Amelia Island Auction: A Case Study on Classic Cars

Amelia Island Auction: A Case Study on Classic Cars

The RM Sotheby’s 2021 Ameilia Island live auction was nothing but a success. RM reported $42, 174, 340 in sales, and 95% of the lots offered found new homes. Moreover, of the 99 cars on offer, only four cars sold below their reserved price.

The 1929 Duesenberg Model J ‘Disappearing Top’ Torpedo Convertible Coupe

The 1929 Duesenberg Model J ‘Disappearing Top’ Torpedo Convertible Coupe was the star of the auction. This elegantly restored example is considered one of Murphy’s finest works, and it’s the only intact survivor of the two distinctive Torpedo Convertible Coupes that were built with a brush-finished and polished aluminum coachwork.

With a well-documented history, the Torpedo Convertible Coupe was owned early on by a couple of Southern California residents until 1951, when a member of the Auburn Cord Duesenberg Club bought it and retained ownership of the car until 1985. The Duesenberg was recently meticulously restored by RM Auto Restoration. This lead to it winning a Best in Class award at the Amelia Island Concours d’Elegance, as well as a Second in Class award at the Pebble Beach Concours d’Elegance. Most remarkably, the Duesenberg sold for $5,725,000, which is way higher than its $4,000,000 high estimate price.

Ebullient Sales Results

In the Auction, Ferraris kept up with the robust market segment. Out of 10 of the top sellers, five were Ferraris, which shows that the Ferrari remains a favorite for collectors. The 1995 Ferrari F50 came second in the top seller list, with a stunning $3,772,500 final price. Built to mark Ferrari’s 50th anniversary, the car is Ferrari’s only manual-transmission and convertible supercar to date.

The 1968 Ferrari 275 GTB/4 came third and matched its high estimate pre-sale price with a $2,810,000 final price. The 1968 Ferrari 275 GTB/4, which is one of the 330 examples built, is one of the most effective and purposeful-looking cars of its time. Another noteworthy Ferrari sold in the auction, was the 1971 Ferrari 365 GTS/4 Daytona Spider, which sold for $2,452,500.

New Classics 

Another indicator of the strength of the classics market is how well modern rare supercars did, demonstrating that it’s not only the German and Italian thoroughbreds that have a dedicated following. For instance, a 2012 Lexus LFA, one of the 500 LFAs built, surpassed the $500,000 pre-sale high estimate and was sold for an outstanding final price of $700,000. A 1965 Shelby Cobra sold for $967,500; a 1965 Austin Healey 3000 BJ8 sold for a remarkable $168,000; a 1959 Fiat Jolly smashed its high estimate and sold for $106,400; and a 1965 Porsche 356C Cabriolet exceeded its high estimate and sold for $280,000.  Eight cars in the auction went for over a million dollars.

Remarking on the impressive sales results, RM Sotheby’s Global Head of Auctions, Gord Duff noted that the sales revealed the continuing strength of the high-end collector market. Duff also expounded on perhaps the most remarkable aspects of the auction sale, which was its 95% sale-through rate. According to Gord, the exceptionally high sale-through rate shows that cars with sound pre-sale estimates can always find buyers.

The Amelia Island Auction shows that if you shop for the right classic car and keep it in great condition, it will not only retain its value but also become more valuable over time. To protect your classic car from various risks, you need the right classic car insurance policy. At CAV Insurance Agency, we will help you find a policy that will protect your valued asset. Contact us today to get started.