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HomeThe MarketSellers overestimating just how hot the market may be, Hagerty reports

Sellers overestimating just how hot the market may be, Hagerty reports

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(Editor’s note: As it did during Arizona Auction Week, Hagerty is providing daily coverage of the collector car auctions taking place during The Amelia concours d’elegance this weekend in Florida. Here is the report for March 6.)

Main themes:

• RM Sotheby’s concluded its single day auction with several good sales; Prewar market posted solid results today with a sell-through rate of 95 percent vs. an overall rate of 85 percent.

• Appreciation has paused as the sell-through rate equaled the 2021 rate of 90 percent but many lots sold for near record prices.

Highlights:

• Modern hypercars at RM Sotheby’s (Ferrari LaFerrari, Bugatti Chiron, McLaren Speedtail) were muted. All sold but often for condition or market appropriate amounts.

• A prewar Packard and Duesenberg were two of the top three at RM Sotheby’s selling for $4.13M and $3.525M, respectively.

1930 Duesenberg Model J Murphy
1930 Duesenberg Model J sells well at RM Sotheby’s auction

RM’s top five sales of the day spread across 80 years of automotive history with two pre-war Goliaths and three modern hyper cars, each offering insight into their respective markets. 

Prewar cars continued to draw demand even as market demographics shift: a 1934 Packard Twelve Convertible Victoria was the top sale of the day at $4.13 million, while a 1930 Duesenberg Model J claimed the third spot at $3.525 million —  $1 million over the high estimate. On the other hand, sales of a Bugatti Chiron, a Ferrari LaFerrari and a McLaren Speedtail hovered right at their condition or market value. 

Even though none of the hyper car sales stood out, they were among the top attention-getting cars that helped draw bidders to the auction.

Analog supercars enjoyed a strong showing, beating their more hyper siblings in enthusiasm if not outright price. A 1991 Ferrari Testarossa sold for $321,000, 36 percent over #1 value and nearly a record for the model. Not to be outdone, a 1993 Jaguar XJ 220 sold for $687,000, besting the previous record by nearly $57,000. 

The Americans got into the action as well, with two low-mile Ford GTs selling above #1 value, one nearly doubling its prior sale from three years ago. The interest in raw, powerful vehicles that predate excessive computer nannies continues unabated.

, Sellers overestimating just how hot the market may be, Hagerty reports, ClassicCars.com Journal
1948 David Divan

Despite this excitement, some sellers appear to have overestimated the heat of the market and rushed in to sell with a reserve that was too high. In total, 25 percent of lots that failed to sell at Amelia were bid above their condition 1 value – this number was 13.6 percent at Scottsdale.

Another noticeable phenomenon that may have its roots in sellers overshooting the market was the no-sale of several niche models. The most prominent example was the 1948 Davis Divan, a rare 3-wheeled oddity from America’s post-war rebuild that failed to sell despite a high bid of $135,000. The same went for a 1955 Dodge Firebomb, and a 1960 Porsche 356 Carrera Zagato sold but just covered its low estimate. 

Despite a heated market, in a time of uncertainty, buyers may be looking for more broadly accepted classics rather than offbeat collectibles that are harder to value.

With some record-breaking sales and exciting lots contrasting with weaker-than-projected overall numbers, the three days of sales at Amelia have presented a market that may be easing off the throttle despite continuing along at a solid clip.

Amelia Auctions

Results through March 5

Listed below are the raw results Hagerty Valuation Team members witnessed during live auctions. They may not factor in post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

Total sales: $125.3M

290/320 lots sold: 91 percent sell-through rate

Average sale price: $431,915

2021 results: $78.8M

225/251 lots sold: 90 percent sell-through rate 

Average sale price: $350,260

Overall top-10 sales

1. 1937 Talbot-Lago T150-C-SS Coupe sold for $13,425,000 (Gooding & Company)

2. 1955 Porsche 550 Spyder Roadster sold for $4,185,000 (Bonhams)

3. 1934 Packard Twelve-Series 1108 Dietrich Convertible Victoria sold for $4,130,000 (RM

