While the iconic 250 series of 1960s-era Ferraris – including the GTO, California Spyder and Testa Rossa – continue to break records at auction, the models that followed are quickly catching up, as those who lusted after them in their wonder years are coming up with the cash to acquire them today. As with any great collector cars, the more perfect and more rare the specimen, the more it'll fetch at auction.
Case in point, three classic Ferraris hovering around the 40-year-old mark each sold for seven figures last week at the RM Auctions Amelia Island event in Florida. One example, a rare Daytona Spyder once owned by Edsel Ford II, brought in $1,017,500 – safely inside the $1-1.25 million estimate range. Another, an alloy-bodied 275 GTB/4 in stunning copper, which was purchased new by Luigi Chinetti and displayed at the 1967 New York Auto Show, went for $1,265,000 – a little short of its estimate. It was bested, however, by a meticulously-restored, concours-winning 275 that greatly exceeded its estimate with a $1,650,000 winning bid.
Along with the headline-catching Duesenbergs, these classic cavallinos helped RM achieve an 88% sale rate at Amelia Island, accounting for over $19 million in sales. Further details in the press release after the jump.
[Source: RM Auctions]
RM AUCTIONS CONTINUES STRONG TRACK RECORD AT AMELIA ISLAND
Automobiles of Amelia Island
- RM posts over $19 million in sales at 12th annual 'Automobiles of Amelia Island' auction
- Top-seller: 1930 Duesenberg Model J Sport Berline by Murphy brings $1,705,000
- Four cars sell for more than $1,000,000 each with historic Ferraris dominating top-seller's list
- RM announces two private collection sales for June 2010
AMELIA ISLAND, Florida (March 14, 2010) - RM Auctions, the official auction house of the Amelia Island Concours d'Elegance, continued its strong track record in Florida this weekend, posting in excess of $19 million in total sales with an impressive 88% sell-through at its 12th annual Automobiles of Amelia Island event.
Returning to the prestigious Ritz-Carlton Hotel, the single-day sale saw 112 cars cross the block before a packed house, with four cars breaking the magic million dollar mark and 15 lots exceeding their pre-sale estimates. The sale once again acted as a prelude to Sunday's world-famous Amelia Island Concours d'Elegance, where RM President and Chief Operating Officer, Ian Kelleher, returned as a judge and RM presented two awards: The RM Restorations Award for the Best Unrestored Car, and The RM Auctions Trophy for the Best Open Car.
"Simply put, RM Auctions enjoyed unqualified success at this year's Amelia Island sale," said Ian Kelleher, President and Chief Operating Officer, RM Auctions.
"World record prices, standing room only attendance and the most outstanding line-up of cars ever offered at Amelia Island, solidified RM's dominance and long-term standing as the official auction house of the concours weekend. Clients walked away from the auction with a great feeling of confidence as many cars met pre-sale estimates with a number exceeding expectations, illustrating RM's expertise in the collector car market," he added.
The top-seller was a supremely elegant 1930 Duesenberg Model J Sport Berline from the estate of noted American collector, the late Mr. John O'Quinn. One of 54 examples offered from the collection at this weekend's sale, the stunning 'Whittell Mistress Car' attracted strong interest on the block, exceeding its pre-sale estimate and selling for an impressive $1,705,000. A second Model J Duesenberg from the collection – a majestic and beautifully restored 1932 Convertible Coupe – realized a final sale price of $825,000.
Other highlights from the O'Quinn Collection included a stunning 1955 Mercedes-Benz 300SL "Gullwing" Coupe, finished in graphite grey with red leather interior for $687,500, and a handsome 1935 Auburn 851SC Speedster for $418,000. Illustrating Mr. O'Quinn's diverse collecting interests, a unique 1964 Pontiac Bonneville "Hank Williams Jr." Custom Convertible, built as a promotional vehicle for Hank Williams Jr. by Nudie Cohn, the famed 'Rodeo Tailor to the Stars,' attracted spirited bidding to sell for $225,500. An additional 130 examples from the O'Quinn Collection are slated to cross the block later this month at RM's annual Collector Cars of Fort Lauderdale sale, March 26th – 28th.
Beyond the O'Quinn Collection, RM's Amelia Island top-seller's list was dominated by a range of historic Ferraris, continuing the company's reputation as the leader in the presentation of vintage Ferraris at auction. A striking and multi-award winning Fly Yellow 1967 Ferrari 275 GTB/4 Berlinetta, currently featured in Forza Magazine, was another example to well-exceed its pre-sale estimate, selling for $1,650,000, while a superb, alloy-bodied Four-Cam from the same year, finished in Nocciola and offered for the first time in 30 years, brought $1,265,000. Rounding out the million-dollar-plus sales, a 1971 Ferrari 365 GTB/4 Daytona Spyder, certified by Ferrari Classiche and formerly owned by Edsel B. Ford II, achieved $1,017,500.
RM also provided its auction expertise for the offering of a 1961 Austin-Healey "Sebring Sprite" Vintage Racing Car, donated to the Amelia Island Concours d'Elegance Foundation by long-term supporter and collector Peter McLaughlin, which brought $44,000; and a VIP Weekend at the 2010 Santander British Grand Prix, graciously donated by Daytona 24 Hour winner and GP Driver, Jackie Oliver, which sold for $6,000. Proceeds from both lots benefited the Concours' Foundation.
"The strong results from RM's first two sales of the year provide a positive forecast for the collector car market as we look ahead to the busy spring and summer auction seasons," added Kelleher.
In addition to RM's annual Meadow Brook and Monterey sales this summer, the company will host two additional sales in June 2010. The first will offer a private collection from the Pate Museum of Transportation near Fort Worth, Texas in early June, closely followed by another private collection sale in Southern California later in the month. Further details on both events, along with results from the Amelia Island sale, will be posted online at www.rmauctions.com.
About RM Auctions
RM Auctions, the official auction house of the Amelia Island Concours d'Elegance, is the world's largest auction house for quality automobiles. With over three decades of experience in the collector car industry, RM's vertically integrated range of services, from restoration to private treaty sales, auctions, estate planning and financial services, coupled with an expert team of car specialists and international footprint, provide an unsurpassed level of service to the global collector car market. RM proudly holds five of the top 10 – and more significantly, four of the top five – all time records for the most expensive motor cars sold at auction. RM's restoration division has achieved unprecedented accolades earning "Best of Show" honors at the world's top concours events. For further information, visit www.rmauctions.com.