RM Auctions held its 2009 Automobiles of Amelia Island auction on March 14th in Amelia Island, Florida.
RM achieved a notable 83% sales rate, although total sales were down 25% from 2008, indicating that the market is in a much different place than last year.
Automobiles of Amelia Island featured 107 classic cars, headlined by the 1959 Ferrari 250 GT LWB California Spyder, 1930 Duesenberg Model J Murphy Convertible Coupe, 1963 AC Cobra, 1941 Chrysler Newport Dual Cowl Phaeton and 1911 Oldsmobile Autocrat “Yellow Peril” Race Car.
Top sale went to the 1930 Duesenberg Model J Murphy Convertible Coupe that sold for $1,072,500, followed by the 1941 Chrysler Newport Dual Cowl Phaeton at $687,500, the 1966 AC 427 Cobra for $675,000 and the 1911 Oldsmobile Autocrat “Yellow Peril” Race Car at $660,000.
“The Amelia Island vintage car weekend is a permanent and popular fixture on the automotive calendar, and enjoyed national and international attendance,” said Ian Kelleher, President and Chief Operating Officer of RM Auctions.
“Today’s results indicate the market remains stable for quality collector cars with continued passion for the hobby from around the world,” he added.
RM Auctions offered 107 automobiles for sale, with 89 finding a new owner, reflecting an 83% sales rate. Total sales volume was $12,528,400, which is up from the initial $10 million figure, but still well below the $16,724,750 total from 2008. The average price per car sold was $140,768 versus $174,216 last year.
RM Auctions returns to Canada next month for the popular Classic Car Auction of Toronto, April 3 to 5, closely followed by the Classic Car Auction of Michigan, in Novi, just outside Detroit, April 25 to 26. In May, RM Auctions, in association with Sotheby’s, returns to Maranello, Italy for the third annual Ferrari Leggenda e Passione event.
For the full official results, click on the following link: Automobiles of Amelia Island Official Results or visit www.rmauctions.com
2009 Automobiles of Amelia Island Auction Result Highlights: (click on picture for high-resolution version)
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1959 Ferrari 250 GT LWB California Spyder – Did not sell at high bid of $1,975,000 versus pre-sale estimate of $2,400,000 – $2,900,000. This no sale is a result of market timing, as this very attractive 250 GT LWB California Spyder would have sold for a price within the estimate range 9-12 months ago. Today, this is market correct. We’re told there are a lot of post-sale discussions so it may trade soon.
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1930 Duesenberg Model J Murphy Convertible Coupe – Sold for $1,072,500 versus pre-sale estimate of $1,100,000 – $1,500,000. It is no surprise that Sam and Emily Mann’s Duesenberg Model J did fairly well as it’s extremely well-known and cared for, plus they have driven in thousands of miles over the past years. A known rare commodity (and a great driver) will continue to receive attention from the marketplace, although the end result was 20% lower than 9-12 months ago.
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1930 Isotta-Fraschini Mode 8A Convertible Sedan – Did not sell at high bid of $240,000 versus pre-sale estimate of $400,000 – $500,000.
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1954 Cunningham C-3 – Did not sell at high bid of $250,000 versus pre-sale estimate of $400,000 – $600,000.
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1966 Ferrari 275 GTB/4 Berlinetta – Did not sell at high bid of $500,000 versus pre-sale estimate of $700,000 – $900,000. The many custom “GTO-like” features apparently hurt more than they helped.
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1951 Nash-Healey Le Mans Alloy Roadster – Sold for $67,100 versus pre-sale estimate of $100,000 – $125,000. Incredibly cheap entry into many important rallies and events. Well bought and then some.
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1963 AC Cobra – Did not sell at high bid of $790,000 versus pre-sale estimate of $1,000,000 – $1,400,000. While this 289 Cobra represents the first American Ford entry at Le Mans, its post-race history was typical of race cars – muddled – and the result showed the hesitation.
