Auction Report

We're live from Monterey Car Week 2023

by Hagerty Insider
21 August 2023 22 min read
Image
Todd Kraemer

This story is being updated throughout the week.

Posts and analysis: From Thursday, the beginning of the auctions, click here. To start with Friday’s posts, click here. For Saturday’s coverage, click here.

Results overview: For Thursday’s results overview, click here. Our quick take on the Ferrari 412P sale is here. Friday’s results overview is here. Saturday’s results overview is here.

The car world is set to descend on the Monterey peninsula in its annual pilgrimage to celebrate the automobile. Not just any automobiles, but some of the rarest, most story-laden, and unique pieces of machinery around. And those are just the ones on the street—the cars filling the consignment lists for this year’s auctions at Monterey Car Week have genuinely gotten the car community excited after a year in which the collector market has seen a steady, if gradual, retreat.

Monterey is often considered a heat check for the collector market as a whole, and it’s no wonder why: nearly every other year for the past 35 years, the annual sales record takes place here. On top of that, it’s more than just the top cars drawing attention, though several find themselves on the cusp of eight-figure paydays—including a Ferrari 412 P that stands a good chance to be the top sale of the year. The wide array of cars consigned—a new record number of well over 1000—includes significant cars from all corners of the market, from Ferraris to the growing Japanese segment, to American standard-bearers. The sales over the course of Car Week should help define whether certain market segments will remain flat, how buyer and seller sentiments are trending, and what cars are poised to be the next big movers.

Early projections suggest this year’s auctions will approach a healthy $400M showing, placing 2023 between 2022’s record and the previous high water mark of 2015. Our own John Wiley dives into his predictions at length here, including how Monterey’s seller demographics have evolved dramatically, the impact of the strong share of $1M+ cars coming to sale, and how these sales are poised to contribute to auction sales as a whole in 2023.

Stay tuned here for additional analysis ahead of the auctions, as well as detailed coverage throughout the course of the week.

Saturday, August 11th

Keep an eye on the classic Ferraris. Many enthusiasts are descending on Monterey to get an eye on some of the most valuable cars in the world, and that's not just on the Pebble Beach lawn. Two of the most valuable Ferraris in the world, a Ferrari 412 P being sold by Bonhams and a Ferrari 250 LM being sold by RM Sotheby's, will be on public display before hammer time. Just how valuable are they? If they sell for their auction house estimates they will become the second and seventh most valuable Ferraris ever sold at auction. Not bad for a side show to the main show on the lawn. - James Hewitt

Monday, August 14th

How will the Japanese segment stars shake out?

The headline cars and million-plus-dollar Ferraris grab all the attention, but it's the data behind some of the Japanese Domestic Market cars that intrigues me the most. Take a look at the demographics behind two JDM "youngtimer" cars: the Acura NSX and Acura Integra Type R. Based on insurance quotes sought by buyers, the Integra Type R has a far younger buyer pool than the NSX (an Integra Type R buyer is twice as likely to be a Millennial or younger than an NSX buyer is likely to be).

That preference to younger buyers steers where the cars come up for auction: all but two Integra Type Rs that have come up for auction have been sold at online auctions yet the world record price was set at Broad Arrow's Amelia 2023 live auction. Quite the risk to take it there, but it clearly paid off.

The Acura NSX is a different story. They're split between live and online auctions, as expected for a car with an older demographic, yet the world record price was set at a Bring a Trailer auction.

So for those of you wondering if you should sell a "youngtimer" car online or at live auction, it's increasingly a gamble!—James Hewitt

What is originality worth?

The collecting car world has come to embrace the phrase “It’s only original once.” It wasn't always that way. Concours in the 1980s, including Pebble Beach, featured cars that had become over-restored gems rather than representative examples of what they were as new. Gradually, restoration goals shifted away from better-than-new to preservation and originality.

The originality movement received official recognition by the Pebble Beach Concours d’Elegance in 2001 when it featured its first preservation class. In the two decades since, the market for unrestored cars has slowly improved to the point that original cars often sell for much more than a concours-condition restored car. This year 11 pre-1970, running, original vehicles are on offer at the Monterey auctions.

An original car's rarity and the historical information it contains helps explain why these cars can be worth so much. One such example of originality is coming up for auction in Pebble Beach is a very early example of a 1956 Citroen DS19 crossing the block at Gooding without reserve. It's estimated a $120K to $150K. For comparison, the Hagerty Price Guide for the DS19 starts with the 1957 model year, and the condition 1 value is value $75,400.

Gooding & Company

Why so much more? The DS19 offered by Gooding is chassis 004086, and it is likely one of 50 surviving first-year cars. It is also one of the initial batch of 180 cars Citroen exported to the US, and those are a story unto themselves, but this one sat in a Sacramento garage for 50 years after it was sidelined in 1960 with 52,000 miles. Will this car sell for $120K or more? There aren't a lot of unrestored cars sold at Monterey, but when they do, they sell for an average of 147 percent more than the price guide condition-appropriate value.

Will this early Citroen DS19 do better? We’ll be watching on Friday to see.

—John Wiley

Wednesday, August 16th

10:05 AM: A lot of Porsches are on offer this year: 120 total, 17 more than 2022 and accounting for 10% of the 1205 total lots. Let's dig into some numbers behind two of the most valuable, a 2015 Porsche 918 on offer at Broad Arrow and a 2005 Porsche Carrera GT on offer at RM Sotheby's.

