Bidders, sellers disagree on values at Monterey auctions

Bidders, sellers disagree on values at Monterey auctions

Sales slump by $50 million compared with 2018 figures so far this week

Although Bonhams and RM Sotheby’s added an early and extra day to their annual collector car auctions during Monterey Car Week 2019, with only Saturday action remaining, Hagerty Insider, which tracks such transactions, reports that gross sales are down nearly $50 million compared to year-ago figures for the six auction venues.

Through Friday a year ago, bidders had spent $191 million at the six auctions. Through Friday this year, sales were $142.1 million, Hagerty reported.

One reason is that bidders and car owners differ in their expectations. For example, at Mecum Auctions, auction owner Dana Mecum offered to sell his historic Ferrari racing car, 0432M. The car was bid to $20 million, but it fell short of what Mecum wanted for it.  Negotiations were expected to continue after the car rolled off the auction block.

The high-dollar sale Friday at Monterey was the $19.805 purchase of this 1994 McLaren F1 in LM spec | Andy Reid photo

The high-dollar sale of the day was a 1994 McLaren F1 in LM specification that brought $19.805 million at RM Sotheby’s, which also sold a 1965 Ford GT40 prototype roadster for $7.65 million. Meanwhile, at Gooding and Company, a 1958 Ferrari 250 LWB California Spider sold for $9.905 million and the Ferrari 312T that Niki Lauda drove to victory in the 1975 French Grand Prix went for $6 million.

Other sales of note, Hagerty said, included, at Bonhams, a 1951 Ferrari 340 America coming out of single-family ownership after 50 years and selling for $3.635 million, and a 1965 Shelby Cobra 427 going for $1.38 millions.  Mecum sold a 1912 Indian Twin board-track racing motorcycle for $253,000, a record for an Indian motorcycle at auction, and a 198-mile Mercedes-Benz 560SL for what it termed a “staggering” $121,000.

“Although sales are down across the board and the general condition of consignments is down compared to last year, many of today’s top sales show that buyers recognize rare opportunities to acquire unique cars with special provenance, and they are willing to pay for them,” Hagerty noted. 

“And even though this is Monterey, buyers were also willing to step up for cars at the more affordable end of the price spectrum in the $25,000 – $50,000 bracket. Standouts in this category include a 1974 Fiat X1/9 selling for $25,760 at Bonhams and a 1972 Datsun 240Z selling for $34,100 at Russo and Steele.”

The Monterey auctions conclude Saturday with the cars crossing the blocks including the 1939 Porsche Type 64 at RM Sotheby’s, a one-off 1953 Alfa Romeo 6C CM Superflow IV at Gooding, a 2017 Pagani Huayra roadster at Mecum and a 1995 Porsche 911 RUF BTR2 at Russo and Steele.

The following figures were provided by Hagerty Media Properties, which monitors each sale as cars cross the auction blocks. The sales figures include the buyer’s fees:

Overall sales through Friday from all auction companies

Cumulative total: $142.1 million 

518/921 lots sold: 56 percent sell-through rate 

Average sale price: $274,324 

2018  cumulative results through Friday

Cumulative total: $191.1 million 

547/905 lots sold: 60 percent sell-through rate 

Average sale price: $350,065 

Overall top 10 sales from all auctions through Friday

1. 1994 McLaren F1 “LM Spec” Coupe sold for $19,805,000 (RM Sotheby’s) 

2. 1958 Ferrari 250 California LWB Spider (closed headlight) sold for $9,905,000 (Gooding & Company) 

3. 1965 Ford GT40 Prototype Roadster sold for $7,650,000 (RM Sotheby’s) 

4. 1965 Aston Martin DB5 “Bond Car” Saloon sold for $6,385,000 (RM Sotheby’s) 

5. 1975 Ferrari 312T Formula 1 Race Car sold for $6,000,000 (Gooding & Company) 

6. 1951 Ferrari 340 America Berlinetta sold for $3,635,000 (Bonhams) 

7. 1967 Ferrari 275 GTB/4 Coupe sold for $2,750,000 (Mecum Auctions) 

8. 1913 Isotta Fraschini Tipo IM Roadster sold for $2,645,000 (Gooding & Company) 

9. 1969 Ferrari 365 GTS Spider sold for $2,205,000 (RM Sotheby’s) 

10. 1930 Duesenberg Model J Murphy sold for $2,040,000 (Gooding & Company) 

Results by auction company

GOODING & COMPANY 

Total sales through Friday: $33.6 million

41/63 lots sold: 65 percent sell-through rate 

Average sale price: $819,601

 Overall top 10 sales: 

1. 1958 Ferrari 250 California LWB Spider (closed headlight) sold for $9,905,000 

2. 1975 Ferrari 312T Formula 1 Race Car sold for $6,000,000 

3. 1913 Isotta Fraschini Tipo IM Roadster sold for $2,645,000 

4. 1930 Duesenberg Model J Murphy Sport Berline sold for $2,040,000 

5. 1993 Porsche 911 Carrera RS 3.8 Coupe sold for $1,710,000 

6. 1936 Bugatti Type 57 Atalante Coupe sold for $1,325,000 

7. 1977 Porsche 934/5 Race Car sold for $1,187,500 

8. 1991 Singer 911 Coupe sold for $857,500 

9. 1961 Jaguar E-type SI 3.8 Flat Floor Coupe sold for $626,500 

10. 1965 Lamborghini 350 GT Coupe sold for $610,000 

2018 results through Friday 

Total: $65.4 million 

50/64 lots sold: 78 percent sell-through rate 

Average sale price: $1,308,956 

RM SOTHEBY’S 

Total sales through Friday: $62.8 million

77/110 lots sold: 70 percent sell-through rate 

Average sale price: $815,706 

Overall top 10 Sales: 

