Exotic cars and prices dominate Monterey auctions

1961 Ferrari California Spider sells for more than $16 million as auctions end on Monterey Peninsula | Larry Edsall Photos
1961 Ferrari California Spider sells for more than $16 million as auctions end on Monterey Peninsula | Larry Edsall Photos

The collector car auctions wrapped up Sunday night on the Monterey Peninsula — sort of. There are some after-block sales to secure and Rick Cole’s absentee-bidder, smartphone-bidding auction has yet to announce its results (they’re expected sometime Tuesday), but the early impression remains that the top end of the marketplace continues to be speeding along.

And it also seems apparent that those who seek classic cars at more widely accessible prices are doing their shopping somewhere other than on the Monterey Peninsula, where classic cars aren’t the only pricey objects.

Buoyed by eight million-dollar vehicles, Mecum Auctions’s sales total was up nicely from 2014, but the other more mainstream sales were not; Russo and Steele’s sales were down to $8.5 this year from $9.6 million last year, and the new JR Auctions company sold only seven vehicles.

Our preliminary source for auction results at Monterey is Hagerty, the insurance and vehicle value-tracking company that monitors each of the sales. Even Hagerty notes that its numbers are preliminary but promises to provide a final report within a week that includes updated numbers based on final and confirmed results announced by the companies.

Preliminary results of the live auctions at Monterey show sales of $390.6 million, with 58 percent of the available vehicles selling at an average price of $469,557. The total is some $12 million less than the same sales a year ago, but last year Bonhams sold one vehicle — a legendary Ferrari 250 GTO — for more than $37.

According to the preliminary numbers from 2015, the top sale this year was the $17.6 million paid at RM Sotheby’s for a 1964 Ferrari 250 LM coupe.

Ferraris filled seven of the places on the overall 2015 Monterey top-10 list, with a 1961 250 GT California Spyder at $16.83 million and a 1962 250 GT coupe at $16.5 million, both at Gooding & Company. (All prices include buyer’s premium.)

Gooding concluded its 2015 Monterey sale Sunday evening when it added $52.2 million to its weekend transaction total, selling 48 of the 60 lots at an average of more than $1 million. Overall, Gooding posted $121.7 million in sales, at an 86 percent sell-through, with an average transaction price of $1,096,333.

A year ago, Gooding’s two-day sale was $106.2 million.

Gooding’s top sales Sunday were the 1961 Cal Spyder for more than $16 million, a 1957 Ferrari 410 Superamerica SII coupe for more than $5 million and a 1934 Packard Twelve Series 1108 Dietrich-bodied sport sedan for $3.63 million.

The other live-auction companies all concluded their Monterey sales on Saturday.

Preliminary results provided by Hagerty show:

Overall from all auction companies

2015 Cumulative total: $390.6M (without Rick Cole Auctions)
803/1,386 lots sold:  58 percent
Average sale price:  $479,557
Median sale price: $96,800

2014 Cumulative results
Cumulative total: $428.1M (with Rick Cole Auctions)
765/1,264 lots sold: 61 percent
Average sale price:  $559,564
Median sale price: $99,000

2014 Cumulative results
Cumulative total: $402.6M (without Rick Cole Auctions)
745/1,227 lots sold: 61 percent
Average sale price:  $540,366

2015 Overall Top 10 Sales from all auctions:

1.     1964 Ferrari 250 LM Coupe sold for $17,600,000 (RM Sotheby’s)
2.     1961 Ferrari 250 GT California SWB Spyder (closed headlight) sold for $16,830,000 (Gooding & Co.)
3.     1962 Ferrari 250 GT SWB Coupe sold for $16,500,000 (Gooding & Co.)
4.     1998 McLaren F1 LM Coupe sold for $13,750,000 (RM Sotheby’s)
5.     1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000 (RM Sotheby’s)
6.     1956 Ferrari 250 GT TdF Coupe sold for $13,200,000 (RM Sotheby’s)
7.     1982 Porsche 956 Coupe sold for $10,120,000 (Gooding & Co.)
8.     1959 Ferrari 250 GT Interim Coupe sold for $8,525,000 (Bonhams)
9.     1959 Ferrari 250 GT California LWB Spyder (open headlight) sold for $8,500,000 (RM Sotheby’s)
10.  1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000 (RM Sotheby’s)