Sotheby’s)

4. 2015 Ferrari LaFerrari Coupe sold for $3,662,500 (RM Sotheby’s)

5. 1930 Duesenberg Model J Murphy Convertible Sedan sold for $3,525,000 (RM Sotheby’s)

6. 2019 Bugatti Chiron Sport Coupe sold for $3,360,000 (RM Sotheby’s)

7. 1959 Porsche 718 RSK Spyder sold for $2,975,000 (Gooding & Company)

8. 1954 Bentley R-Type Continental 4.9 Sedan sold for $2,975,000 (Gooding & Company)

9. 2020 McLaren Speedtail Coupe sold for $2,700,000 (RM Sotheby’s)

10. 1967 Toyota 2000GT Coupe sold for $2,535,000 (Gooding & Company)

Results by auction company

GOODING & COMPANY

Total sales: $66.5M

91/99 lots sold: 92 percent sell-through rate 

Average sale price: $731,148

Top-10 sales:

1. 1937 Talbot-Lago T150-C-SS Coupe sold for $13,425,000

2. 1959 Porsche 718 RSK Spyder sold for $2,975,000

3. 1954 Bentley R-Type Continental 4.9 Sedan sold for $2,975,000

4. 1967 Toyota 2000GT Coupe sold for $2,535,000

5. 1991 Ferrari F40 Coupe sold for $2,452,500

6. 1965 Porsche 904/6 Coupe sold for $2,205,000

7. 1959 BMW 507 Roadster sold for $2,150,000

8. 1967 Ferrari 330 GTS Spider sold for $2,095,000

9. 1998 RUF Turbo R Limited Coupe sold for $2,040,000

10. 2005 Porsche Carrera GT Coupe sold for $2,012,500

2021 sales: $16.1M

44/47 lots sold: 94 percent sell-through rate

Average sale price: $366,625

RM SOTHEBY’S

Total sales: $43.8M

 74/87 lots sold: 85 percent sell-through rate 

Average sale price: $591,671

Top-10 sales:

1. 1934 Packard Twelve-Series 1108 Dietrich Convertible Victoria sold for $4,130,000

2. 2015 Ferrari LaFerrari Coupe sold for $3,662,500

3. 1930 Duesenberg Model J Murphy Convertible Sedan sold for $3,525,000

4. 2019 Bugatti Chiron Sport Coupe sold for $3,360,000

5. 2020 McLaren Speedtail Coupe sold for $2,700,000

6. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $2,040,000

7. 1962 Mercedes-Benz 300SL Roadster sold for $1,545,000

8. 1952 Cunningham C3 Vignale Roadster sold for $1,215,000

9. 1964 Shelby Cobra 289 Roadster sold for $1,132,500

10. 1994 Porsche 911 Carrera Turbo Coupe sold for $1,105,000

2021 sales: $42.0M

94/99 lots sold: 95 percent sell-through rate

Average sale price: $446,723

BONHAMS

Total sales: $14.9M

125/134 lots sold: 93 percent sell-through rate 

Average sale price: $119,497

Top-10 sales:

1. 1955 Porsche 550 Spyder Roadster sold for $4,185,000

2. 1929 Duesenberg Model J Murphy sold for $1,066,500

3. 1954 Jaguar XK 120 SE by Pinin Farina sold for $940,000

4. 1937 Riley Sprite Sports sold for $491,750

5. 1914 Rolls-Royce Silver Ghost sold for $489,000

6. 1933 Bentley 3-Litre Speed Sports Tourer sold for $428,500

7. 1935 Rolls-Royce Phantom II Saloon sold for $335,000

8. 1933 Rolls-Royce Phantom II Tourer sold for $335,000

9. 1971 Mercedes-Benz 280SE 3.5 Cabriolet sold for $324,000

10. 1968 Lamborghini 400 GT Coupe sold for $318,500

2021 sales: $20.7M

87/105 lots sold: 83 percent sell-through rate 

Average sale price: $237,761

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