RM Sotheby’s Amelia Island Auction 2019 – Review N° 1
RM Sotheby’s. The two sides of the medal
Each medal has two sides and RM showed them both in Amelia: with total sales of $37,978,440, it exceeded last year’s result by nearly $11.4 million. Not only that, but total sales were equal to those of its competitors combined.
Not only that, RM also sold the most expensive car of the weekend and as many as nine cars over a million, again outperforming its competitors combined (6 from Gooding and 2 from Bonhams).
But the other side of the coin was no less surprising: neither the most valuable car offered in the catalogue, the Bugatti Type 57SC Tourer, nor the second most important car, the 1965 Shelby Cobra 427 Competition, were sold. Not only that, overall only 9 of the 16 most expensive cars were sold.
Despite the Bugatti was quoted correctly, from $6 to $7.5 million, far from the $9,735,000 that another car, bodied by Vanden Plas — this was by Corsica — had grabbed just three years ago in Amelia Island as well (fun fact: the one by Vanden Plas was proudly exposed in the nearby competition). But the market was sceptical and the 5.7 million offered were not enough to let it go.
In the end the top lot was a 1965 Ferrari 275 GTB (lot 245) awarded for $2,205,000, perfectly within the estimates that evaluated it between $2.2 and $2.4 million.
A result that amazed many was that of Lot 272: the 1936 Horch 853 Spezial Roadster with bodywork reproduced from scratch between 2011 and 2017 and no history before then. Considering the extreme interest placed in the history and originality of the cars, awarding it for $775,000 (in excess of the estimates of $550-750,000) was a rather surprising result.
Another car that was sold very well was the 1994 Toyota Supra Twin Turbo Targa. Lot 106 set the new world record for this model at $173,600 (estimated $100-150,000), confirming a trend already shown by the previous record set just a few months ago. The playstation-generation has opened hearts and wallets and the result is before our eyes.
Another record, that of lot 257, was a 1911 Napier 15HP Victoria which, contrary to an estimated $40-60,000, was sold for more than three and a half times that for $156,800.
Among the various deals highlighted by the results, two should certainly be mentioned. The first is the Bugatti Type 51 Grand Prix ex-Peter Mullin of which we also spoke in the preview, that was estimated at $1.25-1.6 million and has changed hands for $758,500 (less than the non-original Horch!) and the other, a Maserati A6 1500 Berlinetta Pininfarina ex-Isabella Quarantotti, which was sold for $505,500, much less than the estimated $800-900,000.
Cars sold: 115
Cars withdrawn: 1
Amount sold: $37,978,440
Percentage of cars sold: 82.73%
Percentage sold in $: 65.49%
Percentage of cars sold with qualification: 62.50%
Average sold per car: $330,247
Average sold per car without qualification: $161,199
Cars sold below the minimum estimate: 47 (40.87%)
Under $100,000: 30
Between $100,000 and $250,000: 46
Between $250,000 and $500,000: 16
Between $500,000 and $1,000,000: 13
Over $1,000,000: 9
Percentage of cars sold with estimates above $500,000: 70.96% (57.58% in value)
Percentage of cars sold with estimates above $1,000,000: 56.25% (45.89% in value)
Cars sold built up to 1899: 1 (100%)
Cars sold built 1900-1909: 2 (100%)
Cars sold built 1910-1919: 2 (100%)
Cars sold built 1920-1929: 7 (87,50%)
Cars sold built 1930-1939: 19 (76%)
Cars sold built 1940-1949: 3 (100%)
Cars sold built 1950-1959: 11 (68,75%)
Cars sold built 1960-1969: 18 (81,82%)
Cars sold built 1970-1979: 15 (78,95%)
Cars sold built 1980-1989: 8 (88,89%)
Cars sold built 1990-1999: 13 (86,66%)
Cars sold built 2000-2009: 14 (93,33%)
Cars sold built 2010-2019: 10 (100%)
Image copyright and courtesy of RM Sotheby’s