RM Sotheby’s sale of 63 cars from the Orin Smith collection generated $31 million Friday on Amelia Island, where the auction house opened its two-day stand in conjunction with the re-scheduled Amelia Island Concours d’Elegance.
And RM Sotheby’s wasn’t alone Friday as Gooding & Company staged its one-day auction and Hollywood Wheels started its two-day auction on the island with a Porsche-only Friday docket. RM Sotheby’s concludes its sale today with Motostalgia also sending vehicles across its block.
1998 Porsche ‘Strassversion’ tops all sales on FridayThe top sale of the day was the $5,665,000 paid at Gooding & Company for a 1998 Porsche 911 GT1 coupe, according to results provided by Hagerty, the insurance and vehicle-valuation tracking company that monitors each sale at the major collector car auction venues. Prices reported include buyer’s fees.
Perhaps the biggest news of the day was a bid of $11.9 million for a 1957 Jaguar XKSS roadster that fell short of the consignor’s reserve price, and its $16 million to $18 million pre-sale estimated value, and therefore was a “no sale” on the block at Gooding & Company. One factor, Hagerty noted, was Gooding’s announcement Thursday that the car did not still carry its original engine. Nonetheless, $11.9 million bid apparently wasn’t very short of the reserve and the car may well sell in post-block negotiations.
Selling on the block were the cars from the Smith collection, with the $31 million figure among the best ever for an individual’s collection sold at public auction. Only one of those cars carried a reserve price and Hagerty noted that despite being offered at no reserve, the cars generally sold above their price-guide values based on condition, a testament to Smith’s selection and conservatorship of his cars.
Meanwhile, Hagerty analysts noted that so far, it has been a tale of two markets at the Amelia Island auctions.
“The entry-level of the market ($100K or less) is performing very well with nearly 75 percent of the vehicles Hagerty inspected bringing bids above Hagerty Price Guide values based on their condition,” Hagerty reported. “Meanwhile, vehicles in the upper-middle market ($250K – $1M) have struggled this week with nearly 70 percent bringing bids below what their condition would suggest based on HPG values.”
Overall results through Friday from all auction companies
Cumulative total: $72 million
Average sales price: $327,416
76 percent sell-through rate
2016 results through two days
Cumulative total: $90.5 Million
Average sales price: $568,895
73 percent sell-through rate
Overall Top 10 Sales from all auction companies
1. 1998 Porsche 911 GT1 Coupe (Gooding & Company), $5,665,000
2. 2015 McLaren P1 Coupe (Gooding & Company), $2,392,500
3. 1955 Ferrari 250 Europa Coupe (Bonhams), $2,227,500
4. 1936 Lancia Astura Series III Cabriolet (RM Sotheby’s), $2,145,000
5. 1989 Mazda 767B Race Car (Gooding & Company), $1,750,000
6. 1966 Aston Martin DB5 SWB Vantage Volante Convertible (RM Sotheby’s), $1,705,000
7. 1956 Bentley S1 Continental Coachbuilt Drop Head Coupe (RM Sotheby’s), $1,683,000
8. 1949 Aston Martin DB Mk II Coupe (Gooding & Company), $1,540,000
9. 1993 Porsche 911 Turbo Leichtbau Coupe (Gooding & Company), $1,540,000
10. 1990 Ferrari F40 Coupe (Gooding & Company), $1,485,000
Individual results by auction company
Bonhams
Total: $10 million
Average sale price: $143,342
83 percent sell-through rate
Top 10 sales:
1. 1955 Ferrari 250 Europa Coupe, $2,227,500
2. 1911 Pierce-Arrow Model 48 Touring, $550,000
3. 1986 Lamborghini Countach LP5000 Quattrovalvole Coupe, $335,500
4. 1961 Jaguar E-Type SI 3.8 Flat Floor Roadster, $326,700
5. 1954 Arnolt Bristol Bolide Roadster, $324,500
6. 1904 Knox 16/18HP Touring, $292,600
7. 1951 Allard J2 Roadster, $275,000
8. 1989 Aston Martin V8 Volante Convertible, $247,500
9. 2011 Porsche 911 Carrera Speedster, $247,500
10. 1968 Lamborghini Islero 400 GT 2+2 Coupe, $247,500
2016 total: $27.7 million
Average sale price: $419,014
68 percent sell-through rate
Gooding & Company
Total: $29.3 million
Average sales price: $430,422
77 percent sell-through rate
Top 10 Friday Sales:
1. 1998 Porsche 911 GT1 Coupe, $5,665,000
2. 2015 McLaren P1 Coupe, $2,392,500
3. 1989 Mazda 767B Race Car, $1,750,000
4. 1993 Porsche 911 Turbo Leichtbau Coupe (Gooding & Company), $1,540,000
5. 1949 Aston Martin DB Mk II Coupe, $1,540,000
6. 1990 Ferrari F40 Coupe, $1,485,000
7. 1977 Porsche 934/5 Coupe, $1,375,000
8. 1965 Aston Martin DB5 Vantage Sedan, $1,100,000
9. 2011 Porsche 911 GT3 RS Coupe, $748,000
10. 2011 Porsche 911 GT2 RS Coupe, $561,000
2016 total: $60.2 million
Average sales price: 871,912
87 percent sell-through rate
Hollywood Wheels
Total through Friday: $1.8 million
Average sales price: $97,980
35 percent sell-through rate
Top 10 Friday sales:
1. 1953 Porsche 356 1500 Coupe, $302,400
2. 1989 Porsche 911 Carrera Speedster, $164,700
3. 1961 Porsche 356B (T5) Cabriolet, $143,100
4. 1977 Porsche 911 Carrera Turbo Coupe, $140,400
5. 1960 Porsche 356B (T5) Cabriolet, $118,800
6. 1986 Porsche 911 Carrera Cabriolet, $94,500
7. 1987 Porsche 911 Carrera Targa, $94,500
8. 1989 Porsche 911 Carrera Coupe, $83,160
9. 1987 Porsche 911 Turbo 930 Coupe, $81,000
10. 1972 Porsche 911 T Coupe, $78,840
2016 total through Friday: $2.6 million
Average sales price: 109,890
56 percent sell-through rate
RM Sotheby’s
Total through Friday: $31.0 million
Average sales price: $491,490
100 percent sell-through rate
Top 10 Friday sales:
1. 1936 Lancia Astura Series III Cabriolet, $2,145,000
2. 1966 Aston Martin DB5 SWB Vantage Volante Convertible, $1,705,000
3. 1956 Bentley S1 Continental Coachbuilt Drop Head Coupe, $1,683,000
4. 1953 Fiat 8V Ghia Supersonic Coupe, $1,375,000
5. 1958 Rolls-Royce Silver Cloud I HJ Mulliner Drop Head Coupe, $1,347,500
6. 1952 Bentley R-Type Continental 4.6L Sedan, $1,347,500
7. 1953 Lancia Aurelia PF200 C Spider, $1,248,500
8. 1933 Rolls-Royce Phantom II Newmarket Sedan, $1,237,500
9. 1957 Mercedes-Benz 300SL Gullwing Coupe, $1,144,000
10. 1958 Mercedes-Benz 300SL Roadster, $957,000
RM Sotheby’s did not have a Friday sale in 2016
