Transitions in Amelia

Beyond Gooding, the auction scene itself shifted this year as well. The Amelia Island Concours d’Elegance became “The Amelia” in 2021, and Broad Arrow Auctions was named as the official auction of the newly rebranded event. That auction joined Gooding & Company and Bonhams in the area and displaced longtime concours auction partner RM Sotheby’s from its traditional space at the Ritz-Carlton Amelia Island.

Broad Arrow’s first Amelia auction saw just under $31M in sales. The company set four new world auction records at the Ritz, including the top sale of the event: a 2015 McLaren P1 at $2,425,000 all in.

Modern cars were the headline here, reflecting a younger demographic that events such as The Amelia are aiming to bring into the fold. Among these cars were a 1997 Acura Integra Type R that sold for $151,200 (a new record for the model), along with a 1987 Mercedes-Benz AMG “Hammer” Sedan at $775K and a 1991 AMG 6.0 Hammer Widebody at $885K.

But while Broad Arrow may have had RM Sotheby’s old (and prime) auction location, they didn’t outdo RM Sotheby’s in scope or total. At a new location and advertising itself as the final RM Sotheby’s Amelia Island auction, RM Sotheby’s sold $70M worth of collector cars, representing some serious growth over the $46.1M achieved in Amelia last year. From car quality to on-site presentation, including a huge air- conditioned tent that looked and felt like a world-class car museum, RM Sotheby’s was on a mission — with a point to prove.

Again, a modern car took high sale honors: At RM Sotheby’s, it was a 2010 Pagani Zonda R “Revolucion Specification” at $5,340,000. Indeed, just behind it was a 1995 Ferrari F50 in like-new condition at $5,065,000 — but RM Sotheby’s built a reputation over 24 years of selling great Full Classics here at Amelia, and those still sold well, led by a 1931 Duesenberg Model J “Disappearing Top” convertible coupe by Murphy at $4,295,000. On top of that, a 1930 Packard 754 Deluxe Eight Convertible Victoria by Waterhouse set a new record for the model at $637,500. So, while there’s obviously a contemporary focus on newer collectibles in the market, the traditional staples are still in demand, especially when their condition and histories align in a grand presentation.

Bonhams’ Amelia auction at the Fernandina Beach Golf Club saw just under $13M in overall sales this year, headlined by a 1966 Ferrari 500 Superfast Series II that sold for $1,930,000 — double its pre-sale estimate. But again, newer cars were a fresh staple here alongside traditional lots, including a 1992 Nissan Skyline R32 GT-R Group A racer that sold for $379K. In addition to the Ferrari, Bonhams also offered the Thomas Hendricks “Lost Jaguars” Collection, which included a 1959 Lister-Jaguar Sports Racer and a 1951 Jaguar XK120 LT3 Works Lightweight, both of which sold for $775K each.

It’s by no means groundbreaking to say that the market is trending younger these days — but what was interesting from the results in Amelia was the rate at which the demographics are changing, even at the higher levels of the car world. The traditional excellence of Full Classics and blue-chip sports cars still draw the same — or more — attention as they ever have. But there’s a new group of cars and buyers here, too, and they’re no longer waiting in the wings.

This article is provided by Linkage magazine for publication on Chubb.com The opinions and positions expressed in this article are the authors’ own and not necessarily those of Chubb.

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