An $18 million Ferrari leads record classic-car auction at Amelia Island. See all 10 top sellers

Rich automobile collectors spent a file quantity on the classic-car auctions at Amelia Island over the weekend, suggesting the market stays robust regardless of recession fears and falling shares.

Whole gross sales on the Amelia Island public sale reached $178.4 million — a file for the occasion, topping the 2016 file of $140 million, in line with classic-car insurance coverage and occasions firm Hagerty. Over 390 vehicles offered, at a median value of $455,293, up from $435,939.

A complete of 43 vehicles offered for over $1 million, up from 33 final yr, in line with Hagerty.

The robust gross sales and large costs supply the newest signal that the collectibles market is basically defying fears of a recession, rising charges and a falling inventory market. Whereas collectors are beginning to push again on some over-priced choices, total demand for prime trophy vehicles stays robust, particularly amongst a brand new technology of millennial and Gen Z collectors.

“The market is basically robust however not overheated,” stated McKeel Hagerty, CEO of Hagerty.

The costliest automobile offered at Amelia Island was a 1962 Ferrari 250 GT SWB California Spider, offered at Gooding & Firm for $18 million — setting a file for a automobile offered on the Amelia Island auctions.

The runner-up was a 2010 Pagani Zonda R Coupe that went for $5.3 million at RM Sotheby’s, adopted by a 1995 Ferrari F50 Coupe that offered for $5.1 million at RM Sotheby’s. Of the highest 10 costliest vehicles offered, seven had been Ferraris, displaying the continued dominance of the model on the prime of the classic-car market.

Hagerty stated gross sales in the present day are getting an additional increase from youthful collectors who favor what he calls “analog super-cars” — sports activities vehicles from the Nineteen Eighties and Nineties which have the look and high-performance of lots of in the present day’s tremendous vehicles however at a cheaper price and with retro aptitude.

Nonetheless, some bidders appeared to balk at asking costs: In response to the K500 Basic Automobiles Index by Kidston, 60% of the gross sales entries at Amelia Island offered for under their low estimate, in contrast with 48% final yr.

Listed here are the highest 10 vehicles offered by worth on the Amelia Island auctions, in line with Hagerty.

Bought for $18,045,000 by Gooding & Firm.

Bought for $5,340,000 by RM Sotheby’s.

Bought for $5,065,000 by RM Sotheby’s.

Bought for $4,295,000 by RM Sotheby’s.

Bought for $3,965,000 by RM Sotheby’s.

Bought for $3,525,000 by Gooding & Firm.

Bought for $3,525,000 by Gooding & Firm.

Bought for $3,085,000 by Gooding & Firm.

Bought for $2,590,000 by RM Sotheby’s.

Bought for $2,535,000 by Gooding & Firm.