(Editor’s note: This is the second of a series of daily reports from Hagerty, which is monitoring the various collector car auctions during Monterey Car Week.)
Friday was the second day of the 2021 Monterey auctions, and the busiest. Cars were selling from the morning through evening, as all five auction companies on the peninsula this year (Mecum, Russo and Steele, Bonhams, Gooding & Company, and RM Sotheby’s) conducted sales.
Through Friday, cumulative total sales add up to $210.2 million with a 77 percent sell-through rate. This time in 2019, the Monterey auction added up to $139.1 million with a 56-percent sell-through. The average sale is up, too, from $282,240 in 2019 to $391,434 in 2021.
For the last 18 months, we’ve seen countless collector vehicles in the sub-$250,000 range sell for stronger and stronger prices (mainly online), but the market’s upper echelons have been less visible, especially in the growing online space. This week in Monterey provides a rare opportunity for an in-person health check, and so far, it does indeed seem that the same enthusiasm in the lower price brackets exists in the highest as well. About 30 percent more million-dollar cars are offered this year than 2019, and the sell-through rate for seven- or eight-figure cars has risen from 48 percent in 2019 to 72 percent in 2021.
Top among them (and potentially the high sale of the week) was Gooding & Company’s 1995 McLaren F1, which on Friday brought $20,465,000. Across town, and within a few seconds of that sale, RM Sotheby’s sold a 1962 Ferrari 268 SP race car for $7,705,000.
Nowhere else, either online or in the flesh, can you see $28,170,000 worth of cars selling almost simultaneously.
Meanwhile, the 1928 Mercedes-Benz 26/120/180 that sold out of 60 years in single-family ownership at Bonhams brought $5,395,000, well over its $4 million high presale estimate. It was another case of buyers stepping up for cars that very rarely or never come to market. In other words, unique buying opportunities.
RM’s other star Ferrari – the 1966 275 GTB Competizione – sold for $7,705,000, but this was a sizable drop from the $9,405,000 it brought in Scottsdale six years ago. As for newer cars from Maranello, there was a streak of five consecutive late-model stick-shift Ferraris at RM. We know a third pedal and that signature open-gate shifter can add a huge premium, but these cars all still surprised. All but one exceeded its high estimate, including a 2009 599 GTB for $709,000.
Two out of the three F40s offered Friday also sold for over their condition #1 value, and it wasn’t just Ferraris doing well. Among the most surprising exotic sales of the day was a 2012 Lexus LFA that sold for $819,000 (or 69 percent over the condition #1 Hagerty Price Guide value), and a 2003 Lamborghini Murcielago with a 6-speed that sold for $445,000 (or more than twice its condition-appropriate value).
Iconic American cars from the 1950s also showed some of their enduring appeal, with a 1959 Cadillac Eldorado Biarritz selling for $313,000 (or about twice its condition-appropriate value).
Friday may have been the busiest day of auctions this year, but the action certainly isn’t over. Today we’ll see what could be one of the biggest cars of the week – the 1970 Gulf Porsche 917K – crossing the block at RM Sotheby’s. Meanwhile, Gooding & Company will feature its 1958 Ferrari 250 GT Series I Cabriolet and a Bugatti Type 35B Grand Prix car, and Mecum has a 1965 Ferrari 500 Superfast and several historic, seven-figure Shelbys.
MONTEREY CAR WEEK AUCTIONS 2021
Results through August 13
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 Friday from all auction companies
Cumulative total: $210.2 million
537/699 lots sold, 77 percent sell-through rate
Average sale price: $391,434
2019 cumulative results through Friday (at Bonhams, RM Sotheby’s Gooding, Mecum, Russo and Steele)
Total sales: $139.1 million
493/884 lots sold, 56 percent sell-through rate
Average sale price: $282,240
Overall top-10 sales to date
1. 1995 McLaren F1 Coupe sold for $20,465,000 (Gooding & Company)
2. 1959 Ferrari 250 California LWB Competizione Spider (closed headlight) sold for $10,840,000 (Gooding & Company)
3. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000 (RM Sotheby’s)
4. 1962 Ferrari 268 SP Spider sold for $7,705,000 (RM Sotheby’s)
5. 1966 Ferrari 275 GTB Long Nose Alloy Coupe sold for $7,705,000 (RM Sotheby’s)
6. 1928 Mercedes-Benz 26/120/180 S Type Sports Tourer sold for $5,395,000 (Bonhams)
