Sixty-one cars were sold for more than $1 million during the various auctions held as part of August’s Monterrey Classic Car Week, but while the top end of the market continues to look good, some erosion is appearing at the lower echelons.
Of the major houses, Gooding & Co. topped the list with 26 million-dollar cars, led by a 1959 Ferrari 250 GT LWB California Spider Competizione that gaveled for $18,150,000. Rival RM Sotheby’s was not far behind with 19 million-dollar cars, an 82 percent sell-through and the weekend’s top sale, the 1955 Le Mans-winning Jaguar D-Type (right) that brought in $21,780,000 to set a new world record for both a Jaguar and a British car, while ranking 7th on the all-time list of auction sales. RM Sotheby’s also sold a 1939 Alfa Romeo 8C 2900B Lungo Spider for $19,800,000—a new mark for a Pre-war car—and the very first Shelby Cobra for $13,750,000, which established a new world record for not only a Cobra, but for any American car as well.
Bonhams’ Quail Lodge Auction posted an 88 percent sell-through rate with eight million-sellers and total sales of $34.8 million. Several new world records were achieved, with the star of the show being the 1931 Bugatti Type 51 Grand Prix Racer that sold for $4,000,000—a new world record for the model.
Mecum Auctions hammered seven million-dollar sellers, bringing its total sales up to $50 million, which exceeded the previous year’s mark by some $5 million. Top lot of the Mecum sale was a 2014 Ferrari LaFerrari (below) that brought in $4,700,000, followed by a 1966 Ford GT40 MkI for $4.4 million and a 2033 Ferrari Enzo for $3 million.
Russo and Steele Collector Automobile Auctions realized a 51 percent sell-through rate from their Fisherman’s Wharf Monterey Auction, which yielded nearly $11 million in total sales, a figure exceeding 2015’s numbers. Leading the way was a 1955 Mercedes-Benz 300 SL Gullwing Coupe that gaveled for $1,050,105, with the second-highest price being the $836,000 paid for a 2004 Ford GT Prototype. Third-best seller was a 1993 Jaguar XJ220 with an odometer reading of just 871 kilometers that sold for $435,000.
For a complete listing of the over $1 million sales visit vintageracecar.com/million-sellers-dominate-monterey-auctions/