Last updated -- GMT+8

Thursday March 16, 2017
09:58 AM GMT+8

Advertisement

More stories

A 1998 Porsche 911 GT1 Strassenversion sold for US$5,665,000 at the Amelia Island Sale 2017. — AFP picA 1998 Porsche 911 GT1 Strassenversion sold for US$5,665,000 at the Amelia Island Sale 2017. — AFP picLOS ANGELES, March 16 — As well as a parade of concours-condition collectable cars, Amelia Island was yet another location where auction prices for modern classic cars was further adjusted and where collectors showed that they could well be falling out of love with 1960s Ferraris in favour of modern Porsches and even McLarens.

RM Sotheby’s auction of 150 lots ranging from vintage Bugattis to modern Bentleys generated US$70.9 million (RM315.3 million) in sales.

“Not only was it our best-ever Amelia Island performance, but the highest tally in Amelia Island auction history,” said Gord Duff, Auction Manager, RM Sotheby’s. “The calibre of entries our team secured for this year’s event was second-to-none.”

The star of its show was a 1937 Bugatti Type 57S Cabriolet that went under the hammer for US$7.7 million.

And, even though some 19 cars in total managed to attract winning bids in excess of US$1 million, a host of vehicles that were expected to send the room into a frenzy failed to meet their estimate, including two Ferraris — a 1961 250GT SWB (US$9-US$10million) and a 1950 166 MM Barchetta by Touring (pre-sale estimate of US$8-US$10 million).

All of which suggests that interest in the bluest of blue-chip Ferraris is on the wane, or at least that everyone with the interest and money to invest in such a machine already has one in his or her collection. As a result, premium collectors are looking to other Italian marques — mid 1960S Alfa Romeos, Lancias and Maseratis all performed well at all Amelia Island auctions this year — or they’re looking to ‘modern classics’ or essentially new cars with extremely limited production runs.

For example, a 1995 Ferrari F50 once owned by boxer Mike Tyson secured a US$2.64 million winning bid making it the second most expensive car sold by RM Sotheby’s; and a 2012 Bugatti Veyron fetched US$1.65 million and a 1974 Porsche 911 Carrera RS 3.0 went for US$1.375 million.

At the Gooding & Co Ameila island auction, a 2012 McLaren P1 fetched a never-before achieved US$2.392 million but the cars in the biggest demand were of the Porsche variety.

The star of its US$30 million+ sale was a 1998 Porsche 911 GT1 Strassenversion which went for a phenomenal US$5.665 million.

“We achieved strong results for a number of exceptional cars, especially from the Porsche marque, exemplified by the world record price achieved for the GT1 Strassenversion,” said Gooding & Company president David Gooding. “In spite of the 13 world record prices set, we are definitely seeing a market shift, which is healthy for the marketplace as a whole.”

The sale also set new records for the 964-generation Porsche 911 with a Turbo S Leichtbau (US$1.54 million), the 2011 997 GT3 RS 4.0 (US$748,000), and the 2011 Porsche 997 GT2 RS (US$561,000).

And while the trend for Porsches seems to be getting into full swing, attention is also shifting to other marques with a track connection. There is a surge of interest in late 1940s to mid 1960s Aston Martins, the Jaguar E-Type is continuing to get strong prices and the Amelia Island auctions also set a record for Mazda. A 1989 Mazda 767B that raced at Le Mans fetched US$1.75 million.

The next major classic car auction will be on the banks of Lake Como during the Concorso d’Eleganza Villa d’Este on May 27 before the season reaches its zenith with Monterey motoring week and the Pebble Beach Concours d’Elegance this August. — AFP-Relaxnews

MORE ON MMOTV

Drive Channel

Advertisement

MMO Instagram

Tweets by @themmailonline