Monterey Car Week 2024 auction sales: What’s hot and what’s not

Hagerty reported this year’s Monterey Car Week auction sales are down 3% from 2023. However, does that mean the sky’s falling? Not necessarily. Let’s dig deeper.

In 2022, the auctions brought in a record $471.2 million in sales. Last year was $403.3 million. This year was $391.6 million. Maybe it’s sign of a slow return to values before the pandemic. However, the average sales per year over the course of the past decade was $367.5 million. That makes 2024’s sales about 6.6% above the 10-year average. That’s still not too shabby.

Hagerty also noted that there’s a shift in what people are buying, too.

You know those iconic Ferraris built before 1974 that are worth $1 million-plus? The last three years they had a sell-through rate of 84%. This year it was just 51%.

However, modern sports cars, are gaining in price and momentum. For RM Sotheby’s, three of the top 10 sales were from the 1990s and newer. For Gooding & Company and Mecum, both had two each. For Bonhams, it was four. For Broad Arrow Auctions, it was five. Two of the overall top 10 in Monterey Car Week sales were from the 1990s. Hagerty theorizes that while many of these vehicles aren’t street legal, the increased opportunities for track time have only increased the value of 1990s high-end sports cars.

2024 Cumulative Results
Cumulative Total: $391.6M
821/1,143 lots sold: 72% sell-through rate
Average Sale Price: $476,965

2023 Cumulative Results
Cumulative Total: $403.3M
844/1229 lots sold: 69% sell-through rate
Average Sale Price: $477,866

Overall Top 10 Sales from all auctions:
1. 1960 Ferrari 250 California SWB Spider (closed headlight) – $17,055,000 (RM Sotheby’s)
2. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 (Gooding & Company)
3. 1955 Ferrari 410 S Spider – $12,985,000 (RM Sotheby’s)
4. 1969 Ford GT40 Mk I Coupe – $7,865,000 (Mecum Auctions)
5. 1997 Porsche 911 GT1 Rennversion Coupe – $7,045,000 (Broad Arrow Auctions)
6. 1959 Ferrari 250 California LWB Spider (open headlight) – $5,615,000 (RM Sotheby’s)
7. 1995 Ferrari F50 Coupe – $5,505,000 (RM Sotheby’s)
8. 1955 Ferrari 857 S Spider – $5,350,000 (Gooding & Company)
9. 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000 (RM Sotheby’s)
10. 1958 Ferrari 250 GT TdF Coupe – $5,200,000 (Gooding & Company)

RM Sotheby’s
Cumulative Total: $154.1M
169/200 lots sold: 85% sell-through rate
Average Sale Price: $911,732

Overall Top 10 Sales:
1. 1960 Ferrari 250 California SWB Spider (closed headlight) – $17,055,000
2. 1955 Ferrari 410 Sport Spider – $12,985,000
3. 1959 Ferrari 250 California LWB Spider (open headlight) – $5,615,000
4. 1995 Ferrari F50 Coupe – $5,505,000
5. 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000
6. 1934 Alfa Romeo 8C 2300 LeMans Spider – $4,075,000
7. 2023 Bugatti Chiron Super Sport Coupe – $3,497,500
8. 1966 Ferrari 275 GTB Long Nose Alloy Coupe – $3,481,000
9. 2021 Bugatti Chiron Coupe – $3,360,000
10. 1932 Delage D8 S Roadster – $3,305,000

2023 Cumulative Results
Cumulative Total: $154.1M
171/202 lots sold: 85% sell-through rate
Average Sale Price: $901,351

Gooding & Company
Cumulative Total: $105.3M
149/183 lots sold: 81% sell-through rate
Average Sale Price: $706,974

Overall Top 10 Sales:
1. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000
2. 1955 Ferrari 857 Sport Spider – $5,350,000
3. 1958 Ferrari 250 GT TdF Coupe – $5,200,000
4. 1995 Ferrari 333 SP Evoluzione – $5,120,000
5. 1976 Porsche 935 Coupe – $4,295,000
6. 1934 Duesenberg Model J LaGrande Convertible Coupe – $3,745,000
7. 1991 Porsche 911 Reimagined by Singer Coupe – $3,085,000
8. 1968 Lamborghini Miura P400 Coupe – $2,315,000
9. 1938 Delahaye 135MS Cabriolet – $2,095,000
10. 1960 Aston Martin DB4 GT Coupe – $2,095,000

2023 Cumulative Results
Cumulative Total: $95.1M
133/168 lots sold: 79% sell-through rate
Average Sale Price: $714,738

Broad Arrow Auctions
Cumulative Total: $69.5M
129/156 lots sold: 83% sell-through rate
Average Sale Price: $538,778

Overall Top 10 Sales:
1. 1997 Porsche 911 GT1 Rennversion Coupe sold for $7,045,000
2. 1972 Lamborghini Miura P400 SV Coupe sold for $2,700,000
3. 1966 Ferrari 275 GTB Coupe sold for $2,535,000
4. 2015 Porsche 918 Spyder Weissach Roadster sold for $2,480,000
5. 1990 Ferrari F40 Coupe sold for $2,425,000
6. 1998 RUF CTR 2 Coupe sold for $2,095,000
7. 1998 RUF Turbo R Limited Coupe sold for $1,710,000
8. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,545,000
9. 1948 Tucker 48 Sedan sold for $1,380,000
10. 1964 Shelby Cobra 289 R&P Roadster sold for $1,380,000

2023 Cumulative Results
Cumulative Total: $55.5M
138/169 lots sold: 82% sell-through rate
Average Sale Price: $402,360

Mecum
Cumulative Total: $51.3M
292/497 lots sold: 59% sell-through rate
Average Sale Price: $175,613

Overall Top 10 Sales:
1. 1969 Ford GT40 Mk I Coupe – $7,865,000
2. 1969 Dodge Charger Daytona Hardtop Coupe – $3,300,000
3. 1967 Ferrari 275 GTB/4 Coupe – $3,080,000
4. 2003 Ferrari Enzo Coupe – $2,860,000
5. 1967 Ferrari 330 GTS Spider – $2,530,000
6. 1967 Chevrolet Corvette Convertible – $2,310,000
7. 2005 Porsche Carrera GT Coupe – $1,732,500
8. 1930 Packard Speedster-Series 734 Boattail Roadster – $1,375,000
9. 1957 Mercedes-Benz 300SL Roadster – $1,237,500
10. 1966 Shelby Cobra 428 Roadster – $1,210,000

2023 Cumulative Results
Cumulative Total: $43.4M
322/581 lots sold: 55% sell-through rate
Average Sale Price: $134,843

Bonhams
Cumulative Total: $11.4M
82/108 lots sold: 76% sell-through rate
Average Sale Price: $138,846

Overall Top 10 Sales:
1. 2022 Ferrari 812 Competizione Coupe – $1,611,000
2. 1967 Ferrari 330 GTC Coupe – $692,500
3. 1957 Porsche 356A 1600 Super Speedster – $472,500
4. 2006 Ford GT Coupe – $357,000
5. 1968 Maserati Mistral 3.7L Spyder – $335,000
6. 1970 Dodge Challenger R/T Hardtop Coupe – $329,500
7. 2003 Aston Martin DB AR1 Convertible – $280,000
8. 1961 Aston Martin DB4 Vantage Sedan – $277,200
9. 1953 Porsche 356 1500 Coupe – $246,400
10. 1998 Porsche 911 Turbo XLC Coupe – $246,400