Values of Porsche Carrera GTs peaked around 2022.

Which is clear when looking at sales prices at auction

Oh yeah, the buyer of that Porsche 918? There's a nearly 1 in 2 chance they also own a Carrera GT. Or maybe that buyer will get both cars this weekend to keep that stat going... — James Hewitt

12:32 PM: Saturday could be a big day for Datsun 240Zs. Mecum is selling two from the Mike and Debbie Rogers Datsun Collection, and the high estimates place them in world record territory. The record is currently held by this 21k-mile 1971 Datsun 240Z sold for $315k (with fees), a staggering $145k over second place. The 1969 Datsun 240Z at Mecum has an estimate of $200k-$300k and the 1972 Datsun 240Z from Nissan's 1990s Vintage Z restoration program has an estimate of $150k-$250k. That same car was bought for $106,240 in 2019. — James Hewitt

1:25 PM: Shift your price expectations higher when these 6-speed Ferraris sell. The manual transmission was cheaper when new but it doubles the value of the 575 now.

2005 Ferrari Superamerica Low estimate 147% higher than the F1 transmission #1 Hagerty Price Guide value

2005 Ferrari Superamerica Low estimate 114% higher than the F1 transmission #1 Hagerty Price Guide value

2005 Ferrari 575M Maranello Low estimate 121% higher than the F1 transmission #1 Hagerty Price Guide value

2002 Ferrari 575M Maranello Low estimate 106% higher than the F1 transmission #1 Hagerty Price Guide value

— James Hewitt

4:05 PM:

Andrew Newton

Weighing 2310 pounds and putting down 600 horsepower, I bet Mecum's Ultima GTR is the fastest car per dollar all week. Fastest vehicle per dollar at the auctions? That might be the Ducati 1199 Panigale at a 2.12 pounds per horsepower power to weight ratio all for $10k-$15k. — Andrew Newton

6:41 PM:

Greg Ingold

Consensus among a few JDM fans I talked to today is that the variety of JDM cars at auction here this year is excellent. Standouts include the Subaru Impreza 22B-STI and the Nissan Skyline R33 GT-R "Tommykaira" at Bonhams, and the Honda NSX Type R at Broad Arrow. Significance of the cars aside, there is also a question about whether the Monterey clientele fully understand and appreciate these JDM heroes. Perhaps these models are now widely recognized as stars and will sell for all the money, or perhaps they will go unnoticed and sell for a steal. — Greg Ingold

Thursday, August 17th

10:16 AM: The first car sold in Monterey is not a Porsche, nor a Ferrari, but a Plymouth. It’s a 1965 Satellite convertible, upgraded with a 426 Street Wedge, that brought $33,000 at Mecum. —Andrew Newton

Andrew Newton

10:47 AM: Showing that Monterey can be a place for both extremes of the market, the 1985 Ferrari Mondial 2+2 Cabriolet that just sold for $24,200 at Mecum set the record for the lowest price paid for a Ferrari at a public auction in 2023. The highest sale of a Ferrari this year will likely also take place this weekend. —Adam Wilcox

11:43 AM: Not all cars are up a staggering amount in value over the last several years. For example, this 1973 Volkswagen Thing just sold by Mecum for $30,800 today was a repeat seller from their 2021 Monterey sale, when it transacted for $31,900. Showing only 135 more miles, that's quite the horizontal move. So far only two of twelve vehicles that have a prior auction in their history, no matter how long ago, have hammered above their previous hammer price. The best performer? The 1965 Plymouth Satellite pictured above sold for 43% more than its 2018 Scottsdale sale price. — James Hewitt

2:43 PM: You never know what you’re going to see in Monterey. This, um, enthusiastically modified 1971 Jaguar E-Type sold for $55,000, about its condition #4 (Fair) value.

Andrew Newton

4:19 PM: Broad Arrow's auction is underway. Can't make it to the event? Follow the livestream here. —Brian Rabold

4:53 PM: At $632,000, Broad Arrow's NSX R sale takes the model's record to new heights, smashing the prior record of $305,993 by an NSX R sold on Bring a Trailer:

5:44 PM: The third auction in today's triple-header, RM Sotheby's 26th Monterey auction, is underway. Livestream is here for those who want to follow along at home. The event started with a cameo of 1962 Ferrari 330 LM / 250 GTO s/n 3765 and an announcement that it will be part of Sotheby's November 13 Modern and Contemporary Art auction in New York. Here we go... —Brian Rabold

6:21 PM: Just throwing this out there: people spend too much time talking about AMG engines, and not nearly enough time talking about AMG radios. (Also, the 1984 500SEL AMG in which said radio resides sold at RM Sotheby's for $84,000.) —Brian Rabold

6:33 PM: Broad Arrow sells a Series IIA Land Rover for the second highest price ever. $151,200 might be light to set a record compared to prices paid for exotica crossing the block this weekend, but Series Land Rovers represent massive value for money. Here's a look at prices paid for all Land Rover model years since 2015.

