Pinnacle Portfolio sale sets auction records at Monterey

Pinnacle Portfolio sale sets auction records at Monterey

The sale Thursday of the Pinnacle Portfolio by RM Sotheby’s would set the tone for the entire classic car auction weekend on the Monterey Peninsula, Rick Cole predicted a couple of days earlier.

Part of the Pinnacle Portfolio sold Thursday by RM Sotheby's | Larry Edsall photos

Part of the Pinnacle Portfolio sold Thursday by RM Sotheby’s | Larry Edsall photos

The sale Thursday of the Pinnacle Portfolio by RM Sotheby’s would set the tone for the entire classic car auction weekend on the Monterey Peninsula, Rick Cole predicted a couple of days earlier. Well, if the father of classic car sales at Monterey was correct, it’s going to be a truly spectacular and record-setting sales weekend.

Usually the biggest numbers of the Monterey auction week come over the weekend. But because of the scope of the Pinnacle Portfolio, a group of valuable cars coming out of a single collection, RM Sotheby’s decided to start things early with a single-evening sale of the special collection.

Would it work? Would buyers respond?

Indeed, they did. At least at the top end of the market, just as last year when Bonhams opened things early with the Marnello Rosso museum collection selling for $66 million, led by a 1962 Ferrari GTO that sold for an auction-record $34.65 million.

More of the Pinnacle Portfolio

More of the Pinnacle Portfolio

With 22 of the 25 lots selling, the total take for the night was an astounding $67 million, with an average sales price of more than $3 million according to figures provided by Hagerty, the classic car insurance and valuation company that monitors all of the auctions on the Monterey Peninsula. Hagerty reports that its figures include buyer’s premium, but do not include post-block sales that sometimes occur.

Two cars from the Pinnacle Portfolio sold for eight figures — a 1964 Ferrari 250 LM coupe bringing $17.6 million and a 1998 McLaren F1 LM coupe selling for $13.75 million.

The final 2005 Ferrari Enzo, the last produced and given by the automaker to Pope John Paul II, brought a stunning $6.05 million.

Two other Ferraris – a 1967 275 GTB/4 coupe and a 1994 F40 LM – each sold for $3.3 million.

The $67 million figure may make the Pinnacle Portfolio sale the richest single-collection auction in history. RM Sotheby’s claimed that title earlier this year when it sold the Andrews Collection of 78 vehicles for $53.88 million. Other recent single-owner sales included $40.44 at Barrett-Jackson for the Ron Pratte collection, $38.8 million in 2012 at RM for the Milhous brothers museum of cars and musical instruments, and Gooding & Company’s $36 million sale in 2006 of the Otis Chandler collection. Don’t forget, however, that in the late 1980s, Kruse Auctions dispersed most of the late William Harrah’s 2,000-vehicle collection in a series of auctions for some $100 million.

All 10 of the top sales Thursday were done at RM Sotheby’s. Also opening their auctions were Mecum, Russo and Steele and the new JR Cannery Row sale. Bidding also has begun at Rick Cole’s own auction, which is being done not on the traditional auction block by via bids on smartphones. Cole’s website already reports several bids in seven figures.

While RM Sotheby’s posted some amazing numbers Thursday, other sales didn’t do quite so well. According to Hagerty’s observers:

• Mecum’s “Daytime Auction” had an opening-day sell-through of 41 percent and total sales of $4.3 million, led by a 1914 Flying Merkel motorcycle.

• Russo and Steele had a 42 percent sell-through with $647,000 in total sales.

• The new JR Auctions company had only a 10 percent sell through with just five of 50 lots selling for a total of $69,400.

Sales at various venues on the peninsula continue through Sunday.

Monterey auction results through Thursday, as reported by Hagerty:

Overall results from all auction companies
Thursday total: $72.2 million
Sell-through: 42 percent (187 of 444 lots)
Average sale price: $385,180
Median sale price: $26,400

2014 cumulative results through Thursday
Total sales: $69.7 million
146/301 lots sold = 49 percent
Average sale price: $477,349
Median sale price: $21,600

