Well, it has been a while since we have been able to post a blog entry and it is certainly good to be back! There is however a reason why our posting has slacked a bit. A couple weeks ago we began our journey south to attend the annual Ameila Island Concours along with the […]
Well, it has been a while since we have been able to post a blog entry and it is certainly good to be back! There is however a reason why our posting has slacked a bit. A couple weeks ago we began our journey south to attend the annual Ameila Island Concours along with the auctions leading up to Sunday’s show. It was great being able to step off the plane and breathe in the fresh 75 degree air coming from Philadelphia were temperatures still hovered around the freezing mark for most of the day. Amelia is a perfect spring get away for any car guy when cabin fever starts setting in during the coldest winter months. First call of duty was the Gooding Company and RM Auction previews where each company assembled an impressive set of offerings to be sold to the highest bidder. We had our eyes on a 2001 Ferrari 360 Challenge; a rough, tatty, track car that we could enjoy at Pocono or Watkins Glenn in the coming months. Bidding was fierce and it quickly sold to $90,750 including premium, far past the $70,000 mark that we were willing to spend.
When the dust settled, over $66 Million worth of collector cars were sold between the two auction companies proving there is no end in sight for the constant upward trend in value. German and Italian cars remain the strong marques that continue to push values up across the board. Amelia Island, once known (to us) as a heavy pre-war classics sale, has become yet another event where 50’s and 60’s sports cars dominate the auction offerings. Are we stepping into a new era were the true classics are declining in value simply because the folks that appreciate these cars are not around to keep the trend alive? Maybe, but the special bodied, rare, interesting pre-war classic will always and forever have value while the less desirable “plain Jane” cars may drop off a bit.
The following are a few particular cars that we enjoyed laying eyes on:
RM Auctions: 1972 Ferrari 365 GTC/4- Sold for $335,000
We have been preaching for years that the GTC/4 Ferrari’s are some of the most undervalued examples that the marque has ever produced. With only 505 units produced and overall similarity to its big brother, the Daytona, the GTC/4 was bound to come into its own in this bull market. This was a very nice Platinum winning example that sold to the appropriate price of $335,000. If Daytona coupes are achieving $700,000 range, it is only right that the GTC/4 does about half that value with room for future gain present. We have a GTC/4, the 4th car built in dark blue over red. It is receiving a full engine rebuild and are excited to offer it in the coming months.
RM Auctions: 1930 BNC Type 527 Voiturette- Sold for $181,500
The one that got away. We have been hunting this car for quite some time and were informed about a year ago that another party had purchased it. This car had some amazing period racing photos, excellent patina and a great look. This is precisely where our true tastes lye; mint original cars or tatty originals. Valuation is tough for this car in particular because of what it is.
RM Auctions: 1958 BMW 507 Series II- Sold for $2,420,000
This car was sold out of the Malcom Pray collection. In our minds (and the buyer’s) this is the ultimate 507 finished in gorgeous colors, factory Rudge wheels, and complete with Hardtop. It achieved record money and could be an indicator for an increase across the range for the BMW marque in general. This car had a great patina to it as well which appealed to our eyes that much more. 507’s typically have traded around the 1 million mark and have finally gained the recognition they deserve.
Gooding & Company: 1964 Mercedes 300SL Roadster- Sold for $2,035,000
Gooding has a knack for getting great money for very original, barn find cars and this car was no exception. We loved this car for so many reasons but the biggest was its originality right down to a factory tag still suspended in the engine bay. It was a very late production car with desirable colors, alloy block and disc brakes. The only other component that could make this car better would have been factory Rudge wheels. The price paid here was appropriate to the person who sees and appreciates originality, not the guy looking to impress all of his friends at Pebble Beach.
Gooding & Company: 1969 Porsche 911E- Sold for $137,500
This car was very correctly and fastidiously restored down to the cadmium plating on the correct engine components. We enjoyed looking at this car because of the reference it gave us as to the highest level of Porsche restoration with correctness in mind. Within our Scottsdale Blog a few months ago, we discussed the possible value jump of the 911E’s following the “S” models and this result shed some light on our theory. The T will be next in line! Take a look at our 911T Sunroof by Clicking Here.
After two days and late nights meeting new people, visiting old friends, and enjoying the warm southern air, it was the day of the show. Eager and excited to get on the show field, we had to stop for breakfast amidst our angst at our favorite eatery near the Ritz; called Gourmet Gourmet. We highly recommend this little spot the next time you find yourself on the Island! The show was better than last year’s and is still held in the highest regard by us. Our favorite cars were the factory BMW CSL Batmobiles all lined up together with the Alexander Calder Art Car in a glass case. There were also a very special Zagato bodied. Ferrari 250 TDF that we saw at Pebble Beach a few years ago and one of our favorite cars to date, a Maserati A6GCS/53 Berlinetta. To view all of the photos from the show, take a look at our Facebook photo album here.
Our next stop was south Florida for the whole week to attend the Auctions America Sale. South Florida seems to have classic cars hidden everywhere! We managed to find a 73 Jaguar E-Type in perfect British configuration. It was a roadster in British Racing Green with Biscuit interior, matching numbers, factory 4-speed and even had the original window sticker when purchased new. It was a blast to enjoy for a few days. It later went on to sell at the AA sale for the price it deserved. For all of us at LBI, it was a successful trip!
We have some exciting new offerings coming soon including two BMW e30 M3’s and a Lancia B24 Spider. Please keep an eye on our sight and sign up for our newsletter updates.