(Editor’s Note: This is the second in a series of daily reports from Hagerty watching the various collector car auctions during Monterey Car Week.)
Friday was the second day of the 2021 Monterey Auctions and the busiest. Cars were sold from dawn to dusk as all five auction companies on the peninsula (Mecum, Russo and Steele, Bonhams, Gooding & Company and RM Sotheby’s) had sales that year.
As of Friday, total cumulative sales are $ 210.2 million with a sales rate of 77 percent. This time in 2019, the Monterey auction totaled $ 139.1 million with a 56 percent sell-through. Average sales have also increased from $ 282,240 in 2019 to $ 391,434 in 2021.
Over the past 18 months we’ve seen countless collector’s vehicles in the under $ 250,000 range selling at increasingly higher prices (mostly online), but the upper echelons of the market have been less visible, especially in the growing online space. This week in Monterey is a rare opportunity for a personal health check-up, and so far it does seem that the same buzz is in the lower price ranges in the highest. About 30 percent more million cars will be offered this year than in 2019, and the sales rate for seven- or eight-digit cars has increased from 48 percent in 2019 to 72 percent in 2021.
A Pontiac GTO is at the Russo and Steele auction in Monterey | Matt Fink photo
Top among them (and possibly the week’s high sale) was Gooding & Company’s 1995 McLaren F1 that grossed $ 20,465,000 on Friday. Across town, RM Sotheby’s sold a 1962 Ferrari 268 SP racing car for $ 7,705,000 in a matter of seconds.
Nowhere else, online or up close, can you see cars valued at $ 28,170,000 at almost the same time.
Meanwhile, the 1928 Mercedes-Benz 26/120/180, sold after 60 years in a single-family home at Bonhams, grossed $ 5,395,000, well above its high pre-sale estimate of $ 4 million. It was another case of buyers stepping up for cars that very rarely or never hit the market. In other words, unique buying opportunities.
RM’s other star Ferrari – the 1966 275 GTB Competizione – sold for $ 7,705,000, but that was a sizable drop from the $ 9,405,000 it raked in at Scottsdale six years ago. With the newer cars from Maranello, RM had a series of five successive Ferraris with stick-shift gearshifts in a row. We know a third pedal and that signature open-gate shifter can add a huge premium, but these cars are all still amazed. All but one topped its high estimate, including a 2009 599 GTB for $ 709,000.
Two of the three F40s on offer on Friday were also sold for over # 1 value in their condition, and it wasn’t just Ferraris that did well. Some of the day’s most surprising exotic sales included a 2012 Lexus LFA, which sold for $ 819,000 (or 69 percent above the Hagerty price guide of state # 1) and a 2003 Lamborghini Murcielago with a 6-speed -Gearbox that sold for $ 445,000 (or more than double its stateful value).
Iconic American cars from the 1950s also showed some of its enduring appeal, with a 1959 Cadillac Eldorado Biarritz that sold for $ 313,000 (or about double its state-of-the-art value).
Friday was perhaps the busiest day of the auctions this year, but the promotion is certainly not over yet. Today we see what could be one of the biggest cars of the week – the 1970 Gulf Porsche 917K – crossing the block at RM Sotheby’s. Gooding & Company, meanwhile, will showcase 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-digit Shelbys.
A 1971 Amphicar on the block in Bonhams | Howard Koby photo
MONTEREY CAR WEEK AUCTIONS 2021
Results by August 13th
Below are the raw results that Hagerty Valuation Team members experienced during the live auctions. You may consider uncompleted deals after the sale. These numbers include the corresponding buyer premiums.
All in all until Friday from all auction houses
Total Cumulative Amount: $ 210.2 million
537/699 lots sold, 77 percent sell-through rate
Average retail price: $ 391,434
2019 overall results through Friday (at Bonhams, RM Sotheby’s Gooding, Mecum, Russo and Steele)
Total revenue: $ 139.1 million
493/884 lots sold, 56 percent sell-through rate
Median retail price: $ 282,240
Total top 10 sales so far
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 Amount through Friday: $ 93.3 million
86/98 lots sold, 88 percent sell-through rate
Median Retail 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
Cumulative Results 2019 through Friday: $ 62.8 million
77/110 lots sold, 70 percent sell-through rate
Average price: $ 815,706
GOODING & COMPANY
Total Cumulative Amount through Friday: $ 62.5 million
48/57 lots sold, 84 percent: sell-through rate
Median Retail 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 racing 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
March 10, 1986 March 86C racing car sold for $ 1,435,000
Cumulative Results 2019 through Friday: $ 33.6 million
41/63 lots sold, 65 percent sell-through rate
Median retail price: $ 819,601
WITH AUCTIONS
Cumulative Total Amount through Friday: $ 18.2 million
249/345 lots sold: 72 percent sell-through rate
Median retail 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 for $ 368,500. sold
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 sedan 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
Cumulative Results 2019 through Friday: $ 14.2 million
185/405 lots sold: 46% sell-through rate
Median retail price: $ 76,770
BONHAMS
Cumulative Total As of Friday: $ 34.3 million
121/139 lots sold: 87 percent sell-through rate
Median retail 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
5th 1974 Alfa Romeo Tipo 33 TT 12 racing 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 sedan sold for $ 874,000
Cumulative Results 2019 through Friday: $ 27.4 million
158/220 lots sold: 72 percent sell-through rate
Median retail price: $ 173,672
RUSSO AND STEEL
Total Cumulative Amount through Friday: $ 1.8 million
33/60 lots sold, 55 percent sell-through rate
Median retail 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
Cumulative Results 2019 through Friday: $ 1.1 million
32/86 lots sold: 37 percent sell-through rate
Median retail price: $ 34,018
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