Overall top-10 sales from all auctions through Thursday

1.     1964 Ferrari 250 LM Coupe sold for $17,600,000 (RM Sotheby’s)
2.     1998 McLaren F1 LM Coupe sold for $13,750,000 (RM Sotheby’s)
3.     2005 Ferrari Enzo Coupe sold for $6,050,000 (RM Sotheby’s)
4.     1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000 (RM Sotheby’s)
5.     1994 Ferrari F40 LM Coupe sold for $3,300,000 (RM Sotheby’s)
6.     1972 Ferrari 365 GTS/4 Daytona Spyder sold for $2,750,000 (RM Sotheby’s)
7.     1971 Lamborghini Miura P400 SV Coupe sold for $2,475,000 (RM Sotheby’s)
8.     1985 Ferrari 288 GTO Coupe sold for $2,420,000 (RM Sotheby’s)
9.     2012 Bugatti Veyron Super Sport Coupe sold for $2,310,000 (RM Sotheby’s)
10.  2005 Maserati MC12 Coupe sold for $2,090,000 (RM Sotheby’s)

Individual sales from each auction company

RM Sotheby’s

Thursday total: $67.0M
22/25 lots sold: 88%
Average Sale Price: $3,045,750

Top 10 Thursday Sales:

1.     1964 Ferrari 250 LM Coupe sold for $17,600,000
2.     1998 McLaren F1 LM Coupe sold for $13,750,000
3.     2005 Ferrari Enzo Coupe sold for $6,050,000
4.     1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000
5.     1994 Ferrari F40 LM Coupe sold for $3,300,000
6.     1972 Ferrari 365 GTS/4 Daytona Spyder sold for $2,750,000
7.     1971 Lamborghini Miura P400 SV Coupe sold for $2,475,000
8.     1985 Ferrari 288 GTO Coupe sold for $2,420,000
9.     2012 Bugatti Veyron Super Sport Coupe sold for $2,310,000
10.  2005 Maserati MC12 Coupe sold for $2,090,000

Mecum

Thursday total: $4.3M
133/324 lots sold: 41%
Average Sale Price: $31,770
Median Sale Price: $23,100

Top 10 Thursday Sales:

1.     1914 Flying Merkel V-Twin Motorcycle sold for $192,500
2.     1925 BMW R32 Motorcycle sold for $187,000
3.     2012 Aston Martin DB9 Coupe sold for $154,000
4.     1966 Shelby GT350 Fastback sold for $140,250
5.     2003 Ferrari 575M Maranello F1 Coupe sold for $110,000
6.     1967 Chevrolet Corvette Convertible sold for $96,800
7.     2015 Dodge Challenger Hellcat Coupe sold for $78,650
8.     2007 Porsche 911 Turbo Coupe sold for $71,500
9.     2005 Bentley Continental GT Coupe sold for $71,500
10.  1988 Ferrari 328 GTS Spyder sold for $71,500

2014 Results Through Thursday

Cumulative Total: $2.6M
113/239 lots sold: 47%
Average Sale Price: $22,581
Median Sale Price: $19,440

Russo and Steele

Thursday total: $647K
25/59 lots sold: 42%
Average Sale Price: $25,916
Median Sale Price: $19,250

Top 10 Thursday Sales:

1.     1968 Mercedes-Benz 280SL Convertible sold for $53,900
2.     1956 Pontiac Star Chief Deluxe Convertible sold for $53,900
3.     2008 Aston Martin Vantage Convertible sold for $51,150
4.     1995 Porsche 911 Carrera Cabriolet sold for $38,500
5.     2012 Jaguar XJL Portfolio Sedan sold for $38,500
6.     1972 Alfa Romeo 2000 GTV Coupe sold for $38,500
7.     1937 Rolls-Royce Phantom III Sedan sold for $38,500
8.     1963 Chevrolet Impala SS Convertible sold for $36,300
9.     1957 Volkswagen Beetle Oval-Window Sedan sold for $32,450
10.  1961 Chevrolet Bel Air Sport Coupe sold for $25,850

2014 Results Through Thursday

Cumulative Total: $1.2M
23/52 lots sold: 44%
Average Sale Price: $52,010
Median Sale Price: $41,250

JR Auctions

Thursday total: $69.4K
5/50 lots sold: 10%
Average Sale Price: $13,882
Median Sale Price: $10,010

Top 5 Thursday Sales:

1.     1985 Ferrari 400i Coupe sold for $29,700
2.     1966 Ford Mustang Coupe sold for $17,875
3.     1946 Kurtis Kraft Midget Racer sold for $10,010
4.     1967 Cadillac DeVille Coupe Sold for $9,900
5.     1970 Opel GT Coupe sold for $1,925

 

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