Wealth

$99 million car auction draws mixed results

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Robert Frank@robtfrank
WATCH LIVE

The collectible car market showed further signs of slowing over the weekend as a mega-auction in Amelia Island, Florida, posted $99 million in sales but failed to sell the star car of the event.

More than 230 cars were sold at the 2015 Amelia Concours d'Elegance, with an average sale price of $402,777 per car, according to Hagerty, the classic-car insurance company. This year's grand total of $99.1 million easily topped last year's total of $66.9 million, but there were 73 more cars sold this year.


The 1955 Jaguar D-Type sold for $3.74M at the Amelia Island auction.
Source: RM-Sotheby's

Fully 89 percent of the 269 lots were sold, but the big headliner, a 1956 Maserati 200 SI that was expected to sell $5 million to $10 million, failed to meet its reserve price of more than $4.7 million. A 1973 Porsche 911 Carrera RS Sport that was supposed to sell for more than $1 million also failed to sell, as did a 1963 Mercedes-Benz 300 SL Roadster.

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Some or all of the cars were likely sold in private deals after the auction.

McKeel Hagerty, CEO of Hagerty, said, "The final sales results exceeded our presale predictions by 5 percent despite a couple of the potential top sellers not finding a new home."

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Yet the results show that whether the market for collectible cars may or may not be a bubble, price growth is certainly slowing. And buyers are showing caution.

Here are the top 10 sellers at Amelia by price and auction company:

  1. 1960 Ferrari 400 Superamerica SWB Cabriolet (open headlight) sold for $6,380,000 (RM Auctions)
  2. 1955 Jaguar D-Type roadster sold for $3,740,000 (RM Auctions)
  3. 1972 Ferrari 365 GTS/4 Daytona Spyder sold for $3,300,000 (RM Auctions)
  4. 1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000 (Gooding)
  5. 1935 Mercedes-Benz 500/540K Cabriolet sold for $3,025,000 (RM Auctions)
  6. 1931 Alfa Romeo 6C 1750 Gran Sport Spider sold for $2,420,000 (RM Auctions)
  7. 1938 Bugatti Type 57C Aravis Cabriolet sold for $2,337,500 (RM Auctions)
  8. 1971 Lamborghini Miura P400 SV Coupe sold for $2,310,000 (RM Auctions)
  9. 1988 Jaguar XJR-9 Coupe sold for $2,145,000 (RM Auctions)
  10. 1967 Shelby Cobra 427 S/C Roadster sold for $2,117,500 (RM Auctions)