Auction results for the 2018 Monterey Car Week and Pebble Beach Concours d’Elegance

The 2018 Monterey Classic Car Auctions have finished and 2018 will go down as a year of records with final sales totaling $371 million. That’s a 13-percent increase over 2017, but the big headline is the highest-ever price paid at auction to buy the 1962 Ferrari 250 GTO at RM Sotheby’s for $48.4M. Accompanying that record was the 1935 Duesenberg SSJ Roadster sold by Gooding and Company for $22M, the highest price paid for an American car. Across three days and six auction houses, 1,341 vehicles sold with a median price of $95,200 (up $5,000 from last year) and with a sell-through rate of 61% (versus 59% in 2017). While the total sales number is a significant improvement from last year, it falls short of the 2014’s high-water mark of $428M.

Scroll down for the top 10 overall results as well as top 10 and summaries for each auction house. To look up individual lots, download the HVT Insider app for the iPhone and iPad today.

Overall Recap

Much like the da Vinci painting that sold for a record $450M late last year, the opportunity to purchase what is regarded as an all-time great resulted in a new auction record of $48.4M. Similarly, the opportunity to buy one of the most revered Duesenbergs in history raised the bar for an American car. The increase in seven- and eight-figure cars on offer this year boosted total sales, and while sell-through rate for eight-figure cars was at 80%, seven-figure cars slipped significantly to only 58% (versus 70% last year).

This year in Monterey, heavyweight bidders rose to the challenge posed by so many A-list cars, but the rest of the buyers weren’t so bullish. Bids were firm in Monterey this year with 46% of cars that we inspected bidding above market value per their condition, but more expensive cars performed better than less-expensive examples. Entry-level collector cars (under $25K) were only bid above market value 20 percent of the time, mid-market cars ($25K-$250K) saw 47% of lots bid above market value, and the top of the market ($250K+) saw 54% of cars bid above market value.

One very apparent trend this week was buyers’ appreciation of low-mile cars, and this wasn’t focused on a particular decade or type of car. A 19,000-mile 1978 Mercedes-Benz 450SEL 6.9 sedan at Gooding ($156,750), a 4,231-mile 1995 Porsche 928 GTS with an automatic transmission from RM Sotheby’s ($140,000), and a 19,995-mile 1977 Honda Civic CVCC from Mecum ($22,000) all soared past market values, demonstrating the allure of documented originality.

While the top of the Ferrari market appears to be firing on twelve cylinders, aside from the 250 GTO and the Admiral’s 500 Mondial, the market for cars worth $1M+ suffered this year. Despite six fewer high-end lots being offered this year compared to 2017, the sell-through rate fell from 68% to 54%. The average price crept up with the GTO sale, but exclude the record Ferrari and the average price fell more than $1M to $1.3M.

Prewar greats were more numerous this year with 114 offered, which is up from 90 last year. Sell-through rate did drop from 76% to 61%, but the average price almost doubled to $899K. Total sales also jumped to $62.9M. While both improvements were affected by the $22M result for the Duesenberg SSJ, the median price only fell from $102K to $101K. Other major prewar sales included a 1931 Bugatti Type 51 Grand Prix Race Car sold for $3,740,000 at Gooding and a 1933 Duesenberg Model J Bohman and Schwartz Convertible at Mecum that went for $3.85M, both selling above high estimate.

From the over 1,300 vehicles offered this year, at least 200 had been sold at an auction at least once before. Repeat sales in Monterey this year had an average annual return of 14%, an average holding period of 5.1 years. Some standouts for recent gains include a 1972 Ferrari 246 Dino GT that sold in 2012 for $214,500 and sold this year for $373,500 and an ex-Steve McQueen 1950 Hudson Custom Commodore Six Convertible that sold in 2015 for $71,500 and sold again this year for $98,000, both times at Bonhams.

Does the significant increase in total sales from last year mean a change is underway? At the moment, the market favors the best cars, but there are signs of weakness just below the summit. The abundance of prewar cars risked overwhelming the market, but collectors generally responded to the selection and bought vehicles from that era. Entry-level cars remains the most active segment of the overall market we we predict will continue to improve as Monterey isn’t reflective of that market.

