AMELIA ISLAND AUCTIONS

Rick Carey

Volume 44 Issue 07

Mar 30, 2019

There were four actions at Amelia Island this year:

        •RM Sotheby’s reached its maturity after 21 years;

        •Gooding & Company in its tenth appearance at the Amelia Island Plantation;

        •Bonhams, now in its fifth year at the Fernandina Beach Gold Club; and

        •Russo and Steele on the airport, directly across the Amelia Island Parkway from Bonhams.

 

    There were four actions at Amelia Island this year:

        •RM Sotheby’s reached its maturity after 21 years;

        •Gooding & Company in its tenth appearance at the Amelia Island Plantation;

        •Bonhams, now in its fifth year at the Fernandina Beach Gold Club; and

        •Russo and Steele on the airport, directly across the Amelia Island Parkway from Bonhams.

    Motostalgia has morphed into “Blue Chip Car – Fractional Ownership of the Finest Collector Cars” following the “Rally Road” model – although they seemed to have some cars listed for auction. It was confusing at the least.

    Hollywood Wheels became internet bidding only, a format that defies comprehension.

    Russo and Steele’s Drew Alcazar keeps his cards close to his chest and releases sketchy results, like Mike Flynn’s Hollywood Wheels, defying comprehension.

    This report comprises only Bonhams, Gooding and RM Sotheby’s to present acknowledged and promptly reported auction results.

    It’s not a Ferrari-centric report, with only $10.3 million in reported sales. 24 of 28 Ferraris offered were sold out of a total of $75.4 million from 286 of 338 car lots offered across the three auctions.

    Eleven of the 28 Ferraris were less than 25 years old (39.3%). All of them sold. Three of them sold within their pre-sale estimate range while one (RM’s 2000 550 Maranello 6-speed) sold on a high bid exceeding its high estimate. The rest sold, as is common today, under their pre-sale low estimates.

    The four no-sales were all older than model year 1982.

    Looking back over the past four years at Amelia, other than 2016 when Gooding sold SWB Cal Spyder S/N 2871 GT for $17,160,000, the Ferrari component of the Amelia Island auctions has steadily contracted, and is increasingly populated by newer Ferraris.

    Make of it what you will, this is the observed trend.

    I will take responsibility for the number of missed on-site observations of significant Ferraris. Bonhams had an eye-opening offering of infatuating brass cars from the Don Bouton Collection and others. They were captivating and I spent too much time there.

    I don’t regret a minute of it.

    More results (including a potpourri of fascinating Brass and Antique cars) are reported at rickcarey.com.

    On-site reports are from Andrew Newton, Greg Ingold and Rick Carey. The final copy is solely my responsibility.

 


 

    250 GT PF COUPE, S/N 2081 GT (1960). Blu Sera with white leather. Estimate $350,000 to $450,000. Not viewed, notes from the catalog. Hammered sold at $300,000 plus commission of 11.67 percent = final price of $335,000. Borrani wire wheels, disc brakes, overdrive, outside-plug engine. The last PF Coupe built. Missing its right side rocker panel, attributed to an autocross incident but more likely the result of salt and water in roadside gutters. Dull paint, tattered and torn old upholstery, a restoration project. Lot # 39. Gooding & Company.

    250 GT/L, S/N 5127 GT (1963). Red with black leather. Estimate $1.3 million to $1.6 million. Not viewed, notes from the catalog. Hammered sold at $1.11 million plus commission of 10.45 percent = final price of $1.22 million. Borrani wire wheels. Represented as matching numbers engine, repainted from the original Grigio Fumo (which would be much more appealing.) Sold at the Domeinen auction in 2001 from the Dutch government-seized Zwolsman Collection for $74,219 in the same colors. Lot # 76. Gooding & Company.

    275 GTS, S/N 6805 (1965). Rosso Cina with black leather. Estimate $1.3 million to $1.6 million. Not viewed, notes from the catalog. Hammered sold at $1.2 million plus commission of 10.42 percent = final price of $1.32 million. Borrani wire wheels. No recent service history but represented as the original engine. Lot # 26. Gooding & Company.

