Monterey Auctions 2016
The general take away from the Monterey Auctions is that the classic car market has softened in 2016. That does not mean it isn’t a good time to buy or sell. Not at all. It just means be thoughtful, as always. Many feel this softening is just price correction. The special cars that are limited, have history, or are one-offs did, and will continues to do well. However, just because a car is European, old, or ‘super’ does not mean its value holds steady.
RM Sotheby’s and Gooding & Co., two of the best (in quality) auction houses, had the highest sell-thru rates at the Monterey auctions 2016. They also had the highest priced selling cars in Monterey this year;
#1. 1955 Jaguar D-Type roadster, $21.78M (RM Sotheby’s)
#2. 1939 Alfa Romeo 8C 2900B Lungo Spider, $19.8M (RM Sotheby’s)
#3. 1959 Ferrari 250 GT California LWB Alloy Spider, $18.15M (Gooding & Co.)
#4. 1962 Shelby Cobra 260 roadster, $13.75M (RM Sotheby’s)
#5. 1960 Ferrari 250 GT SWB Competizione Coupe, $13.5M (Gooding & Co.)
Bonhams had a good sell-thru rate, and a few significant sales including a 1931 Bugatti Type 51 Grand Prix ($4.0M), a 1985 Ferrari 288 GTO ($2.112M), and a Ferrari La Ferrari ($3.685M).
Mecum, Russo & Steele, and Rick Cole had abysmal sell-thru rates of less than 40%. It seems that many sellers were stubborn with reserve prices set too high. Factor in the cost of car transportation to and from the auction, an auction fee (usually), and the stigma attached to the car that it did not sell at auction.
Monterey auctions had an overall sell-thru rate of 56% this year, down 2% from 2015. Mecum, a car selling machine, seemed to have had more high-end cars for auction this year in Monterey. Yet, across the board they had problems closing the deal; American, European, muscle, vintage, newer, and motorcycle. Perhaps it was too much of a mix for their crowd. By mere volume processed they are fascinating to watch, if you ever get the chance live or on tv.
Sale prices listed below include buyers premium.
Highlights of the Monterey Auctions 2016
1963 Apollo 500 GT Coupe; only 47 Apollos were produced, 44 being coupes, and this is 1 of 3 automatics. Sold for $112,750 at Russo & Steele
1967 Ghia 450 SS Convertible; only 52 were produced and priced at about $12K when new. High bid of $140K, did not sell
2005 Ferrari 575 M Superamerica; in Verde British Green, only 559 Superamericas were built. High bid of $355K at Russo & Steele, did not sell
1959 Tojeiro California/TCAL59 Barcheta; created by John Tojeiro most recognized for his work on the AC which later became the Cobra. High bid of $280K, did not sell at Russo & Steele
1970 Dodge Challenger 440/6 Convertible; this heavily optioned 440 six-pack includes original Hi-Impact Go Mango paint, Track Pack with Dana 60, rare leather seats, power top, and 8-track, was $5,485.85 when new. High bid of $190K, did not sell at Russo & Steele
1957 Porsche 356 Speedster; high bid of $240K, did not sell at Russo & Steele
1970 Ferrari 365 2+2 Coupe; Sn 13109, this car was purchased new by James Bond movie producer Albert R. ‘Cubby’ Broccoli. Sold for $346.5K at Russo & Steele. Interestingly, the same car sold in Jan, 2015 at Gooding & Co in Scottsdale for $374K
2015 Porsche 918 Weissach Spyder titled to Team Rahal; 1 of 1 with $84K Weissach package which reduces overall weight, and optional front-axle lift system. The car has 887 hp and 944 lbs-ft torque. High bid of $1.55M, did not sell at Russo & Steele