Thursday Recap

The overall average sale price was just under $49,000 the first day. This figure is set to increase as the catalog auction houses proceed, as the average low bid estimate for these auctions is over $800,000.

Worldwide had three notable sales of American automobiles of different eras with the 1916 Locomobile Model 68 Cabriolet selling for $473,000, the 1931 Duesenberg Model J Derham Tourster selling for $1,320,000, and the 1962 Shelby Cobra 260 Roadster selling for $990,000. Russo and Steele excelled at offering something for everyone. Its top three sales spanned the globe with a 1962 Fiat Gilco Convertible at $88,000, a 1993 Land Rover Defender 110 SUV selling for $74,800, and a 2008 Tesla Roadster selling for $36,850. Mecum did well in offering modified and customized cars with a customized 2018 Jeep Wrangler Unlimited 4×4 selling for $82,500, and a GT-R conversion of a 1971 Nissan Skyline GTX Coupe selling for $75,900.

Friday Recap

Gooding & Company provided much of the excitement for the evening with spirited bidding for the one-of-two 1935 Duesenberg SSJ LaGrande Roadster as bids quickly rose in $250,000 increments to reach a final sale price of $22M. That makes it the most expensive American car and the most expensive pre-war car ever sold at auction. RM Sotheby’s sold the 3rd place finisher of the 1966 24 Hours of Le Mans – a 1966 Ford GT40 Mk II – for $9.8M. The 2013 Pebble Beach Concours d’Elegance Best-in-Show winner – a 1934 Packard Twelve Series 1108 Dietrich Convertible Victoria – sold for $3.7M. Bonhams did well selling a meticulously-restored 1948 Alfa Romeo 6C 2500 Competizione coupe for $3.525M. Another standout was the mostly-original black-over-red 1955 Mercedes-Benz 300SL Gullwing coupe that sold for $1.9M. At Mecum on Friday, Italian cars were the brightest stars with a1969 Lamborghini Miura P400 S selling for $1.2M and a 1973 Ferrari 365 GTB/4 Daytona Coupe selling for $825,000. A thoroughly-wrecked 1987 Porsche 959 Komfort sold for $467,500. After selling a wide variety of cars for top dollar on Thursday, Russo and Steele added several sports cars to their list of high sales with a 1956 Chevrolet Corvette selling for $77,000 and a 1999 Ferrari F355 F1 Spider selling for $71,500.

Originality proved to the most desirable feature in the cars auctioned at Monterey on Friday. Whether it was the 1935 Duesenberg SSJ that sold for more than twice its low estimate or the 1948 MG TC that Bonhams sold for almost quadruple its low estimate, low-mileage unrestored cars were highly sought after. Original low-mileage collections of Porsches and MGs sold for an average of 50 percent more than low estimate at Bonhams. Gooding & Company sold low-mileage or original examples of production cars for strong money with a 2002 BMW M5 with less than 500 miles selling for $176,000 –26 percent over its low estimate–and a 1957 Citroen DS19 sedan selling for $192,500, or almost double its low estimate. RM Sotheby’s sold an unrestored 1974 Ferrari Dino 246 GTS with only 8,300 miles for $401,000, 34 percent over low estimate.

Examples of two models that represent different ends of the market sold well. Two Cord 812s sold for an average of 51 percent over low estimate at an average final price of $448,000. Two Porsche Carrera GTs also sold well with a final price exceeding low estimate by an average of one-third. The average final price of the two Carrera GTs was $833,000, exceeding condition-appropriate Hagerty Price Guide value by 24 percent.

Modern hypercars didn’t fare well. New Bugattis in particular appeared to be passé with Bonhams failing to sell a new Bugatti Chiron and Gooding failing to sell a 2010 Veyron 16.4 Grand Sport. Meanwhile, both RM Sotheby’s and Gooding & Company sold examples of the 2014 Ferrari LaFerrari for over $3M, but at amounts that were below current Hagerty Price Guide values. More modern supercars are up at tomorrow’s auctions tomorrow and may better distinguish the winners from the losers among modern supercars.

