An $18 million Ferrari leads record classic-car auction at Amelia Island. See all 10 top sellers

Wealthy car collectors spent a record amount at the classic-car auctions at Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks.

Total sales at the Amelia Island auction reached $178.4 million — a record for the event, topping the 2016 record of $140 million, according to classic-car insurance and events company Hagerty. Over 390 cars sold, at an average price of $455,293, up from $435,939.

A total of 43 cars sold for over $1 million, up from 33 last year, according to Hagerty.

The strong sales and big prices offer the latest sign that the collectibles market is largely defying fears of a recession, rising rates and a falling stock market. While collectors are starting to push back on some over-priced offerings, overall demand for top trophy cars remains strong, especially among a new generation of millennial and Gen Z collectors.

“The market is really strong but not overheated,” said McKeel Hagerty, CEO of Hagerty.

The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for $18 million — setting a record for a car sold at the Amelia Island auctions.

The runner-up was a 2010 Pagani Zonda R Coupe that went for $5.3 million at RM Sotheby’s, followed by a 1995 Ferrari F50 Coupe that sold for $5.1 million at RM Sotheby’s. Of the top 10 most expensive cars sold, seven were Ferraris, showing the continued dominance of the brand at the top of the classic-car market.

Hagerty said sales today are getting an extra boost from younger collectors who favor what he calls “analog super-cars” — sports cars from the 1980s and 1990s that have the look and high-performance of many of today’s super cars but at a lower price and with retro flair.

Still, some bidders appeared to balk at asking prices: According to the K500 Classic Cars Index by Kidston, 60% of the sales entries at Amelia Island sold for below their low estimate, compared with 48% last year.

Here are the top 10 cars sold by value at the Amelia Island auctions, according to Hagerty.

1. 1962 Ferrari 250 GT SWB California Spider

Sold for $18,045,000 by Gooding & Company.

2. 2010 Pagani Zonda R Coupe

Sold for $5,340,000 by RM Sotheby’s.

3. 1995 Ferrari F50 Coupe

Sold for $5,065,000 by RM Sotheby’s.

4. 1931 Duesenberg Model J Murphy Convertible Coupe

Sold for $4,295,000 by RM Sotheby’s.

5. 1985 Ferrari 288 GTO Coupe

Sold for $3,965,000 by RM Sotheby’s.

6. 1967 Ferrari 275 GTB/4 Coupe

Sold for $3,525,000 by Gooding & Company.

7. 1953 Ferrari 250 MM Spider

Sold for $3,525,000 by Gooding & Company.

8. 1990 Ferrari F40 Coupe

Sold for $3,085,000 by Gooding & Company.

9. 1953 Maserati A6GCS/53 Spyder

Sold for $2,590,000 by RM Sotheby’s.

10. 1973 Ferrari 365 GTS/4 Daytona Spider

Sold for $2,535,000 by Gooding & Company.

Source: Robert Frank@ROBTFRANK

Amelia Island classic-car auction: See the top 10 sellers (cnbc.com)

Other Articles You May Be Interested In

Going once … going twice … sold! With a little TLC, an old Par Aide ball washer sold at South Hills CC auction makes for a unique gift

Going once … going twice … sold! With a little TLC, an old Par Aide ball washer sold at South Hills CC auction makes for a unique gift

SUPERMARKET AUCTIONS: A REVIEW OF LAST YEAR’S TRENDS

SUPERMARKET AUCTIONS: A REVIEW OF LAST YEAR’S TRENDS

Two US Auction Houses to Merge, Forming a Major Player in the Market for American Art

Two US Auction Houses to Merge, Forming a Major Player in the Market for American Art

Larry Harb

Larry Harb

The Wisconsin Auctioneers Association actively advocates for the auction industry through grassroots lobbying and a WAA legislative fund. Member engagement and donations are key to the success of WAA advocacy efforts.

WAA President

Riley Kahl

Our Mission is to educate, promote and protect the auction industry of Wisconsin:

to encourage Auctioneers; to enhance skills, knowledge and professionalism;

to promote the auction method of marketing for sale of real and personal properties.

The Lodge at Mauston

Online booking code is: WAA2024
Guests can book by going online to: www.thelodgeatmauston.com
Or calling (608) 747-2200

Learning the Art of Auctioneering

Auctioneer Schools
State Exam
Regulations

Sales & Use Tax

Auctioneers

It is the duty of every member to protect the public against fraud, misrepresentation or unethical practices in connection with the sale, disposition or liquidation of any real or personal property the auctioneer is called upon to dispose of at public auction.

Auctions

No items found

Industry News

Member News

Larry Harb

Mr. Harb aka… the Auctioneer Insurance Guy, is the founder and CEO of AuctioneerInsurance.com,...

Industry Events

4 + 12 =

Contact Us

2080 W 9th Avenue, #310
Oshkosh, WI 54904
(608) 228-4880