James Hewitt

7:04 PM: At $1,039,000, this 2011 Ferrari 599 GTO at RM set a record for the model and is the first 599 GTO to sell for seven figures. —Adam Wilcox

7:21 PM: Keith Richard's Ferrari 246 Dino GT sells in a long 27-Ferrari run at RM but didn't get a celebrity premium, achieving only the #3 Hagerty Price Guide value. That's surprising given his #4 spot on the Power ListJames Hewitt

7:29 PM: Here's a lesson for many of the enthusiasts watching an auction: prices are never stable, and a high bid that didn't meet reserve doesn't set the value. This 1996 Nissan R33 GT-R sold for $57,200 at Mecum today yet was only bid to $35,000 41 days ago. —James Hewitt

7:50 PM: Not everything is up during COVID. In the case of a 1965 Citroën DS 21 Chapron Concorde sold by Broad Arrow today for $78,400 (against a low estimate of $125,000), it's actually down 50%. The same car sold for $159,500 in August 2020 at the start of the collector car boom. —James Hewitt

8:10 PM: This 6.8-mile 2006 Ford GT Heritage Edition sold for $764,000, placing it fourth in all-time public sales of '05-'06 Ford GTs. 17 of the top 20 sales are Heritage Edition cars.

9:20 PM: RM's "Lost & Found Collection", consisting of 20 rare Ferraris left untouched for decades in barn-find condition, sold for some surprising results. All offered without reserve, the sales totaled $16,756,160 with an average premium of 22.6% over low estimates. Eight of the 20 sold below low estimate. On the other end of the spectrum, the top sale of the group was a 1965 Ferrari 275 GTB/6C Alloy at $3,305,000, which was 32% over the high estimate and within 12% of condition #1 value. Another strong sale was a 1968 Ferrari Dino 206 GT at $456,000, 30% above high estimate. The roughest car of the group, a 1954 Ferrari 500 Mondial Spider which has been preserved as just a mangled body and chassis after it was crashed in a race almost 60 years ago, managed to still sell for 17% above high estimate at $1,875,000. —Adam Wilcox

9:22 PM:

RM Sotheby's

The 500 Mondial was one of the more intriguing lots from the "Lost and Found" collection. Crashed, burned, and battered, then left to the salty sea air for ages, $1.875M all-in bought one commendable collector an opportunity to begin a lengthy, extensive, and expensive restoration. Cheers to them for the journey they are about to undertake; we're all looking forward to seeing this car in motion at a concours in the future. —Brian Rabold

10:01 PM: The first-gen Ford GT Heritage sale at Broad Arrow was the fourth-highest sale ever for the model. These top sales are getting very close to the lowest second-gen Ford GTs. Will they reach and then pass them?

James Hewitt

Thursday auction results overview

Auctions kicked off Thursday with Broad Arrow, Mecum, and RM Sotheby’s beginning their sales. The day lagged 2022, with total results down to $59.8M from $99.8M last year, although the difference is not as dramatic as it may appear. Despite attempts to make comparisons as direct as possible, the cars still vary from year to year, and fewer cars were listed in the $1M+ range on this year’s opening day compared to last year (24 compared to 31 in 2022). Last year, four cars sold for $5M+ on day one, while none did this year, and more than one-third fewer $1M+ cars sold on Thursday, yielding the $40M delta. We expect this gap to close in the following days.  

Thursday’s top sale was a 1995 Ferrari F50 sold by Broad Arrow for $4.24M, demonstrating that the market for analog supercars is still rolling despite recent indications of a slow-down. A record-setting Honda NSX R sold at Broad Arrow for $632,000, highlighting the ever-stronger Japanese segment. All of RM Sotheby’s top five lots came from the “Lost and Found” collection of barn-find condition Ferraris, including an incomplete 1954 Ferrari 500 Mondial in rough shape that sold for $1.875M, including buyer’s premium. Clearly collectors are still drawn to the prospect of bringing a car back to life. 

All houses will be active on Friday, with Gooding & Company beginning its two-day sale and Bonhams holding its single-day sale, headlined by the 1967 Ferrari 412P.  

Listed below are the results Hagerty observed during the live auctions as well as any post-sale deals that were reported by the auction companies to Hagerty. Numbers include buyer’s premiums. 

2023 Thursday sale statistics:

Cumulative total: $59.8M  

220/347 lots sold: 63% sell-through rate

Average Sale Price: $271,668 

2022 Thursday sale statistics:  

Cumulative total: $99.8M  

253/322 lots sold: 79% sell-through rate  

Average Sale Price: $394,560  

Overall Top 10 Sales from all auctions through Thursday: 

 1. 1995 Ferrari F50 Coupe sold for $4,240,000 (Broad Arrow Auctions)

 2. 1985 Ferrari 288 GTO Coupe sold for $3,910,000 (Broad Arrow Auctions) 

 3. 1965 Ferrari 275 GTB Alloy Coupe sold for $3,305,000 (RM Sotheby's) 

 4. 1964 Ferrari 250 GT Lusso Coupe sold for $2,810,000 (Broad Arrow Auctions) 

 5. 1956 Ferrari 410 Superamerica Coupe sold for $2,810,000 (RM Sotheby's) 

 6. 2015 Porsche 918 Spyder sold for $1,985,000 (Broad Arrow Auctions) 

