We’re Live from Monterey Car Week 2024

Posts and analysis: For the final recap of the week, click here. To skip to Saturday’s posts, click here. For Friday’s posts, click here. For the action from Thursday, click here.

Monterey Car Week—the annual extravaganza of all things automobile—is upon us. We cover the event (well, events) more than any other, particularly the auctions, with previews, news from the ground, and post-Monterey analysis. There are a few reasons for that.

First, the vehicles filling the consignment lists at the Monterey auctions (there are five sales this year) are some of the rarest, most historically significant, and most valuable automobiles sold anywhere in the world all year. Price records routinely break here, and Monterey is the only auction event where we can see multiple eight-figure cars cross the block and be able to gauge their performance against expectations. Among the most anticipated this year are a once-stolen 1938 Alfa Romeo 8C 2900B Lungo Spider, an ex-Carroll Shelby 1955 Ferrari 410 race car, multiple Lamborghini Miuras, and the first Porsche 911 GT1 seen at auction since 2017.

It’s not just the million-dollar marvels that make Monterey worth watching, though. The auctions are often considered a heat check for the collector car market as a whole. This year, too, will bring insight to a market best described as “picky” and one that’s still digesting stock market news. Prewar cars, American muscle, and Japanese up-and-comers are all represented. The sales over the course of Car Week should help define whether certain market segments will stay flat, how buyer and seller sentiments are trending, and what cars are poised to be the next big movers.

Early projections suggest this year’s total sales will reach anywhere from $430M to $488M. Either way, 2024 will be big. Even the low range of our estimate is above 2023’s total of $403.3M, and the high end is above 2022’s all-time record total of $471.2M. Our own John Wiley dives into his predictions at length here, including what makes up the Monterey 2024 consignments, how we calculate our forecasts, and how these sales are poised to contribute to auction sales as a whole in 2024.

Stay tuned to this page for additional analysis ahead of the auctions, as well as detailed coverage throughout the course of Monterey Car Week (just like we did for Monterey ’23, Arizona ’24 and Amelia ’24), posted below.

Monday, August 19th

Monterey 2024 auction summary

Monterey Auctions Down 3% as Some Collectors Stay on Sidelines 

Overall Top 10 Sales from all auctions: 

1. 1960 Ferrari 250 California SWB Spider (closed headlight) – $17,055,000 (RM Sotheby’s) 
2. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 (Gooding & Company) 
3. 1955 Ferrari 410 S Spider – $12,985,000 (RM Sotheby’s) 
4. 1969 Ford GT40 Mk I Coupe – $7,865,000 (Mecum Auctions) 
5. 1997 Porsche 911 GT1 Rennversion Coupe – $7,045,000 (Broad Arrow Auctions) 
6. 1959 Ferrari 250 California LWB Spider (open headlight) – $5,615,000 (RM Sotheby’s) 
7. 1995 Ferrari F50 Coupe – $5,505,000 (RM Sotheby’s) 
8. 1955 Ferrari 857 S Spider – $5,350,000 (Gooding & Company) 
9. 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000 (RM Sotheby’s) 
10. 1958 Ferrari 250 GT TdF Coupe – $5,200,000 (Gooding & Company) 

Results broken down by Auction Company :

Overall Top 10 Sales: 

1. 1960 Ferrari 250 California SWB Spider (closed headlight) – $17,055,000 
2. 1955 Ferrari 410 Sport Spider – $12,985,000 
3. 1959 Ferrari 250 California LWB Spider (open headlight) – $5,615,000 
4. 1995 Ferrari F50 Coupe – $5,505,000 
5. 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000 
6. 1934 Alfa Romeo 8C 2300 LeMans Spider – $4,075,000 
7. 2023 Bugatti Chiron Super Sport Coupe – $3,497,500 
8. 1966 Ferrari 275 GTB Long Nose Alloy Coupe – $3,481,000 
9. 2021 Bugatti Chiron Coupe – $3,360,000 
10. 1932 Delage D8 S Roadster – $3,305,000 

Overall Top 10 Sales: 

1. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 
2. 1955 Ferrari 857 Sport Spider – $5,350,000 
3. 1958 Ferrari 250 GT TdF Coupe – $5,200,000 
4. 1995 Ferrari 333 SP Evoluzione   – $5,120,000 
5. 1976 Porsche 935 Coupe – $4,295,000 
6. 1934 Duesenberg Model J LaGrande Convertible Coupe – $3,745,000 
7. 1991 Porsche 911 Reimagined by Singer Coupe – $3,085,000 
8. 1968 Lamborghini Miura P400 Coupe – $2,315,000 
9. 1938 Delahaye 135MS Cabriolet – $2,095,000 
10. 1960 Aston Martin DB4 GT Coupe – $2,095,000 

Overall Top 10 Sales: 

1. 1997 Porsche 911 GT1 Rennversion Coupe sold for $7,045,000 
2. 1972 Lamborghini Miura P400 SV Coupe sold for $2,700,000 
3. 1966 Ferrari 275 GTB Coupe sold for $2,535,000 
4. 2015 Porsche 918 Spyder Weissach Roadster sold for $2,480,000 
5. 1990 Ferrari F40 Coupe sold for $2,425,000 
6. 1998 RUF CTR 2 Coupe sold for $2,095,000 
7. 1998 RUF Turbo R Limited Coupe sold for $1,710,000 
8. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,545,000 
9. 1948 Tucker 48 Sedan sold for $1,380,000 
10. 1964 Shelby Cobra 289 R&P Roadster sold for $1,380,000 

Overall Top 10 Sales: 

1. 1969 Ford GT40 Mk I Coupe – $7,865,000 
2. 1969 Dodge Charger Daytona Hardtop Coupe – $3,300,000 
3. 1967 Ferrari 275 GTB/4 Coupe – $3,080,000 
4. 2003 Ferrari Enzo Coupe – $2,860,000 
5. 1967 Ferrari 330 GTS Spider – $2,530,000 
6. 1967 Chevrolet Corvette Convertible – $2,310,000 
7. 2005 Porsche Carrera GT Coupe – $1,732,500 
8. 1930 Packard Speedster-Series 734 Boattail Roadster – $1,375,000 
9. 1957 Mercedes-Benz 300SL Roadster – $1,237,500 
10. 1966 Shelby Cobra 428 Roadster – $1,210,000 

Overall Top 10 Sales: 

1. 2022 Ferrari 812 Competizione Coupe – $1,611,000 
2. 1967 Ferrari 330 GTC Coupe – $692,500 
3. 1957 Porsche 356A 1600 Super Speedster – $472,500 
4. 2006 Ford GT Coupe – $357,000 
5. 1968 Maserati Mistral 3.7L Spyder – $335,000 
6. 1970 Dodge Challenger R/T Hardtop Coupe – $329,500 
7. 2003 Aston Martin DB AR1 Convertible – $280,000 
8. 1961 Aston Martin DB4 Vantage Sedan – $277,200 
9. 1953 Porsche 356 1500 Coupe – $246,400 
10. 1998 Porsche 911 Turbo XLC Coupe – $246,400 

Saturday August 17th

Saturday’s auction summary

Monterey Auctions Down 8% as Some Collectors Stay On the Sidelines

• Cumulative Total sales $371 million
• Average price $459,000, down from $478,000 in 2023
• Sell-through rate 71% vs. 69% in 2023
• Sell-through rate for $1 million plus is 52% vs. 63% in 2023
• Total sales are down 8% vs. last year

Saturday continued the themes of Thursday and Friday with vintage $1 million plus vehicles selling poorly while modern vehicles in that price range enjoyed a steady sell-through rate. Although the sell-through rate for top-end cars may seem concerning, it also suggests that not all owners are in a rush to sell. Total sales lagged 2023 by 20 percent through Friday, but results from Saturday reduced the deficit to eight percent.

Tomorrow is the Pebble Beach Concours d’Elegance and there will be no auctions. We will post a more detailed analysis on Monday to account for reported after-sales.