    275 GTB, S/N 6899 (1965). Argento with black leather, gray cloth inserts. Estimate $2.2 million to $2.4 million. Not viewed, notes from the catalog. Hammered sold at $2 million plus commission of 10.25 percent = final price of $2.2 million. Alloy wheels. Freshly restored by Motion Products, Platinum at the 2018 Cavallino Classic, submitted to Ferrari Classiche for certification but not yet confirmed. Lot # 245. RM Sotheby’s.

    365 GTC/4, S/N 14969 (1971). Black with black leather. Estimate $180,000 to $220,000. Not viewed, notes from the catalog. Hammered sold at $175,000 plus commission of 12 percent = final price of $196,000. Alloy wheels, Michelin tires, power windows, air conditioning, Blaupunkt stereo, tool kit, jack, owner’s manual. Offered at Auburn Fall six months ago where it was reported bid to $200,000. Lot # 221. RM Sotheby’s.

    365 GTB/4, S/N 15717 (1972). Silver with black leather. Estimate $650,000 to $725,000. Cosmetic restoration, 3+ condition. Not sold at hammer bid of $575,000. Becker Europa AM-FM, Veglia air conditioning, power windows, Borrani wire wheels, Michelin XWX tires, Mallory ignition modules, jack, books and tools. Good clearcoat paint cracked at the hood front corners. Lightly wrinkled upholstery and good dash top. Sound chrome. Old window tracks. Clean, orderly engine compartment. A sound driver. Classiche certified. Daytona values have been in flux for some time, steadily weakening but not to the point of the excessively conservative amount offered for this sound and largely original example. Lot # 143. RM Sotheby’s.

    512 BBi, VIN ZFFJA09B000040731 (1982). Red with black leather, gray cloth inserts. Estimate $275,000 to $350,000. Not viewed, notes from the catalog. Not sold at hammer bid of $230,000. Pioneer stereo, power windows, TRX tires, Classiche certified. Represented as just over 5,000 miles, Federalized gray market. Lot # 07. Gooding & Company.

    512 BBi, VIN ZFFJA09B000048165 (1983). Rosso Corsa with beige leather. Estimate $275,000 to $325,000. Cosmetic restoration, 2- condition. Hammered sold at $230,000 plus commission of 12 percent = final price of $257,600. Pioneer cassette stereo, alloy wheels, TRX tires, Borletti air conditioning, Vitaloni mirrors. Decent recent repaint, new upholstery, good dashtop. good chassis, underbody and engine compartment. Sold by RM at Meadow Brook in 2002 for $71,500 in original but good condition, then by RM at Arizona in 2017 for $210,000 in a post-block transaction. The recent work is a positive addition to its condition and presentation, but the bidders didn’t seem to accord it much if any value in this moderate price and is a sound value for the new owner. Lot # 234. RM Sotheby’s.

    TESTAROSSA, VIN ZFFSG17A3J0076758 (1988). Rosso Corsa with tan leather. Estimate $85,000 to $105,000. Unrestored original, 3 condition. Hammered sold at $57,500 plus commission of 12 percent = final price of $64,400. Michelin tires, MOMO steering wheel, books, tools, luggage. Showing 38,992 miles, which is a little high in Ferrari world, although it had an engine-out service at 33,000 miles and a transmission rebuild shortly after. The paint is pretty dull (and very faded on the engine cover), and there is a small scratch below the right headlight. Lots of chips in the side strakes as well. Black paint is flaking off around the driver’s door lock. Serious wear on the driver’s seat, especially on the bolsters. The carpets are a little worn as well. Some Testarossas led the typical babied life that most Ferraris do, but some were driven a lot and not particularly carefully, either. This is one of the latter. This is the lowest-priced Testarossa we’ve seen at auction in several years, but buyers’ indifference to less-than-perfect cars was on full display in Amelia this year and this one got little attention. Bonhams sold it only a few months (and 20 miles) ago at Quail Lodge for $78,400. Lot # 270. Bonhams.