 7. 1956 Mercedes-Benz 300SL Gullwing Coupe sold for $1,930,000 (Broad Arrow Auctions) 

 8. 1954 Ferrari 500 Mondial Spider sold for $1,875,000 (RM Sotheby's) 

 9. 1956 Ferrari 250 GT Pinin Farina Berlinetta sold for $1,655,000 (RM Sotheby's) 

 10. 1978 Ferrari 512 BB Competizione Coupe sold for $1,490,000 (RM Sotheby's) 

Friday, August 18th

7:38 AM: Following their announcement last night that they were bringing to a November sale the only factory-owned Series I Ferrari GTO to have been raced by the Scuderia, RM Sotheby's brought the car out for viewing:

Greg Ingold
James Hewitt

10:11 AM: Mecum is first off the line this Friday. Livestream here. —Brian Rabold

11:14 AM: The Bonhams auction is underway with livestreaming here. It will take a few hours for the week's star lot (number 67), the 1967 Ferrari 412 P, to cross the block, but it should be a good show when it goes. —Brian Rabold

11:45 AM: The 1996 Nissan Skyline R33 GT-R Tommykiara found a new home for $134,400, 24 percent over the vehicle's #1 condition value. Though this might be a bit of a niche car for Monterey buyers, given how special this car is, the price is on the money. —Greg Ingold

Huseyin Erturk

11:57 AM: Bonhams has set a new record for a Panoz, known by many Millennials from Gran Turismo video game fame, at $428,500 for a 1999 Panoz LMP1 Roadster that finished 11th at the 1999 Le Mans 24 Hours. This bested the previous Panoz record of $235,200 for a 2007 DP01-Cosworth. Compare this to the 2007 Porsche RS Spyder Evo LMP2 car offered at Broad Arrow that failed to sell and is now asking $5.1M. That Porsche will run a couple seconds per lap faster at Road Atlanta, Panoz's home track, for a $4.6M premium. That's the difference between buying to race and buying to collect. —James Hewitt

12:25 PM: Another example of one price not setting a market. This 1972 Pontiac GTO was bid to $28,500 on AutoHunter 100 days ago and hammered at $70,000 today. Still, that wasn't enough to get it sold against an estimate of $90k-$110k... Next time could be higher, lower, or the same, and I wouldn't place bets on it. —James Hewitt

12:35 PM: It's a wash when it comes to profits and losses for cars bought during the last two years. So far today we have seen 24 cars cross the auction block that we previously saw offered at auction within the last two years. 12 of those hammered for more than they did previously, 12 hammered for less. Guaranteed flips appear to have cooled off. —James Hewitt

12:44 PM: Proving that pre-Great War cars aren't dead, a 1909 Lorraine-Dietrich Grand Prix Two-Seater with a massive 16.4-liter 4-cylinder just sold for $1,270,000, more than doubling the previous record for the marque. This sale was also a surprise for the auction house, as it sold for 59% over the high estimate of $800k and beating the healthy $1,127,000 sale of the more well-known '32 Duesenberg Model J that followed it.—Adam Wilcox

Evan Klein

1:00 PM: Broad Arrow auction kicks off its second (and final) day Monterey of sales now. Stream it here.—Eddy Eckart

1:13 PM: Mecum's alloy six-carb longnose 275 sells for $3.41M all-in, just topping yesterday's $3.305M example from RM Sotheby's.—Brian Rabold

1:30 PM: A double martini at the auctions: Bonhams lot 37, a Lancia Delta HF Integrale Martini 5 sold for $159,040, flying past RM Sotheby’s Delta Integrale Martini 6 edition that sold yesterday for $117,600.—John Wiley

2:29 PM: Sometimes the venue makes all the difference. The 1948 Divco Twin Coach Half Ton that just sold for $184,800 at Broad Arrow, sold for only $76,680 at a GAA auction in February earlier this year. That's a 141-perent increase in only 6 months. By the way, this sale broke the record for a Divco. —Adam Wilcox

3:09 PM: The 1937 Terraplane 72 Super Convertible Brougham at Broad Arrow just set the record for a Terraplane at $117,600.—Adam Wilcox

3:19 PM: A strong showing at Mecum for this 1954 Sunbeam Alpine Mk I Roadster: its $176,000 sale is 60 percent over high estimate.—James Hewitt

3:20 PM: $7k over high estimate for this 1907 Cadillac Model M Coupe at Broad Arrow. There have been a number of surprising results for these early cars in the last year or two. Brass era cars would logically be a slowing market considering they have limited use and less appeal to younger generations, but auction results continue to exceed auction estimates as these cars prove to be timeless. The record for a Model M was set in 2012, and this 2023 sale is now the second highest. Third place sold in 2018 and fourth in 2004. That's a near 20-year spread in the top four sales. I can't think of any other era car that would have that kind of high-sale distribution. —James Hewitt

3:31 PM: This Zagato-bodied 1957 Lancia Appia GT Berlinetta just captured a record with its $280,000 sale at Bonhams.—Eddy Eckart

3:35 PM: While we are waiting for action on the Ferrari 412P, the 1954 Olds F-88 GM Concept just sold for a less-than-expected $1,765,000. While that sounds like a lot, the last time it sold in 2005 at Barrett-Jackson, it brought $3,240,000 and set a record for Oldsmobiles.—Adam Wilcox

