Final tally: $371 million in auction sales during Monterey Car Week

Final tally: $371 million in auction sales during Monterey Car Week

Remarkable bidding for early 1961 Jaguar E-type coupe was among the many highlights at the six sales

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

Every one of the six collector car auctions with sales during Monterey Car Week had seven-figure cars among their results, and for four of those auctions, every one of the top-10 selling cars were at least a million dollars.

The three monster sales got most of the attention: the 1962 Ferrari 250 GTO that sold for $48.4 million, more than any vehicle in the history of auctions, at RM Sotheby’s; the 1935 Duesenberg SSJ Roadster, one of just two made and originally owned by actor Gary Cooper, that sold for $22,000,000 to become the highest price at auction for a pre-war car, at Gooding & Company; and the 1963 Aston Martin DP215 Competition Prototype that sold for $21,455,000, also at RM Sotheby’s.

Most of the final official results are in for the auctions (all results include buyer fees), with a total of $371 million, a stunning 13 percent increase over last year, according to Hagerty classic car insurance and appraisal, which closely tracks the results throughout the four days of bidding.  (Worldwide has yet to release official results, so its figures are from Hagerty calculations.)

auctions

A very special Jaguar E-type coupe scored a record at RM Sotheby’s auction | RM Sotheby’s photo

One of the most remarkable sales in Monterey was that of the early 1961 Jaguar E-type coupe: chassis No. 10 of the first batch of left-hand-drive “flat-floor” coupes (and one of just 11 surviving), a comprehensive restoration of a numbers-matching car with original sheet metal, and kept by its second owner for 51 years.  

Calling it the Holy Grail of XK-E Jaguars, RM Sotheby’s brought the coupe up on stage just a handful of cars before the mighty Ferrari 250 GTO, so the room was packed with bidders and spectators anxious for the spectacle. During the Jaguar sale, they were treated to what a great piece of auctioneering looks like.

The bidding was fast and climbed rapidly, quickly reaching beyond the expected sale price.  The final result: $720,000 (including auction fee), far and away more than any factory-production XK-E coupe has ever reached at auction.   The crowd cheered as the auctioneer brought down the gavel. 

Oh, and by the way, when the Ferrari GTO did come up, the auctioneer started the bidding at $35 million.  That certainly kept the punters out of the mix.

auctions

Mecum sold a Duesenberg Model J Convertible Coupe for $3,850,000 | Mecum Auctions photo

But while sales were up, Hagerty detected some softening of Ferrari results – a bellweather in the high-end market – between the range of $1 million and $10 million.  Most of us will not have to worry about that, but it could presage a stagnation in overall prices.

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Porsche sales, and there were plenty of them, seem to be at least holding steady at generally strong values.   There was concern about their sinking, partially due to over-saturation of 911s and 356s for sale.

Sales of pre-war cars were encouragingly robust, Hagerty said, showing that there is still plenty of life in that market despite younger bidders’ interest in performance cars.

As Hagerty notes in its final-results news release, low-mileage cars in great original condition did very well in Monterey, pointing out a 1948 MG TC with 28,000 miles that scored $122,000, the $368,000 sale of a 50-year-owned 1958 Porsche 356A 1600 Super Speedster and an incredible 2002 BMW M5 with fewer than 500 miles that sold for $176,000. 

Here are the final results for the Monterey auctions, although without an official update from Worldwide.  Also, there are discrepancies with two of the totals, possibly because of late post-block sales: Mecum says its total sales were $47 million for 394 cars sold, and Russo and Steele claims a total of $8.5 million, although the company has not released any specifics of its auction results.

Cumulative total: $370.9 million
849/1,378 lots sold: 62 percent sell-through rate
Average sale price: $436,849

2017 final results
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 SI Coupe sold for $48,405,000 (RM Sotheby’s)
2. 1935 Duesenberg SSJ Roadster sold for $22,000,000 (Gooding & Company)
3. 1963 Aston Martin DP215 Competition Prototype sold for $21,455,000 (RM Sotheby’s)
4. 1966 Ford GT40 Mk II Coupe sold for $9,795,000 (RM Sotheby’s)
5. 1958 Ferrari 250 GT TdF Coupe sold for $6,600,000 (Gooding & Company)
6. 1955 Maserati A6GCS/53 Spider sold for $5,170,000 (Gooding & Company)
7. 1955 Ferrari 500 Mondial SII Spider sold for $5,005,000 (Gooding & Company)
8. 1957 Porsche 550A Spyder sold for $4,900,000 (RM Sotheby’s)
9. 1998 Mercedes-Benz CLK GTR Coupe sold for $4,515,000 (RM Sotheby’s)
10. 1956 Maserati A6G/2000 Zagato Berlinetta sold for $4,515,000 (RM Sotheby’s)

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Results by auction company

RM Sotheby’s 

Total: $157.9 million
125/150 lots sold: 83 percent sell-through rate
Average sale price: $1,2630,456