Results from each company

Bonhams

Overall total: $45.7M
96/109 lots sold: 88 percent
Average sale price: $476,048
Median sale price: $198,000

Overall Top 10 Sales:

1.     1959 Ferrari 250 GT Interim Coupe sold for $8,525,000
2.     1971 Ferrari 365 GTS/4 Daytona Spyder sold for $2,640,000
3.     1985 Ferrari 288 GTO Coupe sold for $2,365,000
4.     1951 Ferrari 212 Inter Cabriolet sold for $2,200,000
5.     1955 Lancia Aurelia B24 Spider America sold for $1,952,500
6.     1953 Fiat 8V Ghia Supersonic Coupe sold for $1,815,000
7.     1987 Porsche 959 Komfort Coupe sold for $1,457,500
8.     1990 Ferrari F40 Coupe sold for $1,237,500
9.     1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,166,000
10.  1957 Mercedes-Benz 300SL Roadster sold for $1,144,000

2014 Cumulative Results
Total: 106.5M
104/117 lots sold: 87 percent sell-through rate
Average sale price: $1,030,807
Median sale price: $192,500

Gooding & Company

Cumulative total: $121.7M
111/129 lots sold:  86 percent
Average sale price:  $1,096,333
Median sale price: $440,000

Sunday total:  $52.2M
48/60 lots sold: 80 percent
Average sale price:  $1,087,510
Median sale price: $423,500

Overall Top 10 Sales:

1.     1961 Ferrari 250 GT California SWB Spyder (closed headlight) sold for $16,830,000
2.     1962 Ferrari 250 GT SWB Coupe sold for $16,500,000
3.     1982 Porsche 956 Coupe sold for $10,120,000
4.     1957 Ferrari 410 Superamerica SII Coupe (open headlight) sold for $5,087,500
5.     1967 Ferrari 275 GTB/4 Coupe sold for $3,877,500
6.     1934 Packard Twelve-Series 1108 Dietrich Sport Sedan sold for $3,630,000
7.     1965 Ferrari 500 Superfast Series I Coupe sold for $3,025,000
8.     1966 Ferrari Dino 206 S Spyder sold for $2,310,000
9.     1998 Ferrari 333 SP Roadster sold for $2,090,000
10.  2015 McLaren P1 Coupe sold for $1,925,000
10.  1965 Ferrari 275 GTS Spyder sold for $1,925,000

Top 10 Sunday Sales:

1.     1961 Ferrari 250 GT California SWB Spyder (closed headlight) sold for $16,830,000
2.     1957 Ferrari 410 Superamerica SII Coupe (open headlight) sold for $5,087,500
3.     1934 Packard Twelve-Series 1108 Dietrich Sport Sedan sold for $3,630,000
4.     1998 Ferrari 333 SP Roadster sold for $2,090,000
5.     1961 Ferrari 250 SII Cabriolet sold for $1,842,500
6.     1967 Porsche 906 E Coupe sold for $1,650,000
7.     1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,595,000
8.     1965 Aston Martin DB5 Convertible sold for $1,540,000
9.     1975 Porsche 911 Carrera 3.0 RSR Coupe sold for $1,292,500
10.  1959 Mercedes-Benz 300SL Roadster sold for $1,100,000

2014 Cumulative Results
Total: $106.2M
106/121 lots sold: 86 percent sell-through rate
Average sale price:  $996,903
Median sale price: $411,125

JR Auctions

Cumulative total: $624K
23/133 lots sold: 17 percent
Average sale price: $27,122
Median sale price: $26,950

Overall Top 10 Sales:

1.     2005 Ferrari F430 Coupe sold for $70,400
2.     1964 Alfa Romeo 2600 Spider sold for $63,250
2.     1965 Shelby Cobra Replica sold for $63,250
4.     1966 Mercedes-Benz 230SL Roadster sold for $45,100
5.     1999 Ferrari 456 GTA Coupe sold for $44,000
5.     1952 Riley RDM Drop Head Coupe sold for $44,000
7.     1962 BMW Isetta Coupe sold for $37,400
8.     1966 Chevrolet Chevy II Nova SS Sold for $33,000
9.     2000 Bentley Arnage Red Label Sedan sold for $29,700
10.  1954 Volkswagen Beetle Sedan sold for $27,500

