
- 1967 Ford GT40 Mk I Road Coupe sold for $4,405,000 (Broad Arrow Auctions)
- 1953 Ferrari 250 Europa Coupe sold for $4,295,000 (RM Sotheby’s)*
- 2022 Bugatti Chiron Pur Sport Coupe sold for $4,047,500 (Broad Arrow Auctions)
- 1954 Ferrari 500 Mondial Spider sold for $3,995,000 (Gooding & Company)
- 1930 Duesenberg Model J Murphy Disappearing Top Convertible Coupe sold for $3,855,000 (RM Sotheby’s)*
- 1972 Ferrari 365 GTS/4 Daytona Spider sold for $3,635,000 (Gooding & Company)
- 2015 Porsche 918 Spyder Weissach Roadster sold for $3,525,000 (Gooding & Company)
- 1990 Ferrari F40 Coupe sold for $3,360,000 (RM Sotheby’s)*
- 1973 Ferrari 365 GTS/4 Daytona Spider sold for $3,305,000 (Broad Arrow Auctions)
*Miami
Results broken down by Auction Company:
GOODING & COMPANY
- Cumulative Total through Friday: $66.2M
- 106/126 lots sold: 84% sell-through rate
- Average Sale Price: $624,253
2024 Top 10 Sales:
- 1903 Mercedes-Simplex 60 HP Roi des Belges sold for $12,105,000
- 1954 Ferrari 500 Mondial Spider sold for $3,995,000
- 1972 Ferrari 365 GTS/4 Daytona Spider sold for $3,635,000
- 2015 Porsche 918 Spyder Weissach Roadster sold for $3,525,000
- 1961 Porsche RS61 sold for $3,100,000
- 1967 Ferrari 275 GTB/4 Coupe sold for $2,920,000
- 1931 Duesenberg Model J Murphy Convertible Coupe sold for $2,645,000
- 1938 Bugatti Type 57 Atalante Coupe sold for $2,260,000
- 1957 Mercedes-Benz 300SL Roadster sold for $2,012,500
- 1973 Porsche 911 Carrera RS 2.7 Coupe sold for $1,985,000
2023 Cumulative Results
- Cumulative Total: $72.7M
- 148/155 lots sold: 95% sell-through rate
- Average Sale Price: $491,055
BROAD ARROW
- Cumulative Total through Saturday: $62.6M
- 136/149 lots sold: 91% sell-through rate
- Average Sale Price: $460,394
2024 Top 10 Sales*:
- 1967 Ford GT40 Mk I Road Coupe sold for $4,405,000
- 2022 Bugatti Chiron Pur Sport Coupe sold for $4,047,500
- 1973 Ferrari 365 GTS/4 Daytona Spider sold for $3,305,000
- 1988 Porsche 959 SC Reimagined Coupe sold for $3,085,000
- 2021 Lamborghini Aventador Sian Coupe sold for $2,645,000
- 1957 Mercedes-Benz 300SL Roadster sold for $2,260,000
- 2022 Hennessey Venom F5 sold for $2,205,000
- 2020 McLaren Speedtail Coupe sold for $2,067,500
- 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,545,000
- 1938 Mercedes-Benz 540K Norrmalm Cabriolet sold for $1,435,000
*Does not include lots sold post-auction
2023 Cumulative Results
- Cumulative Total: $28.6M
- 82/108 lots sold: 76% sell-through rate
- Average Sale Price: $348,797
BONHAMS
- Cumulative Total through Thursday: $6.7M
- 52/79 lots sold: 66% sell-through rate
- Average Sale Price: $129,297
2024 Top 10 Sales:
- 1904 Napier L48 sold for $742,000
- 2005 Ford GT Coupe sold for $409,250
- 2008 Mercedes-Benz SLR McLaren Convertible sold for $387,250
- 2007 Honda NSX-R GT Coupe sold for $368,000
- 1994 Ferrari 512 TR Coupe sold for $335,000
- 1953 Mercedes-Benz 300S Coupe sold for $332,250
- 1967 Aston Martin DB6 Mk I Saloon sold for $263,200
- 1965 Shelby Cobra CSX4000 – 427 S/C Roadster sold for $257,600
- 1996 Porsche 911 Turbo Coupe sold for $246,400
- 1929 Stutz DV-32 Brisson sold for $224,000
2023 Cumulative Results
- Cumulative Total: $12.8M
- 80/102 lots sold: 78% sell-through rate
- Average Sale Price: $160,044
RM SOTHEBY’S (MIAMI)
- Cumulative Total through Saturday: $48.3M
- 89/114 lots sold: 78% sell-through rate
- Average Sale Price: $542,625
2024 Top 10 Sales:
- 1953 Ferrari 250 Europa Coupe sold for $4,295,000
- 1930 Duesenberg Model J Murphy Disappearing Top Convertible Coupe sold for $3,855,000
- 1990 Ferrari F40 Coupe sold for $3,360,000
- 2010 Bugatti Veyron Grand Sport Convertible sold for $3,085,000
- 1963 Mercedes-Benz 300SL Roadster sold for $2,260,000
- 1966 Porsche 906 Carrera 6 sold for $2,205,000
- 1939 Mercedes-Benz 540K Sindelfingen Cabriolet A sold for $2,205,000
- 2005 Porsche Carrera GT Coupe sold for $1,721,000
- 1998 RUF Turbo R Coupe sold for $1,517,500
- 2017 Ferrari F12tdf Coupe sold for $1,242,500
2023 Cumulative Results
- Cumulative Total: $63.6M
- 79/88 lots sold: 90% sell-through rate
- Average Sale Price: $805,203
Lots of money for cars that will never be seen only enjoyed by the elites– makes our “hobby” akin to the private golf clubs– buy a photo– hang it in the closet and look at it when you are dressing– spend some time on the great classic and affordable fun cars– — but that ain’t news– and who cares about PEBBLE BEACH– AMELIA ISLAND– and those celebs on tv-downtown around the square– REAL PEOPLE
Your review and comments are much appreciated.
Some amazing cars sold here. I do wonder how many will see any miles added to them in the future.
As I look at the vehicles that passed over the auction stage, I think of the history of these vehicles. The time and passion to preserve and/or restore to the highest quality possible. Most of these vehicles are from an era where only the elite could afford them and only a few were built.
Don’t think of them as “drivers”. Think of them as art. Appreciate the design, quality, and craftsmanship it took to build them. And like any great piece of art, the cost is only what a person will pay to be the Custodian for a period of time and pass it on.
I wonder what a person will say of the cars from the muscle car era in another 20 or 30 years. They too will be pristine examples of an era of the past that may never see the road.