Overall Top 10 Sales:
1. 1962 Ferrari 250 GTO SI Coupe sold for $48,405,000
2. 1963 Aston Martin DP215 Competition Prototype sold for $21,455,000
3. 1966 Ford GT40 Mk II Coupe sold for $9,795,000
4. 1957 Porsche 550A Spyder sold for $4,900,000
5. 1998 Mercedes-Benz CLK GTR Coupe sold for $4,515,000
6. 1956 Maserati A6G/2000 Zagato Berlinetta sold for $4,515,000
7. 1934 Packard Twelve-Series 1108 Dietrich Convertible Victoria sold for $3,745,000
8. 2014 Ferrari LaFerrari Coupe sold for $3,305,000*
9. 1971 Lamborghini Miura P400 SV Coupe sold for $2,177,500
10. 1963 Mercedes-Benz 300SL Roadster sold for $1,930,000
* Charity car

2017 total
Cumulative total: $132.8 million
103/116 lots sold: 89 percent sell-through rate
Average sale price: $1,289,135

Gooding & Company 

Total: $116.5 million
122/146 lots sold: 84 percent sell-through rate
Average sale price: $954,939

Overall Top 10 Sales:
1. 1935 Duesenberg SSJ Roadster sold for $22,000,000
2. 1958 Ferrari 250 GT TdF Coupe sold for $6,600,000
3. 1955 Maserati A6GCS/53 Spider sold for $5,170,000
4. 1955 Ferrari 500 Mondial SII Spider sold for $5,005,000
5. 2007 Porsche RS Spyder Race Car sold for $4,510,000
6. 1955 Porsche 550 Spyder Roadster sold for $4,455,000
7. 1931 Bugatti Type 51 Grand Prix Race Car sold for $3,740,000
8. 1959 Porsche 718 RSK Roadster sold for $3,740,000
9. 1967 Ferrari 330 GTC Coupe sold for $3,410,000
10. 1966 Ferrari Dino 206 S Coupe sold for $3,080,000

2017 total
Cumulative total: $91.5 million
107/132 lots sold: 81 percent sell-through rate
Average sale price: $854,669

Bonhams 

Total: $37.8 million
110/135 lots sold: 81 percent sell-through rate
Average sale price: $343,694

Overall Top 10 Sales:
1. 1948 Alfa Romeo 6C 2500 Competizione Coupe sold for $3,525,000
2. 1937 Mercedes-Benz 540K Sports Roadster sold for $3,277,500
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,875,000
4. 1960 Ferrari 250 GT Cabriolet SII sold for $1,682,500
5. 1928 Bentley 6 1/2 Liter Open Sports Tourer sold for $1,655,000
6. 1953 Siata 208S Spider sold for $1,655,000
7. 1929 Bentley 4 1/2 Liter Sports Tourer sold for $1,435,000
8. 2015 Porsche 918 Spyder Weissach Roadster sold for $1,407,500
9. 1936 Mercedes-Benz 500K Touring Phaeton sold for $1,215,000
10. 1996 Porsche 911 GT2 Coupe sold for $1,105,000

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2017 total
Cumulative total: $55.2 million
86/109 lots sold: 79 percent sell-through rate
Average sale price: $641,685

Mecum

Total: $45.9 million
364/692 lots sold: 53 percent sell-through rate
Average sale price: $125,967

Overall Top 10 Sales:
1. 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria sold for $3,850,000
2. 2014 Ferrari LaFerrari Coupe sold for $3,190,000
3. 2003 Ferrari Enzo Coupe sold for $2,860,000
4. 1989 Porsche 962 Coupe sold for $2,200,000
5. 1969 Lamborghini Miura P400 S Coupe sold for $1,155,000
6. 1929 Duesenberg Model J Murphy Convertible Sedan sold for $1,155,000
7. 2012 Dallara DW12 Honda Indy Car sold for $1,127,500
8. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000
9. 2017 Ferrari F12tdf Coupe sold for $1,045,000
10. 1936 Auburn 852 Supercharged Speedster sold for $1,017,500

2017 total
Cumulative total: $32.1 million
296/645 lots sold: 46 percent sell-through rate
Average sale price: $108,478

Russo and Steele 

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 sold for $1,540,000
2. 1984 Lamborghini Countach LP500S Coupe sold for $308,000
3. 1972 Ferrari 365 GTC/4 Coupe sold for $305,250
4. 1983 Ferrari 512 BBi Coupe sold for $225,500
5. 2009 Mercedes-Benz SL65 AMG Black Series Convertible sold for $203,500
6. 1989 Porsche 911 Speedster sold for $181,500
7. 1932 Pierce-Arrow Model 52 Custom Club Berline Sedan sold for $176,000
8. 2012 Mercedes-Benz Sprinter Executive Series Van sold for $154,000
9. 2000 BMW Z8 Roadster sold for $154,000
10. 2017 Mercedes-Benz G550 Custom Wagon sold for $148,500

2017 total
Cumulative total: $8.5 million
114/202 lots sold: 56 percent sell-through rate
Average sale price: $74,911

Worldwide 

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 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 total
Total: $7.6 million
51/73 lots sold: 70 percent sell-through rate
Average sale price: $148,226

 

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