    550 MARANELLO, VIN ZFFZR49A1W0111683 (1998). Rosso Corsa with tan leather. Estimate $75,000 to $100,000. Unrestored original, 3+ condition. Hammered sold at $70,000 plus commission of 12 percent = final price of $78,400. Michelin tires, Sony CD stereo, books and tools. Showing 31,250 believable miles. Several chips on the nose and headlights. Some peeling on the windshield frame. Light wrinkling and flatness on the driver’s seat. Some discoloration on the steering wheel. Classic colors and regularly serviced, but a 20-year-old Ferrari is often more pampered than this, and it’s essentially a driver-quality car. A very weak price for a 550 in classic colors that doesn’t look particularly bad, but the Carfax does show a rear-end collision in 2010. While well and professionally repaired, accident history is always going to be a knock to this car’s value. Taking that into account, this price makes a lot more sense. Lot # 210. Bonhams.

    550 MARANELLO, VIN ZFFZS49A6Y0118278 (2000). Titanium with black leather. Estimate $140,000 to $160,000. Not viewed, notes from the catalog. Hammered sold at $165,000 plus commission of 12 percent = final price of $184,800. 5-spoke alloy wheels, yellow calipers, chip guarded nose. Represented as <4,200 miles from new. Lot # 246. RM Sotheby’s.

    575M MARANELLO, VIN ZFFBV55A240134699 (2003). Argento Nürburgring with black leather. Estimate $250,000 to $300,000. Unrestored original, 2- condition. Hammered sold at $235,000 plus commission of 12 percent = final price of $263,200. P Zero tires, Fiorano Handling Package, Scuderia shields, carbonfiber sport seats. From the Youngtimer collection, one of the few Ferraris of the group. Excellent paint and body with no noticeable signs of use. The interior is immaculate. A like new car with 7,800 miles. On certain late-model Ferraris, that open-gate shifter between the seats can carry a six-figure premium, and the 575 is one of those cars. This is an appropriate result for this one, the bidders rightfully recognizing the rarity of the transmission. For reference, even the very best paddle-shifted 575s trade for well under $200 grand. Lot # 110. RM Sotheby’s.

    575M MARANELLO F1, VIN ZFFBV55A650140877 (2005). Nero Daytona with black leather. Estimate $140,000 to $180,000. Unrestored original, 2 condition. Hammered sold at $115,000 plus commission of 12 percent = final price of $128,800. Red calipers, modular wheels, Pilot Super Sport tires, GTC handling package, Daytona-style seats, Becker CD stereo, books, tools, air compressor. A desirably equipped 575 with 12,000 careful miles. Belt serviced in 2014 at 10,865 miles. It still looks nearly new. Gooding’s $140,000-$180,000 presale estimate on this very good 575 was perfectly realistic, but the car crossed the block at no reserve and struggled to a modest price, just like the similarly good but more valuable Superamerica that sold 40 lots before it. Lot # 72. Gooding & Company.

    612 SCAGLIETTI, VIN ZFFAA54A250142862 (2005). Nuovo Grigio Ingrid with crema leather. Estimate $250,000 to $350,000. Unrestored original, 2 condition. Hammered sold at $260,000 plus commission of 11.92 percent = final price of $291,000.  Climate control, Ferrari stereo, modular wheels, P Zero tires, silver calipers, shields, yellow tach face. 3,000 miles and like new. The 6-speed effect is apparent in this result which easily doubles the price of a comparable mileage and paddle-shifted 612 Scaglietti, a premium firmly fixed in the minds of today’s buyers. Lot # 127. RM Sotheby’s.

    SUPERAMERICA F1, VIN ZFFGT61A350145381 (2005). Black with black, red leather.  Estimate $325,000 to $375,000. Unrestored original, 2 condition. Hammered sold at $250,000 plus commission of 12 percent = final price of $280,000. BBS modular wheels, Potenza tires, Daytona-style seats, GTC handling package, shields, yellow calipers, carbon ceramic brakes, books and tools. Rare Superamerica model with 9,000 miles and a full service history. One of 170 for the US market. Very good paint, clean wheels, and the driver’s seat looks like it’s only been sat in a handful of times. Essentially like new, as you’d expect from a late model limited-production Ferrari. The only thing that would make it more desirable is a 6-speed, as only about 10 percent of the US market Superamericas got one. Belt serviced about 300 miles, but three years, ago. Based on the 575, the Superamerica cost over $300 grand when it was new and limited-production Ferraris are essentially guaranteed to be collectible in the long-term, so this result for a good example was surprisingly modest. Lot # 32. Gooding & Company.

