What the Amelia Island Auction Has Revealed About Car Collectors in 2017
on Mar 16, 2017 01:30 PM EDT
The Amelia Island Concours d'Elegance in Florida continues to be an attraction. This year is no different. The two-day five-auction event has garnered $121.3 million among money-rich car collectors.
RM Sotheby has emerged as the top-selling collectibles stable as it sold the 1937 Bugatti 57S Cabriolet to the tune of $7.7 million. It has also set a record for a 1929 Stutz Model M coupe which was marketed for $1.705 million. Overall, the average selling price for 2017 at Amelia Island has totaled to $332,345.
Although 2016 has incurred higher revenues, interesting trends this year have been observed. According to Hagerty firm analyst Jonathan Klinger, the biggest turnout has surfaced from the upper-middle market. Interest in vehicles with tag prices between $250,000 and $1 million continues to dip.
What has kept the Amelia Island auction show quite intriguing is the increase presence of buyers from the Millennial (1977-1995) and Generation X (1965-1976) brackets. The targeted merchandise for both generations has focused on sports cars from the 80s and the 90s. People, who once dreamed about getting those vehicles posted on their bedroom walls, are now in position to purchase them.
The not-so-famous models of the Lamborghini and Ferrari franchises are now gaining a lot of attention. The Countach has been able to fetch a considerably high $335,500. On the other hand, the once-low priced Testarossa has breached the hundred thousand dollar mark.
Noticeable as well is the enthusiasm for Porsche models. The 356 brand, which is an attraction for young collectors, has steadily continued its price climb. The water-cooled 928 and 944 turbo have gained more followers. It should be noted that such interests have been driven by the air-cooled 911 models whose values have risen over the years.
Meanwhile, Italian marques like the Fiat, Lancia and the Alfa Romeo have made a surge at the Amelia Island auction event. A 1962 Giulia, for instance, has been sold for $80,300. A 1936 Astura Series III Cabriolet has fetched a $2.145-million tag. Perhaps the biggest reason behind such development is the insurmountable prices of classics like the Ferrari 250 SWB and the Ferrari 275 GTB/4 units.
Affordability has been a vital factor in the increase of participants in the car collection market. According to Klinger, sales in the $100,000-and-below category have been huge. The presence of young purchasers has been noticeable.
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