The top end of the collector car marketplace continued to sizzle Saturday at the auctions taking place on the Monterey Peninsula, where Gooding & Company posted nearly $70 million in sales on the opening day of its auction and where million-dollar bids were commonplace not only at Gooding and RM Sotheby’s but at Mecum Auctions as well.
According to figures provided by Hagerty, the insurance and classic car value-tracking company that monitors all Monterey auctions, sales totals for the six auctions taking place during Monterey Classic Car Week totaled $338.4 million through Saturday. That figure trails the same-date number from 2014, but then there was a Ferrari GTO that was up for bidding a year ago and that car by itself accounted for more than $38 million of the 2014 auction total.
With Sunday sales yet to come, six cars already have sold for eight figures at the auctions this year.
Gooding & Company launched its sale Saturday with a short-wheelbase 1962 Ferrari 250 GT Speciale coupe selling for $16.5 million — second highest of the week on the peninsula — and with a 1982 Porsche 956 coupe bringing $10.12 million (figures include buyer’s premium). Gooding sold 63 of 69 lots, a very strong 91 percent sell-through rate, and enjoyed an average sale of $1.1 million for those 63 cars going to new owners.
RM Sotheby’s concluded its three-day auction Saturday night with total sales of more than $172 million, $45.6 of it coming Saturday when 50 of 60 sold at an 83 percent rate and for an average of $889,653.
The top sale Saturday at RM Sotheby’s was $13.2 million paid for a 1956 Ferrari 250 GT Tour de France coupe.
Mecum Auctions had $25.5 million in sales Saturday with more than half of the 171 lots selling at an average price of more than $283,000. Mecum also posted seven million-dollar sales Saturday, led by a 1969 Lamborghini Miura P400 S coupe that brought $2.53 million and a 1976 Porsche 911 Carrera Turbo coupe that went for $2.145 million.
Other million-dollar cars Saturday at Mecum were a 2005 Maserati MC12, a 1989 Ferrari F40, a 1963 Shelby Cobra, a 2005 Porsche Carrera GT and a 1967 Toyota 2000 GT. Also significant was the $506,000 paid for a 2006 Ford GT in Heritage Gulf blue-and-orange colors.
Russo and Steele did $5.8 million in sales Saturday, led by a 2005 Porsche Carrera GT coupe that sold for $781,000. For the day, Russo and Steele sold more than half of its 71 lots at an average of $142,504.
Newcomer JR Auctions sold only seven of its 51 lots Saturday, led by a 1999 Ferrari 456 GTA coupe that brought $44,000. Total sales for the day were $132,000. For the week so far, JR has sold only 17 percent of its vehicles for a total of less than $625,000.
Bonhams concluded its one-day sale Thursday, posting $45.7 million in sales with an 88 percent sell-through rate.
Overall through Saturday from all auction companies
Cumulative total: $338.4M*
755/1,326 lots sold: 56 percent
Average sale price: $440,906
Median sale price: $89,100
*Note from Hagerty: RM Sotheby’s communicated an unofficial total of $172.7M, which is $5.5M different than we witnessed in the room. We changed our totals to reflect this difference. However, this report might be missing a post-sale transaction in the “top-10 lists.” Any known post-sale deals will be included in our final recap when all auctions have completed.
2014 Cumulative Results Through Saturday
Cumulative total: $352.7M
696/1,185 lots sold: 59 percent
Average sale price: $506,741
Median sale price: $88,000
Overall Top 10 Sales from all auctions through Saturday:
1. 1964 Ferrari 250 LM Coupe sold for $17,600,000 (RM Sotheby’s)
2. 1962 Ferrari 250 GT SWB Speciale Coupe sold for $16,500,000 (Gooding & Co.)
3. 1998 McLaren F1 LM Coupe sold for $13,750,000 (RM Sotheby’s)
4. 1956 Ferrari 250 GT TdF Coupe sold for $13,200,000 (RM Sotheby’s)
5. 1953 Jaguar C-Type Works Lightweight Roadster sold for $13,200,000 (RM Sotheby’s)
6. 1982 Porsche 956 Coupe sold for $10,120,000 (Gooding & Co.)