3:48 PM: Entering the room at $27M and selling at $27.5M ($30,255,000 with premium), the 412P did not see intense bidding. It was well bought and well sold at this number. I'd hate to say this is going to sound cheap in the next ten years, but it's a really good buy over the next five. More importantly, Bonhams had one job to do and they got it done, which bodes well for the weekend, the week, and the year.—Dave Kinney

Evan Klein

3:50 PM: The Bonhams 412P is now the fifth most expensive car to sell at auction. Check out the company it keeps in the top 30 list here.—Eddy Eckart

4:25 PM: Not nearly as stratospheric, but a strong sale nonetheless was this $3,410,000 1966 Ferrari 275 GTB/6C Alloy Berlinetta at Mecum. It fetched a full $460k over #1 condition value.—Eddy Eckart

4:30 PM: A number of cars have sold stunningly well above the #1 Hagerty Price Guide value. Here's a look at where the top 10 stand up to this point. The listed Ferrari 250, 275, and Porsche 356 are notable for being cars that all have been said to have "peaked" or be cooling off. —James Hewitt

5:01 PM: Enthusiasm for the Japanese segment has been strong this weekend, but not quite strong enough to take home the 1997 Subaru Impreza 22B-STI Prototype at Bonhams. Bidding stalled out at $365,000. For context, that would've put it among the strongest Subaru sales at auction:

5:02 PM: Gooding & Company’s Pebble Beach auction begins shortly, streaming here.—Eddy Eckart

5:14 PM:

Andrew Newton

Gooding’s first lot of Pebble Beach is a 4489-mile, original 1974 Jaguar E-Type Roadster with the good options (4-speed, wire wheels, air conditioning). Ambitiously estimated at $175-$225K, it still brought a healthy premium for its originality at $156,800.—Andrew Newton

5:30 PM: RM Sotheby's is beginning their second day of sales shortly. You can stream it here.

5:57 PM: Feeling Frisky? This little car sure is. Sold at RM Sotheby's for $84,000, this 1959 Frisky Convertible Special is a record for the little brand. The bar is low, though, as there's only one other public sale prior to this one.—Eddy Eckart

RM Sotheby's

6:30 PM: Earlier this week, we used this 1956 Citroën DC19 Berline to discuss the increasing value of originality. It sold at Gooding for $100,800, $25k over #1 condition value, further confirming that the market appreciates an all-original car as much as, and sometimes more than, a fully-restored example.—Eddy Eckart

Andrew Newton

6:41 PM: RM's $87,000 sale of an F40 Junior is higher than the sales of five actual Ferraris that sold so far this weekend—Adam Wilcox

Adam Wilcox

6:49 PM: Another pre-great-war car sets a record! The 1913 Lozier Type 72 Meadowbrook Runabout at Gooding just set a record for the marque at $1,765,000 - beating the previous record of  $1.1M by 60%.—Adam Wilcox

Greg Ingold

6:54 PM: I'm starting to sound like a broken record (pun intended), but the next lot at Gooding, a 1914 Mercer Type 35-J Raceabout just broke the record for a Mercer at $4,790,000 - this time beating the previous record by 89%.—Adam Wilcox

Andrew Newton

7:21 PM: Group B cars continue to be popular and push the valuation envelope. RM's sale is a record for a Ford RS200 at $615,500.—Adam Wilcox

7:26 PM: Unlike Group B, 1950s American cars are not a segment setting the world alight in terms of dramatic increases. Someone forgot to tell this 1958 Cadillac Eldorado Brougham, though, as it just set the record for Cadillac Eldorado sedans.—Adam Wilcox

8:43 PM: This week has so far proven cars from every decade can surpass expectations and smash auction estimates. The cars that have been bid to at least 25 percent over their high estimate cover every decade since 1900 except the 1910s, 1940s, and the 2000s. The oldest comes in at 1909, median at 1965, and newest at 2015James Hewitt

8:56 PM: Maseratis are still an attainable way to get into '60s Gran Turismos. This 1961 Maserati 3500 GT Coupe sold for $106,400, less than #4 condition value and less than half the low estimate. It’s a solid #3/3+ car so I think safe to call it a steal. Think of what ANY Ferrari of that vintage sells for.—Andrew Newton

9:15 PM: Dinos have been capturing a lot of attention over the last few years, but this is the other Dino—the 308 GT4. Gooding's record-setting 1973 example—the first production 308 GT4, shown at the 1973 Paris Motor show—suggests an emerging acceptance and enthusiasm for the Gandini-designed successor to the 246. It sold for $450,500, trouncing the prior $225,000 record from a 2022 Bring a Trailer sale.—Eddy Eckart

Andrew Newton

Friday auction results overview:

With day two of three complete, Friday’s Monterey auctions featured the week’s headlining car: the 1967 Ferrari 412P at Bonhams’ single-day event. It sold for $30.2M, making it the fifth-most valuable car to ever sell at auction. Gooding also began their auction, and Broad Arrow concluded their two-day sale. Total sales continued to lag last year but the gap narrowed from $40M yesterday to $16.2M today, with several high-dollar sales across all the auctions contributing. The 68% sell-through rate is still down from last year although the average sale price of $435,171 has begun to approach 2022 levels.  

