Auction records fall for British and American cars

Auction records fall for British and American cars

Well, there’s a prediction that proved correct — and then some — as records were set Friday for the most ever paid at auction

Le Mans-winning Jaguar sets record for price paid at auction for a British car | Larry Edsall photo

Le Mans-winning Jaguar sets record for price paid at auction for a British car | Larry Edsall photo

“Numbers are expected to climb as those auctions move higher into their dockets today and overall figures should soar Friday as Bonhams stages its one-day auction at The Quail and RM Sotheby’s opens its two-day sale in downtown Monterey.”

— Classic Car News, Friday, August 19 report from Monterey Car Week

Well, there’s a prediction that proved correct — and then some — as records were set Friday for the most ever paid at auction for both an American car and a British car, and where the star car at yet another sale also sold for a big number.

The huge numbers were posted in a packed-to-overflowing auction area in downtown Monterey, where a bidder at RM Sotheby’s reached $21.78 million for the 1954 Jaguar D-type XKD501 that won the 24 Hours of Le Mans and where someone ponied up $13.75 million for the first 1962 Shelby Cobra (CSX2000). Both were world auction records for cars from their respective countries.

On the block at Bonhams | Bob Golfen photo

On the block at Bonhams | Bob Golfen photo

Earlier in the day at Bonhams’ sale at The Quail, that auction’s star, a 1931 Bugatti Type 51 Grand Prix racer, didn’t sell on the block but a deal was done soon thereafter with the car going to a new owner for $4 million, according to figures supplied to Classic Car News by Hagerty, the insurance and vehicle value-tracking company that monitors all of the auctions during Monterey Car Week.

Despite the stunning figures posted for those sales, Hagerty also reported that, “Not all of the big cars sold, however, as RM missed on a 1965 and 1966 Ford GT40 Mk I (both $2.7 million no-sales), and Bonhams fell short at $1.85 million for a 1935 Mercedes-Benz 500K Cabriolet A.”

Hagerty also pointed out that the sell-through rate overall is off 5 percent compared to year-ago figures at the same point in the week, dipping to 51 percent, and the media sales price is off by 10 percent.

While Bonhams’ was a one-day sale, bidding continues today at Mecum Auctions, Russo and Steele, and at RM Sotheby’s, while Gooding & Company begins its two-day auction at Pebble Beach. Also taking place is a Rick Cole Auction, with cars displayed in a downtown showroom with bidding not in that room but taking place via smartphone.

“Traditional classics built from 1950-79 have been the quickest to move with a 54 percent sell-through rate, while cars built from 1980 onward are trailing,” Hagerty reported for the Monterey Car Week action through Friday. “Porsches and Ferraris have also been slow to sell, with Ferraris from the 1990s and onward having an especially weak 14 percent sell-through rate — even including the strong sale of a 2014 LaFerrari at $3.685 million. Prices on Porsche 930 Turbos have also been soft so far this week based on their condition.”

Auction action at Russo and Steele | Larry Edsall photo

Auction action at Russo and Steele | Larry Edsall photo

However, “While totals are down, there are plenty of strong areas, even outside of the star lots. BMW M cars had a good showing with a 1988 M6 selling for $99,000 at Mecum and a 1988 M5 selling for $48,400 at Bonhams.

“Two later model Ferraris at Mecum — a 1986 Testarossa and a 1989 328 GTS — sold well at $145,750 and $209,000, respectively. A 1951 Hudson Hornet convertible sold for $198,500 at Bonhams, or nearly 50 percent above Hagerty Price Guide’s No. 1 value.

Regarding Saturday sales, Hagerty notes that RM Sotheby’s docket includes an Alfa 8C, a Ferrari TdF, and a California Spider; that Gooding & Company has an impressive roster crossing its block; and that Mecum and Russo and Steele “close out their Monterey presences with a host of modern hypercars.”

Here are the numbers so far, and those from last year at this same junction, as reported by Hagerty observers. All numbers reported include buyer’s premium fees.

Overall results from auction companies through Friday

Cumulative total: $110.9 million
415/813 lots sold: 51 percent sell through rate
Average sale price: $267,114
Median sale price: $55,000

2015 Cumulative results through Friday
Cumulative total: $188.0 million
504/896 lots sold: 56 percent
Average sale price: $373,109
Median sale price: $60,500
(Note: RM Sotheby’s had a three-day auction in 2015)

Overall Top 10 Sales from all auctions through Friday

1. 1955 Jaguar D-Type Roadster (RM Sotheby’s) sold for $21,780,000
2. 1962 Shelby Cobra 260 Roadster (RM Sotheby’s) sold for $13,750,000
3. 1955 Ferrari 750 Monza Spider (RM Sotheby’s) sold for $5,225,000
4. 1931 Bugatti Type 51 Grand Prix Roadster (Bonhams) sold for $4,000,000
5. 2014 Ferrari LaFerrari Coupe (Bonhams) sold for $3,685,000
6. 1904 Mercedes-Simplex 28-32HP Rear Entrance Tonneau (Bonhams) sold for $2,805,000
7. 1985 Ferrari 288 GTO Coupe (Bonhams) sold for $2,112,000
8. 2014 McLaren P1 Coupe (Bonhams) sold for $2,090,000
9. 1954 Bentley R-Type Continental 4.6L Sedan (RM Sotheby’s) sold for $1,870,000
10. 1965 Ferrari 275 GTB Coupe (RM Sotheby’s) sold for $1,732,500

