The Amelia 2025 auctions provided a fascinating snapshot of the wider American classic and collector car market.
RM Sotheby’s ModaMiami sale in the previous days had provided an uneven but broadly positive take on the market, but with Gooding & Co and Broad Arrow going head-to-head during the Amelia weekend, perhaps we got a truer vision of where the market lies.
The year got off to a great start in the US at Scottsdale, but since then some of the positivity has started to drain away. Speaking to a few collectors and dealers on both sides of the Atlantic, it seems that although the US is a much more favourable place compared with Europe at the moment, political instability is causing some nervousness. However, the appetite is still there.
The big takeaway was that while estimates were often too high, vendors were realistic – Gooding sold 93 percent of its 144-strong selection for a total of $67,427,210, while Broad Arrow sold 88.02 percent of its 147 lots offered, realising $61,674,390. This does underline that there is an appetite in the American market, just not as optimistic as some of the estimates might suggest. A stark example of that is the above 1954 Jaguar D-type OKV 2 sold via Broad Arrow; it went for $4.295m against a $6.5m-$8.5m estimate.
We’ll dive into some of the market segments in more detail below, but what was your stand-out car from the Amelia 2025 auctions?
Ferraris gallop along
Both Broad Arrow and Gooding & Co’s leading lots at the Amelia 2025 auctions were Enzo-era Ferraris, and at the end of the sales they led the way, both selling within estimate. The above 1959 250 GT LWB California Spyder had Le Mans history and finished at $9.465m, just shy of its $10m-$14m estimate.
Gooding & Co’s top lot from the Amelia 2025 auctions came from the Fred Leydorf Collection – the 1955 375 MM Berlinetta (main picture) was estimated at $8m-$10m and sold for $9.465m. In a market where Enzo-era Ferraris have been losing their lustre for a while, these are good results, although each were very special cars even in that vaunted realm. What about more ‘normal’ Enzo-era cars?
Broad Arrow’s 1968 330 GTC sold for $637,500 ($625k-$675k est), but its 1961 250 GT Pininfarina Cabriolet Series II failed to sell. Gooding had a much bigger selection to choose from; its 1963 400 Superamerica sold for $2.535m against a $2.5m-$3m estimate; a 195 Inter went for $675k ($700k-$900k est); a 1966 330 GT 2+2 sold for $296,500 ($325k-$375k est); a 1969 365 GTC hit above its $650k-$850k estimate at $951k; a 1955 250 Europa GT sold for $1.765m ($1.75m-$2.25m est); a 1967 330 GTS went for $1.6m ($1.75m-$2.25m est); and a 1970 365 GT 2+2 managed $145,600 ($180k-$220k).
Broad Arrow brought along a larger selection of more modern Ferraris, with two Testarossas that fell short of their pre-sale estimates, and one 525-mile car that landed within estimate. A US-spec F40 also slightly disappointed, selling for $3.665m against a $3.8m-$4.2m estimate. Over at Gooding, its 1986 Testarossa sold for $190,400 against a $225k-$275k estimate. Taking out the 525-mile car at Broad Arrow, this could indicate that the fever for Testarossa variants might be slowing a little after a feverish 2024. Instead, could the interest be moving to its immediate replacement?
Both Broad Arrow and Gooding brought several 550 Maranello/575M variants, no doubt spurred on by the surprising 550 Barchetta result in Paris. We didn’t see such estimate-blasting results in Miami, however, with Gooding’s 575Ms selling for below estimate and its Giallo Fly 550 going for $179,200 against a $150k-$180k estimate.
Broad Arrow’s 575M Superamerica (pictured above) sold for smack-bang in the middle of its pre-sale estimate at $401k, while its black 575M went for a slightly above-estimate $179,200. A rare-spec 550M with the Fiorano Handling Pack and a divisive Grigio Ingrid finish hit just shy of its $185k-$200k estimate at $196k.
Pre-merger AMGs – a hype too far?
One of the major themes going into the Amelia 2025 auctions was the focus on pre-merger AMG Mercedes-Benzes. Broad Arrow brought a selection of models varying in the level of ‘AMG-ness’, with some having the full-fat drivetrain modifications, and some having just the visual additions. Then there was a vibrant red example that had all the chassis bits and no bodykit. There was certainly plenty of choice.
However, it was Gooding & Co that really dominated the pre-merger AMG talk with its pair of manual W124 V8s (pictured above). Both were described as being unicorn spec: the vast majority of pre-merger AMGs of all kinds are automatics, but Gooding’s duo were manuals. As such they carried lofty estimates – the two-door 300 CE 6.0 AMG Hammer $1.5m-$2m, the four-door 300 E AMG Hammer 6.0 $1.25m-$1.75m. As we pointed out in our preview, these estimates were particularly bullish, given that on the open market the top prices paid for any pre-merger AMG W124 were significantly less, with Broad Arrow’s 2023 result of $885k.
