Hagerty, the classic car insurer posted a review of the recent Monterey car auctions, which were down in total sales by $45 million, and the sell through rate was also lower. This is a large percentage as total sales were $288 million. The article states the top quality cars did sell, but there were also many reasonable reserves, and only a few misses. See the results below in the block quote.
Hagerty reports
Gooding & Company joined the fray on day three in Monterey, while Mecum, Russo and Steele, and RM Sotheby’s closed out their events. So far, sales have amounted to $288M, which is $45M less than last year, and the sell-through rate is three points lower than in 2015. Given the recent shift in the market, setting realistic reserves has proven to be difficult—depending on the type of car, 65%-75% of cars were bid to realistic amounts.
Following in line with the previous day, nearly all of the top cars sold. RM Sotheby’s star car for the day—the 1939 Alfa Romeo 8C 2900B Lungo Spider—sold for an impressive $19.8M, establishing a new world record for a prewar car at public auction. Gooding inspired another amazing result for a Ferrari Cal Spider—this one a LWB Alloy car—at $18.15M, and also sold a 1960 Ferrari 250 GT SWB comp car at $13.5M after it went unsold on the block.
A few of the big cars did miss, of course, including RM’s Cal Spider—also a LWB car—at $9.4M, RM’s Ferrari 268 SP race car at $12.5M, and Gooding’s Porsche 550A roadster at $4.2M. Even still, results thus far confirm that buyers at the upper reaches consider now to be a fine time to add to their collections.
Prewar cars and cars from the 2010s saw rising sell-through rates versus the first two days. At a model level, later Porsche 911s have sold low compared to their conditions, including 930s, 964s, and 993s. Early C through J series (1969-77) 911s, on the other hand, fared very well. C2 Corvettes recorded subpar prices, as have Mercedes-Benz 280SLs. Conversely, Ferrari Testarossas, Advanced Design Chevy pickups from 1947-55, and Maserati 3500GTs all realized strong prices relative to their conditions.
Gooding gets the spotlight all to itself on Sunday, as far as the auctions are concerned. Attendees from the nearby Pebble Beach Concours d’Elegance will walk over after Best In Show is announced, and settle in to watch how much excitement a 1962 Ferrari 250 GT SWB, a 1933 Alfa Romeo 8C 2300 Monza, and a 1932 Bugatti Type 55 Roadster can generate.
Listed below are the raw results witnessed by Hagerty during the live auctions and may not factor in any post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.
Overall through Saturday from all auction companies
Cumulative Total: $288.0M
644/1,221 lots sold: 53% sell-through rate
Average Sale Price: $447,332
Median Sale Price: $88,000
2015 Cumulative Results through Saturday
Cumulative Total: $332.9M
755/1,326 lots sold: 56% sell-through rate
Average Sale Price: $440,906
Median Sale Price: $89,100
Overall Top 10 Sales from all auctions through Saturday:
1. 1955 Jaguar D-Type Roadster (RM Sotheby's) sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider (RM Sotheby's) sold for $19,800,000
3. 1959 Ferrari 250 GT California LWB Alloy Spider (Gooding & Company) sold for $18,150,000
4. 1962 Shelby Cobra 260 Roadster (RM Sotheby's) sold for $13,750,000
5. 1960 Ferrari 250 GT SWB Competizione Coupe (Gooding & Company) sold for $13,500,000