Despite a cooler market than 2022, buyers have still demonstrated that they will ante up for the best vehicles regardless of type or era, as witnessed by these sales above HPG #1 value: 

Rare marques and models—especially those with interesting condition, provenance and event eligibility—are selling well. A 1909 Lorriane-Dietrich Grand Prix car with a 16.4-liter 4-cylinder engine sold for $1,270,000 at Bonhams, well above the high estimate of $800K. Gooding sold a 1914 Mercer Type 35-J Raceabout for a record $4.8M. RM Sotheby’s sold a 1959 Frisky Convertible Special for a record $84,000 and a Lancia Hyena Zagato for $246,400. Broad Arrow sold a 1937 Terraplane Series 72 Super Convertible Brougham for $117,600, which was a record for the marque. A vehicle that really stands out appears to command attention—and a premium. 

Three of the five companies continue Saturday, with Gooding, Mecum, and RM Sotheby’s concluding their auctions. High-profile cars we’ll be watching include the 1933 Bugatti Type 55 Roadster at Gooding, Mecum’s 1967 Ferrari 275 GTB/4, and RM Sotheby’s presentation of a 1964 Ferrari 250 LM.  

Listed below are the results Hagerty observed during the live auctions as well as any post-sale deals that were reported by the auction companies to Hagerty. Numbers include buyer’s premiums. 

2023 Cumulative results through Friday's sales

Cumulative total: $258.5M

594/876 lots sold: 68% sell-through rate 

Average Sale Price: $435,171 

2022 Cumulative results through Friday's sales

Cumulative total: $274.7M

580/726 lots sold: 80% sell-through rate 

Average Sale Price: $473,665 

Overall Top 10 Sales from all auctions through Friday: 

  1. 1967 Ferrari 412P Berlinetta sold for $30,255,000 (Bonhams)
  2. 1962 Ferrari 250 GT SWB Coupe sold for $9,465,000 (Gooding & Company)
  3. 1914 Mercer Type 35-J Raceabout sold for $4,735,000 (Gooding & Company)
  4. 1933 Alfa Romeo 8C 2300 Cabriolet sold for $4,515,000 (Gooding & Company)
  5. 1995 Ferrari F50 Coupe sold for $4,240,000 (Broad Arrow Auctions)
  6. 2003 Ferrari Enzo Coupe sold for $4,075,000 (RM Sotheby's)
  7. 1985 Ferrari 288 GTO Coupe sold for $3,910,000 (Broad Arrow Auctions)
  8. 1972 Lamborghini Miura P400 SV Coupe sold for $3,580,000 (Gooding & Company)
  9. 1966 Ferrari 275 GTB/2 Longnose Alloy Coupe sold for $3,410,000 (Mecum Auctions)
  10. 1965 Ferrari 275 GTB Alloy Coupe sold for $3,305,000 (RM Sotheby's)

Saturday, August 19th

10:00 AM: The final day of Mecum's auctions has begun and can be live streamed here.

11:05 AM: Gooding's Saturday auction can now be live-streamed here.

11:49 AM: The first car raced by the great Phil Hill, this 1948 MG TC sold at Gooding for $179,200. While a substantial premium for a TC, this still represents a great value for the provenance considering Carroll Shelby’s first race car was also a TC and sold for $539,000 in 2015 out of the Ron Pratte collection at Barrett-Jackson.—Greg Ingold

Greg Ingold

12:19 PM: Here's a look at the largest annualized returns for cars we have seen at auction before. The 1948 Divco delivery van of all things tops out as #1 after being bought for $77K six months ago and sold for $185K this weekend, showing the right venue at the right time can make or break your auction success story.

Next up I'll share a look at the largest dollar gains so far. This one shows the value of timing—getting in before a car pops—and the long hold.

James Hewitt

12:35 PM: Pre-Great War is still doing well over at the Gooding tent—this 1912 Simplex 50 hp Toy Tonneau comes from 111 years of single family ownership, selling for a hefty $4,075,000 to huge applause from the room.—Greg Ingold

That's not far from the $4.85M Simplex that was the star of Scottsdale 2023. Looks like the success of the Scottsdale car brought good Simplexes out of the woodwork because there are three in Monterey this year. Which, in Simplex terms, is quite a buffet.

Greg Ingold

1:01 PM: The Z-cars that crossed the block at Mecum yielded a mixed bag. This Nissan-restored 1972 Datsun 240Z at Mecum was bought for $106,240 with fees on Bring a Trailer in September 2019. Since then the Hagerty Price Guide value has increased 63%. Yet today's sale was only $66,000, a decrease of 38%, showing that an increase in Price Guide value since the original purchase it doesn't always mean a vehicle will sell for higher this go-round. On the other hand, the 1977 Datsun 280Z ZZZap edition, bought for $42,900 at Mecum's 2021 Orlando auction, fetched $71,500 today. Even more noteworthy, the $231,000 sale of this 28-mile 1980 Datsun 280ZX 10th Anniversary and $297,000 sale of this 1969 Datsun Fairlady Z432 were both near the upper end of Nissan/Datsun all-time sales highs.—James Hewitt

1:20 PM: Mecum just hosted two motorcycle records in a row. The first, lot S104, a 1915 Indian 8-Valve Board Track Racer, claimed the new top spot for Indians at $313,500. Lot S105, a 1918 Henderson Model H Four, took home the top Henderson honors with a sale price of $302,500.—Eddy Eckart