Results by auction company

Bonhams

Friday total: $34.1 million
99/115 lots sold: 86 percent sell-through rate
Average sale price: $344,526
Median sale price: $121,000

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: $45.7 million
96/109 lots sold: 88 percent
Average sale price: $476,048
Median sale price: $198,000

Mecum

Friday total: $8.5 million
90/203 lots sold: 44 percent sell-through rate
Average sale price: $94,826
Median sale price: $74,525

Top 10 Friday Sales (and cumulative Top 10):
1. 1973 Ferrari Dino 246 GTS Spider sold for $357,500
2. 1969 Chevrolet Camaro Yenko 427/425 Sport Coupe sold for $308,000
3. 2006 Ford GT Coupe sold for $291,500
4. 2005 Ford GT Coupe sold for $261,250
5. 2006 Ford GT Coupe sold for $253,000
6. 1963 Chevrolet Corvette Z06 (big tank) 327/360 Split-Window Coupe sold for $253,000
7. 1970 Ford Mustang Boss 429 SportsRoof sold for $225,500
8. 1989 Ferrari 328 GTS Spider sold for $209,000
9. 2006 Mercedes-Benz SLR McLaren Coupe sold for $206,250
10. 1958 Chevrolet Corvette 283/290 Convertible sold for $184,250

Cumulative total through Friday
Total: $12.2 million
210/498 lots sold: 42 percent sell-through rate
Average sale price: $58,153
Median sale price: $38,500

2015 Results through Friday
Total: $15.7 million
245/485 lots sold: 51percent sell-through rate
Average sale price: $63,948
Median sale price: $37,400

RM Sotheby’s

Friday total: $62.0 million
40/52 lots sold: 77 percent sell-through rate
Average sale price: $1,549,763
Median sale price: $442,750

Top 10 Friday sales:
1. 1955 Jaguar D-Type Roadster sold for $21,780,000
2. 1962 Shelby Cobra 260 Roadster sold for $13,750,000
3. 1955 Ferrari 750 Monza Spider sold for $5,225,000
4. 1954 Bentley R-Type Continental 4.6L Sedan sold for $1,870,000
5. 1965 Ferrari 275 GTB Coupe sold for $1,732,500
6. 1932 Bentley 8-Litre Tourer sold for $1,705,000
7. 2012 Bugatti Veyron 16.4 Grand Sport Convertible sold for $1,650,000
8. 1965 Shelby Cobra 428 Roadster sold for $1,375,000
9. 1938 Maybach SW38 Roadster sold for $1,072,500
10. 1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,045,000

2015 Results through Friday
Total: $123.5 million
76/89 lots sold: 85 percent sell-through rate
Average sale price: 1,625,355
Median sale price: $462,000

Russo and Steele

Friday total: $1.5 million
31/78 lots sold: 40 percent sell-through rate
Average sale price: $49,074
Median sale price: $45,650

Top 10 Friday Sales:

1. 1974 BMW 2002 Turbo Sedan sold for $115,500
2. 1958 Chevrolet Bel Air Impala 348/280 Convertible sold for $107,800
3. 1969 Jaguar E-Type SII Roadster sold for $99,000
4. 1997 Ferrari F355 Berlinetta sold for $86,900
5. 1971 Dodge Challenger R/T 440/385 Hardtop Coupe sold for $75,900
6. 1970 Jaguar E-Type SII Roadster sold for $74,250
7. 1962 Porsche 356B (T5) Coupe sold for $72,600
8. 2000 Dodge Viper GTS Coupe sold for $61,600
9. 1980 Pontiac Firebird Trans Am Indy Pace Car Coupe sold for $59,950
10. 1956 Volvo P1900 Roadster sold for $59,400

Cumulative total through Friday
Total: $2.5 million
66/148 lots sold: 45 percent sell-through rate
Average sale price: $38,505
Median sale price: $34,375

Overall Top 10 Sales through Friday:
1. 1974 BMW 2002 Turbo Sedan sold for $115,500
2. 1958 Chevrolet Bel Air Impala 348/280 Convertible sold for $107,800
3. 1969 Jaguar E-Type SII Roadster sold for $99,000
4. 1997 Ferrari F355 Berlinetta sold for $86,900
5. 1971 Dodge Challenger R/T 440/385 Hardtop Coupe sold for $75,900
6. 1970 Jaguar E-Type SII Roadster sold for $74,250
7. 1962 Porsche 356B (T5) Coupe sold for $72,600
8. 2006 Bentley Continental GT Coupe sold for $66,000
8. 1954 Cadillac Eldorado Convertible sold for $66,000
10. 1966 Volkswagen Transporter Deluxe Microbus, 21-Window sold for $61,600
10. 2000 Dodge Viper GTS Coupe sold for $61,600

2015 Results through Friday
Total: $2.7 million
71/129 lots sold: 55 percent sell-through rate
Average sale price: $37,470
Median sale price: $35,200

 

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