The Market


Gooding wraps it up at Amelia in 2023 with $51m+ Friday sale

Gooding wraps it up at Amelia in 2023 with $51m+ Friday sale 3rd March 2023

The second part of Gooding & Co’s Amelia Island auction was not quite as successful as the first – nine lots failed to sell on the day – but working on strictly provisional figures we predict a two-day combined gross of at least $70m: a record figure for the Californian firm in Florida.

Maintaining the trend set yesterday, most entries failed to meet low estimate. But they sold, and the headlining 1962 Ferrari 250 GT SWB California Spider was no exception. Bidding commenced at $10m and by $13m master auctioneer Charlie Ross was accepting offers in $100k increments.

Clearly, it was unlikely to reach its $18m to $20m guide. Ross announced it was “on sale” at $16.4m and duly dropped the hammer not long afterwards. The phone bidder paid $18,045,000 all-in for a striking car in a one-off colour benefitting from relatively few owners in its history file.

Late in the day an unrestored 1974 Ferrari Dino 246 GTS ‘Chairs and Flares’ in Verde Pino Metallizzato crossed the block. Estimated at an already weighty $600k to $700k, the North American-spec car sold for $967,500 with premium. The day of the million-dollar European-market Dino might be not so far away – one of the highlights of the auction and possibly the whole weekend.

At a glance:
* Gross, motor cars: $53,247,028
* Percentage sold by number: 93%
* Top-selling car: 1962 Ferrari 250 GT SWB California Spider $18,045,000, $16,400,000 net (est. $18m to $20m)    

The immaculate Ferrari 250 GT Tour de France was one of the few casualties. It was joined by the 1977 Porsche 934/5, 1959 OSCA, 1966 AAR Gurney Eagle Mk 1 and 1965 Alfa Romeo Giulia Sprint GTA. Perhaps this wasn't the day for racing cars, though the 1987 Kremer-Porsche 962C (est. $850k to $1m) generated much interest and eventually went for $820,000 net, $907,000 gross.

We rated the original 1967 Ferrari 275 GTB/4, a dark blue car, well maintained and only sympathetically restored over the years. It was well bought for $3,525,000 with premium.

Other results of note (all prices gross):

* 1994 Ferrari 512 TR, $582,500. Showing just 462km, the second rarest variation on the Testarossa theme fell some way short of its $600k to $800k estimate.
* 1962 Mercedes-Benz 300 SL Roadster, $1,792,500. Beautifully presented late, disc-brake car in black with green interior. Only an iron block and an original colour of doom (Fire Engine Red) held it back.
* 1973 Ferrari 365 GTB/4 ‘Daytona’ Spider, $2,535,000. Nice silver US car sold at today’s market price.
* 1964 Ferrari 500 Superfast, $2,012,500. The ex-Lord Hanson dark green 500 SF, probably the best of the three offered at auction this year and well bought.
* 1974 Lancia Stratos HF Stradale, $582,500. Rare at auction, low mileage and only three owners from new, but fell short of its $600k to $700k estimate.
* 1973 Porsche 911 Carrera RS 2.7 Touring, $709,000. Not the $700k to $900k car the catalogue forecasted, but nonetheless a solid price for a good 2.7 RS Touring in a notoriously picky market.

With arch-rivals RM Sotheby’s and Broad Arrow going head-to head tomorrow, it’s too early to draw conclusions on the trends at this year’s Amelia Island sales. From the evidence at Gooding, vendors can expect merciless ‘grinding’ overnight to drop their expectations. We commented in our preview that the estimates are bullish – today proved that.

Hats off to Gooding, though, and the brilliant auctioneer Charlie Ross, for steering 94% of the 155 cars catalogued safely home. The Californians had put together a well-balanced catalogue without many showroom fresh modern supercars that question the description ‘classic car auction’. The performance of the 250 GT SWB California Spider might have been slightly disappointing, but it was the most expensive example sold at auction since the Baillon, ex-Alain Delon car was bought for the equivalent of $18.6m gross in 2015, the height of the last boom.

And that figure included French outfit Artcurial’s mighty buyer’s premium. Their car was hammered at €14.2m, or $16m on the day. Eight years on, Gooding’s just pips them at $16.4m.

Watch out for RM’s LWB car crossing the block tomorrow, as well as the Canadians’ red Dino 246 GTS ‘Chairs and Flares’. Rob Myers will want to exit the Amelia Island stage with a bang; there’s everything to play for.

Gooding & Co at Amelia Island 2-3 March 2023, results (2022)

Gross: $72,676,188 ($69,236,981)
Number of cars not sold: 87 (6)
Number of cars withdrawn: 0 (0)
Total number of cars: 155 (99)
Number sold: 148 (93)
Percentage of cars sold by number: 95% (94%)
Percentage by value average low/high estimate: 70% (105%)
Percentage of cars met or sold below low estimate: 62% (39%)
Percentage of cars sold below avge of estimates: 78% (55%)
Percentage of cars sold met/exceeded top estimate: 11% (30%)
Average price of cars sold: $491,055 ($744,484)
Average year of cars offered: 1969 (1976)
Percentage of cars offered at No Reserve: 67% (48%)

Photos by Marcelo Murillo for K500