Top of market continues to show strength at Monterey auctions

Top of market continues to show strength at Monterey auctions

The top end of the collector car market continued its surge Friday when RM Sotheby’s posted another eight-figure sale, when seven-figure bids were commonplace at that sale and at Bonhams.

One of only three and first to go to auction, factory lightweight Jag C-type sells for $13.2 million | RM Sotheby's photo

One of only three and first to go to auction, factory lightweight Jag C-type sells for $13.2 million | RM Sotheby’s photo

The top end of the collector car market continued its surge Friday when RM Sotheby’s posted another eight-figure sale, when seven-figure bids were commonplace at that sale and at Bonhams, and when Mecum Auctions joined the million-dollar club on the Monterey Peninsula.

Overall through Friday, sales are slightly ahead of the record pace of 2014, totaling $188 million, according to figures provided by Hagerty, the classic car insurance and value-tracking company.

Through Friday of Monterey Classic Car Week in 2014, total sales were $176.3 million. However, 2014 figures were from the sale of 434 vehicles while 504 have been sold through Friday this year.

With two days of sales to go, including one more for RM Sotheby’s, both sales days for Gooding & Company, and the posting of final results from the on-going Rick Cole auction, average sales price has slipped from $405,639 a year ago to $373,109 this year. Median sales price overall also is off, though only slightly, from $61,560 to $60,500.

Setting the pace Friday was the sale at RM Sotheby’s of a 1953 Jaguar C-type works lightweight for $13.2 million (prices include buyer’s premium). The car was one of only three produced and the first to be offered at auction. Bidding reportedly involved three potential buyers and lasted for 10 minutes. The sale price set an auction record for any Jaguar, according to RM Sotheby’s.

Other top sales Friday at RM Sotheby’s included a 1950 Ferrari 275S/340 America Barchetta for nearly $8 million and a 1952 Jaguar XK120 Supersonic coupe for slightly more than $2 million. The top 10 for the day at RM Sotheby’s was an interesting mix including the two Jaguars, the two Ferraris, and model years ranging from a 1910 American Underslung to a 2015 McLaren.

Bonhams’ one-day auction Friday at The Quail Lodge posted sales of $45.7 million with an 88 percent sell-through rate. The top four sales and five of the top 10 were Ferraris, led by a 1959 250 GT Interim coupe that sold for $8,525,000.

A 1971 365 GTS/4 Daytona Spyder brought $2.64 million, a 1985 288 FTO coupe went for $2.365 million, and a 1951 212 Inter cabriolet drew $2.2 million.

Hemi 'Cuda convertible tops $2 million at Mecu | Bob Golfen photo

Hemi ‘Cuda convertible approaches $2.5 million at Mecu | Bob Golfen photo

Mecum’s “Daytime Auction” was dominated Friday by the sale of a 1970 Plymouth ‘Cuda 426/425 convertible, the most highly desired of American muscle cars, which sold for $2,475,000.

That sale helped boost the auction to $11.4 million overall on a day when the average sale price exceeded $100,000. Other top sales included $374,000 for a 2005 Ford GT. The remaining eight spots in the auction’s daily top 10 were filled by Chevrolet Corvettes.

But while things were strong at the top end of the market, results haven’t been nearly as happy elsewhere on the peninsula. Russo and Steele posted $2 million in sales Friday, at a 61 percent sell-through rate, and has yet to have a six-figure sale. The new JR Auctions company has sold only 16 of the 82 cars that have crossed its block over the course of two days.

According to Hagerty, the top price paid Friday at Russo and Steele was $95,700 for a 2005 Ferrari F430 coupe while a 1988 Porsche 911 Turbo 930 coupe also topped the $90K mark at $94,600.

Russo and Steele has done $2.7 million in sales in two days this year, according to Hagerty’s figures, with a $37,470 average price point and 71 cars sold. A year ago through Friday, the auction company had done $4.2 million with an $87,702 average for the 48 lots going to new owners.

After selling only five cars on Thursday, JR Auctions sold 11 of 50 that crossed the block Friday with a $442,000 total for the day, led by 2005 Ferrari F430 coupe that sold for $70,400.

