Preliminary figures show $399 million in auction sales at Monterey

Engine detail of the record-setting Ferrari 250 GTO | Bonhams photo
Engine detail of the record-setting Ferrari 250 GTO | Bonhams photo

Preliminary results show sales of $399 million at the five traditionally conducted classic car auctions this weekend on the Monterey Peninsula.

However, Hagerty Insurance, which monitors the auctions and provides preliminary numbers to the media, notes, “It is important to point out that there were a handful of significant no-sale’s from Sunday at Gooding that were reported to be close and (to be) announced within the next day, so once the final official numbers are reported by all auction companies the final overall totals may be noticeably higher than this report suggests.”

Also, Hagerty’s figures, which include buyer’s fees, do not include the new Rick Cole Auctions sale, in which bidding was done by smart-phone technology. That bidding concluded at midnight Sunday evening.

According to the Cole website, it appears that half of the lots sold, though with at least two sales — including one for $12.0 million — yet to be completed. Cole’s final numbers could add around $25 million to the Monterey weekend total.

Hagerty’s preliminary figure of $399 million in overall sales compares to a $312.1-million figure for the Monterey auctions in 2013. Also significant are an increase of more than $100,000 in the overall average sales price and a nearly $27,000 increase — that’s nearly 40 percent — bump in the median sales price.

The high-dollar sale Sunday at the Gooding auction was $5.61 million for a 1959 Ferrari 250 SI cabriolet. Three other cars — a 1965 Ferrari 275 GTB coupe, a 156 Ferrari 250F race car and a 1939 Alfa Romeo Tipo 256 cabriolet sportive — each sold for more than $4 million.

Not selling, however, was the 1966 Ferrari 365 P Berlinetta Speciale “Tre Porti,” which was bid to $22.5 million. Meanwhile, according to the Cole website, the 1955 Ferrari 410 Sport was bid to $19.51 million, also short of the owner’s reserve price.

A world auction-record price for a collector car was set at Monterey, with a 1962 Ferrari 250 GTO coupe selling for more than $38 million at Bonhams. Four other cars also traded hands in eight-figure transactions at the Monterey auctions.

Nine of the top-10 sales on the peninsula involved Ferraris. The only non-Ferrari to break into the top 10 was a 1965 Ford GT40 prototype roadster that sold at RM for $6.93 million.

Based on the preliminary numbers, RM led the auction houses with $143.3 million in sales, followed by Bonhams at $106.5, Gooding & Company at $106.2, Mecum Auctions at $33.5 and Russo and Steele at $9.6.

Again, however, those are preliminary figures. For example, Bonhams post-auction news release claims total sales of $108 million for its sale. That figure is based, Bonhams reported, on a 92-percent sell through, while Hagerty witnessed only 87-percent of lots selling on the block.

Overall from all auction companies:
Cumulative Total: $399.0M | 745/1235 lots sold: 60% Sell-Thru Rate
Average Sale Price:  $535,648 | Median Sale Price: $99,000

2013 Cumulative Results
Cumulative Total: $312.1M | 749/1251 lots sold: 60%
Average Sale Price:  $416,696 | Median Sale Price: $71,500

Overall Top 10 Sales from all auctions:
1.       1962 Ferrari 250 GTO Coupe sold for $38,115,000 (Bonhams)
2.       1964 Ferrari 275 GTB/C Speciale Coupe sold for $26,400,000 (RM Auctions)
3.       1961 Ferrari 250 GT California SWB Spyder (closed headlight) sold for $15,180,000 (Gooding)
4.       1964 Ferrari 250 LM Coupe sold for $11,550,000 (RM Auctions)
5.       1967 Ferrari 275 GTB/4 Coupe sold for $10,175,000 (RM Auctions)
6.       1953 Ferrari 250 MM Coupe sold for $7,260,000 (Bonhams)
7.       1965 Ford GT40 Prototype Roadster sold for $6,930,000 (RM Auctions)
8.       1962 Ferrari 250 GT SWB Speciale Aerodinamica Coupe sold for $6,875,000 (Bonhams)
9.       1958 Ferrari 250 SI Cabriolet (closed headlight) sold for $6,820,000 (Bonhams)
10.   1959 Ferrari 250 SI Cabriolet (open headlight) sold for $5,610,000 (Gooding)