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1941 Chrysler Newport Dual Cowl Phaeton – Sold for $687,500 versus pre-sale estimate of $800,000 – $1,200,000. This patinated Chrysler would be a great addition to a period Indianapolis 500 collection. However, most we spoke with had a difficult time getting their hands around what they would do with it.
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1966 AC 427 Cobra – Sold post sale for $675,000 versus pre-sale estimate of $700,000 – $900,000. Unless we missed something, this was either a gift or the new market level for non-comp AC 427 Cobras.
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1957 Alfa Romeo Spider “Veloce Monoposto” – Did not sell at high bid of $70,000 versus pre-sale estimate of $75,000 – $130,000. This well-traveled and well-presented Alfa raced in the 1991 Mille Miglia and many vintage racing events.
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1927 Hudson Super Six Supercharged Sports Tourer – Sold for $198,000 versus pre-sale estimate of $140,000 – $180,000. Well done reproduction inspired by the factory racing Hudsons.
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1954 Hudson Italia Coupe – Sold for $275,000 versus pre-sale estimate of $275,000 – $350,000.
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1911 Oldsmobile Autocrat “Yellow Peril” Race Car – Sold for $660,000 versus pre-sale estimate of $700,000 – $1,000,000. This massive and very cool race car failed to meet its pre-market expectations, despite a lot of marketing by RM. Another victim of the market; well bought.
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1954 Packard Panther-Daytona Roadster Concept Car – Sold for $700,000 versus pre-sale estimate of $700,000 – $1,000,000.
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1936 Bugatti Type 57 Stelvio – Did not sell at high bid of $240,000 versus pre-sale estimate of $350,000 – $450,000. Bugatti buyers were nowhere to be found in Amelia this year.
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1966 Aston Martin DB6 – Sold for $121,000 versus pre-sale estimate of $150,000 – $200,000. Very nice DB6, though the bright red color may have turned off a few bidders. Well bought.
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1968 Porsche 911 Race Car – Sold for $50,600 versus pre-sale estimate of $90,000 – $130,000. Sold without a reserve and reported to be ex-Trans Am racer, this appears to be a steal.
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1966 Ferrari 275 GTS – Sold for $445,500 versus pre-sale estimate of $425,000 – $500,000. Sold with Ferrari Classiche certification; market correct sale, although down 15-20% from the highs.
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1939 Bugatti Type 57C Faux Cabriolet “Charmaine” – Did not sell at high bid of $380,000 versus pre-sale estimate of $550,000 – $750,000. A supercharged Series III Type 57C, this result is disturbing low.
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1935 Auburn 851SC Boattail Speedster – Sold for $566,500 versus pre-sale estimate of $450,000 – $550,000. Beautifully prepared, there were many parties bidding on this very desirable Boattail Speedster. Well sold.
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1935 Chrysler C-1 Airflow Eight Coupe – Did not sell at high bid of $62,500 versus pre-sale estimate of $80,000 – $100,000.
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1940 Tatra T87 Sedan – Sold for $121,000 versus pre-sale estimate of $100,000 – $125,000. There was always a crowd around the neat Czech Tatra. The new owner and seller can both feel good about this sale.
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1952 Mercedes-Benz 300 S – Sold for $258,500 versus pre-sale estimate of $200,000 – $275,000.
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1937 BMW 328 Cabriolet – Sold for $302,500 versus pre-sale estimate of $250,000 – $350,000.
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[Source: RM Auctions]
The Porsche sale is baffling, even if its a fake.
These prices are reflecting the times. Even for those that can afford the $1,000,000.00 toys, the conservative economic mood appears to be adjusting prices to 2005 levels on everything with the possible exception of truly rare, truly beautiful special interest autos suxh as the 1935 Auburn.
The ex-Harjes/ex-Giles 57C Bugatti faux cabriolet is a unique and important car, and quite a beauty as well. Very surprising it didn’t reach its reserve.
It was even more stunning in person.
We can only assume that is was a case of “wrong place at the wrong time,” especially given the bleak state of the economy in March. We’re sure it would garner a much higher bid if offered again.