6. 1956 Ferrari 250 GT TdF Coupe (RM Sotheby's) sold for $5,720,000
7. 1950 Ferrari 166 MM Berlinetta (Gooding & Company) sold for $5,445,000
8. 1955 Ferrari 750 Monza Spider (RM Sotheby's) sold for $5,225,000
9. 2014 Ferrari LaFerrari Coupe (Mecum Auctions) sold for $5,170,000
10. 1979 Porsche 935 Coupe (Gooding & Company) sold for $4,840,000
GOODING & COMPANY
Saturday total: $76.8M
70/80 lots sold: 88% sell-through rate
Average Sale Price: $1,096,664
Median Sale Price: $330,000
Top 10 Saturday Sales:
1. 1959 Ferrari 250 GT California LWB Alloy Spider sold for $18,150,000
2. 1960 Ferrari 250 GT SWB Competizione Coupe sold for $13,500,000
3. 1950 Ferrari 166 MM Berlinetta sold for $5,445,000
4. 1979 Porsche 935 Coupe sold for $4,840,000
5. 1967 Ferrari 275 GTB/4 Coupe sold for $3,245,000
6. 1971 Lamborghini Miura P400 SV Coupe sold for $2,255,000
7. 1930 Packard Speedster-Series 734 Roadster sold for $2,090,000
8. 1955 Lancia Aurelia B24 Spider America sold for $2,007,500
9. 1961 Maserati 5000GT Allemano Coupe sold for $1,677,500
10. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,430,000
2015 Results through Saturday
Total: $69.5M
63/69 lots sold: 91% sell through rate
Average Sale Price: $1,103,056
Median Sale Price: $462,000
RM SOTHEBY'S
Saturday total: $57.9M
43/48 lots sold: 90% sell through rate
Average Sale Price: $1,345,523
Median Sale Price: $682,000
Top 10 Saturday Sales:
1. 1939 Alfa Romeo 8C 2900B Lungo Spider sold for $19,800,000
2. 1956 Ferrari 250 GT TdF Coupe sold for $5,720,000
3. 1964 Ferrari 500 Superfast SI Coupe sold for $2,750,000
4. 1973 Ferrari 365 GTS/4 Daytona Spider sold for $2,475,000
5. 1957 BMW 507 Roadster sold for $2,145,000
6. 1963 Ferrari 250 GT Lusso Coupe sold for $2,090,000
7. 1934 Mercedes-Benz 500K Cabriolet A sold for $1,870,000
8. 1930 Cadillac Series 452 Fleetwood Roadster sold for $1,457,500
9. 2005 Maserati MC12 Coupe sold for $1,430,000
10. 1931 Duesenberg Model J Tourster sold for $1,320,000
10. 1957 Mercedes-Benz 300SL Roadster sold for $1,320,000
10. 1939 Bentley 4 1/4-Litre Sports Coupe sold for $1,320,000
Cumulative Total: $123.1M
85/100 lots sold: 85% sell-through rate
Average Sale Price: $1,448,565
Median Sale Price: $572,000
Overall Top 10 Sales:
1. 1955 Jaguar D-Type Roadster sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider sold for $19,800,000
3. 1962 Shelby Cobra 260 Roadster sold for $13,750,000
4. 1956 Ferrari 250 GT TdF Coupe sold for $5,720,000
5. 1955 Ferrari 750 Monza Spider sold for $5,225,000
6. 1966 Ford GT40 Mk I Road Coupe sold for $2,900,000
7. 1964 Ferrari 500 Superfast SI Coupe sold for $2,750,000
8. 1973 Ferrari 365 GTS/4 Daytona Spider sold for $2,475,000
9. 1957 BMW 507 Roadster sold for $2,145,000
10. 1963 Ferrari 250 GT Lusso Coupe sold for $2,090,000
2015 Cumulative Results
Total: $167.2M
126/149 lots sold: 85% sell-through rate
Average Sale Price: $1,328,401
Median Sale Price: $420,750
MECUM
Saturday total: $33.6M
84/199 lots sold: 42% sell-through rate
Average Sale Price: $399,542
Median Sale Price: $121,000
Top 10 Saturday Sales:
1. 2014 Ferrari LaFerrari Coupe sold for $5,170,000
2. 1966 Ford GT40 Mk I Road Coupe sold for $4,840,000
3. 1985 Ferrari 288 GTO Coupe sold for $3,300,000
4. 2014 McLaren P1 Coupe sold for $2,035,000
5. 2005 Porsche Carrera GT Coupe sold for $1,155,000
6. 2011 Ferrari 599 SA Aperta Spider sold for $1,155,000
7. 2006 Bugatti Veyron 16.4 Coupe sold for $1,100,000
8. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000
