Editor’s note: Follow all of the action and updates on our special Monterey Car Week page.
The early analysis of the collector car auctions held during this Monterey Car Week provides several observations by Hagerty staff, who monitored each sale, and by the insurance and valuation company’s numbers crunchers:
• Total sales — boosted by a world auction record price for any automobile and another for an American car — resulted in a 12 percent increase compared with the same auctions in 2017. Total sales this past week were $367.5 million, Hagerty reports, a nice jump from $327.6 million a year ago. However, the average price for the 841 cars sold was $436,982, only a slight bump compared with 2017.
• “Heavyweight bidders rose to the challenge posed by so many A-list cars, but the rest of the buyers weren’t so bullish,” Hagerty reports, with more-expensive cars performing better than less-expensive ones.
But with one proviso: While the overall sell-through rate for Monterey Car Week was similar to 2017 figures, the sell-through rate for 8-figure cars was 80 percent, moving down to only 58 percent for 7-figure cars, a big drop from a 70 percent sell-through a year ago.
For example, of top-of-the-market cars, those valued at $250,000 or more, 54 percent drew bids above market price. But in the $25,000 to $250,000 range, that figure was 47 percent and for cars valued at less than $25,000 the figure dropped to 20 percent.
• “One very apparent this week was buyers’ appreciation of low-mile cars,” Hagerty reports, and this wasn’t focused on a particular decade or type of car.
For example, a 19,000-mile 1978 Mercedes-Benz 450SEL 6.9 sedan at Gooding & Company, $156,750, a 4,231-mile 1995 Porsche 928 GTS with an automatic brought $140,000 at from Sotheby’s, and a 19,995-mile 1977 Honda Civic CVCC went for $22,000 at Mecum Auctions — all of those cars and others soaring past market values.
• “Of the more than 1,300 vehicles offered at the auctions, at least 200 had been sold at an auction at least once before,” Hagerty says. “Repeat sales in Monterey this year had an average annual return of 14 percent with an average holding period of 5.1 years.
“Some standouts for recent gains include a 1972 Ferrari 246 Dino GT that sold in 2012 for $214,500 and sold this year for $373,500 and an ex-Steve McQueen 1950 Hudson Custom Commodore Six convertible that sold in 2015 for $71,500 and sold again this year for $98,000, both of those most-recent sales at Bonhams.
“Much like the da Vinci painting that, a record $450 million late last year, the opportunity to purchase what is regarded as one of the all-time great automobiles resulted in a new auction record of $48.4 million,” Hagerty adds.
“Similarly, the opportunity to buy one of the most revered Duesenbergs in history raised the bar for an American car.”
“Does the significant increase in total sales from last year mean a change is underway?” Hagerty poses the question.
“At the moment, the market favors the best cars, but there are signs of weakness just below the summit.
“The abundance of pre-war cars risked overwhelming the market, but collectors generally responded to the selection and added vehicles from that era. Entry-level cars remains the most active segment of the overall market and we predict will continue to improve as Monterey isn’t reflective of that market.”
Total preliminary results from all auction companies
Cumulative total: $367.5 million
841/1,376 lots sold: 61 percent sell-through rate
Average sale price: $436,982
2017 Cumulative results through Saturday
Cumulative total: $327.6 million
757/1,277 lots sold: 59 percent sell-through rate
Average sale price: $432,793
Overall top 10 sales from all auctions
1. 1962 Ferrari 250 GTO Series I Coupe, $48,405,000 (RM Sotheby’s)
2. 1935 Duesenberg SSJ Roadster, $22,000,000 (Gooding & Company)
3. 1963 Aston Martin DP215 Competition Prototype, $21,455,000 (RM Sotheby’s)
4. 1966 Ford GT40 Mk II Coupe, $9,795,000 (RM Sotheby’s)
5. 1958 Ferrari 250 GT TdF Coupe, $6,600,000 (Gooding & Company)
6. 1955 Maserati A6GCS/53 Spider, $5,170,000 (Gooding & Company)
7. 1955 Ferrari 500 Mondial SII Spider, $5,005,000 (Gooding & Company)
8. 1957 Porsche 550A Spyder, $4,900,000 (RM Sotheby’s)
9. 1998 Mercedes-Benz CLK GTR Coupe, $4,515,000 (RM Sotheby’s)
10. 1956 Maserati A6G/2000 Zagato Berlinetta, $4,515,000 (RM Sotheby’s)
Results by auction company
RM Sotheby’s
Cumulative total: $157.6 million
124/150 lots sold: 83 percent sell-through rate