Auctions ending Sunday

Gooding & Company
Sunday total: $45.8M | 45/57 lots sold: 79% Sell-Thru Rate
Average Sale Price: $974,647 | Median Sale Price: $319,000

Top 10 Sunday Sales:
1.                   1959 Ferrari 250 SI Cabriolet (open headlight) sold for $5,610,000
2.                   1965 Ferrari 275 GTB Coupe sold for $4,620,000
3.                   1956 Ferrari 250F Race Car sold for $4,620,000
4.                   1939 Alfa Romeo Tipo 256 Cabriolet Sportivo sold for $ 4,400,000
5.                   1967 Ford GT40 Mk I  Coupe sold for $3,520,000
6.                   1927 Bugatti Type 35 Grand Prix sold for $2,970,000
7.                   1964 Ferrari 250 GT Lusso Coupe sold for $2,200,000
8.                   1963 Mercedes-Benz 300SL Roadster sold for $1,512,500
9.                   1964 Aston Martin DB5 Coupe sold for $1,485,000
10.               1955 Lancia Aurelia B24 Spider America sold for $1,347,500

Cumulative Total: $106.2M | 106/121 lots sold: 86% sell-through rate
Average Sale Price:  $996,903 | Median Sale Price: $411,125

Overall Top 10 Sales:
1.       1961 Ferrari 250 GT California SWB Spyder (closed headlight) sold for $15,180,000
2.       1959 Ferrari 250 SI Cabriolet (open headlight) sold for $5,610,000
3.       1953 Aston Martin DB3S Roadster sold for $5,500,000
4.       1956 Ferrari 250F Race Car sold for $4,620,000
5.       1939 Alfa Romeo Tipo 256 Cabriolet Sportivo sold for $ 4,400,000
6.       1967 Ford GT40 Coupe sold for $3,520,000
7.       1927 Bugatti Type 35 Grand Prix sold for $2,970,000
8.       2001 Ferrari 333 SP Race Car sold for $2,365,000
9.       1964 Ferrari 250 GT Lusso Coupe sold for $2,365,000
10.   1956 Ferrari 250 Europa Coupe sold for $2,310,000

2013 Cumulative Results
Total: $114.0M | 116/130 lots sold: 89% sell-through rate
Average Sale Price:  $983,048 | Median Sale Price:  $354,750

As previously reported

Bonhams
Overall total: $106.5M | 104/117 lots sold: 87% sell-through rate
Average Sale Price: $1,030,807 | Median Sale Price: $192,500

Overall Top 10 Sales:
1.       1962 Ferrari 250 GTO Coupe sold for $38,115,000
2.       1953 Ferrari 250 MM Coupe sold for $7,260,000
3.       1962 Ferrari 250 GT SWB Speciale Aerodinamica Coupe sold for $6,875,000
4.       1958 Ferrari 250 SI Cabriolet (closed headlight) sold for $6,820,000
5.       1966 Ferrari 275 GTB Coupe sold for $3,850,000
6.       1973 Ferrari 365 GTS/4 Daytona Spyder sold for $2,640,000
7.       1978 Ferrari 312 T3 Formula 1 sold for $2,310,000
8.       1993 Ferrari F40 LM Coupe sold for $2,200,000
9.       1963 Mercedes-Benz 300SL Roadster sold for $1,897,500
10.   1948 Talbot-Lago Record T26 Grand Sport Coupe sold for $1,485,000

