Record auction sales recorded – Monterey Herald

A turbulent stock market, inflation and other economic uncertainties aren’t too worrisome for high-end car collectors, notably purchasers of rare Ferraris.

The Italian race car traditionally attracts plenty of attention at Classic Car Week and did so again as the catalyst for a record sales tally during the recently concluded 10-day meet-up of auctions, car shows, races and rallies.

Auctions held throughout the Monterey Peninsula generated a record $496 million in sales represented by 782 vehicles, according to Hagerty, the automotive lifestyle and insurance company, which expanded its presence at the auto extravaganza this year.

The previous record of $395 million was set in 2015. Last year, when the collection of auctions returned from hiatus in 2020 because of COVID-19 restrictions, total sales were $343 million.

“We expected a strong sale given the quality of cars we had on offer,” Kenneth Ahn, CEO of Broad Arrow Group and president of Hagerty Marketplace, said via the auction’s website. “But the sell-through rate and prices achieved on many cars well-exceeded our expectations.”

Broad Arrow, making its debut at Monterey Jet Center, highlighted its offerings via the 1964 Aston Martin DB5 owned by Sean Connery, the actor who portrayed agent 007 in several James Bond movies. It sold for $2.425 million, the auction’s fifth-best seller.

Broad Arrow’s inaugural Monterey auction tallied $55.2 million, with 88 percent of its vehicles sold. The auction was held in conjunction with Hagerty’s reimagined Motorlux event, the former McCall’s Motorworks Revival.

Seven-figure sales were commonplace throughout the five major auction sites. A record 113 vehicles sold for at least $1 million. While not an individual record, sales were led by the $22 million paid for a 1955 Ferrari 410 Sport Spyder at RM Sotheby’s Auction at the Monterey Conference Center.

Sotheby’s had nine of the 10 highest priced sales, all $6.8 million or higher.

“The market continues to rise and this weekend is a testament that the collector market is thriving,” said Gord Duff, Sotheby’s Global Head of Auctions, via a press release. “We’re looking forward to an exceptional year and we expect to continue with the incredible momentum that we’ve gained to date.”

Mecum Auctions joined Classic Car Week in 2009. It has since found its three-day daytime niche, combining rarities, unheralded daily drivers and a variety of celebrity and oddball vehicles.

While attendance increased this year at Hyatt Regency Monterey Hotel and Spa at the Del Monte Golf Course, total sales and the monetary tally were lower than the record-breaking statistics from 2021.

According to Mecum, its overall sales totals in Monterey reached more than $52.1 million. Five of the 297 cars sold reached a price of more than $2 million. An additional dozen vehicles sold in the $1 million range. Last year, 411 sold vehicles during Mecum Auction tallied $57.4 million.

Ferrari also ruled at the Mecum Auction. The highest-priced vehicle this year was $2.86 million for a 1958 Ferrari 250 GT “Tour De France” Alloy Berlinetta. Last year, the top seller was a 2014 Ferrari LaFerrari at $3.41 million.

Additionally, two prototypes from The Ferrari Prototype Collection were among the auction’s top 10 sellers, with the entire four-car assemblage selling for an aggregate of $5.47 million. The 2014 Ferrari LaFerrari Prototype PS1 sold for $2.5 million. The group’s 2012 Ferrari LaFerrari Prototype MP1 sold for $1.6 million.

While collectors visiting Classic Car Week know the offerings well and often accurately predict anticipated sales numbers, Mecum Auctions often also retains some degree of lower-end bargains.

A report on the website The Drive noted six vehicles from Mecum’s varied lots sold for less than $10,000. The cheapest sale of the week was the $7,700 paid for a 1971 MG MGB. The roadster, adorned in British racing green paint and chrome bumpers, is powered by a 92-horsepower engine.

Here are Classic Car Week’s top-5 auction sales from various locations, according to the Dupont Registry.

RM Sotheby’s

• 1955 Ferrari 410 Sport Spider – $22,005,000
• 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen – $9,905,000
• 1924 Hispano-Suiza H6C “Tulipwood” Torpedo by Nieuport-Astra – $9,245,000
• 1957 Ferrari 500 TRC Spider by Scaglietti – $7,815,000
• 1966 Ferrari 275 GTB/C by Scaglietti – $7,595,000

Broad Arrow

• 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” – $5,500,000
• 1995 Ferrari F50 – $5,175,000
• 2015 Ferrari LaFerrari – $3,910,000
• 1971 Mercedes-Benz 600 LWB Landaulet – $2,590,000
• 1964 Aston Martin DB5 – $2,425,000

Mecum

• 1958 Ferrari 250 GT ‘Tour De France’ Alloy Berlinetta – $2,860,000
• 1936 Duesenberg Model J Rollston Convertible Berline – $2,695,000
• 2014 Bugatti Veyron 16.4 Grand Sport Vitesse Jean-Pierre Wimille Legend Edition – $2,640,000
• 2014 Ferrari LaFerrari Prototype PS1 – $2,640,000
• 1990 Ferrari F40 – $2,310,000

Gooding & Company

• 1937 Bugatti Type 57SC Atalante – $10,345,000
• 1969 Ferrari 400 Superamerica Series 1 Coupe Aerodinamico – $6,000,000
• 2007 Porsche RS Spyder EVO – $5,615,000
• 1995 Ferrari F50 – $4,625,000
• 1969 Porsche 908/02 – $4,185,000

Bonhams/Quail

• 1955 Ferrari 250 Europa GT – $2,095,000
• 1969 Lamborghini Miura P400 S – $1,957,500
• 1956 Mercedes-Benz 300SL Gullwing Coupe – $1,737,500
• 1931 Stutz DV-32 Convertible Victoria Coachwork by LeBaron – $1,435,000
• 1926 Rolls-Royce Silver Ghost Piccadilly Roadster – $1,325,000