An $18 million Ferrari leads record classic-car auction at Amelia Island newshub

An $18 million Ferrari leads record classic-car auction at Amelia Island

otal sales at the Amelia Island classic-car auction reached $178.4 million — a record for the event, according to Hagerty.
The strong sales and big prices offer the latest sign that the collectibles market is largely defying fears of a recession, rising rates and a falling stock market.
Of the top 10 most expensive cars sold, seven were Ferraris. Take a look at the top sellers.

Wealthy car collectors spent a record amount at the classic-car auctions at Amelia Island over the weekend, suggesting the market remains strong despite recession fears and falling stocks.

Total sales at the Amelia Island auction reached $178.4 million — a record for the event, topping the 2016 record of $140 million, according to classic-car insurance and events company Hagerty. Over 390 cars sold, at an average price of $455,293, up from $435,939.

A total of 43 cars sold for over $1 million, up from 33 last year, according to Hagerty.

The strong sales and big prices offer the latest sign that the collectibles market is largely defying fears of a recession, rising rates and a falling stock market. While collectors are starting to push back on some over-priced offerings, overall demand for top trophy cars remains strong, especially among a new generation of millennial and Gen Z collectors.

“The market is really strong but not overheated,” said McKeel Hagerty, CEO of Hagerty.

The most expensive car sold at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, sold at Gooding & Company for $18 million — setting a record for a car sold at the Amelia Island auctions.

The runner-up was a 2010 Pagani Zonda R Coupe that went for $5.3 million at RM Sotheby’s, followed by a 1995 Ferrari F50 Coupe that sold for $5.1 million at RM Sotheby’s. Of the top 10 most expensive cars sold, seven were Ferraris, showing the continued dominance of the brand at the top of the classic-car market.

Hagerty said sales today are getting an extra boost from younger collectors who favor what he calls “analog super-cars” — sports cars from the 1980s and 1990s that have the look and high-performance of many of today’s super cars but at a lower price and with retro flair.

Still, some bidders appeared to balk at asking prices: According to the K500 Classic Cars Index by Kidston, 60% of the sales entries at Amelia Island sold for below their low estimate, compared with 48% last year.

Here are the top 10 cars sold by value at the Amelia Island auctions, according to Hagerty.