Price plateau on the peninsula for Monterey auctions

The “best of the best” cars did very well at the auctions held during Monterey Car Week 2016 with seven selling for $10 million. But between them, those seven accounted for nearly a third of the $344.9 million in sales at the five auctions, according to preliminary figures compiled by Hagerty, the insurance and vehicle value-tracking company that has observers at each of the sales.

World record auction prices were paid on the Monterey Peninsula for American, British, French and prewar cars.

Hagerty noted, however, that the $344.9 figure likely will increase when post-block sales are included as the auction houses audit and share their final results.

“The message stemming from this year’s Monterey auctions is that all but the most exceptional examples of a given model continue to level out,” the Hagerty report noted. “Sellers who were testing the market have likely missed their window for now.”

The Hagerty report noted that, “Outside that narrow, ‘best of the best’ slice, however, bidding was slow and sell-through percentages were the lowest in Monterey since at least 2000. The sales rate for cars priced above $100,000, for example, fell 15 points, from 72 percent to 57 percent.

“For the 581 vehicles in this tier that Hagerty inspected, the vast majority were bid to amounts that were in line with Hagerty Price Guide values given their condition. So it seems that buyers are more in tune with the new market-adjusted prices than sellers at the moment, and are not allowing themselves to pay for future gains now.

“The same was true for cars priced below $50,000, although those cars saw only a 3-point drop in sell-through rate.

“Cars from the 1990s and newer struggled overall — with the exception of Ford GTs and the two LaFerraris — and a number of Ferrari models from a range of years continue to readjust.

“Aside from some of the Ferraris… cars from the 1950s, 1960s, and 1970s mostly held steady,” Hagerty noted. “Collectively, these cars had a 58 percent sell-through rate, which was higher than the remaining eras.

“At the sub-$100,000 level and especially for cars priced above $1 million, the 1950s through 1970s era had a much larger percentage of cars sell above Hagerty Price Guide values for their corresponding condition.”

Hagerty also pointed out that, “The market overall beyond the highly visible public auctions remains strong and steady since it began leveling out after hitting an all time high in May of 2015 fueled by five years of massive year over year growth.”

In the only active public auction Sunday, Gooding & Company posted $52.7 million in sales with two cars — a 1933 Alfa romeo 8C 2300 Monza roadster and a 1932 Bugatti Type 55 roadster — joining the $10 million club. The Alfa sold for $11.99 million and the Bugatti for $10.4.

Prices reported by Hagerty include buyer’s fees.

Overall results from auction companies through Sunday

Cumulative total: $344.9 million
719/1,278 lots sold: 56 percent sell-through rate
Average sale price: $479,642
Median sale price: $93,500

2015 Cumulative results
Cumulative total: $396.8 million
870/1,387 lots sold: 58 percent sell-through rate
Average sale price: $456,067
Median sale price: $93,500

Overall Top 10 sales from all auctions

1. 1955 Jaguar D-Type Roadster (RM Sotheby’s) sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider (RM Sotheby’s) sold for $19,800,000
3. 1959 Ferrari 250 GT California LWB Alloy Spider (Gooding & Company) sold for $18,150,000
4. 1962 Shelby Cobra 260 Roadster (RM Sotheby’s) sold for $13,750,000
5. 1960 Ferrari 250 GT SWB Competizione Coupe (Gooding & Company) sold for $13,500,000
6. 1933 Alfa Romeo 8C 2300 Monza Roadster (Gooding & Company) sold for $11,990,000
7. 1932 Bugatti Type 55 Roadster (Gooding & Company) sold for $10,400,00
8. 1956 Ferrari 250 GT TdF Coupe (RM Sotheby’s) sold for $5,7200,00
9. 1950 Ferrari 166 MM Berlinetta (Gooding & Company) sold for $5,445,000
10. 1955 Ferrari 750 Monza Spider (RM Sotheby’s)sold for $5,225,000

Results by auction company

Bonhams

Total: $34.1 million
99/115 lots sold: 86 percent sell-through rate
Average sale price: $344,526
Median sale price: $121,000

Top 10 Sales:
1. 1931 Bugatti Type 51 Grand Prix Roadster sold for $4,000,000
2. 2014 Ferrari LaFerrari Coupe sold for $3,685,000
3. 1904 Mercedes-Simplex 28-32HP Rear Entrance Tonneau sold for $2,805000
4. 1985 Ferrari 288 GTO Coupe sold for $2,112,000
5. 2014 McLaren P1 Coupe sold for $2,090,000
6. 1955 Lancia Aurelia B24 Spider America sold for $1,402,500
7. 1930 Duesenberg Model J Murphy Town Car sold for $1,254,000
8. 1989 Ferrari F40 Coupe sold for $1,155,000
9. 1956 Porsche 356A Carrera GS Speedster sold for $891,000
10. 1965 Shelby Cobra 289 R&P Roadster sold for $880,000

2015 Cumulative results
Total: $45.7 million
96/109 lots sold: 88 percent
Average sale price: $476,048
Median sale price: $198,000

Gooding & Company

Sunday total: $52.7 million
43/57 lots sold: 75 percent sell-through rate
Average sale price: $1,225,336
Median sale price: $471,700