    599 GTB FIORANO F1, VIN ZFFFC60A970156417 (2007). Vinaccia with crema leather. Estimate $200,000 to $225,000. Unrestored original, 2- condition. Hammered sold at $170,000 plus commission of 12 percent = final price of $190,400. Shields, one-piece alloy wheels, Bridgestone tires, silver calipers, climate control, Ferrari stereo, yellow tach face, carbon fiber interior trim, chip guarded nose and mirrors, carbon ceramic brakes. Discolored console trim, a few small scuffs, unblemished upholstery. 2,961 miles. Despite the low miles several aspects of this 599 GTB are troubling and indicate a casual approach to maintenance and care that isn’t reassuring. That didn’t seem to deter the bidders, though, who paid a realistic retail price for it, perhaps on account of the rare and striking color. Lot # 148. RM Sotheby’s.

    F12tdf, VIN ZFF81BFA1H0220191 (2017). Metallic Blu Tour de France with tan leather, blue Alcantara. Estimate $950,000 to $1.1 million. Unrestored original, 2 condition. Hammered sold at $875,000 plus commission of 10.57 percent = final price of $967,500. Yellow calipers, yellow tach face, adaptive lighting, rear seat, carbon fiber interior trim. Two owners, 350 miles, unblemished and like new. This is a particularly attractive color combination, low miles, exceptional care and condition and a sound retail value for the new owner. Lot # 147. RM Sotheby’s.

    DINO 246 GT, S/N 03162 (1972). Rosso Chiaro with black leather. Estimate $280,000 to $350,000. Visually maintained, largely original, 3+ condition. Not sold at hammer bid of $250,000. Cromodora wheels, Michelin XWX tires, ANSA exhaust, leather-wrapped steering wheel, Motorola radio, power windows, air conditioning. Long scratch on the right headlight lens. Light scratches on the front bumperettes. Presentable but slightly tired older repaint. Original interior with worn but well-kept and still soft leather. The dash and switchgear are pretty dull but the gauges are clear. Pretty clean underneath. Light restoration work with an original interior. A driver quality Dino. A perfectly fair offer for a good but flawed 246 GT that should have been taken. Way back in 2000 at Quail Lodge, this car sold in essentially the same condition for $61,900. Lot # 122. RM Sotheby’s.

    DINO 246 GTS, S/N 07824 (1974). Red with black leather, red bars. Estimate $275,000 to $350,000. Not viewed, notes from the catalog. Hammered sold at $270,000 plus commission of 11.85 percent = final price of $302,000. Cromodora alloy wheels, air conditioning, power windows, manuals, tools and jack. One owner, represented as 46,062 miles from new. Serviced in 2014 at 10,865 miles. Lot # 11. Gooding & Company.

    308 GT4, S/N 10196 (1975). Dark blue with dark blue leather. Estimate $45,000 to $65,000. Unrestored original, 3- condition. Hammered sold at $34,000 plus commission of 12 percent = final price of $38,080. Cromodora wheels, Michelin XWX tires, MOMO steering wheel, power windows, air conditioning, Blaupunkt cassette stereo, books and tools. All original and showing 36,854 miles. Recent service, including belts. Dull plastic bumpers with some cracks on the rear. Dull paint with two sizable cracks behind the right window. Worn interior with rough seats and a big rip on the driver’s side. Represented with a recent service, but the 308 GT4 was a budget Ferrari for decades and lots of them weren’t all that well taken care of. This one’s presentation isn’t reassuring. There’s no such thing as a ‘cheap’ Ferrari anymore, but the 308 GT4 is among the least expensive tickets to Ferrari ownership. This is about the bottom end of the price spectrum for a passable GT4, but no less than this example really deserves. Lot # 308. Bonhams.

    308 GTB VETRORESINA, S/N 19739 (1976). Argento Auteil with black leather. Estimate $160,000 to $180,000. Visually maintained, largely original, 3- condition. Hammered sold at $98,000 plus commission of 12 percent = final price of $109,760. Blaupunkt cassette stereo, Borletti air conditioning, Cromodora alloy wheels, Michelin XWX tires. Poor old clearcoat repaint with too many cracks, chips and scuffs to recount. Sound original upholstery, worn steering wheel rim leather and scraped dashtop edge. Peeling driver’s windshield post base. Old undercoat peeling off in the wheelwells. A highly disappointing, neglected old Ferrari. The bidders were not, for all the right reasons, taken by this neglected old Vetroresina 308 GTB, but their reticence brought the successful bidder an unusually good value in a rare and distinctive Ferrari. It’s a frog, but some well-placed kisses could make it prince-like although had it been presented dusty, dirty and bird poo-covered it might have brought a barn-find premium. Collectors’ motivations are sometimes hard to fathom. Lot # 68. Gooding & Company.

