Author: John Mayhead
Images: Hagerty
Monterey Car Week, and the auctions that surround it, is the bellwether of the American car market. Five major live auctions offered a total of 1143 cars and, as always, the money followed.
This year was very busy – the Monterey peninsula may only be a few miles wide, but every inch felt packed with car shows, automotive parties or just enthusiasts meeting each other. The traffic was even worse than normal, and it just took ages to move a few miles. All the signs were that this had the potential to be a very successful week, and Hagerty’s pre-event forecast was that between $430M and around $488M of cars would be sold.
But, as I have written on many occasions, psychology and sociology always plays a part when it
comes to classic and collector car buying. It’s election year in America and nobody knows how
the economy will react to a new President. Plus, it’s been a tricky year for classic car prices with
35 percent of US Hagerty Price Guide values (40 percent in the UK) dropping in the past year,
correcting after a widespread post-Covid surge that pushed prices up to unsustainable levels. It’s
no wonder that some people aren’t minded to part with their cash (or borrow) to buy a luxury
item like a classic car.
Given that context, it’s not a great surprise that the final sales at the end of the week were a little over $391M, well under expectations and down and a long way shy of the 2022 record when $471.2M-worth of vehicles were sold at auction during the week. Older classics cars considered the more traditional collector models were hit particularly hard: just 52 percent of $1M+ cars built before 1981 sold, with pre-1974 Ferraris in this price range down to 51 percent sell-through compared with an average of 84 percent over the last three years at the same sales. More modern cars performed better: post-1981 cars valued at over $1M sold at a rate of 63 percent, and 73 percent of supercars worth over $500,000 and less than four years-old sold.*
Overall Top 10 Sales from all auctions:
- 1960 Ferrari 250 California SWB Spider (closed headlight) – $17,055,000 (RM Sotheby’s)
- 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 (Gooding & Company)
- 1955 Ferrari 410 S Spider – $12,985,000 (RM Sotheby’s)
- 1969 Ford GT40 Mk I Coupe – $7,865,000 (Mecum Auctions)
- 1997 Porsche 911 GT1 Rennversion Coupe – $7,045,000 (Broad Arrow Auctions)
- 1959 Ferrari 250 California LWB Spider (open headlight) – $5,615,000 (RM Sotheby’s)
- 1995 Ferrari F50 Coupe – $5,505,000 (RM Sotheby’s)
- 1955 Ferrari 857 S Spider – $5,350,000 (Gooding & Company)
- 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000 (RM Sotheby’s)
- 1958 Ferrari 250 GT TdF Coupe – $5,200,000 (Gooding & Company)
That said, there were some big wins, too. Ferrari still ruled the roost in many respects, taking seven of the top ten sales of the week with a 1960 250 California taking top spot at $17.055M (£13.3M) at RM Sotheby’s. It had everything going for it: desirable short-wheelbase and closed-headlamp body, competition-spec engine, factory hardtop, and was what Hagerty calls a ‘bookend’ car, the very first short-wheelbase made and shown to the public at the 1960 Geneva Motor Show. Alfa Romeo (and pre-war cars) were represented by a stunning 8C 2900B Lungo Spider, one of just five believed to exist, that sold for $14M (£10.9M), and Porsche (and more modern classics) by a 1997 911 GT1 that took the IMSA GTS-1 championship win that year. It sold at Broad Arrow for $7.05M (£5.5M). Out of the top ten, one of the most notable sales of the week was the record $5.5M (£4.3M) paid for a Ferrari F50, over its top pre-sale estimate of £5M and even above the top US Hagerty Price Guide value of $5.3M. One of the rare US-spec cars and a recent concours winner with just 8500 miles on the clock, it drew the big money.
So, what does all this mean for the enthusiast here in the UK? In some respects, not much; Monterey always seems to operate in a bubble and prices achieved there are often unrepeatable at any other sale. There’s a huge amount of money and a lot of testosterone in town that week; that combination can create some unusual results. That said, the rise in sale rates of more modern cars is a trend that we’re seeing here, as is the care buyers are taking this summer, everyone aware that prices have been correcting. The good news is that Hagerty’s latest quarterly figures have just been released and in that period, over 87 percent of UK Hagerty Price Guide values have remained static. That suggests prices may have stabilised. The other trends that follow across the Atlantic are that top quality cars still sell very well and that people are still hugely enthusiastic for events to take part in. Last week, I attended a packed Salon Privé at Blenheim Palace, and the cars were the best I’ve seen there. These are all very positive signs for our hobby.
*Correct at the time of writing; may vary with post-sale deals.
If you enjoy John’s valuation articles, keep your eyes peeled for the Hagerty Price Guide, which will be included with Issue 1 of the Hagerty Drivers Club magazine.