Hagerty expects strong week for Monterey auctions

Hagerty expects strong week for Monterey auctions

More than 1,400 vehicles will cross auction blocks at six venues

The Hagerty Insider, a publication of the insurance, vehicle valuation and collector car lifestyle company, predicts that the six auctions operating during Monterey Car Week 2019 will post total sales of $378 million.

That figure compares with $371 million in sales for the same events in 2018, when sales were up 13 percent compared with the previous year. Before the auctions began, Hagerty’s analysts expected only a 4 percent increase compared with 2019 figures.

More than 1,400 vehicles will cross the blocks at the various auctions this coming week and Hagerty already sees some trends developing in the collector car marketplace:

  • “As the definition of the collector car continues to broaden in the larger market, auction companies are responding by increasing the number of vehicles on offer from the 1980s and newer.”
  • “Collector cars from the 1980s with a (pre-auction) low-bid estimate of at least $250,000 are making a comeback this year. After falling to just 12 in 2018, there are 21 available this year.”
  • “Pre-war greats from both sides of the Atlantic, and with an estimate of at least $1 million, remain popular.” Hagerty notes that 19 such cars were offered a year ago and there are 20 in that category this year.
  • “Race cars and rally cars are popular this year with at least 60 being offered; everything from a 1962 Ferrari 196 SP by Fantuzzi to a 1995 Lola T95-00 Menard-Buick Indy Car.”

Hagerty also offered up a list of what likely will be the five top-dollar sales at Monterey, with their pre-auction estimates:

  1. 1994 McLaren F1 LM-Specification (RM Sotheby’s Lot 261) – Estimate $21 million to $23 million
  2. 1939 Porsche Type 64 (RM Sotheby’s Lot 362) – Estimate $20+ million
  3. 1958 Ferrari 250 GT LWB California Spider by Scaglietti (Gooding & Company Lot 044) – Estimate $11 million to $13 million
  4. 1962 Ferrari 250 California SWB Spider by Scaglietti (RM Sotheby’s Lot 331) – Estimate $10.5 million to $13 million
  5. 1953 Aston Martin DB3S (RM Sotheby’s Lot 129) – Estimate $8.75  million to $10.5 million

“From the broader market,” Hagerty Insider added, “total auction sales have increased 4 percent over the last 12 months, which is an improvement over the 2 percent drop of 2018. 

“Sell-through rate at North American auctions has also increased nearly 2 percent over the last 12 months, to 72.5.”

During Monterey Car Week, Hagerty places observers at every auction and issues a daily report to the news media. That report provides the basis for daily updates that the ClassicCars.com Journal will publish starting Friday, August 16.

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