Big, Bigger, Biggest: Broad Arrow Auction at Amelia Island

The results of Broad Arrow Auctions at the Amelia Island auction on March 7-8 highlight how far the young American auction house has come in its relatively short life. Just three years after its debut, comparing the data, it becomes clear why we can title this commentary Big, Bigger, Biggest — the new American auction house is giving strong and convincing signs of growth and stability. Moreover, Broad Arrow is not stopping here; it has already announced a European debut in May with a sale that promises fireworks during the Concorso d’Eleganza at Villa d’Este.

Staying in Florida and comparing the data from the past three years, the answer is clear: 107 cars offered in 2023, 145 in 2024, and this year, a remarkable 166! Consequently, the number of cars sold has also risen significantly: from 82 in 2023 to 143 this year—compared to 128 in 2024. Not only that, this growth has not come at the expense of quality, as the sales percentage stood at 86.14%, a slight decrease from 2024 but an increase from 2023. Similarly, both the estimated value and total revenue improved: the estimated $43,200,000 in 2023 turned into $72,635,000 in 2024, and this year it pushed even further to $74,830,000. Revenue climbed by $6,700,000, reaching $61,577,840 compared to $54,865,280 in 2024 (leaving 2023’s $29 million far behind).

Finally, the most surprising aspect: over three years, the average price per car has also increased from $353,100 to $428,635, then further to $430,614. A continuous crescendo!

Now, let’s look at the auction, which also highlights how the market is changing. Consider the Top Lot sold, a record for Broad Arrow, which confirms trends that strongly impact the values of certain segments of classic cars.

The most expensive car they have ever offered and sold is the important 1959 Ferrari 250GT LWB California Spider Competizione, chassis 1451GT — the second of only eight aluminum-bodied examples produced, the first equipped with a racing engine, and a class winner (and fifth overall) at the 24 Hours of Le Mans. It has also participated in Pebble Beach three times and has Ferrari Classiche certification. The estimate was $10-14 million, but in the end, it fell short, selling for $9,465,000. Analyzing this sale, we see an interesting trend: in December 2017, this car sold at a New York auction for $17,990,000 (the current record for any California). In eight years, it lost $8,525,000 — equivalent to $3,157 per day — not including maintenance costs.

1959 Ferrari 250 GT LWB California Spider Competizione sold for $9,465,000 (€8,698,750).

A similar story applies to the 1954 Jaguar D-Type "OKV 2", one of the most significant D-Types ever. With its iconic longnose and longtail, alongside "OKV1", it helped define the D-Type legacy. It competed at Le Mans in 1954, setting the fastest lap and reaching 173 mph on the Mulsanne Straight, then went on to Reims for the 12H and Silverstone the following week, racing continuously until the end of 1958. What matters most now is its recent history: it was offered in January 2018 with an estimate of $12-15 million but went unsold with a top bid of $9.8 million. Since 2018, seven D-Types have been offered at auction, with six remaining unsold. At Amelia, it was boldly presented without reserve, estimated at $6.5-8.5 million, but only reached $4,295,000. The question remains: are these the lowest points of a market cycle poised to recover, or were previous valuations unrealistic? Regardless, whoever owns them today holds two masterpieces.

1954 Jaguar D-Type "OKV 2" sold for $4,295,000 (€3,947,250).

Let’s lift our spirits with the Lamborghini Miura SV. A 1971 model, one of just seven finished in Arancio Miura with a Gobi (sand) interior, it underwent a €300,000 restoration (between 2014 and 2016) by the renowned Cremonini (bodywork) and Top Motors (mechanics). The restoration was now about a decade old, making its ambitious estimate of $4.5–5 million somewhat questionable. Despite this, it sold very well at $4,460,000 — making it the second most expensive Miura ever, confirming an ongoing trend.

1971 Lamborghini Miura P400 SV sold for $4,460,000 (€4,099,000).

Equally strong was the performance of the 1990 Ferrari F40, with just 1,248 miles and Ferrari Classiche certification. On the downside, its American specifications—less desirable—lowered its value. The current record dates back to August 2022, when the benchmark price jumped by a million, from $2.9 million to $3,965,000. Since then, nine F40s have surpassed the $3 million mark, but none have come close to the record. The estimate of $3.8–4.2 million was ambitious, but at the end of the day, $3,665,000 is still a very respectable figure.

1990 Ferrari F40 sold for $3,665,000 (€3,368,250).

Some of the new records set by lower-tier lots were particularly interesting. For example, a rare Apollo 5000GT — a model famous for being the “villain” in the Herbie series. This example was stunning; the second-to-last one ever produced and the only one finished in green. It had remained untouched in Southern California until 2004, when it was purchased with just 1,300 miles by Milt Brown, the founder of Apollo. Later sold again, still in exceptional condition and with only 4,000 miles on the odometer, it was estimated at $160,000–190,000 and ultimately hammered at $201,600, setting a new record for the model and securing a good profit for the seller, who had bought it for $156,800 in 2022.

1964 Apollo 5000 GT sold for $201,600 (€185,500).

New record also for a Volkswagen Beetle (Convertible). It’s important to remember that Volkswagen Beetles were produced for a very long time, and enthusiasts have established 1967 as the dividing line: before that, there were the "original" models, with minimal embellishments and 1200 or 1500 engines; after that, engines increased to 1300 or 1600, and various details appeared that made the design heavier. Experts refer to these later models as "Super Beetles". The car at auction was a 1979 Super Beetle with practically zero mileage — just 22 miles. Additionally, it came with the original paperwork, tools, and even the factory radio, never installed. The estimate of $50,000–75,000 — around four times that of a standard Beetle — proved accurate. And indeed, a special car deserved a special price: $89,600, a new record for a Super Beetle.

1979 Volkswagen Super Beetle Convertible sold for $89,600 (€82,500).

Another record was set by the least desirable Ferrari of all time: the 1986 Mondial. This was the Cabriolet version — a crucial detail—finished in red with a beige interior. The European version is more collectible due to its extra 10 horsepower and over 100 kg less weight. But most importantly, this example had only 42 miles from new. The previous price record for this model was set in 2021 at $77,000. Broad Arrow’s example was certainly special, but was the $150,000–200,000 price tag too much? The market was cautious, but that didn’t stop the surprise when bidding soared to $123,200 — a 60% increase over the previous record. Ferraris never cease to amaze.

1986 Ferrari 3.2 Mondial Cabriolet sold for $123,200 (€113,250).

And the car I personally would have wanted to take home comes straight from Maranello. At first, I had my eyes on the 1994 Mercedes-Benz S72 AMG, a luxury sedan in which AMG had installed the powerful 7.2-liter V12 used in the Pagani Zonda. However, that car remained unsold. But then came my true crush—the 1975 Ferrari 365 GT4 BB.

1994 Mercedes-Benz S 72 AMG went unsold with an estimate of $175-225,000 (€160,000-200,000).

I have always loved the two-tone paintwork of the Berlinetta Boxer, with its wide black lower section, but I had never seen it combined with Giallo Fly (of which only 38 were made). It’s magnificent. And it’s not just a 512 BB but the much rarer 365 GT4 BB, with its amber front turn signals — which look fantastic—and three rear taillights. In short, I wanted it. The estimate of $325,000–375,000 was fair, but unfortunately, I was missing the $335,000 it ended up selling for.

1975 Ferrari 365 GT4 BB sold for $335,000 (€307,500).