2024 Cumulative Results through Saturday

Overall Top 10 Sales from all auctions through Saturday:

1. 1960 Ferrari 250 GT SWB California Spider – $17,055,000 (RM Sotheby’s)
2. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 (Gooding & Company)
3. 1955 Ferrari 410 Sport Spider – $12,985,000 (RM Sotheby’s)
4. 1969 Ford GT40 Lightweight – $7,865,000 (Mecum)
5. 1997 Porsche 911 GT1 Rennversion Coupe – $7,045,000 (Broad Arrow Auctions)
6. 1959 Ferrari 250 GT LWB California Spider – $5,615,000 (RM Sotheby’s)
7. 1995 Ferrari F50 Coupe – $5,505,000 (RM Sotheby’s)
8. 1967 Ferrari 275 GTB/4 NART Alloy Coupe – $5,285,000 (RM Sotheby’s)
9. 1995 Ferrari 333 SP Evoluzione – $5,120,000 (Gooding & Company)
10. 1976 Porsche 935 Coupe – $4,295,000 (Gooding & Company)

Listed above are the results Hagerty observed during the live auctions and any post-sale deals reported by the auction companies to Hagerty through 17 August 2024. Numbers include the appropriate buyer’s premiums.

10:42 PM: The overall market, live and online, over the last five years shows selling a car for $500k+ is much more difficult than it used to be. The percent of cars $500k+ selling is dropping at a much quicker rate than those sub-$500k.—James Hewitt, senior data analyst

10:19 PM: Enzo-era Ferraris in the $1 million and up category were conspicuous for selling strongly the past several years, but also for selling poorly this year. The sell-through rate exceeded 80 percent in four of the past ten years, but was 34 percent this year, which is just better than half the prior low from 2019.—John Wiley, director of valuation analytics

10:14 PM: The Ferrari 410 Sport Spider at RM Sotheby’s had an estimate in excess of $15M but was cut loose for $12.985M all-in. This same car was the catalog cover star at Rick Cole’s comeback Monterey auction in 2014.—Brian Rabold, vice president of automotive intelligence

9:29 PM: A one-of-two 1993 Ferrari 512 TR Spyder just failed to sell with a high bid of $2.3M. Just a year ago it sold for $2.75M in London. Perhaps selling in a country that drives on the left was a better move for the ultra-rare right-hand-drive Ferrari.—Adam Wilcox, senior data analyst

9:10 PM: It wasn’t a record, but RM’s 1960 Ferrari 250 GT SWB California Spider—the first of its kind—sold for $17,055,000, making it the seventh-most expensive 250 California ever and the 20th-most expensive Ferrari ever.—Eddy Eckart, managing editor

8:25 PM: Patience paid off for a Grand Prix White 1974 Porsche 911 Carrera RS 3.0. It was first sold at Amelia Island in 2017 for $1,375,000 where it then spent time in The White Collection. At an RM auction in 2023, it went unsold with a $1.75m high bid, but just sold a year later for $2,370,000.—Adam Wilcox, senior data analyst

7:16 PM: … More obscure cars and numbers…the Pegaso Z-102, which came out of Francisco Franco’s Spain in the early 1950s, is a rare car. Production totaled fewer than 90, but just 18 went to Saoutchik for the French coachbuilder’s coupe bodywork. Two of the Saoutchik-bodied Pegasos were at the 2024 Monterey auctions, which means that one in every nine (11%) of them ever built crossed an auction block today. Sadly, neither one sold. RM’s got a $450K high bid (est. $700K-$1M) and Gooding’s got a $460K high bid (est. $650K-$800K).—Andrew Newton, senior auction editor

7:12 PM: RM’s 2019 Porsche 911 Speedster set a record for 991.2 Speedsters at $775K.—Adam Wilcox, senior data analyst

7:00 PM: The Ferrari SF90 at RM was available for $869K at Ferrari of Ft Lauderdale in June and had been there since at least February. It sold for a high bid $735K and all in price of $812K today—James Hewitt, senior data analyst