    328 GTS, VIN ZFFXA20A7H0070141 (1987). Oro Chiaro with black leather. Estimate $75,000 to $100,000. Unrestored original, 3+ condition. Hammered sold at $47,000 plus commission of 12 percent = final price of $52,640. Continental tires, Blaupunkt cassette stereo. The caps on the wheels are a little dull and the one on the left front is cracked. A few chips on the nose but mostly very good paint in rare but not particularly pretty Oro Chiaro. The rubber trim around the roll bar and windshield is pretty dry. Lightly worn seats. Tidy underneath and represented with a service history. Showing 41,397 miles and essentially just a used 328. This isn’t a great 328 and there likely aren’t nearly as many people who want a gold Ferrari as much as a red (or yellow, or black, or blue.) Ferrari. This was nevertheless a fairly modest result for a decent example, even more modest than the $55,000 it brought at RM Fort Lauderdale last year. Lot # 274. Bonhams.

    328 GTS, VIN ZFFXA20A5H0071899 (1987). Rosso Corsa with tan leather. Estimate $90,000 to $120,000. Unrestored original, 2- condition. Hammered sold at $67,500 plus commission of 12 percent = final price of $75,600. P Zero tires, cassette stereo, books, tools, jack. Belt service just two months ago and showing 19,958 believable miles. Fantastic paint. A few tiny scrapes on the wheels. The rubber on the top of the windshield and roll bar is a little dry. Light but visible wear on the seats. A mostly very good 328 in classic colors, but a little used. The 308 and 328 fell out of favor a bit recently as some of the attention turns to later V8 Ferraris, but prices for good ones are still relatively strong, and this was a spot-on result. Lot # 34. Gooding & Company.

    F40, VIN ZFFGJ34B000091464 (1991). Red with red cloth. Estimate $900,000 to $1.1 million. Unrestored original, 2- condition. Hammered sold at $920,000 plus commission of 10.54 percent = final price of $1.02 million. Shields, modular wheels, P Zero tires, OMP fire system, felt dash top, 5-point competition belts. Dirty, loose fitting driver’s seat, otherwise clean and well-maintained. Represented as 27,063 km from new. Upgraded brakes and suspension. Sold by RM at the famed Duemila Ruote auction in 2016 for $1.09 million. The modifications and mileage do this car no favors, factors the bidders at the Ritz-Carlton took into account with this result. Lot # 137. RM Sotheby’s.

    F355 CHALLENGE, VIN ZFFPR41A2S0104321 (1995). Red with red cloth. Estimate $150,000 to $200,000. Competition car, original as-raced, 3+ condition. Hammered sold at $137,500 plus commission of 12 percent = final price of $154,000. Speedline mag wheels, OMP carbon fiber seats, roll cage, wing. Good repaint for show purposes but the rest is aged, clean and as-raced. Engine-out service in 2015. Originally owned and raced by Lawrence Stroll with appropriate Tommy Hilfiger livery. This is a magnanimous result for an old F355 Challenge car. Lot # 84. Gooding & Company.

    F430 F1 SPIDER, VIN ZFFEW59AX80159148 (2008).  Marrone 1971 with brown leather, black bars. Estimate $200,000 to $250,000. Unrestored original, 2- condition. Hammered sold at $200,000 plus commission of 12 percent = final price of $224,000. Black calipers, one-piece alloy wheels, carbon fiber interior trim, climate control, Ferrari stereo, yellow tach face, carbon fiber interior trim. Good original paint and barely creased upholstery. Dirtier chassis and engine compartment than expected for the 3,657 miles it’s covered. One owner. Both the colors and generally good condition play into this F430 Spider’s value, but this result exceeds the limit of the “realistic” envelope even taking those factors into account. It is an expensive (but distinctive) Ferrari. Lot # 154. RM Sotheby’s.

 

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