2023 Monterey auctions results fall short of previous totals

This year’s Monterey auctions may have had more cars cross the block than 2022, but overall results are down compared to last year, according to Hagerty.

More than 1200 vehicles crossed auction blocks during Monterey Car Week in 2023, with a 68% sell-through rate and total sales of more than $400 million. In comparison, 2022 had over 1000 cars cross the blocks, a 78% sell-through rate and sales totaling nearly $473 million.

What happened? Hagerty provides the following insight:

The cooling market we’ve observed for the past 15 months reached the Monterey auctions after having little impact last year. Hagerty Automotive Intelligence is hearing of several factors stemming from the first season of Monterey auctions in a higher interest rate environment, namely, an increased discipline at the higher end of the market, weakening demand from new collectors and higher prices that have given pause to buyers at the upper end of the market.

In addition, Hagerty offers results from this year’s Monterey Sales, which includes live auctions and post-sale deals:

 

Overall through Saturday from all auction companies 

• Cumulative Total: $400.1M
• 837/1225 lots sold: 68% sell-through rate
• Average Sale Price: $477,981

Overall Top 10 Sales from all auctions through Saturday: 

1. 1967 Ferrari 412P Berlinetta sold for $30,255,000 (Bonhams)
2. 1957 Jaguar XKSS Roadster sold for $13,205,000 (RM Sotheby's)
3. 1962 Ferrari 250 GT SWB Coupe sold for $9,465,000 (Gooding & Company)
4. 1959 Ferrari 410 Superamerica SIII Coupe sold for $6,605,000 (RM Sotheby's)
5. 1967 Ferrari 275 GTB/4 Coupe sold for $5,395,000 (RM Sotheby's)
6. 1937 Bugatti Type 57 SC Tourer sold for $5,395,000 (RM Sotheby's)
7. 1914 Mercer Type 35-J Raceabout sold for $4,735,000 (Gooding & Company)
8. 1933 Alfa Romeo 8C 2300 Cabriolet sold for $4,515,000 (Gooding & Company)
9. 1995 Ferrari F50 Coupe sold for $4,240,000 (Broad Arrow Auctions)
10. 2003 Ferrari Enzo Coupe sold for $4,075,000 (RM Sotheby's)

RM Sotheby's 
Cumulative Total through Saturday: $154.1M 
171/202 lots sold: 85% sell-through rate 
Average Sale Price: $901,351 

1. 1957 Jaguar XKSS Roadster sold for $13,205,000
2. 1959 Ferrari 410 Superamerica SIII Coupe sold for $6,605,000
3. 1967 Ferrari 275 GTB/4 Coupe sold for $5,395,000
4. 1937 Bugatti Type 57 SC Tourer sold for $5,395,000
5. 2003 Ferrari Enzo Coupe sold for $4,075,000
6. 1967 Ferrari 275 GTB/4 Coupe sold for $3,800,000
7. 1990 Ferrari F40 Coupe sold for $3,305,000
8. 1933 Packard Twelve-Series 1006 Dietrich Convertible Victoria sold for $3,305,000
9. 1965 Ferrari 275 GTB Alloy Coupe sold for $3,305,000
10. 1935 Duesenberg Model SJ LaGrande Dual-Cowl Phaeton sold for $3,030,000

2022 Cumulative Results
Cumulative Total through Saturday: $227.8M
173/186 lots sold: 93% sell-through rate
Average Sale Price: $1,316,606

 

Gooding & Company 
Cumulative Total through Saturday: $91.6M
128/168 lots sold: 76% sell-through rate
Average Sale Price: $715,268

1. 1962 Ferrari 250 GT SWB Coupe sold for $9,465,000
2. 1914 Mercer Type 35-J Raceabout sold for $4,735,000
3. 1933 Alfa Romeo 8C 2300 Cabriolet sold for $4,515,000
4. 1912 Simplex 50 HP Toy Tonneau sold for $4,075,000
5. 1972 Lamborghini Miura P400 SV Coupe sold for $3,580,000
6. 1966 Ferrari 275 GTB Long Nose Coupe sold for $3,415,000
7. 1967 Ferrari 275 GTB/4 Coupe sold for $3,277,500
8. 1962 Ferrari 400 Superamerica Coupe sold for $3,167,500
9. 1991 Ferrari F40 Coupe sold for $3,085,000
10. 1952 Ferrari 340 America Coupe sold for $3,085,000

