RM Sotheby's Crack $38 Million Auction Total During Amelia Island

RM Sotheby's sold 84 per cent of all auction lots for a total worth of $38.1 million during The Amelia Island Concours d'Elegance 2019

RM Sotheby’s – the official auction house of Amelia Island’s Concours d’Elegance – achieved sales worth $38.1 million during the Ritz-Carlton sale on March 8-9. The company’s 21st annual Amelia Island event, some 84 per cent of all lots were successfully sold.

This total denotes the strongest auction house performance during the 2019 Amelia Island Concours week. Bidders at RM Sotheby’s sale hailed from no-less than 28 countries, with 20 per cent representing first-time clientele.

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Lots from the hotly anticipated single-owner Youngtimer Collection opened the sale to a frenzy of interest, with the first car – a 1993 Mazda RX-7 – selling for above estimate at $50,400. This set a new record for the model at auction.

Also from the collection, a 1996 Nissan 300ZX Twin Turbo was hammered away for $53,200 and a 1989 Mercedes-Benz 560 SEC AMG 6.0 ‘Wide-Body’ reached $179,200. However, the most impressive lot from the Youngtimer Collection was a 1994 Toyota Supra Twin Turbo Targa. With fewer than 11,200 miles on the clock, the unmolested Japanese sportscar sold for a record-breaking $173,600.

Additional modern collectables outside of the private collection were also in high demand. A single-owner 2004 Porsche Carrera GT with only 1600 recorded miles exceeded expectations at $775,000. A Euro-spec 1992 Ferrari F40 achieved $1.017 million and a recently serviced 2015 McLaren P1 hit $1.49 million.

The most expensive lot from the sale came in the form of a meticulously restored 1965 Ferrari 275 GTB, breaching a final price of $2.205 million. Additional highlights found an incredibly authentic 1966 Shelby 427 Cobra – with a mere 1900 original miles – sell for a final $1,792,500; becoming the most valuable non-competition spec 427 Cobra ever sold at auction.

“We are pleased with the strong results of our sale this past weekend, which demonstrated once again that our Amelia Island auction remains the right venue for the successful sale of great cars across all segments of the market,” said Gord Duff, Global Head of Auctions, RM Sotheby’s, following the sale.

“While certain staple cars of the auction market are experiencing softer demand in 2019, exceptional Classics and emerging collectables are drawing sustained and new interest to the market. The next generation of collectors, whose tastes are exemplified by the cars of the Youngtimer Collection, not only expands the collector car auction market, but the hobby at large.”

RM Sotheby’s Amelia Island Top Ten Sales

1. 1965 Ferrari 275 GTB ($2,205,000)
2. 1966 Shelby 427 Cobra ($1,792,500)
3. 1930 Duesenberg Model J 'Sweep Panel' Dual-Cowl Phaeton ($1,650,000)
4. 2010 Bugatti Veyron 16.4 'Sang Noir' ($1,500,000)
5. 2015 McLaren P1 ($1,490,000)
6. 1926 Hispano-Suiza H6B Cabriolet Le Dandy ($1,352,500)
7. 1934 Packard Twelve Individual Custom Convertible Sedan ($1,325,000)
8. 2015 Porsche 918 Spyder ($1,187,500)
9. 1992 Ferrari F40 ($1,017,000)]
10. 2017 Ferrari F12tdf ($967,500)