Mecum Auctions

Cumulative total:  $41.2M
335/657 lots sold: 51 percent
Average sale price: $122,941
Median sale price: $49,500

Overall Top 10 Sales:

1.     1969 Lamborghini Miura P400 S Coupe sold for $2,530,000
2.     1970 Plymouth Cuda 426/425 Convertible sold for $2,475,000
3.     1976 Porsche 911 Carrera Turbo Coupe sold for $2,145,000
4.     2005 Maserati MC12 Coupe sold for $1,732,500
5.     1989 Ferrari F40 Coupe sold for $1,265,000
6.     2005 Porsche Carrera GT Coupe sold for $1,100,000
7.     1963 Shelby Cobra 289 R&P Roadster sold for $1,100,000
8.     1967 Toyota 2000GT Coupe sold for $1,017,500
9.     2005 Porsche Carrera GT Coupe sold for $852,500
10.  1969 Chevrolet Corvette 427/430 Convertible sold for $825,000

2014 Cumulative Results
Total: $33.5M
334/676 lots sold: 49 percent sell-through rate
Average sale price: $100,295
Median sale price: $44,820

RM Sotheby’s

Cumulative total: $172.7M*
126/149 lots sold: 85 percent
Average sale price: $1,328,401
Median sale price: $420,750

Overall Top 10 Sales:

1.     1964 Ferrari 250 LM Coupe sold for $17,600,000
2.     1998 McLaren F1 LM Coupe sold for $13,750,000
3.     1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000
3.     1956 Ferrari 250 GT TdF Coupe sold for $13,200,000
5.     1959 Ferrari 250 GT California LWB Spyder (open headlight) sold for $8,500,000
6.     1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000
7.     2005 Ferrari Enzo Coupe sold for $6,050,000
8.     1931 Bentley 4 1/2-Litre Two-Seater Sports sold for $4,015,000
9.     1966 Ferrari 275 GTB/2 Longnose Alloy Coupe sold for $3,960,000
10.  1967 Ferrari 275 GTB/4 Coupe sold for $3,300,000
10.  1994 Ferrari F40 LM Coupe sold for $3,300,000

2014 Cumulative Results
Total: $143.3M
118/129 lots sold: 91 percent sell-through rate
Average sale price: $1,193,745
Median sale price: $462,000

Russo and Steele

Cumulative total: $8.5M
112/209 lots sold: 54 percent
Average sale price: $75,920
Median sale price: $38,500

Overall Top 10 Sales:

1.     2005 Porsche Carrera GT Coupe sold for $781,000
2.     1971 Mercedes-Benz 280SE 3.5 Convertible sold for $440,000
3.     1958 Dual-Ghia Hemi Convertible sold for $412,500
4.     1966 Ferrari 330 GT SII Coupe 2+2 sold for $404,250
5.     1973 Ferrari Dino 246 GTS Spyder sold for $363,000
6.     1966 Shelby GT350 Fastback sold for $313,500
7.     1977 Porsche 911 Carrera Turbo Coupe sold for $214,500
8.     1992 Ferrari 512 TR Coupe sold for $195,250
9.     1967 Sunbeam Tiger MK II Convertible sold for $181,500
10.  1997 Lamborghini Diablo VT Roadster sold for $165,000

2014 Cumulative Results
Total: $9.6M
81/185 lots sold: 44 percent
Average sale price: $118,379
Median sale price: $61,600

One thought on “Exotic cars and prices dominate Monterey auctions”

  1. Larry does some of the most thorough analysis of the auctions. Few out there predicted that sales results at Monterey would be down from last year. I believe Corvetted.com a Corvette site predicted that Corvette sales would be down and that overall all sales would be flat to down. And it appears that has happened. We appreciate an honest review less the BS of post auction press releases. Keep up the good work Larry.

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