Monterey auction results through Thursday, as reported by Hagerty

Overall through Friday from all auction companies

Cumulative total: $188.0M

504/896 lots sold: 56%

Average sale price: $373,109

Median sale price: $60,500

 

2014 cumulative results through Friday

Cumulative total: $176.3M

434/787 lots sold: 55%

Average sale price: $405,639

Median sale price: $61,560

 

Overall top 10 sales from all auctions through Friday:

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.     1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000 (RM Sotheby’s)

4.     1959 Ferrari 250 GT Interim Coupe sold for $8,525,000 (Bonhams)

5.     1959 Ferrari 250 GT California LWB Spyder (open headlight) sold for $8,500,000 (RM Sotheby’s)

6.     1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000 (RM Sotheby’s)

7.     2005 Ferrari Enzo Coupe sold for $6,050,000 (RM Sotheby’s)

8.     1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000 (RM Sotheby’s)

9.     1994 Ferrari F40 LM Coupe sold for $3,300,000 (RM Sotheby’s)

10.  1972 Ferrari 365 GTS/4 Daytona Spyder sold for $2,750,000 (RM Sotheby’s)

Individual results from each company

RM Sotheby’s

Friday total: $48.0M

53/64 lots sold: 83%

Average sale price: $906,047

Median sale price: $341,000

 

Top 10 Friday Sales:

1.     1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000

2.     1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000

3.     1952 Jaguar XK120 Supersonic Coupe sold for $2,062,500

4.     2015 McLaren P1 Coupe sold for $1,980,000

5.     1910 American Underslung Traveler Toy Tonneau sold for $1,815,000

6.     1933 Duesenberg Model SJ Phaeton sold for $1,595,000

7.     1959 Ferrari 250 SII Cabriolet sold for $1,320,000

8.     1966 Shelby Cobra 427 Roadster sold for $1,210,000

9.     1953 Bentley R-Type Continental 4.6L Sedan sold for $1,210,000

10.  1940 Aston Martin Type C Speed Model Roadster sold for $1,155,000

Cumulative total through Friday

 

Total: $123.5M

76/89 lots sold: 85%

Average sale price: 1,625,355

Median sale price: $462,000

 

Top 10 sales through Friday:

1.     1964 Ferrari 250 LM Coupe sold for $17,600,000

2.     1998 McLaren F1 LM Coupe sold for $13,750,000

3.     1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000

4.     1959 Ferrari 250 GT California LWB Spyder (open headlight) sold for $8,500,000

5.     1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000

6.     2005 Ferrari Enzo Coupe sold for $6,050,000

7.     1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000

8.     1994 Ferrari F40 LM Coupe sold for $3,300,000

9.     1972 Ferrari 365 GTS/4 Daytona Spyder sold for $2,750,000

10.  1971 Lamborghini Miura P400 SV Coupe sold for $2,475,000

 

2014 results through Friday

Total: $56.2M

61/67 lots sold: 91%

Average sale price: $920,952

Median sale price: $412,500

Bonhams

Friday total: $45.7M

96/109 lots sold: 88%

Average sale price: $476,048

Median sale price: $198,000

 

Top 10 Sales:

1.     1959 Ferrari 250 GT Interim Coupe sold for $8,525,000

2.     1971 Ferrari 365 GTS/4 Daytona Spyder sold for $2,640,000

3.     1985 Ferrari 288 GTO Coupe sold for $2,365,000

4.     1951 Ferrari 212 Inter Cabriolet sold for $2,200,000

5.     1955 Lancia Aurelia B24 Spider America sold for $1,952,500

6.     1953 Fiat 8V Ghia Supersonic Coupe sold for $1,815,000

7.     1987 Porsche 959 Komfort Coupe sold for $1,457,500

8.     1990 Ferrari F40 Coupe sold for $1,237,500

9.     1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,166,000

10.  1957 Mercedes-Benz 300SL Roadster sold for $1,144,000

11.  1953 Siata 208S Spider sold for $1,072,500

 

2014 Cumulative results

Total: $106.2M

103/117 lots sold: 87%

Average sale price: $1,030,806

Median sale price: $192,500

Mecum Auctions

Friday total: $11.4M

110/172 lots sold: 63%

Average sale price: $103,440

Median sale price: $65,450

 

Top 10 Friday Sales:

1.     1970 Plymouth Cuda 426/425 Convertible sold for $2,475,000

2.     2005 Ford GT Coupe sold for $374,000

3.     1956 Chevrolet Corvette 265/225 Convertible sold for $302,500

4.     1962 Chevrolet Corvette 327/360 Convertible sold for $247,500

5.     1968 Chevrolet Corvette 427/435 Convertible sold for $231,000

6.     1969 Chevrolet Corvette 427/435 Convertible sold for $220,000

7.     1972 Chevrolet Corvette 454/270 Convertible sold for $214,500

8.     1967 Chevrolet Corvette 427/400 Convertible sold for $209,000

9.     1963 Chevrolet Corvette 327/300 Coupe sold for $181,500

10.  1969 Chevrolet Corvette 427/435 Coupe sold for $181,500

 

Cumulative total through Friday

Total: $15.7M

245/485 lots sold: 51%

Average sale price: $63,948

Median sale price: $37,400

Top 10 sales through Friday:

1.     1970 Plymouth Cuda 426/425 Convertible sold for $2,475,000

2.     2005 Ford GT Coupe sold for $374,000

3.     1956 Chevrolet Corvette 265/225 Convertible sold for $302,500

4.     1962 Chevrolet Corvette 327/360 Convertible sold for $247,500

5.     1968 Chevrolet Corvette 427/435 Convertible sold for $231,000

6.     1969 Chevrolet Corvette 427/435 Convertible sold for $220,000

7.     1972 Chevrolet Corvette 454/270 Convertible sold for $214,500

8.     1967 Chevrolet Corvette 427/400 Convertible sold for $209,000

9.     1914 Flying Merkel V-Twin Motorcycle sold for $192,500

10.  1925 BMW R32 Motorcycle sold for $187,000

 

2014 Results through Friday

Total: $9.0M

223/475 lots sold: 47% sell-through rate

Average sale price: $40,620

Median sale price: $29,160

Russo and Steele

Friday total: $2.0M

46/76 lots sold: 61%

Average sale price: $43,749

Median sale price: 40,975

 

Top 10 Friday Sales:

1.     2005 Ferrari F430 Coupe sold for $95,700

2.     1988 Porsche 911 Turbo 930 Coupe sold for $94,600

3.     1971 Chevrolet C10 Suburban 1/2 Ton Utility Vehicle sold for $88,000

4.     2004 Ferrari 360 Spider F1 Convertible sold for $85,800

5.     1971 Porsche 911 T Coupe sold for $82,500

6.     1961 Chrysler 300G Hardtop Coupe sold for $74,800

7.     1962 Chevrolet Corvette Convertible sold for $66,000

8.     1961 Jensen 541S Coupe sold for $62,700

9.     1969 Chevrolet Camaro Z/28 Sport Coupe sold for $60,500

10.  1986 Ferrari 328 GTS Spyder sold for $58,300

 

Cumulative total through Friday

Total: $2.7M

71/129 lots sold: 55%

Average sale price: $37,470

Median sale price: $35,200

 

Overall top 10 sales through Friday:

1.     2005 Ferrari F430 Coupe sold for $95,700

2.     1988 Porsche 911 Turbo 930 Coupe sold for $94,600

3.     1971 Chevrolet C10 Suburban 1/2 Ton Utility Vehicle sold for $88,000

4.     2004 Ferrari 360 Spider F1 Convertible sold for $85,800

5.     1971 Porsche 911 T Coupe sold for $82,500

6.     1961 Chrysler 300G Hardtop Coupe sold for $74,800

7.     1962 Chevrolet Corvette Convertible sold for $66,000

8.     1961 Jensen 541S Coupe sold for $62,700

9.     1969 Chevrolet Camaro Z/28 Sport Coupe sold for $60,500

10.  1986 Ferrari 328 GTS Spyder sold for $58,300

 

2014 Results through Friday

Total: $4.2M

48/121 lots sold: 40% sell-through rate

Average sale price: $87,702

Median sale price: $52,525

JR Auctions

Friday total: $442K

11/50 lots sold: 22%

Average sale price: $38,400

Median sale price: $37,400

 

Top 10 Friday Sales:

1.     2005 Ferrari F430 Coupe sold for $70,400

2.     1964 Alfa Romeo 2600 Spider sold for $63,250

2.     1965 Shelby Cobra Replica sold for $63,250

4.     1966 Mercedes-Benz 230SL Roadster sold for $45,100

5.     1952 Riley RDM Drop Head Coupe sold for $44,000

6.      1962 BMW Isetta Coupe sold for $37,400

7.     2000 Bentley Arnage Red Label Sedan sold for $29,700

8.     1954 Volkswagen Beetle Sedan sold for $27,500

9.     1969 Chevrolet C10 half-ton Fleetside Pickup sold for $14,300

10.  1953 Ford Sedan Delivery sold for $13,750

10.  1940 Ford T-Bucket Roadster sold for $13,750

Cumulative total through Friday

Total: $492K

16/82 lots sold: 20%

Average sale price: $30,738

Median sale price: $28,600

Overall top 10 sales through Friday:

1.     2005 Ferrari F430 Coupe sold for $70,400

2.     1964 Alfa Romeo 2600 Spider sold for $63,250

3.     1965 Shelby Cobra Replica sold for $63,250

4.     1968 Mercedes-Benz 280SL Convertible sold for $53,900

5.     1956 Pontiac Star Chief Deluxe Convertible sold for $53,900

6.     2008 Aston Martin Vantage Convertible sold for $51,150

7.     1966 Mercedes-Benz 230SL Roadster sold for $45,100

8.     1952 Riley RDM Drop Head Coupe sold for $44,000

9.     1995 Porsche 911 Carrera Cabriolet sold for $38,500

9.     2012 Jaguar XJL Portfolio Sedan sold for $38,500

9.     1972 Alfa Romeo 2000 GTV Coupe sold for $38,500

9.     1937 Rolls-Royce Phantom III Sedan sold for $38,500

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