Average sale price: $1,270,903
Overall top 10 sales:
1. 1962 Ferrari 250 GTO Series I Coupe, $48,405,000
2. 1963 Aston Martin DP215 Competition Prototype, $21,455,000
3. 1966 Ford GT40 Mk II Coupe, $9,795,000
4. 1957 Porsche 550A Spyder, $4,900,000
5. 1998 Mercedes-Benz CLK GTR Coupe, $4,515,000
6. 1956 Maserati A6G/2000 Zagato Berlinetta, $4,515,000
7. 1934 Packard Twelve-Series 1108 Dietrich Convertible Victoria, $3,745,000
8. 2014 Ferrari LaFerrari Coupe, $3,305,000*
9. 1971 Lamborghini Miura P400 SV Coupe, $2,177,500
10. 1963 Mercedes-Benz 300SL Roadster, $1,930,000
* Charity car
2017 results
Cumulative total: $132.8 million
103/116 lots sold: 89 percent sell-through rate
Average sale price: $1,289,135
Gooding & Company
Cumulative total: $114.7 million
120/146 lots sold: 82 percent sell-through rate
Average sale price: $955,854
Overall top 10 sales:
1. 1935 Duesenberg SSJ Roadster, $22,000,000
2. 1958 Ferrari 250 GT TdF Coupe, $6,600,000
3. 1955 Maserati A6GCS/53 Spider, $5,170,000
4. 1955 Ferrari 500 Mondial SII Spider, $5,005,000
5. 2007 Porsche RS Spyder Race Car, $4,510,000
6. 1955 Porsche 550 Spyder Roadster, $4,455,000
7. 1931 Bugatti Type 51 Grand Prix Race Car, $3,740,000
8. 1959 Porsche 718 RSK Roadster, $3,740,000
9. 1967 Ferrari 330 GTC Coupe, $3,410,000
10. 1966 Ferrari Dino 206 S Coupe, $3,080,000
2017 results
Cumulative total: $91.5 million
107/132 lots sold: 81 percent sell-through rate
Average sale price: $854,669
Bonhams
Cumulative total: $37.7 million
109/135 lots sold: 81 percent sell-through rate
Average sale price: $345,935
Overall top 10 sales:
1. 1948 Alfa Romeo 6C 2500 Competizione Coupe, $3,525,000
2. 1937 Mercedes-Benz 540K Sports Roadster, $3,277,500
3. 1955 Mercedes-Benz 300SL Gullwing Coupe, $1,875,000
4. 1960 Ferrari 250 GT Cabriolet SII, $1,682,500
5. 1928 Bentley 6 1/2 Liter Open Sports Tourer, $1,655,000
6. 1953 Siata 208S Spider, $1,655,000
7. 1929 Bentley 4 1/2 Liter Sports Tourer, $1,435,000
8. 2015 Porsche 918 Spyder Weissach Roadster, $1,407,500
9. 1936 Mercedes-Benz 500K Touring Phaeton, $1,215,000
10. 1996 Porsche 911 GT2 Coupe, $1,105,000
2017 results
Cumulative total: $55.2M
86/109 lots sold: 79 percent sell-through rate
Average sale price: $641,685
Mecum Auctions
Cumulative total: $44.7 million
360/690 lots sold: 52 percent sell-through rate
Average sale price: $124,190
Overall top 10 sales:
1. 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria, $3,850,000
2. 2014 Ferrari LaFerrari Coupe, $3,190,000
3. 2003 Ferrari Enzo Coupe, $2,860,000
4. 1989 Porsche 962 Coupe, $2,200,000
5. 1969 Lamborghini Miura P400 S Coupe, $1,155,000
6. 1929 Duesenberg Model J Murphy Convertible Sedan, $1,155,000
7. 2012 Dallara DW12 Honda Indy Car, $1,127,500
8. 2017 Ferrari F12tdf Coupe, $1,045,000
9. 1936 Auburn 852 Supercharged Speedster, $1,017,500
10. 1973 Ferrari 365 GTB/4 Daytona Coupe, $825,000
2017 results
Cumulative total: $32.1 million
296/645 lots sold: 46 percent sell-through rate
Average sale price: $108,478
Russo and Steele
Cumulative total: $7.3 million
95/196 lots sold: 48 percent sell-through rate
Average sale price: $76,548
Overall top 10 sales:
1. 2017 Ford GT Coupe, $1,540,000
2. 1984 Lamborghini Countach LP500S Coupe, $308,000
3. 1972 Ferrari 365 GTC/4 Coupe, $305,250
4. 1983 Ferrari 512 BBi Coupe, $225,500
5. 2009 Mercedes-Benz SL65 AMG Black Series Convertible, $203,500
6. 1989 Porsche 911 Speedster, $181,500
7. 1932 Pierce-Arrow Model 52 Custom Club Berline Sedan, $176,000
8. 2012 Mercedes-Benz Sprinter Executive Series Van, $154,000
9. 2000 BMW Z8 Roadster, $154,000
10. 2017 Mercedes-Benz G550 Custom Wagon, $148,500
2017 results
Cumulative total: $8.5 million
114/202 lots sold: 56 percent sell-through rate
Average sale price: $74,911
Worldwide Auctioneers
Cumulative total: $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, $1,320,000
2. 1962 Shelby Cobra 260 Roadster, $990,000
3. 1916 Locomobile Model 68 Cabriolet, $473,000
4. 1972 Ferrari Dino 246 GTS Spider, $341,000
5. 1968 Jaguar E-Type SI.5 Roadster, $247,500
6. 1958 Buick Limited Model 756 Convertible, $181,500
7. 1929 Packard Deluxe Eight-Series 645 Roadster, $176,000
8. 1967 Maserati Ghibli Coupe, $170,500
9. 1969 Chevrolet Camaro Yenko Sport Coupe, $165,000
10. 1965 Rolls-Royce Silver Cloud III LWB Sedan, $145,750
2017 results
Total: $7.6 million
51/73 lots sold: 70 percent sell-through rate
Average sale price: $148,226
On behalf of all the Car Geeks out here, thanks for organizing the numbers for us to study Larry.