|Gross Total||Numbers sold/ offered (%)||Gross per car sold||Highest sale|
|Russo & Steele||$7,535,250.00||105/203 (52%)||$71,764.00||$1,155,000.00|
|2017 results||$317,191,475.00||717/1192 (60%)||$442,387.00 Ave.||$22,550,000.00|
|2016 results||$343,359,956.00||769/1287 (60%)||$446,501.00 Ave.||$21,780,000.00|
RM/ Sothebys led the way at Monterey, offering the best selection of exotics and taking every award along with being the only auction to top the million dollar average per car sold in 2017. Bonhams and Gooding rate a B, Mecum a C while Russo & Steele and Worldwide are a D.
As for the individual cars they paint another picture and make interesting reading that explains why some had success where others failed. RM did well selling their oddballs such as the Abarth 1100 at $891k while Worldwide failed with the beautiful but perhaps not so well known 6C2500 and Gooding failed to sell either of their two star Alfa Romeos. RM did very well to get $22.55 million for the Aston DBR1, a fair result for the DB4GT at $6.7 million while the Ulster was a good buy at $2.1 million. The only DB5 failed to fire at RM while the track day special Vulcan failed at Mecum for the second time. RM sold the beautiful Corsica bodied Speed Six at $3.41 million which must be market correct. The two BMW 328s were polarising with the car at Worldwide faulted for a lack of provenance and let go at just $605k while RMs example was a fascinating one off and sold for well over estimate at $825k. The only 507 was sold at a 10% over high estimate $2.75 million, a fantastic result for Gooding.
The three Bugatti on offer were also polarising, the Type 35 went for a mid estimate $1.155 mil, Goodings Type 57C for a very good $1.512 million while RM struggled to sell theirs at just $572k, one of the few true bargains at their epic sale. RM did very well to sell the Cunningham C-3 at $1.1 million, Bonhams worked hard to sell the Delage at $649k while Worldwide failed to garner much excitement for the Delahaye Dubos Coupe, although they priced it at levels where much more glamorous Figoni et Falaschi and Saouthick bodied cars usually sell. RM did well to sell their Ferrari 250 Short Wheelbase at what is likely the new price level for the model although the Rosso example on offer at Maranello will offer some proof, while their 275GTB/6C and 4C shows that the best 275GTBs are still $3 – 3.5 million propositions. Goodings examples showed that even the cheapest end of the 275 market are $2 million propositions while their GTB/C was very strong at $14.52 million. Bonhams examples also proved the new market realities with their driver quality GTB/4 at $2.5 and their concours Alloy longnose at $3.1.
Other great Ferraris were all over the spectrum, RM selling the unique 166/212 Coupe at $4.5 million, seemingly cheap but likely accurate for a car that cannot be valued per the classic Touring Barchetta. RM realised a similar result with the 121LM at $5.17 million and the 342 America at $2.2 million, both either cheap or reasonable depending on perspective while Bonhams 250GT Tour de France was found lacking and the high bid of $3.4 million was nowhere near the vendors expectations although market reality would say it was likely not to far from its true value. The two 500 Mondial sale for $3.1 million (Gooding & co) and $3.8 million (at RM) which seemed market correct and reflected the relative values. Gooding did very well with the two 250GT Cabriolet, the Series I selling for a market correct $4.8 million while the barnfind Series II sold for $1.375 million. The 400SA at Bonhams failed at a rate that was low but could have been accepted while RM sold the 410SA for $5.335 million.
RM also did well to sell the 365GTS at $2.7 million and their highly original 365GTS/4 at $2.1 million while Bonhams couldn’t sell their example of the latter. Daytona Coupes were available all over the peninsula and four of the eight on offer sold, for amounts between $511 and 715k which would seem to be the new market price for the model. The Harrah Hot Rod was not in the greatest condition and the car sold for $687k although it offers the new owner plenty of options for future use. Bonhams offered the 312T5 Grand Prix car and the high bid of $2.4 million wasn’t accepted which seems crazy while their 288GTO also missed out at $1.7 million which was rather low. Both F40s at RM and Bonhams sold very well at around the $1.5 million mark while the two Enzos were polarising with Mecums like new example failing to reach the $2.7 million ask and Bonhams unique Black example selling cheaply at $2 million.
