Amelia Island. The Arrow hits the mark. Indeed, it goes further...
16 March 2024 4 min read 9 images
Photo credit: Broad Arrow Auctions
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).
But what was so extraordinary? Everything.
Let's start with the top lot, the 1967 Ford GT40 MkI. This model was one of 20 used for public relations purposes and was entrusted to Scuderia Filippinetti who displayed it on their stand at the 1968 Geneva Motor Show. Relations between John Wyer Engineering, who collaborated with Ford on the racing side, and Filippinetti broke down and the Swiss held this GT40 hostage which is why it was nicknamed "The Hostage Car". Back in the UK, it was used by the press (the photo with Graham Hill at the wheel became famous) before being sold to Anthony Bamford. The $4,000,000-5,000,000 estimate could have been high or low because each Ford GT40 makes its own history: Originality and originality above all. The last one had just sold in January for $6,930,000 but it was much better so the estimate was correct. And the market confirmed it: Sold at $4,405,000.
We stay with Ford with a 2006 Ford GT Heritage Edition. The $692,500 auction price should come as no surprise in itself. It is neither a record nor a low price. Let's have a closer look: In August Broad Arrow again sold one for $764,000. So the question is, why was this one valued lower at around $600,000-650,000? The secret was the mileage. The one in August had only six miles - you read correctly, only six and just last month another one with seven miles had sold for $700,000. The one on Amelia Island had 1293, which is practically nothing, but a lot more than the other nearly new ones. So to say: One must dig to discover the reason for certain matters.
Just talking about digging out the history of the third car today is to be framed. A 1988 Porsche 959 Reimagined by Canepa with Stage II, 800 bhp compared to the original 450, only 1197 miles and an unusual colour, bottle green, had something extra to make it a really tasty morsel. The first owner, in fact, was the Nissan Motor Company: at the end of the 1990s, the engineers from the Rising Sun decided to buy this example to study the best competition for the launch of their super sports car, the Skyline GTR! Great story, great car and price... well in line. Although it sold below the estimate of $3.25-3,750,000 at $3,085,000 it is a new record for the model.
Speaking of comparisons, there is the case of the 1968 Dino 206 GT. Let's not take it lightly, but it is one to keep an eye on. Beautiful, red, Ferrari Classiche-certified, the typical standard model that is a market researcher's dream because the price is not influenced by other factors. Remember that compared to the 246, the 206 is much rarer: Just 150 examples compared to over 4,000. This meant that, over time, the Dino 206 had a premium (30% to 50% depending on the period) over an equivalent 246. What if this norm failed? Today, the prices of the best units of the Dino 246 are steady at $750,000-800,000. Therefore, one could have expected the 206 to be in the upper $800,000 zone. Instead, Broad Arrow struggled to reach the $600,000-750,000 estimate and ended up at $610,000. Useful to remember is the fact that the record for a 206 is $868,000, that for a 246 is $979,500.
New record for a Mercedes-Benz 300SE Cabriolet was set: 1965 and in perfect condition. This car has remained in the hands of the same family since 1980 (i.e. 44 years). Although it never fetched more than $195,000 at auction and the white colour did not suit it, the condition justified the $225,000-275,000 estimate. The auction result was slightly lower: $218,400, setting a new record. Pay attention to one detail: In January, another model attained $231,000 while remaining unsold.
Also of interest is the Ferrari 365 GTS/4 Daytona Spider. We already covered one last week, green with very few kilometres, setting a new record for this model. This time we see a fantastic blue example with a light interior and Ferrari Classiche certification. Estimated at $2,800,000-3,200,000, it sold for $3,305,000, making it the second most expensive Daytona Spider ever sold. Within three days they had set a new record and repeated the previous one from just a few months ago. Needless to say, this is a big deal!
On the first day of the auction, the top lots were modern hypercars. The top lot was a $4,047,500 Bugatti Chiron Pur Sang, which was estimated at $4,000,000-5,000,000. It was the first Hennessey Venom F5, of the 24 ever produced, to be auctioned that surprised. Important hypercar statistics: 1817 hp, absurd performance, 0-186 mph in 10 seconds and 300 mph top speed, "showroom" mileage (229 miles). Broad Arrow estimated between $1,200,000 and $1,650,000. This turned out to be very pessimistic. After a battle of bids it sold for $2,205,000.
The deal of the day? Without doubt the Isotta Fraschini from the Gregoire Neck collection. It was a "very powerful" ( at that time) Type 8A SS produced in 1927 and bodied by LeBaron as a Dual Cowl Phaeton. Once these cars were the creme de la creme among collectors, they were paid as much as Bugattis and rivalled the best Ferrari barchettas. Then the wind changed as younger collectors came in and started looking for cars closer to their era so the Isotta Fraschini fell into insignificance. According to Broad Arrow, this model still carried an estimate of $875,000-1,250,000 unreserved but despite being at a Concours d'Elegance (the best place to sell these cars), bids did not exceed $362,500, considerably less than half the minimum estimate.
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