Vintage Cars Fetch $53 Million Over the Weekend
Prices for collectible cars may be taking a short breather after years of high-speed growth.
The two main auctions at the Amelia Island Concours this weekend racked up $53.8 million in total sales, according to Hagerty, the collectible-car insurer and valuation firm.
(Slideshow: Fabulous Ferraris Go to Auction at Amelia Island)
The total was lower than last year's haul of $59.2 million. But with fewer cars sold this year, the average price per car was still around the 2012 levels, and this year's total could still go higher, since some cars that didn't sell at the auctions may have been sold later in private transactions.
"I think the market remains strong," said McKeel Hagerty, Hagerty's CEO. "In particular, the European sports racing cars are really leading the pack. When you see the big Ferraris or the Mercedes Gullwings come up for sale, there is a lot international interest."
All of the vintage Ferraris appear to have sold at or even above their expected price. Since Ferraris have seen the biggest run-up in price among collectible cars, many see their values as an important bellwether.
(Read more: When $50 Million Is 'Too Low' for a Ferrari)
RM Auctions, the main auctioneer at the event, had a sales total of $25.8 million, with 91 percent of its cars sold. Gooding & Co. had a total of $28 million, with 94 percent of its cars selling.
One notable miss was the 1948 Tucker 48 that had once been owned by George Lucas. The car failed to sell at its estimated price of more than $1.5 million by RM Auctions.
Here are the top 10 sellers by price:
|1935||Duesenberg Model SJ Convertible Coupe by Walker-LaGrande||$4.51 million|
|1928||Bentley 4 1/2 Litre Semi-Le Mans Tourer||$2.75 million|
|1966||Ferrari 275 GTB Long Nose Alloy||$2.365 million|
|1929||Rolls-Royce Phantom I Derby Speedster||$1.9 million|
|1967||8V Supersonic||$1.76 million|
|1967||Ferrari 275 GTB/4||$1.65 million|
|1933||Stutz DV32 Convertible Victoria by Rollston||$1.51 million|
|1965||Ferrari 275 GTB by Scaglietti||$1.37 million|
|1952||Ferrari 225 Sport Berlinetta 'Tuboscocca' by Vignale||$1.23 million|
|1911||Lozier Model 51 Seven-Passenger Touring||$1.1 million|