Monterey Car Week has been and gone again and many of the world’s most beautiful, exclusive and expensive cars have been bought and sold, not least a certain 1962 Ferrari 250 GTO.
Previously owned for 18 years by a Microsoft software architect, after 10 minutes of tense bidding at RM Sotheby’s sale on Saturday 25th August it went for the princely sum of $48,405,000 (gross), thus eclipsing Bonhams’ previous $38m auction world record set during Monterey Week 2014 for another 250 GTO.
Other records were broken too, but fortunately, and unlike a few times times in the past, there appears to be no bubble about to burst.
NB. All sales figures quoted are gross, inclusive of buyer’s commission.
Bonhams was first out of the blocks with a 10am start at Carmel’s Quail Lodge on Friday 24 August. By the time the hammer fell on the 135th and final car offered it had sold a healthy 86% of them, with no less than ten comfortably realising in excess of $1m apiece. Although all this added up to a total sale of a little over $36.5m it was nigh on $18.7m less than last year, 2017’s figure being helped by the sale of the $15.62m McLaren F1.
Among the younger and more affordable (by Monterey standards) cars sold were:
|1999||Ferrari F355 Spider||$95,200|
|2008||Ferrari F430 Scuderia||$190,400|
|2009||Ferrari F430 Scuderia Spider||$268,800|
|1997||Porsche 993 Turbo||$489,000|
|1996||Ferrari F12 TDF||$785,000|
|1996||Porsche 993 GT2 Club Sport||$1,105,000|
|2015||Porsche 918 Weissach||$1,407,500|
Bonhams’ more modern non-sellers were few:
|2005||Ferrari 575M Superamerica||est. $350-450k|
|2011||Ferrari 599 GTO||est. $550-650k|
|2018||Bugatti Chiron||est. $3.3-3.9m|
Friday evening is prime auction time, but RM Sotheby’s and Gooding & Co held part 1 of their two-part sales simultaneously, thus somewhat diluting each other’s time-slot advantage. However, this clash didn’t prevent them both from selling very different cars for over £20m apiece.
Those in the room at the Monterey Conference Centre on the Friday evening had the pleasure of seeing the 1963 Aston Martin DP215 ‘Project’ car go for $21,455,000. That makes it the third most expensive British car ever – just behind the $21.78m Jag D-Type and the $22.55m Aston DBR/1, both also sold by RM Sotheby’s at Monterey in 2016 and 2017 respectively.
The climax of RMS’ Saturday evening event, and arguably of the entire week, was the highly anticipated sale of the 250 GTO. $48.4m exceeded the car’s $45m pre-auction estimate and, as mentioned, it’s a new auction world record, but its some way short of the reported $70m transferred in a private sale for another 250 GTO earlier this year.
Another big gun was an ex Le Mans 1966 Ford GT Mk. II which achieved $9,795,000 on the night, while over both days RM Sotheby’s sold a further 20 or so cars for over $1m.
150 cars went under RMS’ hammer, with 125 of them (83.33%) selling for a gross total of $158,109,330, some $25.3m more than the firm achieved in 2017.
Among the newer cars to sell were:
|2003||Aston Martin DB AR1||$280,000|
|2005||Ferrari 575M Superamerica||$340,000|
|2011||Porsche 911 GT2 RS||$445,000|
|2018||Aston Martin Vanquish||$841,000|
Unsold cars built in the last 35 years were few:
|1988||Lamborghini LM002||est. $350-450k|
|1994||Lamborghini Diablo SE30||est. $525-725k|
|1984||Ferrari 288 GTO||est. $2.75-3.25m|
GOODING & COMPANY
Those present at the Pebble Beach Equestrian Centre on the Friday evening saw Goodings find a 1935 Duesenberg SSJ a new home for for a cool $22 million.
Other big-bucks heavyweights sold over the weekend included a 1955 Porsche RS Spyder ($4,455,000), a 1955 Ferrari 500 Mondial ($5,005,000) and a 1955 Maserati A6GCS/53 Spyder ($5,170,000), with a further 20-odd cars also going for in excess of a million dollars.
Goodings put 147 cars under its hammer with 122 (83%) of them being sold for a gross sale total of $115,864,500 – almost $24.3m up on last year
Should you be wondering why Gooding’s immaculate black LaFerrari sold for $225k less than RM Sotheby’s very similar example in red, the answer probably lies in their respective odometer readings: 1,014 miles and 150 miles. Sad but true.
Just two of Gooding’s moderns were unsold on the day: a 2014 Bugatti Veyron Grand Sport Vitesse and a 2016 Lamborghini Aventador LP750-4. Both are currently ‘Asking price on request’.
Among the more modern cars to be sold were:
|2003||Porsche 996 GT2||$126,500|
|2015||Porsche 918 Weissach||$1,650,000|
|2007||Porsche RS Spyder||$4,510,000|
This year Bonhams, Gooding & Co and RM Sotheby’s offered a total of 432 cars in all, of which 47% were offered at no reserve and 356 (82%) were sold for an eye-watering $311 million. For comparison, 359 cars were offered last year with 298 (83% sold) for $266m, 357 offered in 2016 (84% sold) and 403 offered in 2015 (88% sold).
So, Monterey 2018 beat 2017’s gross $ total with more cars offered and more cars sold, although this year’s total was helped by the $70.4m achieved by just two cars. At the same time, the average price of each car sold this year dropped to $874k, down from $938k last year, $962k in 2016 and $917k in 2015.
All in all the high-end market remains pretty stable, with the best cars earning their keep, run-of-the-mill cars (a relative term) needing a bit of luck on their side and buyers generally having the upper hand. Nothing wrong with that.
We’re passionate about classic cars at JBR Capital and we can quickly build a bespoke, pre-approved auction finance package to suit your needs. So if you’re interested in bidding for the car of your dreams then please call one of our experts today on 020 3355 0035 to explore your finance options.