After four days, six auctions and 1,277 vehicles across the block, the final hammer has fallen on the 2017 collector car auctions on the Monterey Peninsula and the total tote stands at $317 million according to Hagerty, the classic car insurance and vehicle valuation-tracking company that provides daily updates from major auction venues.
Hagerty reports that while that $317 million figure is better than was expected by its marketplace experts, it falls 6 percent short of 2016 results for Monterey auctions. And it also figures to increase slightly as post-sales transactions are included when the auction companies report the official results in the coming week.
Overall, the sell-through rate last week was 57 percent, average price was $438,107 and median price was $90,200. Year-ago figures, respectively, were 57 percent, $446,591 and $90,200.
“Coming into the 2017 Monterey auctions saw high hopes but tempered expectations,” Hagerty reported.
“Upper-end cars had become tougher to sell and affordable cars were the ones seeing the most action — neither of which play well to this week’s venue that is heavy on million-dollar cars and relatively light on entry level offerings. Throw in the fact there were fewer seven- and eight-figure cars on offer this year versus 2016, and the question wasn’t if sales would be down but by how much. The answer, it turns out, is only $20 million.”
Looking at the market in detail, Hagerty noted that cars valued at $250,000 or more had the highest sell-through rate of any segment. One reason may have been that among cars inspected by Hagerty staff, there was a 10 percent increase in those graded as “excellent,” and therefore more desirable to bidders.
“And of the 23 lots in Monterey 2017 that had been at another auction previously over the past 12 months, 70 percent were bid to higher amounts and the average high bid was 16 percent higher.”
Interestingly enough, grouped by decades, cars from the 1980s and ’90s performed very well on the auction blocks, “being much more likely than other decades to be bid above condition-appropriate amounts,” Hagerty reported.
Among those cars were a 1991 Ferrari F40 that, $1.54 million at RM Sotheby’s and a 1989 Porsche 911 Carrera Speedster that brought $297,000 at Gooding & Company. “Ferrari Testarossas also did well by this measure,” Hagerty added.
Meanwhile, supercars “had mixed results. The second highest sale of the week was Friday’s record-setting $15.62 million for a 1995 McLaren F1 and a pair of Ferrari F40s, approximately $1.5 million each, which were both good sales,” Hagerty said.
On the flip side, a 1985 Ferrari 288 GTO from Bonhams received the lowest bid for the model since January 2014, and a 1988 Porsche 959 sold by Gooding went for $1.056 million, or more than $250,000 less than sold for last year.”
Among the auction houses, RM Sotheby’s sold 102 cars for $131.7 million, with an average sales price of nearly $1.3 million. Gooding & Company sold 106 vehicles for $90.5 million, at an average of more than $853,000.
Bonhams sold 81 vehicles for $43.9 million — more than $15 million of it traced to the sale of the McLaren F1 — at an average of more than $540,000.
Mecum hammered 281 vehicles sold (out of 645 offered) for $36.4 million, Russo and Steele sold 106 vehicles (of 202 offered) for $8.2 million and Worldwide Auctioneers, a newcomer to the Monterey Peninsula, sold 49 vehicles for $7 million.
“What do we make of all this?” Hagerty asked. “At the moment, the market favors buyers, but prices have stabilized for most models and those sellers who are realistic with their expectations are receiving fair prices.
“Entry-level cars will likely bounce back as Monterey isn’t reflective of that market, and we expect ultra-high-end cars to continue to perform well. As for the big band of cars in the middle, results will vary.”
Overall sales, Monterey auctions 2017
Note: Only sales on the block are included. Figures include buyer’s fees.