2:01 PM:

The 1980 Datsun 280ZX 10th Anniversary became the 27th highest Datsun/Nissan sale at auction and crushed any previous Datsun 280 sales. The last low-mile 10th Anniversary car we saw sell was on Bring a Trailer two years ago for $47,250 with 3000 miles. Today it appears 2972 fewer miles are worth an extra $183,750.—James Hewitt

2:30 PM: One expensive ticket to Pebble Beach. This 1936 Hispano-Suiza J12 Cabriolet by Saoutchik was invited to be shown on the lawn tomorrow, and the buyer paid $2.04M to take it there.—Andrew Newton

Andrew Newton

3:32 PM: This 1952 Ferrari 340 America Berlinetta went unsold at Mecum Monterey during the pandemic boom in 2021 for $3.1M... Today it sold at Gooding with a hammer price of $2.8M ($3,085,000).—Adam Wilcox

4:33 PM: Second-generation Corvettes are still going strong. At $263,200, this well-documented and award-winning 1963 Chevrolet Corvette 327/360 Fuel-Injected Coupe at Gooding sold for $50k above #1 condition before taking options into account.—Eddy Eckart

4:35 PM: One of the weird and wonderful cars we flagged ahead of Car Week, Bonhams sold the one-off 1969 Mercedes-Benz 300SEL 6.3 Coupe by Pininfarina after the auction for $350K.—John Wiley

Huseyin Erturk

4:53 PM: Seen cruising around Pebble Beach today, the Creighton Brown chassis number 029 McLaren F1 was sold by Gooding here in 2021 for $20,465,000—John Wiley

John Wiley

5:03 PM: It appears McLaren Speedtail expectations aren't what they used to be. RM's Speedtail was offered on Bring a Trailer in Dec 2022, reaching a high bid of $2.75M but not selling. The same car sold for a final price of $2.32M today. That's nearly dead on its $2.29M MSRP and the lowest price paid publicly at auction for a Speedtail.

Mecum's Speedtail was offered at their Glendale auction (which has since been removed from their website) where it didn't sell for a high bid of $2.4M. Friday it reached a high bid of $2.2M and didn't sell. That is the second-lowest high bid on a Speedtail. Second to... you guessed it, the Speedtail at RM from this weekend. —James Hewitt

5:34 PM: RM Sotheby's has begun the final auction of the week. You can stream it here.

6:03 PM: Max Balchowsky and his creations are well known among aficionados of Postwar American sports car racing. His "Ol' Yaller" specials, of which he built nine, took on Ferraris, Aston Martins, and Porsches and defeated them regularly. RM sold Ol' Yaller VII tonight for $307,500, $75k over high estimate. It's often hard to price unique cars, much less unique race cars, but this one did fare better than its younger sibling, Ol' Yaller IX, which Bonhams sold two years ago for $162,400, and seems a good price for a rare piece of American racing history.—Eddy Eckart

RM Sotheby's

6:30 PM: This 2019 Porsche 911 Speedster went 25% over high estimate to sell at $582,500 and set a new record for the model. It was well-spec'ed, but for context, there are 13 991 Speedsters on cars.com for a median price of $388k and a range from $349k to $490k. Every Bring a Trailer sale in 2023 has been between $330k-$394k. The right car found the right room. —James Hewitt

7:04 PM: Very disappointing weekend for Citroen. Several rare examples from the French automaker's mid-century peak were offered this weekend, and only one managed to sell above its low estimate—the 1972 Citroen ID20 wagon, which brought $42,000 at Bonhams. The other six sold for an average of 21% below low estimate. The 1965 Citroen DS21 Chapron Concorde sold for 37% less than low estimate and less than half of what it transacted for at Monterey in 2020. The 1972 Citroen SM sold for 43% below low estimate.—Adam Wilcox

7:15 PM: At $2,260,000, this 1953 Fiat 8V Supersonic, first owned by Briggs Cunningham, just set the record for a Fiat. That might not last long, however, as a Zagato-bodied 1953 Fiat 8V Berlinetta rolls across the block 20 lots from now.—Adam Wilcox

7:46 PM: These two cars will have people "remastering" auction estimates and "reimagining" future sale prices. The 1997 Porsche 911 Remastered by Gunther Werks sold for $1,501,000, well above its $1.3M high estimate. What's more, a Gunther Werks hasn't sold publicly before, so this sale sets the reference going forward. The second car, a 1991 Porsche 911 Reimagined by Singer – Classic Study, sold for $1,407,500, setting a public sale record for Singer. —James Hewitt

8:15 PM:

So dramatic, Italian styling house lines are iconic
But the Zagato beat the Supersonic.