On the day, Gooding’s W124s sold for prices in the same ballpark as Broad Arrow’s 2023’s results. The 300 CE 6.0 AMG Hammer sold for $665k, while the 300 E AMG Hammer 6.0 sold for $753k, slightly less than the Broad Arrow high watermark for four-doors. So what went wrong? Well, Mercedes-Benzes of this era aren’t well known for the quality of their manual shift, so other than rarity bragging rights, it’s perhaps difficult to justify the premium the estimate suggested just to have a third pedal. There are other factors, too: American-made AMGs are perhaps more in demand than examples that were converted in Europe rather than being an ‘AMG car’ from the start.
Perhaps the fever pitch around pre-merger AMGs generally has also started to dissolve a little. Broad Arrow’s selection of AMGs largely fell short of their estimates, too. While the headline lot, the above 1988 Mercedes-Benz 500 SEC AMG 6.0 Widebody, sold within its $500k-$600k estimate at $522k, the others fell short of their low estimates by hefty margins, or failed to sell at all.
What we’re seeing is perhaps some realism and market forces at play – supply has caught up with demand. Although rare by the standards of even Ferrari or Porsche, these days there are enough pre-merger AMGs coming to market that it means buyers can afford to be picky; for a long time, any pre-merger AMG coming to market was news in itself. Now there are a few in each auction cycle.
Oh, and one final thought; according to avowed enthusiasts of pre-merger AMGs, the use of the word ‘Hammer’ should be restricted to M117 V8 models, whereas auction houses appear to liberally use the word across any V8-powered AMG model. This doesn’t necessarily create a great impression to the knowledgeable fan base who buy these cars…
Ruf justice in the Porsche world
Not all the lofty pre-auction estimates for modern classic-era cars were as wildly off-beam at the Amelia 2025 auctions. Gooding & Co’s pre-sale estimate for the above, much-vaunted 1989 Ruf CTR Yellowbird was estimated at in advance of $6m, and indeed that’s what it went for (after fees)… by $55k. This was enough to set a new Ruf record. To prove that it wasn’t a fluke, a 1997 Ruf CTR2 burst its $2m-$2.5m estimate to sell for $2.645m, a record for the model.
But what about the wider Porsche market? It’s proving to be a tricky year for 356s and early 911s, with estimates some way north of sales figures. Gooding & Co’s 1956 356 A European Cabriolet sold for $252k against a $300k-$350k estimate, while a 1965 356C Carrera 2 landed just shy of its $550k-$650k estimate at $511k.
There were some good results for Gooding & Co: a 1952 356 1500 Super sold for $235.2k against a $150k-$200k estimate, and a 1959 356 A 1600 GS/GT Carrera Speedster landed within estimate at $973k.
Non-911/356s had mixed time of it – while the 904 Carrera GTS sold for an estimate-busting $2.205m ($1.5m-$1.8m est), and a 1988 959 Komfort sold within estimate ($2.205m), a 1970 914/6 GT and a uniquely specced 1994 928 GTS failed to sell.
Over at Broad Arrow, the theme of slightly over-estimated early 911s and 356s appeared to mirror that of Gooding. The above 1965 911 sold for $184,800 against a $200k-$230k estimate, and a 1955 356 Pre-A 1500 Continental sold for $156,800 against a $175k-$250k. As we’ve suggested before, the malaise that’s afflicted 1950s and ’60s British and Italian cars appears to be moving to the Porsche realm. Early 911s and 356s are an acquired taste to drive compared to later models, and demographics move on. It should be noted that the vendors were realistic and many new homes were found. For Broad Arrow, its top Porsche result was the above 2015 918 Spyder, which sold for $2.315m against a fairly narrow $2.25m-$2.4m estimate.
And the rest?
Broad Arrow’s second-highest result came with the above 1971 Lamborghini P400 SV, which sold for $4.46m against a $4.5m-$5m estimate, while as mentioned earlier the 1954 Jaguar D-type OKV 2 sold for $4.295m against a $6.5m-$8.5m estimate. A 1958 BMW 507 Series II Roadster sold for $2,122,500 ($2.1m-$3.2m est), while a 2018 Pagani Huayra Roadster found a new home for $3.415m ($3.2m-$3.6m est).
However, one of the more emotional sales was the 1934 Hispano-Suiza J12 Vanvooren Cabriolet that was severely burned just after having appeared at 2024’s Pebble Beach Concours d’Elegance. Estimated at $300k-$500k, it sold for $224k.
Over at Gooding, other highlights included the above 1935 Avions Voisin C25 Aérodyne, which sold for $1.985m ($2m-$2.5m est), a new record for the C25; a 1968 Lamborghini P400 S that sold for $2.45m ($2.5m-$3m est); a 1931 Duesenberg Model J Convertible Sedan that sold for $2,342,500 ($1.7m-$1.9m est); a 1953 Siata 208 CS that sold for $1,407,500 ($1.5m-$2m est); and a 1965 Alfa Romeo Giulia TZ, which sold for $1.16m ($1.3m-$1.6m est).
Further details
For more information on the Broad Arrow sale, head here.
For more information on the Gooding & Co sale, head here.
