Things certainly picked up Thursday at the collector car auctions that are a big part of Monterey Car Week, and the sales should shift into high gear Friday with Bonhams staging its auction and RM Sotheby’s and Gooding & Company starting their two-day sales.
The auctions are monitored by personnel from Hagerty, the collector car insurance and valuation-tracking company, which reports that sell-through rate, average price and media price are all up compared with 2017 totals.
However, our daily report from the company notes, “The driving factor was the addition of Worldwide Auctioneers to the (Monterey) schedule.”
Worldwide offered 73 vehicles Thursday at its ocean-view venue in Pacific Grove. Of them, 48 sold (66 percent sell-through) for a total of $6.8 million, Hagerty reported, noting that it’s daily figures include only on-the-block sales. Post-block sales will be included in the official auction-house reports that come a few days after each sale.
1940 BMW 328 topped Thursday sales on the Monterey Peninsula
“Vintage pickups and SUVs continue to sing, with a 1971 GMC Jimmy selling for $52,250 at Mecum,” Hagerty said of the action Thursday, which included Mecum Auctions and Russo and Steele as well as Worldwide.
“The Porsche transaxle craze (defined as front engine, water-cooled models) also continues with a 1987 Porsche 924 S selling for $20,900 and a 944 Turbo for $51,700, both at Worldwide.
“Other bright spots include Mopar and first-generation Ford Mustangs.
“Another interesting point is that of the six cars offered on Thursday that we have seen at auction over the past 12 months, five exceeded their previous high bids (by an average of 15 percent).”
However, the Hagerty report added, overall sell-through rate remains “tepid. In most cases buyers are bidding vehicles to appropriate levels based on condition and current market values, but sellers (with reserve prices) still seem unwilling to let the cars go.”
“Of the eight Mercedes-Benz models that Hagerty physically inspected, half were bid to amounts below condition-appropriate amounts,” the company noted. “Sub-$25,000 cars behaved similarly, shaking off some of the strength that this segment had shown so far in 2017.”
Overall results through Thursday
Total: $10.8 million
204/447 lots sold: 46 percent sell-through rate
Average sale price: $53,122
Median sale price: $28,050
Prior year (2016) results through Thursday
Total: $4.6 million
153/366 lots sold: 42 percent sell-through rate
Average sale price: $30,297
Median sale price: $25,850
Overall Top 10 Sales from all auctions through Thursday
1. 1940 BMW 328 Roadster, $605,000 (Worldwide Auctioneers)
2. 1912 Fiat Tipo 56 Touring, $495,000 (Worldwide Auctioneers)
3. 1937 Packard Twelve-Series 1507 Coupe Roadster, $467,500 (Worldwide Auctioneers)
4. 1956 Dual-Ghia Hemi Convertible, $379,500 (Worldwide Auctioneers)
5. 1963 Chevrolet Corvette Z06 (big tank) Split-Window Coupe, $357,500 (Worldwide Auctioneers)
6. 1937 Jaguar SS100 2.5 Tourer, $330,000 (Worldwide Auctioneers)
7. 1997 Porsche 911 Turbo S Coupe, $291,500 (Worldwide Auctioneers)
8. 2006 Ford GT Coupe, $279,400 (Worldwide Auctioneers)
9. 1961 Bentley S2 Continental Flying Spur James Young Sedan, $264,000 (Worldwide Auctioneers)
10. 1948 Simca-Gordini Grand Prix Race Car, $242,000 (Worldwide Auctioneers)
Individual results from each auction company
Mecum Auctions
Thursday total: $2.5 million
86/220 lots sold: 39 percent sell-through rate
Average sale price: $29,639
Median sale price: $26,675
Top 10 Thursday Sales:
1. 1938 Indian Model 438 motorcycle, $104,500
2. 1966 Chevrolet Nova SS sport coupe, $90,750
3. 1969 Chevrolet Camaro RS sport coupe, $79,200
4. 1972 Ford Bronco wagon 4×4, $71,500
5. 1967 Chevrolet Camaro sport coupe, $70,400
6. 1971 Mercedes-Benz 280SL convertible, $62,700
7. 1969 Jaguar E-Type SII roadster, $61,600
8. 1967 Chevrolet Camaro RS/SS convertible, $61,600
9. 1978 Ferrari 308 GTS Spider, $57,750
10. 1987 Porsche 911 Carrera Cabriolet, $53,900
Cumulative Total Through Thursday
Total: $3.0 million
118/320 lots sold: 37 percent sell-through rate
Average sale price: $25,591
Median sale price: $22,000
Top 10 Sales Through Thursday:
1. 1938 Indian Model 438 motorcycle, $104,500
2. 1966 Chevrolet Nova SS sport coupe, $90,750
3. 1969 Chevrolet Camaro RS sport coupe, $79,200
4. 1972 Ford Bronco Wagon 4×4, $71,500
5. 1967 Chevrolet Camaro sport coupe, $70,400
6. 1971 Mercedes-Benz 280SL convertible, $62,700
7. 1969 Jaguar E-Type SII roadster, $61,600
8. 1967 Chevrolet Camaro RS/SS convertible, $61,600
9. 1978 Ferrari 308 GTS Spider, $57,750
10. 1987 Porsche 911 Carrera Cabriolet, $53,900
Prior year (2016) results through Thursday
Cumulative total: $3.7 million
121/295 lots sold: 41 percent sell-through rate
Average sale price: $30,541
Median sale price: $25,300
Russo and Steele
Thursday total: $1.0 million
38/54 lots sold: 70 percent
Average sale price: $27,239
Median sale price: $24,750
Top 10 Thursday Sales:
1. 1932 Packard Standard Eight-Series 902 Coupe roadster, $79,750
2. 1937 Cadillac Series 30 convertible, $77,000
3. 1973 Jaguar E-Type SIII roadster, $57,750
4. 1953 Packard Mayfair convertible, $55,000
5. 1937 Dodge Series D5 convertible coupe, $49,500
6. 1948 Buick Super Model 56C convertible sedan, $48,950
7. 1939 Ford Deluxe convertible, $47,300
8. 2012 Fisker Karma sedan, $44,000
9. 1990 Mercedes-Benz 560SEC AMG coupe, $42,900
10. 1996 Chevrolet Corvette GS coupe, $40,150
Prior year (2016) results through Thursday
Cumulative total: $959,000
33/71 lots sold: 46 percent sell-through rate
Average sale price: $29,017
Median sale price: $28,050
Worldwide Auctioneers
Thursday total: $6.8 million
48/73 lots sold: 66 percent
Average sale price: $141,293
Median sale price: $81,950
Top 10 Thursday Sales:
1. 1940 BMW 328 roadster, $605,000
2. 1912 Fiat Tipo 56 Touring, $495,000
3. 1937 Packard Twelve-Series 1507 coupe roadster, $467,500
4. 1956 Dual-Ghia Hemi convertible, $379,500
5. 1963 Chevrolet Corvette Z06 (big tank) split-window coupe, $357,500
6. 1937 Jaguar SS100 2.5 tourer, $330,000
7. 1997 Porsche 911 Turbo S coupe, $291,500
8. 2006 Ford GT coupe, $279,400
9. 1961 Bentley S2 Continental Flying Spur James Young sedan, $264,000
10. 1948 Simca-Gordini Grand Prix race car, $242,000
