RM Sotheby’s (NYSE:BID) Amelia Island Classic Car Auction Report

RM Sotheby’s (NYSE:BID) Amelia Island Classic Car Auction Report

RM Sotheby’s (NYSE:BID) Amelia Island Classic Car Auction Report

$BID

At the weekend, the RM Sotheby’s Amelia Island Concours d’Elegance sale posts a record $70.9-M in sales, the highest in its history

RM Sotheby’s, the world’s largest auction house for investment-quality vehicles, reinforced its clear market leadership this past weekend by generating an outstanding $70.9% in sales with 90% sell throught of all lots sold at its 19th annual Amelia Island Concours d’Elegance sale.

A new benchmark for an Amelia Island auction, the impressive total comfortably exceeds the combined tally of all the other auctions held during this year’s Amelia weekend.

The highlights:

  1. One-of-3 Bugatti Type 57S Cabriolet claims top sale of the week at $7,700,000
  2. 19 motor cars achieve million-dollar-plus results, with numerous new records set
  3. Friday’s exclusive sale of ‘A Gentleman’s Collection: The Pride & Passion of Orin Smith’ realizes $31-M, highlighted by the 1936 Lancia Astura Cabriolet Series III “Tipo Bocca” for $2,145,000
  4. Bidders came from 25 countries; 21% represent 1st time clients to RM Sotheby’s

The sale extended to 2 days with the addition of Friday’s exclusive presentation of ‘A Gentleman’s Collection: The Pride and Passion of Orin Smith’, RM’s Y 2017 Amelia Island sale lifted the gavel on a carefully curated roster of 150 blue-chip cars and select automobilia, attracting a global audience with bidders from 25 countries.

Significantly, 21% of those bidders represented 1st time clients to RM Sotheby’s.

”Leading RM’s string of 19 individual million-dollar-plus sales and claiming top honors of the 2017 Amelia Island auctions was a striking 1937 Bugatti Type 57S Cabriolet (pictured above), 1 of 3 examples sporting rare coachwork by Vanvooren of Paris. Offered for public sale for the 1st time in its 80-year history, the highly original Type 57S sparkled under the auction lights during Saturday’s sale session, commanding $7,700,000.

Prior to the Bugatti’s sale, a well-known 1929 Stutz Model M Supercharged Coupe, 1 of 3 supercharged Stutzes in existence, proved demand remains strong for great American Classics at auction, selling for $1,705,000 against a pre-sale estimate of $1/1.2-M.

The strong sales price represents a new record for a Stutz at auction.

Friday’s sale session was also one for the books, with the Orin Smith Collection generating $31-M in sales with a 100% sell through.

A terrific showcase of RM Sotheby’s expertise and capabilities in handling private collection auctions, the sale represented the 1st time RM has hosted a Friday evening sale at Amelia Island, and provided a tribute to a man beloved by the Amelia crowd, drawing a packed sales room.

The group of 63 cars was headlined by a stunning 1936 Lancia Astura Cabriolet Series III “Tipo Bocca” at $2,145,000.

Other notable sales included:

  • The 1956 Bentley S1 Continental Drophead Coupe, just 2 registered owners from new, shattered both its pre-sale estimate of $700/900,000 and the previous auction record for the model at a final $1,683,000 (pictured above);
  • A superbly restored 1933 Rolls-Royce Phantom II Special Newmarket Permanent Sedan soared past its $1,000,000 high estimate at a final $1,237,500; and,
  • A1966 Aston Martin Short-Chassis Volante, the very first example of just 37 built, sold for $1,705,000.

                                                              A look at some of the automobiles of the Orin Smith Collection

The power of ‘No Reserve’ exhibited at Friday’s Orin Smith Collection sale was witnessed again Saturday with terrific results achieved for a well-known private collection of 10 sporting cars.

Highlighting the group, a dramatic 2-tone red and black 1956 Maserati A6G/54 Frua Coupe Series III, much-admired by enthusiasts during preview, provided one of the most intense and lively bidding contests of the weekend, eventually selling for $2,365,000 against a pre-sale estimate of $1.6/2.2-M.