2014 McLaren P1 Coupe in Volcanic Orange Coarse; 1 of 375 built, 900+ hp, top speed 217+ mph. High bid of $1.9M, did not sell at Russo & Steele
1955 Facel-Vega FV-1 Coupe; this FV-1 is 1 of 3 sold new in the US, reportedly to Lewis Milestone, Oscar-winning Director of ‘All Quiet on the Western Front’ ‘Two Arabian Nights’ and ‘Ocean’s Eleven’. Sold for $181.5K at Russo & Steele
1967 Jaguar E-Type Roadster; Series 1 4.2L, Sold for $176K at Russo & Steele
1965 Ford Shelby GT350 Fastback; this car is 199 of 562 built, had a high bid of $350K with no sale at Russo & Steele
1955 Mercedes-Benz 300SL Gullwing Coupe; sold for $1.155M at Russo & Steele
1971 Mercedes-Benz 280SE 3.5 Cabriolet; high bid of $260K at Russo & Steel, no sale
1993 Jaguar XJ220; only 271 cars were produced. It had a high bid of $420K at Russo & Steele with no sale
1986 Ferrari Testarossa; high bid of $180K at Russo & Steele with no sale
1957 Ford Thunderbird E Bird Convertible; high bid of $95K at Russo & Steele with no sale
1989 Porsche 911 Coupe; one of several Art Cars in conjunction with the National Museum of Fine Arts of Quebec. “Masterpiece III’ painted by Dominic Besner had a high bid of $50K with no sale at Russo & Steele
1989 Porsche 911 Coupe; another Art Cars project this ‘Masterpiece II” was painted by Jean-Pierre Lafrance and did not sell at a high bid of $45K
1993 Ferrari 512 TR; had a high bid of $165K at Russo & Steele no sale
1988 Lamborghini Countach 5000 QV; sold for $321,750 at Russo & Steele
2005 Porsche Carrera GT; high bid of $545K at Russo & Steele no sale
2005 Ford GT; with only 19 miles on it did not sell at $335K
1971 Alfa Romeo Montreal; did not sell at $82.5K
2003 Ferrari 575M with F1 transmission also did not sell at $102.5K
1963 Alfa Romeo Giulia; high bid of $51K no sale at Russo & Steele
2006 Bentley GT Coupe; sold (!) for $66K
1958 Chevy Corvette Convertible; high bid of $62.5K no sale
1956 Lincoln Continental Mark II; only 3000 Mark II’s were made with a price tag over $10K each and at a $1K loss to Ford per car. This car is special in that it was owned by J.C. Daniels who began as a body shop worker at a Ford dealer, then owned a Lincoln dealership, and then went into the oil business. He collected over 300 Lincolns (his wife was surprised when 3 showed up after his death) with 47 in the collection being Mark II’s. This Mark II is rare in that it is the only one with 4 headlights. The car sold for $34,650 at Russo & Steele
1967 Ferrari 365 2+2; high bid of $205K did not sell
1982 Aston Martin V8 Vantage ‘Oscar India’; just 352 Oscar Indias were built, this car sold for $357.5K at RM Sotheby’s
1939 BMW 328; sold for $550K at RM Sotheby’s (estimate was $700-900K)
1954 Mercedes-Benz Gullwing 300SL; sold for $1.045K at RM (est $1.1-1.5M)
2005 Maserati MC12; sold for $1.43M at RM (est $1.3-1.6M)
1974 Ferrari 365 GTS/4 Daytona Spider; sold for $2.365M at RM (est $2.1-2.6M)
1972 Lamborghini Miura P400 SV; high bid of $1.5M no sale at RM Sotheby’s (est $1.9-2.2M)
Someone is always filming in Monterey. 1965 Ferrari 275 GTS; high bid of $1.4M no sale at RM (est $1.5-1.75M)
1966 Aston Martin DB6; sold at RM for $440K (est $450-525K)
1961 Chaparral 1 Prototype; high bid of $675K no sale at RM Sotheby’s (est $900K – 1.4M)
This ex-Jim Hall Chaparral 1 prototype is the first of Jim Hall and Hap Sharp’s innovative American sports race cars. The badge say ‘1961 Chaparral 001’