Top 10 Sunday Sales:
1. 1933 Alfa Romeo 8C 2300 Monza Roadster sold for $11,990,000
2. 1932 Bugatti Type 55 Roadster sold for $10,400,000
3. 1957 Maserati A6G/54 Spider sold for $3,300,000
4. 1956 Aston Martin DB2/4 Bertone Spyder sold for $3,080,000
5. 1968 Ferrari 330 GTS Spider sold for $2,502,500
6. 1985 Ferrari 288 GTO Coupe sold for $2,420,000
7. 1932 Rolls-Royce Phantom II Berline sold for $1,760,000
8. 1960 Ferrari 250 GT Series II Cabriolet sold for $1,500,000
8. 1971 Maserati Ghibli 4.9 SS Spider sold for $1,500,000
10. 1956 Ferrari 250 GT Boano Coupe sold for $1,485,000

Cumulative total: $129.8 million
114/137 lots sold: 83 percent sell-through rate
Average sale price: $1,138,429
Median sale price: $330,000

Overall Top 10 Sales:
1. 1959 Ferrari 250 GT California LWB Alloy Spider sold for $18,150,000
2. 1960 Ferrari 250 GT SWB Competizione Coupe sold for $13,500,000
3. 1933 Alfa Romeo 8C 2300 Monza Roadster sold for $11,990,000
4. 1932 Bugatti Type 55 Roadster sold for $10,400,000
5. 1950 Ferrari 166 MM Berlinetta sold for $5,445,000
6. 1979 Porsche 935 Coupe sold for $4,840,000
7. 1957 Maserati A6G/54 Spider sold for $3,300,000
8. 1967 Ferrari 275 GTB/4 Coupe sold for $3,245,000
9. 1956 Aston Martin DB2/4 Bertone Spyder sold for $3,080,000
10. 1968 Ferrari 330 GTS Spider sold for $2,502,500

2015 Cumulative Results
Total: $128.1 million
115/129 lots sold: 89 percent sell-through rate
Average sale price: $1,113,896
Median sale price: $440,000

Mecum

Total: $45.8 million
294/698 lots sold: 42 percent sell-through rate
Average sale price: $155,693
Median sale price: $51,975

Overall Top 10 sales:
1. 2014 Ferrari LaFerrari Coupe sold for $5,170,000
2. 1966 Ford GT40 Mk I Road Coupe sold for $4,840,000
3. 2003 Ferrari Enzo coupe sold for $3,300,000
4. 2014 McLaren P1 Coupe sold for $2,035,000
5. 2005 Porsche Carrera GT Coupe sold for $1,155,000
6. 2011 Ferrari 599 SA Aperta Spider sold for $1,155,000
7. 2006 Bugatti Veyron 16.4 Coupe sold for $1,100,000
8. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000
9. 1968 Lamborghini Miura P400 Coupe sold for $869,000
10. 2011 Ferrari 599 GTO Coupe sold for $748,000

2015 Cumulative results
Total: $41.2 million
335/657 lots sold: 51 percent sell-through rate
Average sale price: $122,941
Median sale price: $49,500

RM Sotheby’s

Total: $123.1 million
85/100 lots sold: 85 percent sell-through rate
Average sale price: $1,448,565
Median sale price: $572,000

Overall Top 10 sales:
1. 1955 Jaguar D-Type Roadster sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider sold for $19,800,000
3. 1962 Shelby Cobra 260 Roadster sold for $13,750,000
4. 1956 Ferrari 250 GT TdF Coupe sold for $5,720,000
5. 1955 Ferrari 750 Monza Spider sold for $5,225,000
6. 1966 Ford GT40 Mk I Road Coupe sold for $2,900,000
7. 1964 Ferrari 500 Superfast SI Coupe sold for $2,750,000
8. 1973 Ferrari 365 GTS/4 Daytona Spider sold for $2,475,000
9. 1957 BMW 507 Roadster sold for $2,145,000
10. 1963 Ferrari 250 GT Lusso Coupe sold for $2,090,000

2015 Cumulative results
Total: $167.2 million
126/149 lots sold: 85 percent sell-through rate
Average sale price: $1,328,401
Median sale price: $420,750

Russo and Steele

Total: $8.3 million
96/228 lots sold: 42 percent sell-through rate
Average sale price: $86,514
Median sale price: $45,375

Overall Top 10 sales:
1. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
2. 2004 Ford GT Pre-Production Prototype Coupe sold for $836,000
3. 2014 Mercedes-Benz SLS AMG Black Series Coupe sold for $418,000
4. 1970 Ferrari 365 GT Coupe 2+2 sold for $346,500
5. 1988 Lamborghini Countach LP5000 Quattrovalvole Coupe sold for $321,750
6. 2000 Ferrari 550 Maranello Coupe sold for $194,700
7. 1955 Facel Vega FV1 Coupe sold for $181,500
8. 1967 Jaguar E-Type SI 4.2 Roadster sold for $176,000
9. 1970 Chevrolet Corvette 350/370 Convertible sold for $159,500
10. 1967 Shelby GT500 Fastback sold for $155,100

2015 Cumulative results
Total: $8.5 million
112/209 lots sold: 54 percent sell-through rate
Average sale price: $75,920
Median sale price: $38,500