2022 Cumulative Results
Cumulative Total through Saturday: $109.5M 
134/156 lots sold: 86% sell-through rate 
Average Sale Price: $817,240

 

Broad Arrow Auctions
Cumulative Total through Friday: $55.8M
136/169 lots sold: 80% sell-through rate
Average Sale Price: $410,165

1. 1995 Ferrari F50 Coupe sold for $4,240,000
2. 1985 Ferrari 288 GTO Coupe sold for $3,910,000
3. 1964 Ferrari 250 GT Lusso Coupe sold for $2,810,000
4. 2015 Porsche 918 Spyder Roadster sold for $1,985,000
5. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,930,000
6. 1957 Mercedes-Benz 300SL Roadster sold for $1,875,000
7. 1954 Oldsmobile F-88 Concept Car sold for $1,765,000
8. 1935 Mercedes-Benz 500K Sindelfingen Cabriolet A sold for $1,710,000
9. 1930 Duesenberg Model J Hibbard & Darrin Imperial Cabriolet sold for $1,435,000
10. 1930 Duesenberg Model J Murphy Sedan sold for $1,380,000

2022 Cumulative Results
Cumulative Total through Thursday: $55.1M 
79/90 lots sold: 88% sell-through rate 
Average Sale Price: $697,530

 

Bonhams
Cumulative Total through Friday: $55.2M
80/109 lots sold: 73% sell-through rate
Average Sale Price: $689,787

1. 1967 Ferrari 412P Berlinetta sold for $30,255,000
2. 1951 Ferrari 212 Export Barchetta sold for $3,900,000
3. 1966 Porsche 906 Coupe sold for $2,040,000
4. 1949 Talbot-Lago Record T26 Grand Sport Cabriolet sold for $2,040,000
5. 1909 Lorraine-Dietrich 16.4-Liter Grand Prix Two-Seater sold for $1,270,000
6. 1958 Ferrari 250 GT Coupe sold for $1,193,000
7. 1959 Mercedes-Benz 300SL Roadster sold for $1,187,500
8. 1932 Duesenberg Model J LaGrande Dual Cowl Phaeton sold for $1,127,000
9. 1933 Alfa Romeo 8C 2600 Monza Special  sold for $841,000
10. 2011 Ferrari 599 GTO Coupe sold for $841,000

2022 Cumulative Results
Cumulative Total through Friday: $27.8M 
120/137 lots sold: 88% sell-through rate 
Average Sale Price: $231,565 

 

Mecum
Cumulative Total through Saturday: $43.4M
322/577 lots sold: 56% sell-through rate
Average Sale Price: $134,843

1. 1966 Ferrari 275 GTB/2 Longnose Alloy Coupe sold for $3,410,000
2. 1990 Ferrari F40 Coupe sold for $2,530,000
3. 1965 Ferrari 500 Superfast SII Coupe sold for $1,842,500
4. 1968 Ferrari 330 GTS Spider sold for $1,760,000
5. 1965 Ferrari 275 GTS Spider sold for $1,650,000
6. 1963 Ferrari 250 GT Lusso Coupe sold for $1,650,000
7. 1956 Porsche 356A 1500 GS Carrera Speedster sold for $935,000
8. 1969 Dodge Charger Daytona Hardtop Coupe sold for $880,000
9. 1971 Chevrolet Corvette Convertible sold for $863,500
10. 1971 Ferrari 365 GTB/4 Daytona Cut Spyder sold for $671,000

2022 Cumulative Results
Cumulative Total through Saturday: $52.6M 
293/454 lots sold: 65% sell-through rate 
Average Sale Price: $179,684

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