6:12 PM: An Olive Green 1989 Lamborghini LM002 just sold for a whopping $703,500, a new record for the model. This sale beat the old record by 48% and surpassed our #1 condition value by 60%—Adam Wilcox, senior data analyst

5:10 PM: The McLaren-Elva Can-Am car that just sold for $126,000 (est. $200K-$250K) reminds us just how cool McLaren’s logo used to be.—Andrew Newton, senior auction editor

6:05 PM: $95,200 for the 1959 Lancia Appia GTE Series II by Zagato is a pretty good deal. Despite being rated a #2- condition by our team, it was sold with a hammer bid half what the auction house was expecting. The buyer won big on this No Reserve lot.—Adam Wilcox, senior data analyst

5:53 PM: A “Christian Dior Limited Edition” 2022 Vespa 946 just set the record for a Vespa at auction. While several of these Dior Editions have sold on European online auction companies (specifically CollectingCars.com), none have sold for as much as this one at RM today. $72,800 is the new high water mark. J’adore Dior!—Adam Wilcox, senior data analyst

5:37 PM: The Gooding and Mecum auctions have concluded, which leaves RM Sotheby’s, the final auction of the week, starting soon. View the live stream here:

4:39 PM: Even putting this Ferrari 330 GTS at no reserve didn’t entice much better than sleepy bidding. Its $1,988,000 final price is soft for the condition. Buyer gets the unique special order third seat (best for dogs, or children, adults would be awkward) thrown in as a bonus. —Andrew Newton, senior auction editor

4:24 PM: The sub-$1M sell-through rate is staying strong but boy oh boy check out that $1M+ line.—James Hewitt, senior data analyst

3:56 PM: In a sign of buyers showing extreme hesitation and every dollar matters even at high prices, a buyer on a Mercedes-Benz 300 SL asked to place a $10k bid on a car at the $1.05M mark. The auctioneer said that would be miserable and would only take $1.075M. It sold at $1.075M. —James Hewitt, senior data analyst

3:48 PM: High-end collector cars are performing much more poorly than their more affordable counter parts and getting worse over the four days of auctions so far. The daily percentage of $1m+ cars meeting the minimum expectations of auction houses and sellers (as measured by the percentage of cars meeting reserve and selling) has fallen every day so far from 67% to 50% to 48% to an alarmingly low 37% for Saturday as of 3:48 PM. —James Hewitt, senior data analyst

3:30 PM: A scruffy but totally unrestored 1949 MG TC just sold for $61,600. Its $80K low estimate was a bit ambitious but in the end the price was right-on the car’s #1 value. Very few MGs are this well preserved and unmolested. It would be like finding a solid, totally original 1989 Miata in the year 2064. —Andrew Newton, senior auction editor

3:15 PM: The 1908 American Underslung 50/60 HP Roadster at Gooding is a record for the marque at $1,215,000.—Adam Wilcox, senior data analyst

2:51 PM: Paul Walker ownership continues to bring big money. This 1969 Chevrolet Camaro RS Z28 at Mecum was no exception. Believed to be one of Walker and his partner Rodas’s last projects before they passed, it sold for $220,000. Despite being in #4- condition, it sold for 26% over our #1 condition value and 20% above high estimate.—Adam Wilcox, senior data analyst

2:47 PM: Current total sales of $1m+ cars is almost half of last year: $137M vs $252M. Sub-$1m are at $117M vs $150M last year—James Hewitt, senior data analyst

2:26 PM: Exceptionally crusty and exceptionally brown, this Lamborghini Miura P400 S is not a barn find, not a garage find, but straight out of the previous owner’s living room. It was parked sometime in the ’80s and hasn’t seen the light of day until recently. It needs everything, but bidders didn’t seem to mind. When Charlie Ross’ gavel fell, this storied Miura goes off to a new home for a price of $2,040,000 including fees.—Greg Ingold, editor, Hagerty Price Guide

