- Amelia Island’s classic car auction total reached $178.4 million – a record for the event, according to Hagerty.
- Strong sales and high prices offer the latest sign that the collectibles market is largely defying fears of a recession, rising rates and a falling stock market.
- Among the 10 most expensive cars sold, seven were Ferraris. Take a look at the top sellers.
1962 Ferrari 250 GT SWB California Spider
Courtesy of Gooding & Company, images by Mathieu Heurtault.
Wealthy car collectors spent a record amount at classic car auctions on Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks.
Amelia Island’s total auction sales reached $178.4 million – a record for the event, surpassing the 2016 record of $140 million, according to classic car insurance and event company Hagerty . More than 390 cars sold, at an average price of $455,293, compared to $435,939 previously.
A total of 43 cars sold for more than $1 million, up from 33 last year, according to Hagerty.
Strong sales and high 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 overpriced offers, overall demand for the best 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, which sold at Gooding & Company for $18 million, setting a record for a car sold at Amelia Island auction.
Second place 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 10 most expensive cars sold, seven were Ferraris, showing the brand’s continued dominance at the top of the classic car market.
Hagerty said sales today are getting an extra boost from young collectors who prefer what he calls “analog supercars” – sports cars from the 1980s and 1990s that have the look and performance of many of today’s super cars but at a lower price and with a retro touch.
Still, some bidders seemed reluctant to ask for prices: According to Kidston’s K500 Classic Cars Index, 60% of sale entries at Amelia Island sold below their low estimate, down from 48% last year.
Here are the 10 best-selling cars by value at Amelia Island’s auction, according to Hagerty.
Sold for $18,045,000 by Gooding & Company.
1962 Ferrari 250 GT SWB California Spider
Courtesy of Gooding & Company, images by Mathieu Heurtault.
Sold for $5,340,000 by RM Sotheby’s.
2010 Pagani Zonda R Coupe sold for $5,340,000.
Courtesy of Sotheby’s
Sold for $5,065,000 by RM Sotheby’s.
995 Ferrari F50 Coupe sold for $5,065,000
Courtesy of RM Sotheby’s
Sold for $4,295,000 by RM Sotheby’s.
1931 Duesenberg Model J Disappearing Top Convertible Coupe
Courtesy of Sotheby’s
Sold for $3,965,000 by RM Sotheby’s.
1985 Ferrari 288 GTO
Courtesy of Sotheby’s
Sold for $3,525,000 by Gooding & Company.
1967 Ferrari 275 GTB:4
Courtesy of Gooding & Co.
Sold for $3,525,000 by Gooding & Company.
1953 Ferrari 250 MM Spider Series II
Courtesy of Gooding & Co.
Sold for $3,085,000 by Gooding & Company.
1990Ferrari F40
Copyright and courtesy of Gooding & Company, image by Mike Maez.
Sold for $2,590,000 by RM Sotheby’s.
1953 Maserati A6GCS 53 Spyder
Courtesy of Sotheby’s
Sold for $2,535,000 by Gooding & Company.
1973 Ferrari 365 GTB: 4 Daytona Spider
Courtesy of Gooding & Co.