There is a correlation between classic car prices and financial markets. Every asset class competes with every other for investors dollars. Some diversified investments include cars that are attractive alternative investments. I’m not a financial investor and not offering you financial advice. Just some car collecting information for you to chew on.
Now let's turn to the recent events at The Amelia in Fernandina Beach, Florida. We knew the Amelia Island auctions would be big this year, and they were big. Four auctions presented some of the best cars in the world.
Here is why the collector values are important and this event gives you a snapshot of what to expect. You may think collecting cars is just for big investors and car collectors. It’s important to note that the car market corresponds to the stock market. If history is any judge, the big dip in the markets will impact the collector car world and the inverse is true.
Why not drive your investment rather than stare at a number on the screen. You can’t drive artwork or coins, but you can drive and show your investment and be proud of it, too.
Let’s look at the auction results and some highlights of the week. The Amelia Concours d’Elegance is hosted by Hagerty, and presents hundreds of the most impressive vehicles from across the globe. Here is a summary of the 2023 Amelia Island Auctions, which include Broad Arrow, Gooding & Company, Bonhams and RM Sotheby’s Auctions.
A new overall record for Amelia Island with sales concluded with a $178.4 million total, a new event record. Live auctions remain the place for world records among the most desirable marques and the in-person excitement makes the experience of buying any collector car even more special.
Gooding & Company took the big sale, a new single-car record, a 1962 Ferrari 250 GT SWB California Spider sold for $18M, a record for Amelia Island auctions. Gooding achieved a new top sales figure of over $72M. Two Ferrari Dinos set records, with a 206 GT selling for $868,500 and an original 246 GTS selling for $967,500.
The Hagerty Valuation Team collects all the data to give you a results to help you make the best financial decision for any budget. Overall sales from The Amelia at all auction companies was a cumulative total of $178.4M with 87% sell-through rate and an average sale price of $455,216.
RM SOTHEBY'S auctions sold a cumulative total of $63.2M with a 89% sell-through rate and an average sale price of $809,757. Their big sale was a 2010 Pagani Zonda R Coupe which sold for $5,340,000.
BONHAMS Auctions sold $12.8M of vehicles with a 78% sell-through rate and an average sale price of $160,044. Their top seller was a 1966 Ferrari 500 Superfast Coupe which sold for $1,930,000.
BROAD ARROW Group auctioned off $29.8M with a 80% sell-through rate and an average sale price of $346,557. Their top seller was a 2015 McLaren P1 Coupe which sold for $2,425,000.
It’s already clear, though, that 2023 will be the biggest year ever for the Amelia Island auctions. So what do you do with these collector cars? You can store them, drive them or showcase your vehicle at local shows and concours events.
The Amelia Concours d’Elegance, now in its 28th year, is one of the top shows in the country. Hagerty, the collector car insurer presents the event and the curator of motoring experience. The Amelia saw 25,000 enthusiasts come together for featured auctions, cars and community, driving events and a 2-days of different shows on the grounds of the Ritz-Carlton in Amelia Island, Florida.
The 2023 Amelia Best of Show winners are the 1935 Voisin (Vwāh-zinn) C25 Aerodyne (Aero-deen) and 1964 Ferrari 250 LM were crowned this year’s Best in Show winners. The weekend proved to be a motoring event like no other featuring hundreds of historically significant vehicles. The Amelia's 2023 honoree is 4-time NASCAR Cup Series champion and Vice Chairman of Hendrick Motorsports Jeff Gordon.
If you are interested in learning more about collector car investments, auction results and values, checkout https://www.Hagerty.com. If you own a collector car, place it in the comments below.
Video Link: https://youtu.be/gNqV4VEzPo0
There is so much more to discuss on this, put your comments below and let’s start the conversation.
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