Cumulative total (all auction companies): $317.6 million
725/1,277 lots sold: 57 percent sell-through rate
Average sale price: $438,107
Median sale price: $90,200
Prior year (2016) results
Cumulative total: $338.3 million
725/1,279 lots sold: 57 percent sell-through rate
Average sale price: $466,591
Median sale price: $90,200
Overall top 10 sales
1. 1956 Aston Martin DBR1 Roadster, $22,550,000 (RM Sotheby’s)
2. 1995 McLaren F1 Coupe, $15,620,000 (Bonhams)
3. 1966 Ferrari 275 GTB/C Coupe, $14,520,000 (Gooding & Company)
4. 1970 Porsche 917K, $14,080,000 (Gooding & Company)
5. 1961 Ferrari 250 GT SWB Coupe, $8,305,000 (RM Sotheby’s)
6. 1959 Aston Martin DB4GT Prototype Coupe, $6,765,000 (RM Sotheby’s)
7. 1955 Ferrari 121 LM Spider, $5,720,000 (RM Sotheby’s)
8. 1959 Ferrari 410 Superamerica Series III Coupe, $5,335,000 (RM Sotheby’s)
9. 1959 Ferrari 250 GT SI Cabriolet (open headlight), $4,840,000 (Gooding & Company)
10. 1950 Ferrari 166 MM Berlinetta, $4,510,000 (RM Sotheby’s)
Individual results from each company
Bonhams
Overall total: $43.9 million
81/109 lots sold: 74 percent sell-through rate
Average sale price: $541,838
Median sale price: $148,500
Overall Top 10 Sales:
1. 1995 McLaren F1 Coupe, $15,620,000
2. 1965 Ferrari 275 GTB Alloy Coupe, $3,080,000
3. 1967 Ferrari 275 GTB/4 Coupe, $2,519,000
4. 2003 Ferrari Enzo Coupe, $2,040,500
5. 1990 Ferrari F40 Coupe, $1,457,500
6. 1955 Lancia Aurelia B24 Spider America, $1,265,000
7. 1956 Ferrari 250 GT Boano Coupe, $1,133,000
8. 1964 Shelby Cobra 289 R&P Roadster, $1,089,000
9. 1941 Mercedes-Benz 540K Cabriolet B, $929,500
10. 1955 Mercedes-Benz 300SL Gullwing Coupe, $919,600
Prior year (2016) totals
Total: $34.1 million
99/115 lots sold: 86 percent sell-through rate
Average sale price: $344,526
Median sale price: $121,000
Gooding & Company
Saturday total: $43.6 million
62/75 lots sold: 83 percent sell-through rate
Average sale price: $703,733
Median sale price: $286,000
Top 10 Saturday sales:
1. 1966 Ferrari 275 GTB/C Coupe, $14,520,000
2. 1958 BMW 507 Roadster, $2,750,000
3. 1965 Ferrari 275 GTB Coupe, $2,585,000
4. 1951 Ferrari 212 Inter Coupe, $1,595,000
5. 1964 Porsche 904 Carrera GTS Coupe, $1,540,000
6. 1939 Bugatti Type 57C Cabriolet, $1,512,500
7. 1953 Fiat 8V Coupe by Rapi, $1,485,000
8. 1954 Aston Martin DB2/4 Bertone Spyder, $1,430,000
9. 1957 Mercedes-Benz 300SL Roadster, $1,347,500
10. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,265,000
Cumulative total: $90.5 million
106/132 lots sold: 80 percent sell-through rate
Average sale price: $853,298
Median sale price: $286,000
Overall Top 10 sales:
1. 1966 Ferrari 275 GTB/C Coupe, $14,520,000
2. 1970 Porsche 917K, $14,080,000
3. 1959 Ferrari 250 GT SI Cabriolet (open headlight), $4,840,000
4. 1956 Maserati A6G/54 Coupe, $4,400,000
5. 2015 Ferrari LaFerrari Coupe, $3,520,000
6. 1954 Ferrari 500 Mondial Spider, $3,162,500
7. 1958 BMW 507 Roadster, $2,750,000
8. 1965 Ferrari 275 GTB Coupe, $2,585,000
9. 1966 Ferrari 275 GTS Spider, $1,700,000
10. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,677,500
Prior year (2016) totals
Total: $115.7 million
109/137 lots sold: 80 percent sell-through rate
Average sale price: $1,061,018
Median sale price: $324,500
Mecum Auctions
Saturday total: $26.8 million
83/173 lots sold: 48 percent sell-through rate
Average sale price: $322,506
Median sale price: $112,200
Top 10 Saturday sales:
1. 2014 Ferrari LaFerrari Coupe, $3,795,000
2. 2003 Ferrari Enzo Coupe, $2,970,000
3. 2010 Koenigsegg CCXR Trevita Targa, $2,860,000
4. 2015 Bugatti Veyron 16.4 Grand Sport Vitesse Coupe, $2,585,000
5. 2017 Ferrari F12 TdF Coupe, $1,375,000
6. 1965 Shelby Cobra 289 R&P Roadster, $1,045,000
7. 1988 Porsche 959 Komfort Coupe, $1,045,000
8. 2015 Ferrari 458 Speciale Aperta Spider, $682,000
9. 1964 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe, $671,000
10. 2006 Ford GT Heritage Coupe, $462,000
