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Five things to take away from the 2020 Amelia Island auctions

Five things to take away from the 2020 Amelia Island auctions 9th March 2020

More cars offered, a better sell-through-by-number and an increased gross compared with 2019: plenty of business got done at this year’s Florida auctions. Here’s our take on the real trends behind the numbers.
 
1.    “Who buys this stuff?” Deeply unfashionable it might be, but the mid-range pre-War market flourishes at Amelia Island. Most prices are on a gentle downward trend; it’s no longer an investment choice, it’s a lifestyle statement for those who want to have some family fun while they can.
 
“The kids will sort the cars out when we’re gone… let’s buy the 1904 Popcorn wagon [sold for $157k] for when the great-grandchildren come round.”
 
2.    Getting real. Prices have slipped back another notch. A McLaren Senna (est. $1m to S1.2m) finally found a new owner at auction, for $978.5k all-in. Of the three Ferrari 330 GTSs in 2020, the prices have been: $1.99m (Gooding), $1.71m (RM, an inferior car), both in Scottsdale, then $1.48m post-sale over at Bonhams last Thursday. Different cars, but even so.
 
3.    “There seem to be lots more cars, but no big ones.” A comment from one of the world’s top collectors on Thursday. Previously second only to Monterey week, Amelia has seen some big-ticket sales in recent years. This time the headliners were just a Jaguar C-type (too expensive, unsold), the Type 55 Bugatti (which did justifiably well) and a Ferrari 250 GT LWB California Spider (not the most exciting variant or example, unsold despite real bidding). To compensate, the nice white tents were packed out with filler material at No Reserve. The “find me ten cars as an investment” $500k-$1.5m market is the one which has had the biggest haircut since its 2015 peak.
 
4.    The strength of the local market. Prices aside, things are pretty good in the US, less so in Europe. Stateside, stuff sells, mostly in the room, to real enthusiasts with multi-car garages.
 
5.    “Have you visited China, Iran or Italy in the last two weeks, Sir?” Coronavirus: did it harm the results? Yes and no. It certainly affected travel from Europe, but few from that side of the Pond attend North American events other than Pebble Beach now. As point 4, business isn’t bad in the US. Sentiment probably took more of a hit, with the associated slide in stocks affecting confidence, with most just not as wealthy (on paper) as they were at the start of the year.
 
Take a look at the K500 stats below, particularly the results versus estimates and the years of cars sold. You won’t find this information published anywhere else.

You can download a list of results for all three days, sorted by make and model, HERE.
 
The Amelia Island auctions 2020 – Bonhams, Gooding and RM combined (2019)
 
Gross: $77,758,722 ($75,844,480)
Number of cars not sold: 40 (51)
Number of cars withdrawn: 3 (4)
Total number of cars: 351 (338)
Number sold: 311 (287)
Percentage of cars sold by number: 89% (85%)
Percentage by value average low/high estimate: 59% (55%)
Percentage of cars met or sold below low estimate: 70% (69%)
Percentage of cars sold below avge of estimates: 84% (82%)
Percentage of cars sold met/exceeded top estimate: 10% (12%)
Average price of cars sold: $250,028 ($264,266)
Average year of cars offered: 1966 (1965)
Percentage of cars offered at No Reserve: 66% (62%)
 
Top 10 cars at Amelia Island 2020 by value
 
1. Bonhams 1932 Bugatti Type 55 Super Sport Roadster $7,100,000        
2. Bonhams 1907 Renault Type AI 35/45HP Vanderbilt Racer $3,332,500        
3. RM 2003 Ferrari Enzo $2,782,500        
4. Gooding 1914 Rolls-Royce 40/50 HP Silver Ghost Torpédo Phaeton $2,205,000        
5. RM 1938 Bugatti Type 57 Cabriolet by D'Ieteren $1,655,000        
6. RM 1963 Ferrari 250 GT Berlinetta Lusso $1,600,000        
7. Bonhams 1967 Ferrari 330 GTS $1,475,000        
8. Gooding 1969 Lamborghini Miura P400 S $1,435,000        
9. Gooding 1976 Porsche 934 $1,380,000        
10. RM 1961 Ferrari 250 GT Cabriolet Series II by Pininfarina $1,352,500
 
Bonhams at Amelia Island, 5 March 2020 – Results (2019)
 
Gross: $21,247,141 ($15,752,460)
Number of cars not sold: 26 (16)
Number of cars withdrawn: 1 (1)
Total number of cars: 116 (108)
Number sold: 90 (92)
Percentage of cars sold by number: 78% (85%)
Percentage by value average low/high estimate: 51% (60%)
Percentage of cars met or sold below low estimate: 73% (72%)
Percentage of cars sold below avge of estimates: 87% (85%)
Percentage of cars sold met/exceeded top estimate: 8% (8%)
Average price of cars sold: $183,165 ($145,856)
Average year of cars offered: 1953 (1950)
Percentage of cars offered at No Reserve: 55% (65%)
 
Gooding at Amelia Island, 6 March 2020 – Results (2019)
 
Gross: $20,785,080 ($21,822,980)
Number of cars not sold: 6 (12)
Number of cars withdrawn: 2 (2)
Total number of cars: 89 (89)
Number sold: 83 (77)
Percentage of cars sold by number: 93% (87%)
Percentage by value average low/high estimate: 49% (57%)
Percentage of cars met or sold below low estimate: 72% (74%)
Percentage of cars sold below avge of estimates: 89% (86%)
Percentage of cars sold met/exceeded top estimate: 4% (8%)
Average price of cars sold: $250,423 ($283,415)
Average year of cars offered: 1984 (1979)
Percentage of cars offered at No Reserve: 71% (66%)
 
RM Sotheby’s at Amelia Island, 6-7 March 2020 – Results (2019)
 
Gross: $35,726,501 ($38,269,040)
Number of cars not sold: 10 (23)
Number of cars withdrawn: 0 (1)
Total number of cars: 146 (141)
Number sold: 136 (118)
Percentage of cars sold by number: 93% (84%)
Percentage by value average low/high estimate: 75% (53%)
Percentage of cars met or sold below low estimate: 67% (63%)
Percentage of cars sold below avge of estimates: 82% (76%)
Percentage of cars sold met/exceeded top estimate: 11% (14%)
Average price of cars sold: $262,695 ($324,314)
Average year of cars offered: 1965 (1966)
Percentage of cars offered at No Reserve: 70% (55%)
 
Photo by Alamy