1928 Miller Locomobile Junior 8 Special; sold for $770K at RM (est $750K-1M)
1908 American Underslung 50hp Roadster; high bid $1.3M no sale (est $1.4M-1.75M)
1966 Ford GT40; sold for $2.9M at RM Sotheby’s (est $3.25-3.75M)
1926 Bentley ‘Old Mother Gun’ 3-41/2L Tourer; sold for $682K at RM (est $600-750K)
1932 Bentley 8L Tourer by Vanden Plas; sold for $1.705M (est $2.5-3M)
1968 Ferrari Dino 206 GT; sold for $687.5K at RM Sotheby’s (est $700-825K)
1952 Ferrari 212 Europa Coupe; high bid of $1.1M no sale at RM Sotheby’s (est $1.3-1.6M)
1965 Ferrary 275 GTB; sold for $1.7325M at RM Sotheby’s (est $2-2.4M)
2004 Porsche Carrera GT; sold for $649K at RM Sotheby’s (est $650-700K)
1961 Mercedes-Benz 300 SL Roadster; high bid of $1.1M no sale at RM (est $1.25-1.5M)
1938 Maybach SW38 Roadster by Spohn; sold for $1.072M at RM Sotheby’s (est $1.25-1.6M)
1990 Ferrari F40; sold for $1.265M at RM Sotheby’s (est $1.2-1.4M)
1931 Duesenberg Model J Tourster by Derham; sold for $1.32M at RM Sotheby’s (est $1.3-1.6M)
1952 Mercedes-Benz 220 Cabriolet A ‘Rose Garden’ by Hiro Yamagata; sold for $187K at RM (est $200-250K)
1967 Ferrari 330 GT 2+2 Series II; this little gem sitting out in the back blew thru its estimate of $350-450K and sold at whopping $737K at RM Sotheby’s
1950 Ferrari 166 MM Berlinetta; Sn 0046M, sold for $5.445M (est $6-8M) at Gooding & Co
1948 Cadillac Series 62 Cabriolet, Coachwork by Saoutchik; (est $1-1.5M) sold for $907.5K at Gooding & Co
1962 Ferrari 250 GT SWB Berlinetta; Sn 3359GT, (est $10-12M) high bid of $9.3M no sale at Gooding
1959 Ferrari 250 GT LWB California Spider Competizione; Sn 1603GT, (est $18-20M) sold for $18.15M at Gooding
1932 Bugatti Type 55 Roadster; (est $10-14M) sold for $10.4M at Gooding & Co
1967 Ferrari 275 GTB/4; (est $3.2-3.6M) sold for $3.245M at Gooding
1974 Ferrari Dino 246 GTS; (est $350-425K) high bid of $310K no sale at Gooding & Co
1958 Alfa Romeo Giulietta Spider Veloce; (est $140-180K) sold for $148.5K at Gooding & Co
1960 Maserati 3500 GT; (est $250-325K) sold for $258.5K at Gooding & Co
1975 Ferrari 365 GT4 Berlinetta Boxer; (est $525-575K) high bid of $460K no sale at Gooding & Co
1972 Nissan Skyline GT-R Hakosuka; (est $225-275K) sold for $187K ay Gooding & Co
1984 Porsche 911 SC/RS; (est $1.4-1.8M) high bid of $1.1M no sale at Gooding & Co
1967 Toyota 2000 GT; (est $600-700K) sold for $533.5K at Gooding & Co
1969 Iso Grifo 7 Litri; (est $625-725K) sold for $ 682K at Gooding & Co
1961 Ferrari 250 GT/E Series I; Sn 2369GT, (est $450-550K) sold for $405K at Gooding & Co
1959 Porsche 356 A Convertible D; a rare one-year only model, (est $325-375K) sold for $324.5K at Gooding & Co
1973 Ferrari Dino 246 GT ‘Flares’; kept in static storage for more than 30 years, this Dino had quite a bit of ‘dust’ (often staged for effect). My compadre and I considered writing ‘wash me’ to solidify the point. Est $400-500K, sold for $319K at Gooding & Co. (dust included)
1968 Ferrari 330 GTS; originally owned by casino magnate Bill Harrah this car sold for $2.5M at Gooding (est $2.7-3M)
1961 Fiat Jolly 600; (est $70-90K) sold for a zealous $121K at Gooding & Co
1974 Ducati 750 Super Sport; (est $175K-225K) sold for $ $176K at Gooding
1959 OSCA Tipo S-273; originally delivered to Briggs Cunningham and raced at the 1960 12 Hours of Sebring by Denise McCluggage, (est $ 650-800K) sold for $605K at Gooding & Co
The day of previewing Monterey auctions ended at In-N-Out Burger, a delicacy for some of us New Englanders