From the same collection, a 1974 Porsche 911 Carrera RS 3.0 beat its pre-sale estimate of $900,000 – 1.1-M to storm into the record books at a final $1,375,000, an auction record for the model.

Also commanding strong bids were a 1954 Mercedes-Benz 300 SL Gullwing, which realized $1,358,500, and a 1955 Alfa Romeo 1900C SS Coupe, which brought $1,100,000.

                                                              The 1956 Maserati A6G/54 Frua Coupe Series III

Other noteworthy sales of RM’s 2017 Amelia Island event included:

  • The  1995 Ferrari F50, originally delivered to famed heavyweight Champion boxer, Mike Tyson, sold for an above-estimate $2,640,000;
  • A 1938 Graham 97 Supercharged Cabriolet, restored by RM Auto Restoration, set a new benchmark for a Graham at auction with its strong $770,000 final price; and,
  • Ending Saturday’s sale session, a 1963 Meyers Manx, the original dune buggy, 2X’d its pre-sale estimate to sell for a record $68,750.

RM was also proud to lend its auction services to support the fundraising efforts of the Amelia Island Concours d’Elegance Foundation; proceeds from the 1st 2 lots of Saturday’s sale session, which amounted to $41,400, will benefit Spina Bifida of Jacksonville.

The Amelia Island weekend continues to grow in stature each year, and this year was no exception. All in all, it was another terrific hobby weekend and there’s plenty to celebrate, including the remarkable efforts of the Amelia Island Concours d’Elegance team and their volunteers, who pulled off a last minute date change for their event with great success.

                                                               The ex-Mike Tyson Ferrari F50 at RM’s 2017 Amelia Island sale

RM Amelia Island Top 10 sales were, as follows:

  1. Lot 232 – 1937 Bugatti Type 57S Cabriolet (Chassis 57513) $7,700,000
  2. Lot 218 – 1995 Ferrari F50 (Chassis ZFFTG46A0S0104220) $2,640,000
  3. Lot 260 – 1956 Maserati A6G/54 Coupe Series III (Chassis 2181) $2,365,000
  4. Lot 163 – 1936 Lancia Astura Cabriolet Series III “Tipo Bocca” (Chassis 33-5313) $2,145,000
  5. Lot 263 – 1964 Ferrari 275 GTB (Chassis 06681) $1,842,500
  6. Lot 139 – 1966 Aston Martin Short-Chassis Volante (Chassis DB5C/2301/L) $1,705,000
  7. Lot 231 – 1929 Stutz Model M Supercharged Coupe (Chassis M-C-31312) $1,705,000
  8. Lot 123 – 1956 Bentley S1 Continental Drophead Coupe (Chassis BC22LBG) $1,683,000
  9. Lot 276 – 2012 Bugatti Veyron 16.4 Grand Sport (Chassis VF9SK2C25CM795051) $1,650,000
  10. Lot 122 – 1953 Fiat 8V Supersonic (Chassis 106 000049) $1,375,000

Note:

RM Sotheby’s continues its global collector car calendar with a return to the beautiful shores of Lake Como (Cernobbio) Italy, 27 May for its biennial sale during the Concorso d’Eleganza Villa d’Este.

In North America, the company kicks off a busy Summer schedule, 29 July with its well-established Motor City sale during the Concours d’Elegance of America at St. Johns, closely followed by its flagship Monterey sale, 18-19 August during the Pebble Beach Concours d’Elegance week.

Complete results from RM Sotheby’s Amelia Island sale, along with upcoming event information can be found at www.rmsothebys.com.

*Results are listed in USD’s and include 10% buyer’s premium for automobiles and 15% for non-automotive lots.

FOR MORE NEWS FROM RM SOTHEBY’S
Visit: www.rmsothebys.com
Follow: www.twitter.com/rmsothebys
Join: www.facebook.com/rmsothebys
Watch: www.youtube.com/rmauctionsinc

Complete Amelia Island results and upcoming event information available at www.rmsothebys.com.

Source: RM Sotheby’s

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 46.6 10 March 2017 0.10 46.93 47.06 46.02 587,400
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Bullish (0.42) Bullish (0.46) Bullish (0.42) Bullish (0.40)

Have a terrific week

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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