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HomeThe MarketAndrews Collection dominates opening-day Monterey auction action

Andrews Collection dominates opening-day Monterey auction action

Of $38.8 million in sales Thursday, $34.4 million was from a single owner’s collection

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(Editor’s note: This is the first of a series of daily reports from Hagerty, which is monitoring the various collector car auctions during Monterey Car Week. We add this note: The Andrews Collection offered at RM Sotheby’s produced $34.4 million in sales. Other cars from that collection were sold at RM Sotheby’s in 2015 for $53.88 million. Combined, Andrews’ cars have sold for more than $87.3 million, the second-highest private collection sale and exceeded only by the William Harrah Collection that sold for more than $100 million at a series of Kruse auctions in the 1980s.)

The 2021 Monterey auctions got off to a strong start with money changing hands at Mecum, Russo and Steele, and RM Sotheby’s on Thursday. High-quality consignments powered $38.8 million in sales on a 73 percent sell-through rate, compared with $16.9 million  and 49 percent sell-through the last time we all gathered here, in 2019.  

In normal times, the auctions associated with Monterey Car W   eek have the ability to move the classic car market. In these oh-so-not-normal times, they’re even more significant. Although classic cars have continued to sell during the pandemic  — extremely well, at that —   we’ve had precious few public opportunities to see how the very top vehicles are performing. Several of them showed up at RM Sotheby’s, which was offering vehicles from the estate of late businessman Paul Andrews. 

Most notably, a 1962 Aston Martin DB4 GT Zagato sold for $9,520,000, 13.5 percent below low estimate but right on the Hagerty Price Guide condition value. A 1955 Jaguar D-Type went unsold for 16 percent below low estimate at a $4.2 milion high bid but also reached its Hagerty Price Guide condition value. 

The biggest underperformer of the night was a continuation Jaguar E-Type Lightweight, which sold for $1,050,000 — 30 percent below its low estimate and nearly 40 percent less than this very car brought last October at RM’s Elkhart auction. 

At the other end of the spectrum, a stunning LHD 1965 Aston Martin DB5 convertible earned $3.195 million (and a round of applause from those in the room), beating its high estimate by more than $900,000.

The sole Ferrari of the day, a 1963 Ferrari 250 GT Lusso sold for $1,875,000  —  24 percent above #1 condition value and 50 percent over condition-appropriate value. American classics also performed well, led by a Duesenberg Model J “Butterfly’”Dual-Cowl Phaeton that brought $3,305,000. These two sales — a continuation of what we saw earlier this year at Amelia Island  —  suggest in-person auctions maintain the upper hand in Enzo-era Ferraris and prewar cars, which remain relatively rare on online platforms.

1956 Chevrolet Bel Air coupe
This 1956 Chevrolet Bel Air coupe was the first car across the block at RM Sotheby’s 2021 Monterey sale

Overall, bidding was strong, if not exuberant. As we’ve observed at high-end auctions for several years now, buyers of million-dollar vehicles have a strong sense of what things are worth and an unwillingness to venture above that. But more so than 2019, the truly nice cars are here, and people are bidding them to condition-appropriate prices. 

The exuberance in recent months has been primarily focused on more attainable cars. Feverish activity on online platforms has fueled unprecedented appreciation this year for many vehicles in the $50,000 to $250,000 range. We’re already seeing that carry over to the live-auction scene here in Monterey. Mecum, for instance, sold a one-owner, 13,000-mile Porsche 914 for $80,850, about 18 percent above Hagerty’s condition #1 value.

Things will heat up considerably Friday, when Bonhams and Gooding & Co. join RM Sotheby’s, Mecum, and Russo and Steele. Several cars with eight-figure estimates, including a McLaren F1 and Porsche 917K will cross the block.

MONTEREY CAR WEEK AUCTIONS 2021

Results through August 12

(Listed below are the raw results Hagerty Valuation Team members witnessed during live auctions. They may not factor in post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.)