1. 1994 McLaren F1 “LM Spec” Coupe sold for $19,805,000 

2. 1965 Ford GT40 Prototype Roadster sold for $7,650,000 

3. 1965 Aston Martin DB5 “Bond Car” Saloon sold for $6,385,000 

4. 1969 Ferrari 365 GTS Spider sold for $2,205,000 

5. 1966 Ferrari 275 GTB Long Nose Coupe sold for $1,985,000 

6. 1965 Aston Martin DB5 Shooting Brake sold for $1,765,000 

7. 1963 Aston Martin DB5 Drophead Coupe sold for $1,325,000 

8. 1959 Bentley S1 Continental Coachbuilt Drophead Coupe sold for $1,226,000 

9. 2005 Porsche Carrera GT Coupe sold for $1,193,000 

10. 2008 Bugatti Veyron 16.4 Coupe sold for $1,050,000 

2018 results through Friday (first of a 2-day sale) 

Total: $67.2 million 

59/75 lots sold: 79 percent sell-through rate 

Average sale price: $1,138,792

BONHAMS

Total sales through Friday: $27.4 million 

158/220 lots sold: 72 percent sell-through rate 

Average sale price: $173,672 

Overall Top 10 Sales: 

1. 1951 Ferrari 340 America Berlinetta sold for $3,635,000 

2. 1965 Shelby Cobra 427 (CSX3101 – CSX3200) Roadster sold for $1,380,000 

3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500 

4. 2017 Ford GT Coupe sold for $1,050,000 

5. 2017 Ferrari F12tdf Coupe sold for $907,000 

6. 1930 Bentley Speed Six Le Mans Replica Tourer sold for $874,000 

7. 1962 Aston Martin DB4 Vantage Saloon sold for $643,000 

8. 1958 Ferrari 250 GT Ellena Coupe sold for $621,000 

9. 1934 Duesenberg Model J Brunn Torpedo Phaeton sold for $478,000 

10. 1966 Ferrari 330 GTC Coupe sold for $450,500 

2018 results through Friday (one-day sale in 2018) 

Total: $36.5 million 

105/135 lots sold: 78 percent sell-through rate 

Average sale price: $347,742 

MECUM AUCTIONS 

Total sales through Friday: $14.2 million 

185/405 lots sold: 46 percent sell-through rate 

Average sale price: $76,770 

Overall Top 10 Sales: 

1. 1967 Ferrari 275 GTB/4 Coupe sold for $2,750,000 

2. 2015 Porsche 918 Spyder Weissach Roadster sold for $1,430,000 

3. 1966 Ferrari 275 GTS Spider sold for $1,100,000 

4. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000 

5. 1997 Indy GF01 Arie Luyendyk Race Car sold for $440,000 

6. 1912 Indian Twin Board Track Racer Motorcycle sold for $253,000 

7. 1962 Chevrolet Corvette Convertible sold for $154,000 

7. 1932 Ford Model 18 Drauz Victoria sold for $154,000 

9. 1967 Shelby GT500 Fastback sold for $143,000 

10. 2007 Porsche 911 GT3 RS Coupe sold for $137,500 

2018 results through Friday 

Total: $14.8 million 

250/459 lots sold: 54 percent sell-through rate 

Average sale price: $59,369 

WORLDWIDE  AUCTIONEERS

Total sales for one-day auction on Thursday: $3.0 million

25/37 lots sold: 68 percent sell-through rate 

Average sale price: $118,228 

Overall Top 10 Sales: 

1. 1898 Riker Electric Stanhope Runabout sold for $605,000 

2. 1931 Cadillac Series 370A Fleetwood Roadster, 2/4-p. sold for $297,000 

3. 1958 Porsche 356A 1600 Super Speedster sold for $264,000 

4. 1965 Jaguar E-type SI 4.2 Roadster sold for $242,000 

5. 1969 Dodge Charger Daytona Hardtop Coupe sold for $203,500 

6. 1930 Cadillac Series 452 Fleetwood Imperial Landau Cabriolet, 5/7-p. sold for $176,000 

7. 1966 Jaguar E-type SI 4.2 Coupe sold for $154,000 

8. 1958 Mercedes-Benz 190SL Convertible sold for $110,000 

8. 1908 Stevens-Duryea Model X Touring sold for $110,000 

10. 1967 Oldsmobile Toronado Mannix Roadster sold for $101,200 

2018 results

Total: $5.5 million 

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

Average sale price: $167,267 

RUSSO AND STEELE 

Total sales through Friday: $1.1 million 

32/86 lots sold: 37 percent sell-through rate 

Average sale price: $34,018 

Overall Top 10 Sales: 

1. 1965 Porsche 356C Cabriolet sold for $115,500 

2. 2019 Jeep Wrangler Unlimited Rubicon SUV sold for $77,000 

3. 1974 Ford Bronco Wagon 4×4 sold for $77,000 

4. 1971 DeTomaso Pantera Coupe sold for $73,700 

5. 1951 Jaguar XK 120 Roadster sold for $71,500 

6. 1991 Land Rover Defender 110 sold for $68,200 

7. 1995 Porsche 911 Carrera Coupe sold for $56,100 

8. 1963 Chevrolet Impala SS Convertible sold for $48,400 

9. 1962 Alfa Romeo Giulietta Spider sold for $45,100 

10. 1972 Datsun 240Z Coupe sold for $34,100 

2018 results through Friday 

Total: $1.8 million 

50/113 lots sold: 44 percent sell-through rate 

Average sale price: $36,168 

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  • Rudy Alfonso
    August 25, 2019, 3:13 PM

    Recession, and a predicted market correction=15 value decline. The C7 Corvette is an example of a vehicle value falling faster than the speed of light

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