RM Auctions: Unrestored Shelby Cobra Auction Price Outperforms Gold Market Five Fold

By Auto News Log • March 7th, 2011

• Fifth annual ‘Collector Cars of Fort Lauderdale’ records over $17.2 million in total sales

• Top seller: “Barn find” 1963 Shelby Cobra sells for $467,500 and outpaces record gold market

• Bidders hail from fifteen separate countries

FORT LAUDERDALE, FLA. − Auctions America by RM posted $17,248,846** in total sales at its annualCollector Cars of Fort Lauderdale auction event this weekend. The top seller, a barn-find 1963 Shelby Cobra (chassis no. CSX 2080), changed hands for $467,500 and represents a unique opportunity to make a direct comparison between the rise in a collector car’s value and that of a traded commodity – gold.

The matching-numbers CSX 2080, the fifth 289 Cobra built, was purchased by its second private owner in 1981 with $30,000† worth of gold coins. The cumulative average market gold price that year was $460 per ounce. The car was driven only once by its new owner and then parked for the next thirty years, leaving it in very original, unrestored condition for its appearance on the auction podium in Fort Lauderdale.

Since 1981 gold values have fluctuated, but have steadily been on the rise over the last decade and reached an all-time high on March 2, 2011, closing at $1,437.20 per ounce. Based on the current gold market, the original investment of gold coins has more than tripled in value and would be worth approximately $93,730 today. The $467,500 selling price of CSX 2080 represents an increase of about 15 times the original purchase price of $30,000 and outperforms the gold market five times over.

“Recently the media has explored the value of collector cars as more than just items to drive and enjoy as a hobby. There is strong potential for beautiful and rare automobiles as tangible assets to offer good returns on a collector’s investment,” stated Donnie Gould, President, Auctions America by RM.

“To avoid disappointment we always counsel our clients to research potential purchases well and, above all else, buy cars that they are truly passionate about,” added Gould.

Presenting all categories and genres of motor cars, the 2011 Collector Cars of Fort Lauderdale event saw a total of 498 automobiles go under the hammer with a 68 percent sell through rate. Registered bidders representing 15 different countries participated in the auction onsite, on the phone and over the Internet.

Collector Cars of Fort Lauderdale Top 5 Sales:

• 1963 Shelby Cobra, CSX 2080: $467,500.00

• 1932 Duesenberg Model J Dual Cowl Phaeton, Engine no. J315: $440,000.00

• 1957 Desoto Adventurer: $187,000.00

• 1995 Batmobile from the film ‘Batman Forever’: $165,000.00

• 1938 Ford Hot Rod: $165,000.00

Complete official results for the 2011 Collector Cars of Fort Lauderdale auction are posted online at www.auctionsamerica.com

Up next on the Auctions America by RM calendar is the Spring Auction, April 28 – 30, 2011 at the Carlisle (PA) Expo Center as part of Carlisle Events’ annual Spring Carlisle swap meet and car corral weekend event. The auction schedule has been expanded to include a third day where a total of 300 motor cars will go under the hammer. For complete event and consignment information for the auction, please call the Auctions America by RM office on +1 260 927 9797 or visit www.auctionsamerica.com.

Photo caption: The 1963 Shelby Cobra, CSX 2080, on the podium at the Auctions America by RM Fort Lauderdale sale on March 5, 2011 with David Goodman, son of the Cobra’s first owner, at the wheel.
(Photo credit: Veda Jenkins, courtesy of Auctions America by RM)

Footnotes:

** All sales figures are listed in U.S. dollars and include the buyer’s premium: 10 percent on automobiles; 15 percent on memorabilia items.
† All other figures including gold values are listed in U.S. dollars

ABOUT AUCTIONS AMERICA BY RM

Auctions America by RM was formed in July 2010 as a subsidiary of the world’s largest collector car auction house, RM Auctions. It is headquartered in Auburn, Indiana at its 235-acre Auburn Auction Park and will host five multi-day events in 2011. The Auctions America by RM team, led by collector car expert Donnie Gould, specializes in American classics, Detroit muscle, hot rods, customs, and vintage motorcycles. To learn more about Auctions America by RM and its calendar of events, please visit www.auctionsamerica.com.

For further information, hi-res images and interview opportunities please contact:

Kerrey Kerr-Enskat
kerrey@auctionsamerica.com
+1 818 577 7214

Source: RM Auctions

 

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