2013 Cumulative Results
Total: $31.1M | 77/89 lots sold: 87%
Average Sale Price: $403,703 | Median Sale Price: $148,500

Mecum
Cumulative Total: $33.5M | 334/676 lots sold: 49% sell-through rate
Average Sale Price: $100,295 | Median Sale Price: $44,820

Overall Top 10 Sales:
1.       1961 Ferrari 250 SII Cabriolet sold for $2,430,000
2.       1972 McLaren M20 CAN-AM sold for $2,160,000
3.       1930 Duesenberg Model J Torpedo Berline Convertible sold for $1,539,000
4.       1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,485,000
5.       1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,161,000
6.       1966 Shelby Cobra 427 Roadster sold for $1,080,000
7.       1995 Porsche 962 K8 Spyder sold for $1,004,400
8.       1968 Chevrolet Corvette L88 Convertible sold for $847,800
9.       1973 Porsche 911 Carrera RS 2.7 Coupe sold for $702,000
10.   2006 Ford GT Coupe sold for $550,000

2013 Cumulative Results
Total: $34.9M | 363/560 lots sold: 63% sell-through rate
Average Sale Price: $95,958 | Median Sale Price: $41,390

RM Auctions
Cumulative Total: $143.3M | 118/129 lots sold: 91% sell-through rate
Average Sale Price: $1,193,745 | Median Sale Price: $462,000

Overall Top 10 Sales:
1.       1964 Ferrari 275 GTB/C Speciale Coupe sold for $26,400,000
2.       1964 Ferrari 250 LM Coupe sold for $11,550,000
3.       1967 Ferrari 275 GTB/4 Coupe sold for $10,175,000
4.       1965 Ford GT40 Prototype Roadster sold for $6,930,000
5.       1965 Ferrari 275 GTB Alloy Coupe sold for $3,382,500
6.       1967 Ferrari 275 GTB/4 Coupe sold for $3,750,000
7.       1963 Ferrari 400 Superamerica Coupe sold for $2,915,000
8.       1953 Ferrari 250 GT Europa Coupe sold for $2,750,000
9.       1911 Mercer Type 35R Raceabout sold for $2,530,000
10.   1963 Ferrari 250 GT Lusso Coupe sold for $2,117,000

2013 Cumulative Results
Total: $125.0M | 104/118 lots sold: 88% sell-through rate
Average Sale Price: $1,201,740 | Median Sale Price: $364,375

Russo and Steele
Cumulative Total: $9.6M | 81/185 lots sold: 44% sell-through rate
Average Sale Price: $118,379 | Median Sale Price: $61,600

Overall Top 10 Sales:
1.       1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,320,000
2.       1957 Mercedes-Benz 300SL Roadster sold for $1,210,000
3.       1972 Ferrari 365 GTB/4 Daytona Coupe sold for $731,500
4.       1969 Ford Mustang Boss 429 Sportsroof Coupe sold for $401,500
5.       1974 Ferrari Dino 246 GTS Spyder sold for $335,500
6.       1984 Mazda Lola T616 Race Car sold for $280,500
7.       1983 Ferrari 512 BBi Coupe sold for $269,500
8.       1970 Ferrari 365 GT 2+2 Coupe sold for $233,750
9.       2013 Mercedes-Benz SLS GT Roadster sold for $192,500
10.   1928 Rolls-Royce Thunderbolt Custom Boatail sold for $187,000

2013 Cumulative Results
Cumulative Total: $7.1 | 88/216 sold: 41%
Average Sale Price: $80,417 | Median Sale Price: $49,225

All sales figures include buyer’s fees.

One thought on “Preliminary figures show $399 million in auction sales at Monterey”

  1. glad i didnt Bother checking my aVailable Bank Balance ~ NOTHING eVen Sold for 50M,! let alone the FIRST 100M Sale…WONDER if ThaT will be a ROYALE or maybe a P3/4 Devotamente, giadeFLIGHTNING

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