7. 1963 Shelby Cobra 289 R&P Roadster sold for $4,130,000 (RM Sotheby’s)
8. 1995 Ferrari F50 Coupe sold for $3,965,000 (RM Sotheby’s)
9. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000 (RM Sotheby’s)
10. 1967 Ferrari 275 GTB/4 Coupe sold for $3,662,500 (Gooding & Company)
Results by auction company
RM SOTHEBY’S
Cumulative total through Friday: $93.3 million
86/98 lots sold, 88 percent sell-through rate
Average sale price: $1,085,133
Top-10 sales:
1. 1962 Aston Martin DB4 GT Zagato Coupe sold for $9,520,000
2. 1962 Ferrari 268 SP Spider sold for $7,705,000
3. 1966 Ferrari 275 GTB Long Nose Alloy Coupe sold for $7,705,000
4. 1963 Shelby Cobra 289 R&P Roadster sold for $4,130,000
5. 1995 Ferrari F50 Coupe sold for $3,965,000
6. 1959 Aston Martin DB4 GT Lightweight Coupe sold for $3,855,000
7. 2016 Ferrari F60 America Spider sold for $3,635,000
8. 1929 Duesenberg Model J Murphy Dual-Cowl Phaeton sold for $3,305,000
9. 1965 Aston Martin DB5 Drophead Coupe sold for $3,195,000
10. 2020 McLaren Speedtail Coupe sold for $3,140,000
2019 cumulative results through Friday: $62.8 million
77/110 lots sold, 70 percent sell-through rate
Average price: $815,706
GOODING & COMPANY
Cumulative total through Friday: $62.5 million
48/57 lots sold, 84 percent: sell-through rate
Average sale price: $1,302,481
Top-10 sales:
- 1995 McLaren F1 Coupe sold for $20,465,000
- 1959 Ferrari 250 California LWB Competizione Spider (closed headlight) sold for $10,840,000
3. 1967 Ferrari 275 GTB/4 Coupe sold for $3,662,500
4. 1963 Mercedes-Benz 300SL Hardtop Coupe sold for $3,085,000
5. 1992 Ferrari F40 Coupe sold for $2,892,500
6. 1963 Ferrari 400 Superamerica Coupe sold for $2,535,000
7. 1980 Porsche 935 K3 Race Car sold for $1,930,000
8. 1968 Lamborghini Miura P400 Coupe sold for $1,902,500
9. 1965 Ferrari 275 GTS Spider sold for $1,765,000
10. 1986 March 86C Race Car sold for $1,435,000
2019 cumulative results through Friday: $33.6 million
41/63 lots sold, 65 percent sell-through rate
Average sale price: $819,601
MECUM AUCTIONS
Cumulative total through Friday: $18.2 million
249/345 lots sold: 72 percent sell-through rate
Average sale price: $73,084
Top-10 sales:
1. 1929 Duesenberg Model J Murphy Convertible Sedan sold for $2,365,000
2. 2017 Ford GT Coupe sold for $924,000
3. 2006 Ford GT Heritage Coupe sold for $605,000
4. 2009 Ferrari 430 Scuderia Coupe sold for $407,000
5. 2006 Ford GT Coupe sold for $368,500
6. 2005 Ford GT Coupe sold for $346,500
7. 1970 Porsche 911 E Coupe sold for $264,000
8. 1955 Bentley S1 Freestone & Webb Saloon sold for $247,500
9. 1949 Cadillac Series 61 Club Coupe sold for $220,000
10. 2015 Bentley Continental GTC Convertible Coupe sold for $220,000
2019 cumulative results through Friday: $14.2 million
185/405 lots sold: 46% sell-through rate
Average sale price: $76,770
BONHAMS
Cumulative total through Friday: $34.3 million
121/139 lots sold: 87 percent sell-through rate
Average sale price: $283,785
Top-10 sales:
1. 1928 Mercedes-Benz 26/120/180 S Type Sports Tourer sold for $5,395,000
2. 1948 Talbot-Lago Record T26 Cabriolet sold for $1,875,000
3. 1952 Ferrari 212 Europa Cabriolet sold for $1,820,000
4. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,710,000
5. 1974 Alfa Romeo Tipo 33 TT 12 Race Car sold for $1,677,000
6. 1966 Shelby Cobra 428 Roadster sold for $1,050,000
7. 1964 AC Cobra 289 Roadster sold for $995,000
8. 1966 Shelby Cobra 428 Roadster sold for $995,000
9. 1934 Riley MPH Sports Roadster sold for $967,500
10. 1965 Aston Martin DB5 Saloon sold for $874,000
2019 cumulative results through Friday: $27.4 million
158/220 lots sold: 72 percent sell-through rate
Average sale price: $173,672
RUSSO AND STEELE
Cumulative total through Friday: $1.8 million
33/60 lots sold, 55 percent sell-through rate
Average sale price: $55,258
Top-10 sales:
1. 1967 Ferrari 330 P4 Replica Spider sold for $302,500
2. 1992 Dodge Viper RT/10 Roadster sold for $132,000
3. 1968 Ford Mustang Customized Fastback sold for $126,500
4. 2019 Ford Mustang Bullitt Coupe sold for $80,300
5. 1979 Porsche 911 Slant Nose Conversion Coupe sold for $73,700
6. 1963 Lancia Flaminia 3B Coupe sold for $71,500
7. 1969 Chevrolet Camaro Customized Sport Coupe sold for $71,500
8. 1961 Chevrolet Bel Air Customized Sport Coupe sold for $68,750
9. 1941 Plymouth P12 Special Deluxe Customized Coupe sold for $67,100
10. 1968 Chevrolet Camaro Customized Sport Coupe sold for $63,250
2019 cumulative results through Friday: $1.1 million
32/86 lots sold: 37 percent sell-through rate
Average sale price: $34,018