1:52 PM: After that Bonhams sale of the 330 GTC, and Gooding’s sale of one just below the condition 1 value, is the 330 GTC on the upswing? And will it outsell the Daytona this weekend? RM has one tonight too—stay tuned.—John Wiley, director of valuation analytics

1:49 PM:  It looks as Italian as talking with your hands, but a look inside or under the hood of this 2010 Alfa TZ3 (built to celebrate Alfa’s 100th birthday) reveals that under the skin this isn’t an Alfa Romeo from Milan but a Viper ACR from Detroit. It reportedly sold for about $1M new, so its $632,000 final price reflects plenty of depreciation, but technically, a Viper has never sold for more than this at auction. So, is this a record price?—Andrew Newton, senior auction editor

The other two Zagato-bodied Italians that flanked the Alfa TZ3 also set records for the models they were based on. The 2001 Ferrari 550 GTZ Barchetta, which sold for $841,000, beat the previous 550 Barchetta record by more than $100k. The 2013 Lamborghini 5-95 Zagato at $720,000 also set a record for the Gallardo, beating the previous record by nearly $200k.—Adam Wilcox, senior data analyst

1:27 PM: We are observing the lowest sell-through rate for $1m+ cars since 2003, when four were offered. $1m+ cars made before 1981 are struggling much more than other eras, as we shared in a chart last night. Right now, 44% of them have met sellers’ and auction house expectations and finding buyers. That is the lowest of the last 20 years by a large margin.—James Hewitt, senior data analyst

1:12 PM: Two Hemis, two different results. A 1970 Cuda convertible fell short at a high bid of $2M. A few lots later, the highest-optioned Daytona Hemi had a fierce bidding war to score a $3.3M payday. Overall results may be depressed this week, but certain cars are clear exceptions.—Brian Rabold, vice president of automotive intelligence

1:00 PM: A 1956 Maserati A6G/54 Berlinetta that competed in the 1956 Mille Miglia was passed on at $3.1m in Gooding’s tent. This is a significant fall from its $4,515,000 sale at Monterey in 2018, a current record for a closed-top Maserati.—Adam Wilcox, senior data analyst

12:58 PM: The first L88 Corvette opened bidding at $1M then climbed to a final price of $2.31M. Serious money for serious history.—Brian Rabold, vice president of automotive intelligence

12:54 PM: Looking for long term commitment? The 1910 Stearns at Gooding has only had five owners in the last 114 years (and the most recent for 39 years) and sold for $1.6M.—James Hewitt, senior data analyst

I’m just not ready for anything serious right now.—Greg Ingold, editor, Hagerty Price Guide

12:43 PM: Lot 128 the 1956 Ferrari 410 Superamerica is cosmetically unrestored and went unsold after energetic bidding. The car was delivered to Bao Dai, the last emperor of Vietnam. Despite the combination of its history and patina, the result shows interest in this era of Ferraris but owners aren’t in a rush to sell.—John Wiley, director of valuation analytics

12:39 PM: Lot S90 at Mecum, a 1968 Ford GT40 Lightweight, 1 of 10 Factory Competition Lightweights, just sold for $7,865,000, making it the third most expensive GT40 sold at auction and setting a record for a GT40 without famous in-period racing history. Due to the lack of extensive racing, this GT40 is one of the few still retaining its original body, chassis, engine and transaxle. A full house appreciated the show.—Adam Wilcox, senior data analyst

11:55 AM: Muscle cars muscle in on Monterey auctions. From the Bonhams muscle car collection, to Gooding selling a 1969 Plymouth Road Runner Hemi for better than condition-appropriate value, how long will we have to weight until there’s a class on the PB concours lawn for them?—John Wiley, director of valuation analytics

11:41 AM: Modifying your car doesn’t always detract from value. In the case of this 1970 Porsche 914/6, excellent condition, tasteful performance upgrades and lovely Ravenna Green paint pushed it to $173,600, which is 16 grand over the #1 value for the model.—Andrew Newton, senior auction editor

