Market Intelligence
Amelia Island. The Arrow hits the mark. Indeed, it goes further...
Amelia Island auctions by Broad Arrow and RM Sothebys impressed with record-setting sales, including a Ford GT40 MkI and Porsche 959 Reimagined. However, some cars, like the Isotta Fraschini Tipo 8A SS LeBaron, sold below estimates.
Broad Arrow and RM Sotheby's, faced off against each other at Amelia Island in Miami. One, however, can not directly make a comparison as both auctions were a success. Let's look at them individually, starting with Broad Arrow, which organised its event in Amelia. In fact, the transition from "comprimary auction" to "official auction" is mainly due to Hagerty, owner of both the auction house and the competition. The number of days went up from 1 to 2, the number of cars offered jumped from 107 to 145, and the estimated value went from $43,200,000 to $72,635,000. The finale was a firecracker: 128 cars and $54,865,280, much better than the 82 cars and $28,954,180 of 2023. It is when we look at the more "complex" parameters, however, that we realise the huge strides that have been made: Although the number of cars on offer has gone up, the percentage of sales has also risen from 76.64% to 88.28%, but, something very rare, even the average price has soared from $353,100 in 2023 to $428,635 this year. So not only did they offer 30% more cars but also of a much better quality.
This is without taking into account that after the auction other cars were awarded (including all the top lots that did not change hands for the auction, and we are talking about another ten million dollars at least).
