Premium cars command premium prices in Boca Raton Posted 2010/02/21 @ 01:00 AM By Myles Kornblatt
It’s the ultimate kind of charity donation. Give enough and you’ll be the first in the country to get a certain supercar. This is the cornerstone of Boca Raton Concours d’ Elegance’s gala auction.
While south Florida can be seen as one of the country’s ultimate playgrounds for the uber-wealthy, it’s also home to many families who need a helping hand. Saturday night’s black tie gala at the Boca Raton Resort & Club was established four years ago to address this issue. For those families that need to work long hours just to provide the basic necessities, the Boys and Girls Club of Broward County steps in to help the children. They provide everything from snacks to keep minds sharp (hunger seriously inhibits attention and learning,) to providing job skills training. The proceeds from this auction go directly to fund these programs.
The main auction items included trips, shopping sprees, and even a boat inspired by NASCAR driver Jeff Gordon. But we were there to see the four rare and exotic new cars find a home before they even hit our shores (the actual cars were not at the auction because they're not expected to be here for a few months.)
First of the cars to go on the block was the first Hyundai Equus to ever be sold in the U.S. This S-Class for E-Class cash had a hammer price of $60,000. While pricing has not yet been announced, that should be a least a few thousand above a comparable car on dealer lots.
Next to go was the Ferrari 458 Italia. The F430’s replacement is expected (like all Ferraris) to be in high demand, and that was reflected in the price. While this isn’t the exact first 458 to be sold in the U.S. (it’s one of the first,) it went for $287,500. Not bad for a 562 hp, 202 mph Italian.
Another “almost first” from this auction was the gullwinged Mercedes SLS AMG. Just like the Ferrari, this SLS AMG is part of the first batch of vehicles coming off the boat, so it’s in high demand. Although it has that advantage over the Ferrari of one more horse under the hood (563 hp), its higher weight (3564 lbs vs. 3042) means a top speed of only 197 mph. This didn’t hurt the SLS AMG’s auction price too badly considering it fetched $250,000 -- possibly a bargain for this in-demand supercar. The SLS AMG will likely be made in extremely low numbers, which should keep its value well over its sticker price. Although U.S. pricing hasn’t been announced, when directly converting European pricing, the car sells for around $242k.
The star of the auction, and the last item for bid was North America’s first Audi R8 V10 Spyder 5.2 FSI. Last year the first 5.2 FSI coupe in America fetched $500,000 at the same auction. So this year’s hammer price of $230,000 for the Spyder may be considered a bargain. The Audi's winning bid is hardly disappointing considering the premium paid over a car’s expected $165k (est.) base price still means a sizable donation.
So why such low prices from the auction this year compared to last year? Does this mean we’re not coming out of a recession? Were bidder’s attentions split over the rare Ferrari, Mercedes, and Audi? We won’t bother providing an answer because anyone who follows auctions knows sometimes cars catch fire and sometimes they go for a song.
The bigger picture is that the premiums the Audi, Ferrari, Hyundai, and Mercedes commanded didn’t buy an espresso machine at the local car dealership. Instead these in-demand items were used to create an opportunity for kids who may get left behind otherwise.
Possibly the lesson learned from this auction is that it not only helps a charity, but it may be the place to pick up a bargain. Those who have to have the latest supercar may want to book a ticket to Boca Raton next year. They may not only save a few bucks on a premium paid for a debuting supercar, but they also get to feel good about it. After all, telling the story at the next country club cocktail mixer of how they bought a supercar to help out the Boys and Girls Club may sound even sweeter than the Audi’s exhaust note.
