On the occasion of the Concours d'Elégance of Amelia Island, RM/Sotheby's held two auctions on Friday evening and Saturday afternoon of March 5 and 6, 2020, with a total of 145 automobiles, a Vespa scooter and a few automobilia/children's cars.
The vehicles were valued at almost USD 43 million in total. 102 of the 146 vehicles, i.e. almost 70 percent, were offered without a reserve price.
Broad spectrum
While the average age was almost 55 years, a closer look at the vehicles on offer revealed just how diverse the auction actually was. There were several cars from practically every decade from the noughties of the 20th century to modern times. The thirties, fifties and sixties were particularly prominent, an indication that buyers at Concours still like to buy their dream cars from back then.
However, it turned out that the pre-war cars were less in the bidders' favor than those produced after the war. Both in terms of downward deviation from the estimated value and in terms of sales rate, the veterans performed significantly worse than the more recent classics.
Vehicles from 54 brands
The range of brands was also broad. Porsche (16 vehicles), Ferrari (13) and Cadillac (11) had the largest shares, followed by Mercedes-Benz (9), Rolls-Royce (9), Jaguar (8) and Bentley (7).
The sales rate for Porsche was 94 percent (average price USD 162,400), for Ferrari 92 percent (USD 697,200) and for Cadillac 100 percent (USD 143,573). Mercedes-Benz (USD 268,478) and Packard (USD 209,713) each sold 89 percent.
However, many much less well-known brands are only represented by one car each, such as Acura (Honda in Europe), Allard, Cretors, Ferves, Lozier, Muntz, Pierce-Arrow, Roamer, Swallow (Doretti) and Tiga.
The high-flyer
One of the big surprises of the auction was the 1970 Lola T165 CanAm. The racing car with the enormous rear wing, which was of course designed to keep the car on the ground, was once driven by Jack Hinkle and Paul Newman, among others.
The estimate for the restored CamAm racer was given in the catalog as USD 200,000 to 250,000.
The bidders saw things differently, the highest bid was only reached at 2.6 times the median estimate, and the car went to a new racing team for USD 665,000 (EUR 585,200, CHF 618,450).
Ferrari ahead of Bugatti, Duesenberg, Cadillac and Porsche
A look at the ten most expensive cars shows a wonderful mix of vehicle types and eras.
The most expensive car sold was a Ferrari Enzo from 2003, which passed into new hands for USD 2,782,500 (EUR 2.45 million, CHF 2.59 million).
A Bugatti Type 57 Cabriolet by D'Ieteren from 1938 was worth USD 1.655 million (EUR 1.46 million, CHF 1.54 million) to the buyer.
The new owner paid USD 1.6 million (EUR 1.41 million, CHF 1.49 million) for a 1963 Ferrari 250 GT Lusso, exceeding the median estimate.
The 1961 Ferrari 250 GT Cabriolet Series II was slightly cheaper, changing hands for USD 1.35 million (EUR 1.19 million, CHF 1.26 million).
Two Duesenbergs were sold for USD 1.325 and 1.133 million respectively, and a 1987 Porsche 959 Komfort was acquired by the buyer for USD 1.05 million (EUR 924,000, CHF 976,500).
The top ten was completed by a Cadillac V-16, another Bugatti Type 57 and a Porsche Carrera GT.
Just outside the top ten was a 1957 Mercedes-Benz 300 SL Roadster, which was auctioned for USD 758,500 (EUR 667,480, CHF 705,405).
Super classics rather thin on the ground
In addition to the vehicles already mentioned, the RM offer does include a few Jaguar E-Types or an early Aston Martin from the David Brown era. Overall, however, the selection of so-called "super classics" was rather limited. Both Lamborghini and Maserati cars were missing.
At least a 1975 Lancia Stratos (estimated value USD 500,000 to 600,000) appeared among the many lots and saved the honor of Italian exotics outside of Ferrari. In the end, however, it was one of the ten cars that could not be sold, despite a fair highest bid of USD 445,000.
About the same amount was offered for the Iso Grifo GL Series II from 1970, but here the bid was enough for the consignor and the car changed hands for USD 500,000 (ERU 440,000, CHF 465,000).
It was striking that the highest bids for the Jaguar E-Type on offer were sometimes significantly lower, with an average bid of only 62% of the median estimate, although this certainly had something to do with the size of the estimate.
However, a 1967 E-Type Roadster Series 1 for USD 89,600 (EUR 78,848, CHF 83,328) seems relatively inexpensive nowadays, especially as this light yellow (Primrose) car with concours price and complete with hardtop and literature was estimated at USD 160,000 to 190,000.
Hardly any cheap classics
46 cars (and the Vespa) changed hands in Amelia Island at RM on the two auction days for five-figure sums, but hardly any classics were sold really cheaply and under price.
So the USD 25,200 for an Austin Seven Roadster from 1931 certainly doesn't seem very cheap, nor does the USD 47,600 for a Mercedes-Benz 380 SLC from 1981.
Perhaps RM/Sotheby's simply had a realistic approach when estimating, which also kept the deviations from the estimated values within limits.
RM/Sotheby's certainly could not speak of a bloodletting, as the total amount realized (including commission/surcharges) at the end of the two days was 83 percent of the total estimates.
And if someone is offered a million American dollars for a Ferrari F40 these days and still doesn't sell it, then you can surely only complain at a high level.
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 105 | Fiat 1200 TV Spider | 1959 | 50'000 | 70'000 | 62'500 | 70'000 | 65'100 | 61'600 | +16.67%
|
V |
| 106 | Porsche 911 Carrera 4 Coupe | 1989 | 50'000 | 70'000 | 92'500 | 103'600 | 96'348 | 91'168 | +72.67%
|
V |
| 107 | Tiga SC84 Sports 2000 | 1984 | 35'000 | 45'000 | 45'000 | 50'400 | 46'872 | 44'352 | +26%
|
V |
| 108 | BMW Alpina B7 Turbo Coupe | 1982 | 80'000 | 100'000 | 62'500 | 70'000 | 65'100 | 61'600 | -22.22%
|
V |
| 109 | Aston Martin DBS | 2009 | 100'000 | 125'000 | 125'000 | 140'000 | 130'200 | 123'200 | +24.44%
|
V |
| 110 | Bentley Continental T | 1997 | 90'000 | 100'000 | 90'000 | 100'800 | 93'744 | 88'704 | +6.11%
|
V |
| 111 | Bentley Turbo RT Mulliner | 1998 | 100'000 | 120'000 | 150'000 | 168'000 | 156'240 | 147'840 | +52.73%
|
V |
All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
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