Overall through Thursday from all auction companies

Cumulative total: $38.8 million

168/231 lots sold: 73 percent sell-through rate

Average sale price: $231,016

2019 Cumulative Results through Thursday 
(RM Sotheby’s, Mecum, Russo and Steele)
Cumulative total: $16.9 million
143/292 lots sold: 49percent sell-through rate
Average sale price: $118,220

Overall top-10 sales: 

1. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000 (RM Sotheby’s)

2. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000 (RM Sotheby’s)

3. 1929 Duesenberg Model J Murphy Dual-Cowl Phaeton sold for $3,305,000 (RM Sotheby’s)

4. 1965 Aston Martin DB5 Drophead Coupe sold for $3,195,000 (RM Sotheby’s)

5. 1991 Aston Martin DB4 GT Zagato Coupe sold for $2,755,000 (RM Sotheby’s)

6. 1963 Ferrari 250 GT Lusso Coupe sold for $1,875,000 (RM Sotheby’s)

7. 1957 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500 (RM Sotheby’s)

8. 1929 Bentley 4 1/2-Litre Vanden Plas Touring sold for $1,105,000 (RM Sotheby’s)

9. 1963 Jaguar E-Type SI 3.8 Lightweight Contin Coupe sold for $1,050,000 (RM Sotheby’s)

10. 1932 Packard Twin Six/Individual Custom-Series 906 Convertible Sedan sold for $1,050,000 (RM Sotheby’s)

Results by auction company

RM SOTHEBY’S

Cumulative total through Friday: $34.4 milion 

25/26 lots sold: 96percent sell-through rate

Average sale price: $1,377,560

Top-10 sales:

1. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000

2. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000

3. 1929 Duesenberg Model J Murphy Dual-Cowl Phaeton sold for $3,305,000

4. 1965 Aston Martin DB5 Drophead Coupe sold for $3,195,000 

5. 1991 Aston Martin DB4 GT Zagato Coupe sold for $2,755,000 

6. 1963 Ferrari 250 GT Lusso Coupe sold for $1,875,000

7. 1957 Mercedes-Benz 300SL Gullwing Coupe sold for $1,352,500

8. 1929 Bentley 4 1/2-Litre Vanden Plas Touring sold for $1,105,000

9. 1963 Jaguar E-Type SI 3.8 Lightweight Contin Coupe sold for $1,050,000

10. 1932 Packard Twin Six/Individual Custom-Series 906 Convertible Sedan sold for $1,050,000

2019 Cumulative Results
Cumulative total through Thursday: $14.0M
24/34 lots sold: 71 percent sell-through rate
Average sale price: $584,754

MECUM AUCTIONS

Cumulative total: $3.8 million

128/179 lots sold: 72 percent sell-through rate

Average sale price: $30,065

Top-10 sales:

1. 1967 Chevrolet Corvette Coupe sold for $140,250

2. 2017 Lotus 3-Eleven Road Roadster sold for $126,500

3. 1914 Harley-Davidson 10F Twin Motorcycle sold for $101,200

4. 1952 Mercedes-Benz 220 Cabriolet A sold for $96,250

5. 1951 Giaur Race Car Roadster sold for $84,700

6. 1973 Porsche 914 1.7 Targa sold for $80,850

7. 2008 Bentley Continental GTC Convertible Coupe sold for $71,500

8. 1968 Ford Mustang GT Coupe sold for $71,500

9. 1967 Austin-Healey 3000 GT Coupe sold for $68,200

10. 1965 Honda CA110 Sport 50 Motorcycle sold for $66,000

2019 Cumulative Results
Cumulative total through Thursday: $2.4 million
101/223 lots sold: 45 percent sell-through rate
Average sale price: $23,468

RUSSO AND STEELE

Cumulative total: $500,000

15/26 lots sold: 58 percent sell-through rate

Average sale price: $34,888

Top-10 sales:

1. 1941 Plymouth P12 Special Deluxe Customized Coupe sold for $67,100

2. 2013 Ford Mustang Boss 302 Laguna Seca Coupe sold for $52,800 

3. 2003 Porsche 911 Turbo Coupe sold for $52,800

4. 1966 Ford Mustang Customized Coupe sold for $49,500

5. 2008 Mercedes-Benz SL600 Customized Roadster sold for $48,950

6. 1975 Ford F-250 3/4 Ton Pickup sold for $44,000

7. 1971 Volkswagen Meyers Manx Replica Dune Buggy sold for $35,750

8. 1996 Chevrolet Corvette GS Coupe sold for $34,100

9. 1994 Land Rover Range Rover County LWB Sport Utility Vehicle 4×4 sold for $33,550

10. 1962 Ford Galaxie 500 Sunliner Convertible sold for $27,500

2019 Cumulative Results
Cumulative total through Thursday: $500,000
18/35 lots sold: 51 percent sell-through rate
Average sale price: $27,842

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