The recent collectable Ferraris were difficult to pigeonhole with prices all over the place, Russo & Steele failing to sell their F12 TdF while Mecum managed to get $1.375 million for theirs. Mecum failed to sell their 599SA Aperta but got a very good $682k for the 458 Speciale Aperta. No less than four LaFerrari were on offer as well with RM and Gooding getting effectively $3.5 million for their examples while Mecum sold one for $3.8 but failed to sell a rare White example at $4 million. Gooding did well to get a market correct $1.485 million for a Fiat 8V. Bonhams failed to sell the E-Type Lightweight although it is now understood the car may have sold post sale for $8 million. Mecum did well to sell the Koenigsegg at $2.86 million as did RM with the Lamborghini Concept S at $1.32 million. Bonhams got what must be a market correct bid for the Lotus 34 Indy car as did the Lister knobbly at Mecum although neither sold at around the $1.6 million reported bid.
Bonhams failed to sell either of their Maserati, the beautiful but flawed 300S failing at a $5 million reported bid while the Frua Spider A6G/54 also failed to generate much interest. Gooding had much more success with their beautiful Zagato Coupe A6G/54 which fetched a model record $4.4 million. RM offered the ex Briggs Cunningham 5000GT and someone got a bit of a bargain at $1.017 million while the 3500GTi Frua Spider was also fabulous value at $605k. Bonhams did very well to get $15.6 million for their McLaren F1 while the two McLarens (P1 and MP4-12C) failed at Mecum as did another P1 at Gooding. Gooding did very well to sell the 1926 Mercedes 24/100/140 at $726k, almost double the high estimate although both S-Types failed to fire at Gooding and RM at prices that were low but not so low that deals couldnt have been worked out. RM did manage to sell both of their 500/540ks at great amount, offering conflicting signs of value for collectors of pre-war Mercedes Benz.
No less than eight Mercedes 300SLs were on offer at Bonhams, Gooding and RM and only one failed to find a new home. RM did well to sell their Roadster at a mid estimate $1.375 mil. and a high estimate $1.485 for their restored Gullwing. Bonhams got a mid estimate $919k for their non-mathcing number Gullwing and failed to sell their Roadster. Gooding had garnered much attention for their very original matching pair and while their Roadster did well to get $1.034 million, the Gullwing sold for a scorching $1.677 million while a restored Roadster sold for a market correct $1.347 million. RM must have been pleased with the mid estimate but record setting $2.42 million for their Pagani Huayra and the $770k for the rather awkward Pegaso.
Mecum offered a selection of collectable Porsches highlighted by three 934/5s, a 956 and a 993 series 911GT2, all of which failed to sell, generally at market bids. RM had far more success with their two star Porsches, the 1951 356 selling for a million, easily the most expensive early 356 ever publicly sold and a very high $1.84 million for their 918 although none of these were a par on the $3.6 million for the “interesting” 908/3. Gooding was also very successful with their 904 fetching a market correct $1.54 million and the mighty 917k finally selling for $14.08 million. Throughout all of the Monterey auctions there wasn’t too much that could be called expensive although some like the $14 million Ferrari 275GTB/C could be called very well sold. On the other hand there wasn’t an awful amount of bargains, although some pre-war cars were very cheap, that can be chalked up to a changing dynamic among buyers.
Apart from the Ferrari market dipping 15 – 20% over the past twenty four months the only negative I can see is the growing disconnect between those vendors who are clinging to notional values that are no longer market correct and buyers who are trying to get good buys. There are plenty of buyers out there, keen to spend and vendors who accept rational bids will still do more than okay in the current market. Monterey ’17 may not have been a record setter like 2015s event but nor was it the doom and gloom event that could have been predicted after the first six months of 2017. Gotta give it at least a pass for that alone.