9. 1968 Lamborghini Miura P400 Coupe sold for $869,000
10. 2011 Ferrari 599 GTO Coupe sold for $748,000
Cumulative Total: $45.8M
294/698 lots sold: 42% sell-through rate
Average Sale Price: $155,693
Median Sale Price: $51,975
Overall Top 10 Sales:
1. 2014 Ferrari LaFerrari Coupe sold for $5,170,000
2. 1966 Ford GT40 Mk I Road Coupe sold for $4,840,000
3. 1985 Ferrari 288 GTO Coupe sold for $3,300,000
4. 2014 McLaren P1 Coupe sold for $2,035,000
5. 2005 Porsche Carrera GT Coupe sold for $1,155,000
6. 2011 Ferrari 599 SA Aperta Spider sold for $1,155,000
7. 2006 Bugatti Veyron 16.4 Coupe sold for $1,100,000
8. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000
9. 1968 Lamborghini Miura P400 Coupe sold for $869,000
10. 2011 Ferrari 599 GTO Coupe sold for $748,000
2015 Cumulative Results
Total: $41.2M
335/657 lots sold: 51% sell-through rate
Average Sale Price: $122,941
Median Sale Price: $49,500
RUSSO AND STEELE
Saturday total: $5.8M
30/80 lots sold: 38% sell-through rate
Average Sale Price: $192,133
Median Sale Price: $121,000
Top 10 Saturday Sales:
1. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
2. 2004 Ford GT Pre-Production Prototype Coupe sold for $836,000
3. 2014 Mercedes-Benz SLS AMG Black Series Coupe sold for $418,000
4. 1970 Ferrari 365 GT Coupe 2+2 sold for $346,500
5. 1988 Lamborghini Countach LP5000 Quattrovalvole Coupe sold for $321,750
6. 2000 Ferrari 550 Maranello Coupe sold for $194,700
7. 1955 Facel Vega FV1 Coupe sold for $181,500
8. 1967 Jaguar E-Type SI 4.2 Roadster sold for $176,000
9. 1970 Chevrolet Corvette 350/370 Convertible sold for $159,500
10. 1967 Shelby GT500 Fastback sold for $155,100
Cumulative Total: $8.3M
96/228 lots sold: 42% sell-through rate
Average Sale Price: $86,514
Median Sale Price: $45,375
Overall Top 10 Sales:
1. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
2. 2004 Ford GT Pre-Production Prototype Coupe sold for $836,000
3. 2014 Mercedes-Benz SLS AMG Black Series Coupe sold for $418,000
4. 1970 Ferrari 365 GT Coupe 2+2 sold for $346,500
5. 1988 Lamborghini Countach LP5000 Quattrovalvole Coupe sold for $321,750
6. 2000 Ferrari 550 Maranello Coupe sold for $194,700
7. 1955 Facel Vega FV1 Coupe sold for $181,500
8. 1967 Jaguar E-Type SI 4.2 Roadster sold for $176,000
9. 1970 Chevrolet Corvette 350/370 Convertible sold for $159,500
10. 1967 Shelby GT500 Fastback sold for $155,100
2015 Cumulative Results
Total: $8.5M
112/209 lots sold: 54% sell-through rate
Average Sale Price: $75,920
Median Sale Price: $38,500
BONHAMS
Overall total: $34.1M
99/115 lots sold: 86% sell-through rate
Average Sale Price: $344,526
Median Sale Price: $121,000
Overall Top 10 Sales:
1. 1931 Bugatti Type 51 Grand Prix Roadster sold for $4,000,000
2. 2014 Ferrari LaFerrari Coupe sold for $3,685,000
3. 1904 Mercedes-Simplex 28-32HP Rear Entrance Tonneau sold for $2,805000
4. 1985 Ferrari 288 GTO Coupe sold for $2,112,000
5. 2014 McLaren P1 Coupe sold for $2,090,000
6. 1955 Lancia Aurelia B24 Spider America sold for $1,402,500
7. 1930 Duesenberg Model J Murphy Town Car sold for $1,254,000
8. 1989 Ferrari F40 Coupe sold for $1,155,000
9. 1956 Porsche 356A Carrera GS Speedster sold for $891,000
10. 1965 Shelby Cobra 289 R&P Roadster sold for $880,000
2015 Cumulative Results
Total: $45.7M
96/109 lots sold: 88% sell through rate
Average Sale Price: $476,048
Median Sale Price: $198,000
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