Monterey Car Week is full of things to do. In fact, there are so many opportunities for car lovers, we've put together an entire Monterey Car Week Events Guide just to make Car Week manageable for the average person. One thing there are plenty of: Collector car auctions, and Monterey sales often set the tone of the collector car market for the next year. Yesterday marked the second day of auction sales, and the valuation experts at Hagerty were kind enough to once again share their analysis of day two with us:
Hagerty said:
Overall sales totals through Friday were $142.1M. Even though both RM Sotheby’s and Bonhams started early with an extra day on Thursday this year, gross totals are down about 25 percent (or nearly $50M) from the $191M total through Friday in 2018. While there were 16 more cars offered for the first two days in 2019, nearly 30 fewer failed to meet the reserve and the average sale price was more than $75,000 less.
The day’s most anticipated car – the 1994 LM-spec McLaren F1 offered by RM Sotheby’s – was indeed the day’s biggest sale and the most expensive F1 ever sold at auction with a $19.805M final price. RM Sotheby’s also sold the 1965 Ford GT40 Prototype Roadster for $7.65M, while Gooding & Company sold a closed-headlight 1958 Ferrari 250 California LWB Spider for $9.905M and the 1975 French Grand Prix-winning ex-Niki Lauda Ferrari 312T Formula One car for $6M. Bonhams’ star cars and the biggest of its two-day auction were a 1951 Ferrari 340 America out of 50 years of single family ownership which started a vigorous bidding war and sold for $3.635M, and a 1965 Shelby Cobra 427 that sold for a very strong $1.38M. Mecum also continued its two-wheeled success this week with a 1912 Indian Twin Board Track Racer that became the most expensive Indian ever sold at auction at $253,000, and sold a 198-mile Mercedes-Benz 560SL for a staggering $121,000.
Although sales are down across the board and the general condition of consignments is down compared to last year, many of today’s top sales show that buyers recognize rare opportunities to acquire unique cars with special provenance, and they are willing to pay for them. And even though this is Monterey, buyers were also willing to step up for cars at the more affordable end of the price spectrum in the $25,000 - $50,000 bracket. Standouts in this category include a 1974 Fiat X1/9 selling for $25,760 at Bonhams and a 1972 Datsun 240Z selling for $34,100 at Russo and Steele.
Saturday will close out Monterey auction week with RM Sotheby’s offering the much-anticipated 1939 Porsche Type 64, Gooding & Company running the one-off 1953 Alfa Romeo 6C CM Superflow IV, Mecum bringing out a 2017 Pagani Huayra Roadster, and Russo and Steele presenting a 1995 Porsche 911 RUF BTR2.
As always, we are available for additional market insights and more detailed sales analysis. You can also follow the Monterey auctions in real-time by downloading the Hagerty Insider iOS app.
Overall through Friday from all auction companies
Cumulative Total: $142.1M
518/921 lots sold: 56% sell-through rate
Average Sale Price: $274,324
2018 Cumulative Results for Thursday and Friday*
Cumulative Total: $191.1M
547/905 lots sold: 60% sell-through rate
Average Sale Price: $350,065
* In 2018 Bonhams and RM Sotheby's started on Friday
Overall Top 10 Sales from all auctions through Friday:
1. 1994 McLaren F1 “LM Spec” Coupe sold for $19,805,000 (RM Sotheby's)
2. 1958 Ferrari 250 California LWB Spider (closed headlight) sold for $9,905,000 (Gooding & Company)
3. 1965 Ford GT40 Prototype Roadster sold for $7,650,000 (RM Sotheby's)
4. 1965 Aston Martin DB5 “Bond Car” Saloon sold for $6,385,000 (RM Sotheby's)
5. 1975 Ferrari 312T Formula 1 Race Car sold for $6,000,000 (Gooding & Company)
6. 1951 Ferrari 340 America Berlinetta sold for $3,635,000 (Bonhams)
7. 1967 Ferrari 275 GTB/4 Coupe sold for $2,750,000 (Mecum Auctions)
8. 1913 Isotta Fraschini Tipo IM Roadster sold for $2,645,000 (Gooding & Company)
9. 1969 Ferrari 365 GTS Spider sold for $2,205,000 (RM Sotheby's)
10. 1930 Duesenberg Model J Murphy sold for $2,040,000 (Gooding & Company)
Results broken down by Auction Company:
GOODING & COMPANY
Cumulative Total through Friday: $33.6M
41/63 lots sold: 65% sell-through rate
Average Sale Price: $819,601
Overall Top 10 Sales:
1. 1958 Ferrari 250 California LWB Spider (closed headlight) sold for $9,905,000
2. 1975 Ferrari 312T Formula 1 Race Car sold for $6,000,000
3. 1913 Isotta Fraschini Tipo IM Roadster sold for $2,645,000
4. 1930 Duesenberg Model J Murphy Sport Berline sold for $2,040,000
5. 1993 Porsche 911 Carrera RS 3.8 Coupe sold for $1,710,000