7. 1959 Ferrari 250 GT Interim Coupe sold for $8,525,000 (Bonhams)
8. 1959 Ferrari 250 GT California LWB Spyder (open headlight) sold for $8,500,000 (RM Sotheby’s)
9. 1950 Ferrari 275 S/340 America Barchetta sold for $7,975,000 (RM Sotheby’s)
10. 2005 Ferrari Enzo Coupe sold for $6,050,000 (RM Sotheby’s)
Individual 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: 106.2M
103/117 lots sold: 87 percent
Average sale price: $1,030,806
Median sale price: $192,500
Gooding & Company
Saturday total: $69.5M
63/69 lots sold: 91 percent
Average sale price: $1,103,056
Median sale price: $462,000
Top 10 Saturday Sales:
1. 1962 Ferrari 250 GT SWB Speciale Coupe sold for $16,500,000
2. 1982 Porsche 956 Coupe sold for $10,120,000
3. 1967 Ferrari 275 GTB/4 Coupe sold for $3,877,500
4. 1965 Ferrari 500 Superfast Series I Coupe sold for $3,025,000
5. 1966 Ferrari Dino 206 S Spyder sold for $2,310,000
6. 2015 McLaren P1 Coupe sold for $1,925,000
7. 1965 Ferrari 275 GTS Spyder sold for $1,925,000
8. 1988 Porsche 959 Komfort Coupe sold for $1,732,500
9. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,650,000
10. 1934 Rolls-Royce Phantom II Continental Drop Head Coupe sold for $1,650,000
10. 1939 Lagonda V-12 Roadster sold for $1,650,000
2014 Results through Saturday
Total: $60.7M
59/64 lots sold: 92 percent
Average sale price: $1,029,176
Median sale price: $440,000
Mecum Auctions
Saturday total: $25.5M
90/171 lots sold: 53 percent
Average sale price: $283,534
Median sale price: $132,000
Top 10 Saturday Sales:
1. 1969 Lamborghini Miura P400 S Coupe sold for $2,530,000
2. 1976 Porsche 911 Carrera Turbo Coupe sold for $2,145,000
3. 2005 Maserati MC12 Coupe sold for $1,732,500
4. 1989 Ferrari F40 Coupe sold for $1,265,000
5. 1963 Shelby Cobra 289 R&P Roadster sold for $1,100,000
6. 2005 Porsche Carrera GT Coupe sold for $1,100,000
7. 1967 Toyota 2000GT Coupe sold for $1,017,500
8. 2005 Porsche Carrera GT Coupe sold for $852,500
9. 1969 Chevrolet Corvette 427/430 Convertible sold for $825,000
10. 2006 Ford GT Heritage Coupe sold for $506,000
Cumulative total: $41.2M
335/657 lots sold: 51%
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% sell-through rate
Average Sale Price: $100,295
Median Sale Price: $44,820
RM Sotheby’s
Saturday total: $45.6M*
50/60 lots sold: 83 percent
Average sale price: $889,653
Median sale price: $368,500
Top 10 Saturday Sales:
1. 1956 Ferrari 250 GT TdF Coupe sold for $13,200,000
2. 1931 Bentley 4 1/2-Litre Two-Seater Sports sold for $4,015,000
3. 1966 Ferrari 275 GTB/2 Longnose Alloy Coupe sold for $3,960,000
4. 1963 Ferrari 250 GT Lusso Coupe sold for $1,815,000
5. 1956 Ferrari 250 GT Boano Coupe sold for $1,485,000
6. 1976 Lamborghini Countach LP400 Coupe sold for $1,320,000
7. 1960 Mercedes-Benz 300SL Roadster sold for $1,210,000
8. 1956 Bentley S1 Continental Coachbuilt Drop Head Coupe sold for $1,155,000
9. 1933 Stutz DV-32 Monte Carlo Sedan sold for $935,000
10. 1965 Lamborghini 350 GT Coupe sold for $935,000
Cumulative total: $172.7M*
126/149 lots sold: 85percent
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: $142.8M
124/136 lots sold: 91percent sell-through rate
Average sale price: $1,199,247
Median sale price: $462,000
Russo and Steele
Saturday total: $5.8M
41/78 lots sold: 53 percent
Average sale price: $142,504
Median sale price: $93,500
Top 10 Saturday 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
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
JR Auctions
Saturday total: $132K
7/51 lots sold: 14 percent
Average sale price: $18,857
Median sale price: $13,750
Top 10 Saturday Sales:
1. 1999 Ferrari 456 GTA Coupe sold for $44,000
2. 1966 Chevrolet Chevy II Nova SS Sold for $33,000
3. 1967 Alfa Romeo Giulia Duetto Spider Sold for $26,950
4. 1971 Datsun 240Z Coupe sold for $13,750
5. 1992 Ford Crown Victoria Sedan sold for $6,600
6. 1977 Mercedes-Benz 450SL sold for $3,850
7. 1985 BMW 635CSi Coupe sold for $3,850
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