The 1953 Fiat 8V Supersonic designed by Ghia and originally owned by Briggs Cunningham did well at $2,260,000, but it was beaten by 1953 Fiat 8V Berlinetta bodied by rival Zagato, which sold for $2,900,000.—John Wiley

8:21 PM: The 250 LM is popular this year, although not selling particularly well. There have been 3 at public auctions in the last 7 months. A 1964 Ferrari 250 LM that failed to meet its reserve with a €20M high bid in February, sold five months later for €14M ($17.12M). Now at RM, another 250 LM just left the block unsold with a $17M high bid. Will we see it again in with-in the year? Who knows. But prior to this cluster of 250 LM's, the most recent public sale was back in 2015.—Adam Wilcox

8:33 PM: That's a new record set by the 1957 Jaguar XKSS at RM: $13,205,000 with premium. The prior record hammered at $11.9M in 2017.—Adam Wilcox

9:17 PM: Beating its estimate by $205,000, this 47-mile 2012 Lexus LFA sold for $1,105,000. It's the first base LFA to crack into seven figures.—Eddy Eckart

9:20 PM: RM reports that it has sold the 1960 Ferrari California Spider after initially crossing the block as a no-sale at $8,250,000.—Eddy Eckart

Saturday auction results overview:

The Monterey car week auctions concluded Saturday with the second highest total in car week history. As always, we’ll check for aftersales over the next 24 hours. Look for a report of each auction company’s results in our final recap on Monday morning.   

The 1,200+ vehicles and 150+ $1 million vehicles offered across five auctions resulted in total sales of $396.7 million and a sell-through rate of 68 percent. That falls short of the nearly $473 million in sales from 2022 and a sell-through rate of 78 percent.  

The cooling market we’ve observed for the past 15 months finally reached the Monterey auctions after having little impact last year. Hagerty Automotive Intelligence is observing and hearing about several factors stemming from the first season of Monterey auctions in a full inflationary environment: increased discipline at the higher end of the market, weakening demand from new collectors, and higher prices that have given pause to buyers at the upper end of the market. 

The top of the market has proven resilient until recently, as demonstrated by slowing prices for Ferrari prototype racecars from the 1960s. Bonhams sold the 1967 Ferrari 412P for $30.2 million after a sale that left observers wondering why it didn't get more bids. The following day, RM Sotheby’s offered a 1964 Ferrari 250 LM which didn’t sell on a high bid of $17 million. 

Listed below are the results Hagerty observed during the live auctions as well as any post-sale deals that were reported by the auction companies to Hagerty. Numbers include buyer’s premiums. 

2023 Cumulative results through Saturday's sales

Cumulative total: $396.7M

836/1,225 lots sold: 68% sell-through rate 

Average Sale Price: $474,519 

2022 Cumulative results through Saturday's sales

Cumulative Total: $472.8 million 

799/1023 lots sold: 78% sell-through rate 

Average Sale Price: $591,768 

Overall Top 10 Sales from all auctions through Saturday: 

  1. 1967 Ferrari 412P Berlinetta sold for $30,255,000 (Bonhams)
  2. 1957 Jaguar XKSS Roadster sold for $13,205,000 (RM Sotheby's)
  3. 1962 Ferrari 250 GT SWB Coupe sold for $9,465,000 (Gooding & Company)
  4. 1959 Ferrari 410 Superamerica SIII Coupe sold for $6,605,000 (RM Sotheby's)
  5. 1937 Bugatti Type 57SC Tourer sold for $5,395,000 (RM Sotheby's)
  6. 1967 Ferrari 275 GTB/4 Coupe sold for $5,395,000 (RM Sotheby's)
  7. 1914 Mercer Type 35-J Raceabout sold for $4,735,000 (Gooding & Company)
  8. 1933 Alfa Romeo 8C 2300 Cabriolet sold for $4,515,000 (Gooding & Company)
  9. 1995 Ferrari F50 Coupe sold for $4,240,000 (Broad Arrow Auctions)
  10. 1912 Simplex 50 HP Toy Tonneau sold for $4,075,000 (Gooding & Company)

Repeat sales can be profitable but it may require a longer hold:

Comments

  • paul s murray says:

    Pick a gauge- Jaeger / Smiths , Stewart Warner , Veglia Borletti , other.

  • Woodrow says:

    Have to admit, I have a hard time seeing the attraction to some of these Preservation Class cars. We saw one such vehicle – an early 289 Cobra -recently at a local concours and it left me scratching my head. What is so appealing – or historically significant -about rotted leather interior appointments and junkyard-quality body panels? I also have to laugh at the selective application of Preservationist’s “It’s only original once” motto. Battery? Accessory Belts? Fuel Lines? None of these cars are 100% original as they left the factory, so why pretend that they are?

  • Don says:

    Looks like a commodities report on some investment website. So sad.

    • Driver Jim says:

      Agreed – So much lost in the “hobby”. I am close to retirement and have been effectively priced out of ever owning another classic car.

      • Larry Webster says:

        We cover this very active week in the classic-car market so we can inform our data and price guides. That said, there are scores of affordable vehicles that we cover regularly. Check out these cars, which should appreciate enough to make the total ownership cost very reasonable. https://www.hagerty.com/media/market-trends/bull-market-2023/

        Our Insider site is meant to cover the auctions and the collector market, but you can also check out hagerty.com/media for more general car coverage.

  • Gary Bechtold says:

    That 1984 500SEL AMG stereo. It’s seperates in the car. Radio, Casette, EQ, Amp.

  • paul s murray says:

    yes Don but look at this way . The Chicago Mercantile stopped commodity speculating in ‘Pork Bellies ” in 2011. Hopefully the collector car market will have the good sense to follow that example.

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