Likely $27m for RM at Amelia Island in 2018

By Steve Wakefield

10th March 2018

The Canadians wrapped up the 2018 Amelia Island auctions with a typically efficient performance that – working on provisional figures – should gross some $27m. At least 83% of the catalogue found new owners.

RM’s massive total of $70.77m in 2017 was boosted by a single-owner collection and the auction ran over two days. Lacking this, and a real show-stopper, the 2018 catalogue was always going to be about hitting the numbers.

At a glance (provisional):

* Gross: $26,584,720 (2017, $70,769,600)
* Percentage sold by number: 83% (2017, 89%)
* Top-selling car: 1966 Ferrari 275 GTB 'Long Nose', $2,205,000 gross, $2,000,000 net (est. $2m to $2.5m)
* Well sold? 1928 Rolls-Royce Phantom I Étoile Town Car. Estimated at $175k to $225k, it was hammered away at $300k, that’s $335k with premium
* Well bought? In recent years, someone had spent $600k with marque expert Wayne Obry to restore the understated navy 1960 Ferrari 250 GT Pininfarina Coupé. The ‘finest example today’ was sold a few hours ago for $720k, once again proving the adage, ‘let someone else pay for the restoration’

Can you see the difference? The 3.8 RSR nearest the camera is Ferrari Giallo Fly, the 3.8 RS is Porsche Speed Yellow

As we predicted, the pre-War entries did well and there was much talk about events at Rétromobile only a month ago when the older cars took centre stage. The mostly No Reserve Porsche 964 collection hit the high spots, with the 1993 911 (964) Carrera RS 3.8 matching its top estimate of $1.5m, that’s $1.655m with RM’s new 12%/10% premium.

The ‘drivers’ car’ Ferrari ‘Daytona’ was much-fancied pre-sale. In European spec, its low estimate of $525k placed it under €500k back across the Atlantic after shipping and taxes. It sold for $621k with premium, say a little over the magic €500k – and that’s before returning it to its mother country for a good overhaul.

And more Porsches...

Maybe the $1,077,500 all-in 1956 Mercedes-Benz 300 SL seemed something of a bargain but the replacement engine, plus an awkward combo of solid navy and heavy chrome, did hold it back. Still, it was a ‘million-dollar Gullwing’, nonetheless.

Superlative Cobra is no longer 'In the Barn' – nor is it with a new owner

Lamborghini LM002, sold for $296.5k and coming to a disco near you soon

RM’s likely $27m gross brings this year’s combined Bonhams, Gooding and RM figure up to $75.3m. That’s against a whopping $110.3m in 2017. We’ll be analysing all the figures – and producing a complete list of results – in a special summary after the Amelia Island Concours tomorrow.

RM Sotheby’s at Amelia Island, 9 March 2018 (2017)

Gross: $27,562,520 ($70,769,600)
Number of cars not sold: 15 (16)
Number of cars withdrawn: 0 (0)
Total number of cars: 102 (150)
Number sold: 87 (134)
Percentage cars sold by number: 85% (89%)
Percentage by value average low/high estimate: 66% (61%)
Percentage of cars met or sold below low estimate: 63% (51%)
Percentage of cars sold below avge of estimates: 78% (76%)
Percentage of cars sold met/exceeded top estimate: 14% (13%)
Average price of cars sold: $316,811 ($528,131)
Average year of cars offered: 1962 (1961)
Percentage of cars offered at No Reserve: 55% (71%)

Photos by K500