Falling in love at the Florida auction

It helps to be rich at Amelia Island -- 312 breaks heart, but not pocketbook

AMELIA ISLAND, FLA.—I am a true romantic. I believe in love at first sight. And it was on a grassy knoll that I first laid eyes on what I thought to be my destiny.

He was beautiful — in every sense of the word. I found love under the preview tent here in Florida at the RM Collector Car Auction.

The auction was part of the annual concours d'élégance held here, and certainly the most exciting part. Chatham, Ont.'s RM Auctions Inc. has dealt with some of the most exclusive and prestigious cars across the globe. Here were throngs of beautiful collector cars — from classics to modern, race and road cars of all vintages, all for sale to the highest bidder.

I've shied away from auctions because of my fear of scratching my head and accidentally buying some white elephant. But it doesn't work that way. To be able to bid on RM's collection, I would have to register first, bidding either in person, by telephone or on the Internet.

Being there in person proved to be more exciting, as the energy spread through the auction tent. I swore to keep my hands in my pockets and not bring the American Express card. I was safe until I saw my love: the 1972 Ferrari 312 PB.

Because of my unfamiliarity with evaluating collector cars, earlier that day I'd signed up for a seminar on the topic given by Keith Martin of Sports Car Market Magazine.

Auction expert David Kinney led my group around the preview to see first-hand what to look for when wanting to purchase a collectible vehicle.

While Kinney doesn't pick apart any vehicles, RM has the crème de la crème of the automotive field here as examples. He points out what can make a car more valuable, from the look and condition of the car, to the history and desirability.

My valuation is different. If I love the car, it is priceless — a sign of true love. My nostalgia for the Ferrari marque validated the need for the 312 to be in my garage.

I watched fellow bidders poke and prod my future car until the time came for the auction to begin. Off the lawn, the Ferrari is placed in line. Slowly, it makes its way to the auction tent, which is filled with enthusiastic buyers, onlookers and fans.

Famed race car driver Brian Redman introduces the 312 PB to the crowd. He gives us an account of his meeting with Enzo Ferrari himself, as a video shows the car racing in its glory. If I end up owning this car, I will be in the driver's seat that held such notable racers as Jacky Ickx and Carlos Reutemann. The current owner, a Puerto Rican Ferrari enthusiast and collector, has restored it to "better than new" condition.

Chassis number 0892 boasts a documented history but, more importantly, it has the glorious sound of Ferrari's racing flat 12. The 2,992 cc alloy engine with twin overhead camshafts and Lucas port injection howls 450 hp at 11,500 rpm. Its 650 kg comes from a multi-tube steel chassis with riveted aluminum panels that form a semi-monocoque.

Four-wheel disc brakes with vented rotors are hidden behind Campagnolo magnesium road wheels. It is a pristine example of this part of Ferrari's racing heritage.

The bidding starts at a furious pace. Auctioneer Peter Bainbridge keeps calm as the price creeps up. One million dollars. A million-two. The bids are now in $100,000 increments, and those are U.S. dollars. He is respectful but persistent. He scans the crowd of 1,500 for the buyer holding up his/her card. It is standing room only here now.

My Ferrari 312 PB is now hovering at $1.6 million. A hush falls on the crowd as RM auction founder Robert Myers is on the phone with a customer. The reserve — the minimum price the car will sell for — has not been met. But we are so close.

I pondered bidding $1.7 million, but after buying lunch at the Ritz-Carlton, my pocket book is empty.

"Going once," I hear Bainbridge call. "Going twice," he adds and, with a pound of his gavel, the Ferrari auction is finished.

I sit there defeated as I watch the car move off the auction block. As luck would have it, my love did not sell. A rarity, but sometimes cars do not meet their reserve price.

RM Auctions had a respectable 80 per cent sell rate at this auction and my Ferrari was one of the few that did not find a new home.

My 312 PB is now in the secured garage waiting to be packed up and shipped back to his owner which, unfortunately, is not me. It might yet be sold later in the day, though, as these deals sometimes happen with the big-money cars.

I leave with a more healthy credit card balance but, of course, a broken heart.

If $1 million is out of your league but you still want to collect cars, the Toronto International Spring Classic Car auction presented by RM is here April 2-4 at the International Centre in Mississauga.

In the course of three days, more than 450 cars are scheduled to be passing through, of all shapes, sizes and prices.

If your wallet only allows you to bid on a hamburger, think of the Spring Classic Car auction as a unique auto show.

For the price of admission, the opportunity is there for you to get car crazy and maybe find a four-wheeled friend.

Who knows? I may find true love again after all.