Cumulative total: $36.4 million
281/645 lots sold: 44 percent sell-through rate
Average sale price: $129,655
Median sale price: $46,200
Overall Top 10 sales:
1. 2014 Ferrari LaFerrari Coupe, $3,795,000
2. 2003 Ferrari Enzo Coupe, $2,970,000
3. 2010 Koenigsegg CCXR Trevita Targa, $2,860,000
4. 2015 Bugatti Veyron 16.4 Grand Sport Vitesse Coupe, $2,585,000
5. 2017 Ferrari F12 TdF Coupe, $1,375,000
6. 1965 Shelby Cobra 289 R&P Roadster, $1,045,000
7. 1988 Porsche 959 Komfort Coupe, $1,045,000
8. 2015 Ferrari 458 Speciale Aperta Spider, $682,000
9. 1964 Rolls-Royce Silver Cloud III HJ Mulliner Drop Head Coupe, $671,000
10. 2006 Ford GT Heritage Coupe, $462,000
Prior Year (2016) results
Total: $45.8 million
294/698 lots sold: 42 percent sell-through rate
Average sale price: $155,693
Median sale price: $51,975
RM Sotheby’s
Saturday total: $68.8 million
56/58 lots sold: 97 percent sell-through rate
Average sale price: $1,227,620
Median sale price: $616,000
Top 10 Saturday sales:
1. 1961 Ferrari 250 GT SWB Coupe, $8,305,000
2. 1959 Ferrari 410 Superamerica Series III Coupe, $5,335,000
3. 1954 Ferrari 500 Mondial Spider, $3,850,000
4. 1965 Ferrari 275 GTB Long Nose Alloy Coupe, $3,575,000
5. 1970 Porsche 908/03, $3,575,000
6. 2015 Ferrari LaFerrari Coupe, $3,410,000
7. 1967 Ferrari 275 GTB/4 Berlinetta, $3,025,000
8. 1969 Ferrari 365 GTS Spider, $2,722,500
9. 1937 Mercedes-Benz 540K Cabriolet A, $2,585,000
10. 2014 Pagani Huayra Tempesta Coupe, $2,420,000
Cumulative total: $131.7 million
102/116 lots sold: 88 percent sell-through rate
Average sale price: $1,291,147
Median sale price: $440,000
Overall Top 10 sales:
1. 1956 Aston Martin DBR1 Roadster, $22,550,000
2. 1961 Ferrari 250 GT SWB Coupe, $8,305,000
3. 1959 Aston Martin DB4GT Prototype Coupe, $6,765,000
4. 1955 Ferrari 121 LM Spider, $5,720,000
5. 1959 Ferrari 410 Superamerica Series III Coupe, $5,335,000
6. 1950 Ferrari 166 MM Belinetta, $4,510,000
7. 1954 Ferrari 500 Mondial Spider, $3,850,000
8. 1965 Ferrari 275 GTB Long Nose Alloy Coupe, $3,575,000
9. 1970 Porsche 908/03, $3,575,000
10. 1930 Bentley 6 1/2 Litre Speed Six Coupe, $3,410,000
Prior year (2016) results
Total: $123.1 million
85/100 lots sold: 85 percent sell-through rate
Average sale price: $1,448,565
Median sale price: $572,000
Russo and Steele
Saturday total: $5.3 million
39/75 lots sold: 52 percent sell-through rate
Average sale price: $145,553
Median sale price: $74,800
Top 10 Saturday sales:
1. 1961 Ferrari 250 Europa Coupe, $1,155,000
2. 2005 Porsche Carrera GT Coupe, $671,000
3. 2008 Mercedes-Benz SLR McLaren Convertible, $352,000
4. 2005 Ford GT Coupe, $321,200
5. 1966 Ford GT350 Fastback, $297,000
6. 1983 Ferrari 512 BBi Coupe, $231,000
7. 1992 Ferrari 512 TR Coupe, $214,500
8. 2017 Dodge Viper ACR Coupe, $132,000
9. 1964 Porsche 356C Coupe, $122,100
10. 1971 Porsche 914/6 Targa, $115,500
10. 1988 Porsche 911 Turbo 930 Coupe, $115,500
Cumulative total: $8.2 million
106/202 lots sold: 52 percent sell-through rate
Average sale price: $77,021
Median sale price: $42,350
Overall Top 10 sales:
1. 1961 Ferrari 250 Europa Coupe, $1,155,000
2. 2005 Porsche Carrera GT Coupe, $671,000
3. 2008 Mercedes-Benz SLR McLaren Convertible, $352,000
4. 2005 Ford GT Coupe, $321,200
5. 1966 Ford GT350 Fastback, $297,000
6. 1983 Ferrari 512 BBi Coupe, $231,000
7. 1992 Ferrari 512 TR Coupe, $214,500
8. 2017 Dodge Viper ACR Coupe, $132,000
9. 1964 Porsche 356C Coupe, $122,100
10. 1971 Porsche 914/6 Targa, $115,500
10. 1988 Porsche 911 Turbo 930 Coupe, $115,500
Prior year (2016) results
Total: $8.3 million
96/228 lots sold: 42 percent sell-through rate
Average sale price: $86,514
Median sale price: $45,375
Worldwide Auctioneers
Total: $7.0 million
49/73 lots sold: 67 percent sell-through rate
Average sale price: $142,746
Median sale price: $82,500
Top 10 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, $330000
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