6. 1936 Bugatti Type 57 Atalante Coupe sold for $1,325,000
7. 1977 Porsche 934/5 Race Car sold for $1,187,500
8. 1991 Singer 911 Coupe sold for $857,500
9. 1961 Jaguar E-Type SI 3.8 Flat Floor Coupe sold for $626,500
10. 1965 Lamborghini 350 GT Coupe sold for $610,000
2018 Results through Friday
Cumulative Total: $65.4M
50/64 lots sold: 78% sell-through rate
Average Sale Price: $1,308,956
RM SOTHEBY'S
Cumulative Total through Friday: $62.8M
77/110 lots sold: 70% sell-through rate
Average Sale Price: $815,706
Overall Top 10 Sales:
1. 1994 McLaren F1 “LM Spec” Coupe sold for $19,805,000
2. 1965 Ford GT40 Prototype Roadster sold for $7,650,000
3. 1965 Aston Martin DB5 “Bond Car” Saloon sold for $6,385,000
4. 1969 Ferrari 365 GTS Spider sold for $2,205,000
5. 1966 Ferrari 275 GTB Long Nose Coupe sold for $1,985,000
6. 1965 Aston Martin DB5 Shooting Brake sold for $1,765,000
7. 1963 Aston Martin DB5 Drophead Coupe sold for $1,325,000
8. 1959 Bentley S1 Continental Coachbuilt Drophead Coupe sold for $1,226,000
9. 2005 Porsche Carrera GT Coupe sold for $1,193,000
10. 2008 Bugatti Veyron 16.4 Coupe sold for $1,050,000
2018 Results through Friday*
Cumulative Total: $67.2M
59/75 lots sold: 79% sell-through rate
Average Sale Price: $1,138,792
* In 2018, RM Sotheby's started on Friday
BONHAMS
Cumulative Total through Friday: $27.4M
158/220 lots sold: 72% sell-through rate
Average Sale Price: $173,672
Overall Top 10 Sales:
1. 1951 Ferrari 340 America Berlinetta sold for $3,635,000
2. 1965 Shelby Cobra 427 (CSX3101 - CSX3200) Roadster sold for $1,380,000
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500
4. 2017 Ford GT Coupe sold for $1,050,000
5. 2017 Ferrari F12tdf Coupe sold for $907,000
6. 1930 Bentley Speed Six Le Mans Replica Tourer sold for $874,000
7. 1962 Aston Martin DB4 Vantage Saloon sold for $643,000
8. 1958 Ferrari 250 GT Ellena Coupe sold for $621,000
9. 1934 Duesenberg Model J Brunn Torpedo Phaeton sold for $478,000
10. 1966 Ferrari 330 GTC Coupe sold for $450,500
2018 Results through Friday*
Cumulative Total: $36.5M
105/135 lots sold: 78% sell-through rate
Average Sale Price: $347,742
* In 2018, Bonhams was Friday only
MECUM
Cumulative Total through Friday: $14.2M
185/405 lots sold: 46% sell-through rate
Average Sale Price: $76,770
Overall Top 10 Sales:
1. 1967 Ferrari 275 GTB/4 Coupe sold for $2,750,000
2. 2015 Porsche 918 Spyder Weissach Roadster sold for $1,430,000
3. 1966 Ferrari 275 GTS Spider sold for $1,100,000
4. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000
5. 1997 Indy GF01 Arie Luyendyk Race Car sold for $440,000
6. 1912 Indian Twin Board Track Racer Motorcycle sold for $253,000
7. 1962 Chevrolet Corvette Convertible sold for $154,000
7. 1932 Ford Model 18 Drauz Victoria sold for $154,000
9. 1967 Shelby GT500 Fastback sold for $143,000
10. 2007 Porsche 911 GT3 RS Coupe sold for $137,500
2018 Results through Friday
Cumulative Total: $14.8M
250/459 lots sold: 54% sell-through rate
Average Sale Price: $59,369
WORLDWIDE
Thursday total: $3.0M
25/37 lots sold: 68% sell-through rate
Average Sale Price: $118,228
Overall Top 10 Sales:
1. 1898 Riker Electric Stanhope Runabout sold for $605,000
2. 1931 Cadillac Series 370A Fleetwood Roadster, 2/4-p. sold for $297,000
3. 1958 Porsche 356A 1600 Super Speedster sold for $264,000
4. 1965 Jaguar E-Type SI 4.2 Roadster sold for $242,000
5. 1969 Dodge Charger Daytona Hardtop Coupe sold for $203,500
6. 1930 Cadillac Series 452 Fleetwood Imperial Landau Cabriolet, 5/7-p. sold for $176,000
7. 1966 Jaguar E-Type SI 4.2 Coupe sold for $154,000
8. 1958 Mercedes-Benz 190SL Convertible sold for $110,000
8. 1908 Stevens-Duryea Model X Touring sold for $110,000
10. 1967 Oldsmobile Toronado Mannix Roadster sold for $101,200
2018 Cumulative Results
Total: $5.5M
33/59 lots sold: 56% sell-through rate
Average Sale Price: $167,267
RUSSO AND STEELE
Cumulative Total through Friday: $1.1M
32/86 lots sold: 37% sell-through rate
Average Sale Price: $34,018
Overall Top 10 Sales:
1. 1965 Porsche 356C Cabriolet sold for $115,500
2. 2019 Jeep Wrangler Unlimited Rubicon SUV sold for $77,000
3. 1974 Ford Bronco Wagon 4x4 sold for $77,000
4. 1971 DeTomaso Pantera Coupe sold for $73,700
5. 1951 Jaguar XK 120 Roadster sold for $71,500
6. 1991 Land Rover Defender 110 sold for $68,200
7. 1995 Porsche 911 Carrera Coupe sold for $56,100
8. 1963 Chevrolet Impala SS Convertible sold for $48,400
9. 1962 Alfa Romeo Giulietta Spider sold for $45,100
10. 1972 Datsun 240Z Coupe sold for $34,100
2018 Results through Friday
Cumulative Total: $1.8M
50/113 lots sold: 44% sell-through rate
Average Sale Price: $36,168
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By Tom Suddard
