Slow start for auctions on Monterey Peninsula

Slow start for auctions on Monterey Peninsula

Total sales figure down but sell-through rate improves compared with 2017 start

Editor’s note: Follow all of the action and updates on our special Monterey Car Week page.

The Monterey Car Week 2018 collector car auctions opened Thursday, and Hagerty reports that first-day sales were $9.2 million, “falling short of 2017 by nearly $2 million.”

However, Hagerty noted, the overall sell-through rate was better than year-ago numbers through Thursday. 

“Weaker prices at both Mecum and Russo and Steele accounted for the shortfall,” said Hagerty, which is tracking all the auction action during Monterey Car week. “Worldwide improved its Average sale price but offered fewer lots and had a lower sell-through rate. 

1916 Locomobile Model 38 collapsible cabriolet hammers sold for $430,000

“That said, things are just getting started for the auctions in Monterey… While entry-level cars were a tougher sale this year versus last, tomorrow (Friday) will have fewer on offer” as the big catalog sales start at Bonhams, RM Sotheby’s and Gooding & Company.

Though its sell-through rate was only 56 percent and total sales were only $5.5 million, compared with $7.6 million and 70 percent for its inaugural Pacific Grove auction in 2017, “Worldwide had three notable sales of American automobiles of different eras with the 1916 Locomobile Model 68 Cabriolet selling for $473,000, the 1931 Duesenberg Model J Derham Tourster selling for $1,320,000, and the 1962 Shelby Cobra 260 Roadster selling for $990,000.”

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Worldwide’s one-day sale also posted an average sales price of $167,267 this year compared with $148,226 a year ago.

“Russo and Steele excelled at offering something for everyone with its top three sales being comprised of a 1962 Fiat Gilco Convertible at $88,000, a 1993 Land Rover Defender 110 SUV selling for $74,800, and a 2008 Tesla Roadster selling for $36,850,” Hagerty added. 

“Mecum did well selling modified and customized cars with a customized 2018 Jeep Wrangler Unlimited 4×4 selling for $82,500, and a GT-R conversion of a 1971 Nissan Skyline GTX Coupe selling for $75,900.”

1931 Chrysler CD dual-cowl phaeton on the block

Overall through Thursday from all auction companies

Cumulative total: $9.2 million

188/345 lots sold: 54 percent sell-through rate

Average sale price: $48,880

2017 results for Thursday*

Total: $11.1 million

175/347 lots sold: 50 percent sell-through rate

Average sale price: $63,677

* In 2017 Worldwide started on Wednesday

Overall Top 10 Sales from all auctions through Thursday

1. 1931 Duesenberg Model J Derham Tourster sold for $1,320,000 (Worldwide Auctioneers)

2. 1962 Shelby Cobra 260 Roadster sold for $990,000 (Worldwide Auctioneers)

3. 1916 Locomobile Model 68 Cabriolet sold for $473,000 (Worldwide Auctioneers)

4. 1972 Ferrari Dino 246 GTS Spider sold for $341,000 (Worldwide Auctioneers)

5. 1968 Jaguar E-Type SI.5 Roadster sold for $247,500 (Worldwide Auctioneers)

6. 1958 Buick Limited Model 756 Convertible sold for $181,500 (Worldwide Auctioneers)

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7. 1929 Packard Deluxe Eight-Series 645 Roadster sold for $176,000 (Worldwide Auctioneers)

8. 1967 Maserati Ghibli Coupe sold for $170,500 (Worldwide Auctioneers)

9. 1969 Chevrolet Camaro Yenko Sport Coupe sold for $165,000 (Worldwide Auctioneers)

10. 1965 Rolls-Royce Silver Cloud III LWB Sedan sold for $145,750 (Worldwide Auctioneers)

Results by Auction Company

Worldwide Auctioneers

Cumulative total through Thursday: $5.5 million

33/59 lots sold: 56 percent sell-through rate

Average sale price: $167,267

Overall Top 10 Sales:

1. 1931 Duesenberg Model J Derham Tourster sold for $1,320,000

2. 1962 Shelby Cobra 260 Roadster sold for $990,000

3. 1916 Locomobile Model 68 Cabriolet sold for $473,000

4. 1972 Ferrari Dino 246 GTS Spider sold for $341,000

5. 1968 Jaguar E-Type SI.5 Roadster sold for $247,500

6. 1958 Buick Limited Model 756 Convertible sold for $181,500

7. 1929 Packard Deluxe Eight-Series 645 Roadster sold for $176,000

8. 1967 Maserati Ghibli Coupe sold for $170,500

9. 1969 Chevrolet Camaro Yenko Sport Coupe sold for $165,000

10. 1965 Rolls-Royce Silver Cloud III LWB Sedan sold for $145,750

2017 cumulative results

Total: $7.6 million

51/73 lots sold: 70 percent sell-through rate

Average sale price: $148,226

Mecum Auctions

Cumulative total through Thursday: $3.1 million

128/233 lots sold: 55 percent sell-through rate

Average sale price: $24,325

Overall Top 10 Sales:

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1. 2018 Jeep Wrangler Unlimited 4×4 sold for $82,500

2. 1971 Nissan Skyline GTX Coupe sold for $75,900

3. 1941 GMC Silver Side Bus sold for $66,000

3. 1998 Ferrari F355 Spider sold for $66,000

3. 2000 Bentley Azure Convertible Coupe sold for $66,000

6. 2016 Dodge Challenger SRT Hellcat Coupe sold for $64,900

7. 1969 Ford Mustang Mach 1 Sportsroof sold for $58,300

8. 2004 Porsche 911 Carrera 4S Coupe sold for $55,000

9. 2011 Ford Mustang Shelby GT350 Coupe sold for $53,900

10. 2005 Bentley Continental GT Coupe sold for $52,800

2017 results through Thursday

Total: $2.5M

86/220 lots sold: 39 percent sell-through rate

Average sale price: $29,639

Russo and Steele

Cumulative total through Thursday: $0.6 million

27/53 lots sold: 51 percent sell-through rate

Average sale price: $20,594

Overall Top 10 Sales:

1. 1962 Fiat Gilco Convertible sold for $88,000

2. 1993 Land Rover Defender 110 SUV sold for $74,800

3. 2008 Tesla Roadster sold for $36,850

4. 1915 Ford Model T Brass Truck sold for $35,750

5. 1968 Ford Mustang S-Code Coupe sold for $30,800

6. 1994 Dodge Viper Convertible sold for $30,250

7. 2010 Jaguar XKR Convertible sold for $29,700

8. 2003 Mercedes-Benz SL500 Convertible sold for $24,200

9. 1957 Morris Minor 1000 Woody sold for $23,100

10. 1953 Packard Patrician Sedan sold for $22,000

2017 results through Thursday

Total: $1.0 million

38/54 lots sold: 70 percent sell-through rate

Average sale price: $27,239

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