Overall final results from all auction companies

Total: $370.9M
Sell-through rate: 62% (849/1378 lots sold)
Average sale price: $436,849

Overall Top 10 Sales from all auctions

1. 1962 Ferrari 250 GTO SI Coupe sold for $48,405,000 (RM Sotheby’s)
2. 1935 Duesenberg SSJ Roadster sold for $22,000,000 (Gooding & Company)
3. 1963 Aston Martin DP215 Competition Prototype sold for $21,455,000 (RM Sotheby’s)
4. 1966 Ford GT40 Mk II Coupe sold for $9,795,000 (RM Sotheby’s)
5. 1958 Ferrari 250 GT TdF Coupe sold for $6,600,000 (Gooding & Company)
6. 1955 Maserati A6GCS/53 Spider sold for $5,170,000 (Gooding & Company)
7. 1955 Ferrari 500 Mondial SII Spider sold for $5,005,000 (Gooding & Company)
8. 1957 Porsche 550A Spyder sold for $4,900,000 (RM Sotheby’s)
9. 1998 Mercedes-Benz CLK GTR Coupe sold for $4,515,000 (RM Sotheby’s)
9. 1956 Maserati A6G/2000 Zagato Berlinetta sold for $4,515,000 (RM Sotheby’s)

2017 Overall Results
Total: $327.6M
Sell-through rate: 59% (757/1277 lots sold)
Average sale price: $432,793

Results broken down by Auction Company

RM SOTHEBY’S
Total: $157.9M
Sell-through rate: 83% (125/150 lots sold)
Average sale price: $1,263,456

Overall Top 10 Sales:

1. 1962 Ferrari 250 GTO SI Coupe sold for $48,405,000
2. 1963 Aston Martin DP215 Competition Prototype sold for $21,455,000
3. 1966 Ford GT40 Mk II Coupe sold for $9,795,000
4. 1957 Porsche 550A Spyder sold for $4,900,000
5. 1998 Mercedes-Benz CLK GTR Coupe sold for $4,515,000
6. 1956 Maserati A6G/2000 Zagato Berlinetta sold for $4,515,000
7. 1934 Packard Twelve-Series 1108 Dietrich Convertible Victoria sold for $3,745,000
8. 2014 Ferrari LaFerrari Coupe sold for $3,305,000 (charity auction)
9. 1971 Lamborghini Miura P400 SV Coupe sold for $2,177,500
10. 1963 Mercedes-Benz 300SL Roadster sold for $1,930,000

2017 Results
Total: $132.8M
Sell-through rate: 89% (103/116 lots sold)
Average sale price: $1,289,135

GOODING & COMPANY
Total: $116.5M
Sell-through rate: 84% (122/146 lots sold)
Average sale price: $954,939

Overall Top 10 Sales:

1. 1935 Duesenberg SSJ Roadster sold for $22,000,000
2. 1958 Ferrari 250 GT TdF Coupe sold for $6,600,000
3. 1955 Maserati A6GCS/53 Spider sold for $5,170,000
4. 1955 Ferrari 500 Mondial SII Spider sold for $5,005,000
5. 2007 Porsche RS Spyder Race Car sold for $4,510,000
6. 1955 Porsche 550 Spyder Roadster sold for $4,455,000
7. 1931 Bugatti Type 51 Grand Prix Race Car sold for $3,740,000
8. 1959 Porsche 718 RSK Roadster sold for $3,740,000
9. 1967 Ferrari 330 GTC Coupe sold for $3,410,000
10. 1966 Ferrari Dino 206 S Coupe sold for $3,080,000

2017 Results
Total: $91.5M
Sell-through rate: 81% (107/132 lots sold)
Average sale price: $854,669

BONHAMS
Total: $37.8M
Sell-through rate: 81% (110/135 lots sold)
Average sale price: $343,694

Overall Top 10 Sales:

1. 1948 Alfa Romeo 6C 2500 Competizione Coupe sold for $3,525,000
2. 1937 Mercedes-Benz 540K Sports Roadster sold for $3,277,500
3. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,875,000
4. 1960 Ferrari 250 GT Cabriolet SII sold for $1,682,500
5. 1928 Bentley 6 1/2 Liter Open Sports Tourer sold for $1,655,000
5. 1953 Siata 208S Spider sold for $1,655,000
7. 1929 Bentley 4 1/2 Liter Sports Tourer sold for $1,435,000
8. 2015 Porsche 918 Spyder Weissach sold for $1,407,500
9. 1936 Mercedes-Benz 500K Touring Phaeton sold for $1,215,000
10. 1996 Porsche 911 GT2 Coupe sold for $1,105,000

2017 Results
Total: $55.2M
Sell-through rate: 76% (86/109 lots sold)
Average sale price: $641,685

MECUM
Total: $45.3M
Sell-through rate: 54% (364/690 lots sold)
Average sale price: $125,967

Overall Top 10 Sales:

1. 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria sold for $3,850,000
2. 2014 Ferrari LaFerrari Coupe sold for $3,190,000
3. 2003 Ferrari Enzo Coupe sold for $2,860,000
4. 1989 Porsche 962 Coupe sold for $2,200,000
5. 1969 Lamborghini Miura P400 S Coupe sold for $1,155,000
6. 1929 Duesenberg Model J Murphy Convertible Sedan sold for $1,155,000
7. 2012 Dallara DW12 Honda Indy Car sold for $1,127,500
8. 1958 Mercedes-Benz 300SL Roadster sold for $1,045,000
8. 2017 Ferrari F12tdf Coupe sold for $1,045,000
10. 1936 Auburn 852 Supercharged Speedster sold for $1,017,500

2017 Results
Total: $32.1M
Sell-through rate: 46% (296/645 lots sold)
Average sale price: $108,478

RUSSO AND STEELE
Total: $7.3M
Sell-through rate: 48% (95/196 lots sold)
Average sale price: $76,548

Overall Top 10 Sales:

1. 2017 Ford GT Coupe sold for $1,540,000
2. 1984 Lamborghini Countach LP500S Coupe sold for $308,000
3. 1972 Ferrari 365 GTC/4 Coupe sold for $305,250
4. 1983 Ferrari 512 BBi Coupe sold for $225,500
5. 2009 Mercedes-Benz SL65 AMG Black Series Convertible sold for $203,500
6. 1989 Porsche 911 Speedster sold for $181,500
7. 1932 Pierce-Arrow Model 52 Custom Club Berline Sedan sold for $176,000
8. 2012 Mercedes-Benz Sprinter Executive Series Van sold for $154,000
9. 2000 BMW Z8 Roadster sold for $154,000
10. 2017 Mercedes-Benz G550 Custom Wagon sold for $148,500

2017 Results
Total: $8.5M
Sell-through rate: 56% (114/202 lots sold)
Average Sale Price: $74,911

WORLDWIDE
Total: $5.5M
Sell-through rate: 56% (33/59 lots sold)
Average sale price: $167,267

Overall Top 10 Sales:

1. 1931 Duesenberg Model J Derham Tourster sold for $1,320,000
2. 1962 Shelby Cobra 260 Roadster sold for $990,000
3. 1916 Locomobile Model 68 Cabriolet sold for $473,000
4. 1972 Ferrari Dino 246 GTS Spider sold for $341,000
5. 1968 Jaguar E-Type SI.5 Roadster sold for $247,500
6. 1958 Buick Limited Model 756 Convertible sold for $181,500
7. 1929 Packard Deluxe Eight-Series 645 Roadster sold for $176,000
8. 1967 Maserati Ghibli Coupe sold for $170,500
9. 1969 Chevrolet Camaro Yenko Sport Coupe sold for $165,000
10. 1965 Rolls-Royce Silver Cloud III LWB Sedan sold for $145,750

2017 Results
Overall total: $7.6M
Sell-through rate: 70% (51/73 lots sold)
Average sale price: $148,226