11:32 AM: A 1968 Maserati Ghibli 4.7 Coupe sold with a final price of $268,800, which is nearly double its condition appropriate value and 35% above its #1 Hagerty Price Guide value. Like this Ghibli, there have been a handful of recent sales of all-time great Maseratis with excellent restorations selling well. Despite our recent observation of the 3500GT being a deal, it is too soon to tell if the market is improving.—John Wiley, director of valuation analytics

11:00 AM: Today’s auctions begin with Mecum (which can be live streamed here) and Gooding which can be live streamed below:

https://youtube.com/watch?v=M7X_KPwFLRw

Friday, August 16th

Friday’s auction summary

Collectors in Monterey Hit Pause – Lower Results Show Hesitant Market 

Gooding & Company sold a 1938 Alfa Romeo 8C 2900B for $14 million, but the sell-through rate for $1 million-plus, pre-1981 cars dropped year-over-year and held steady for more modern machinery. Paradoxically, blue-chip vintage cars are suffering in this softening market while up-and-coming modern machinery is holding steady. Bidders seeking a flight to quality are doing so by turning to RADwood era and newer cars.  

Listed above are the results Hagerty observed during the live auctions and any post-sale deals reported by the auction companies to Hagerty through 16 August 2024. Numbers include the appropriate buyer’s premiums. 

10:25 PM: That last lot of the night, the 1959 BMW Isetta 600 sold for 44% above #1 value at $73,920.—Adam Wilcox, senior data analyst

10:12 PM: A pair of 2005 Mercedes-Benz CLK DTM AMGs just sold well at RM Sotheby’s. First, a Cabriolet sold for $621,000 (a record for a cabriolet), followed by a Coupe which sold for $665,000. Mercedes made 100 coupes and only 80 cabriolets. When the top goes down, the price doesn’t always go up.—Adam Wilcox, senior data analyst

9:47 PM: The Ferrari F50 has come a long way. From being the ugly duckling of the Ferrari halo cars, to the most desirable. During a day of underwhelming results from 7-figure vehicles, this US-Spec 1995 Ferrari F50 at RM set a new record at $5,505,000 – a result that would have been unheard of only a few years ago. The growth is pretty obvious when plotted.—Adam Wilcox, senior data analyst

9:39 PM: Online auctions aren’t the best spot for high end cars. The Lamborghini Countach which sold for $802,500 this week was bought on Bring a Trailer for $704,000 in September 2023. The 1989 Porsche 911 Speedster which sold for $246,400 this week was bought for $186,500 on Bring a Trailer in May of this same year after failing to sell on the same platform in 2021.—James Hewitt, senior data analyst

9:16 PM: Vectors on the peninsula showed neither magnitude nor direction. Out of four examples on offer at RM Sotheby’s only one sold, and all fell far short of their low estimates. Despite their radness, it’s apparent Vectors will still remain a niche section of the hobby.—Greg Ingold, editor, Hagerty Price Guide

8:55 PM: Another strong E-Type sale at Gooding. This time a 1961 Series I 3.8 “Flat Floor” sold for 31 percent above its condition appropriate value.—Adam Wilcox, senior data analyst

8:32 PM: It appears that big ticket cars are a tough sell this year in Monterey, RM’s 1957 Ferrari 625 TRC failed to find a new home after careful and patient bidding, hammering unsold at $7.9 million.—Greg Ingold, editor, Hagerty Price Guide

8:12 PM: Another observation regarding sell-through rate: The STR for cars in the $100K-$500K range is 72%, versus 56% in 2019. Yet the STR of $1M+ cars is at 49% this year versus 52% in 2019. The ultra luxury market is moving at a different rate and direction than the middle of the market. This may reflect the retreat of the luxury goods markets often frequented by high net worth individuals who have started to spend less.—James Hewitt, senior data analyst

7:48 PM: Gooding & Company’s stellar SWB California Spider started off strong but fell perhaps a bid short at $13.5M.—Brian Rabold, vice president of automotive intelligence

7:10 PM: Sell-through rate, a metric that offers insight into whether buyers and sellers are in alignment, is down so far at the 2024 Monterey auctions compared to the last few years. —Adam Wilcox, senior data analyst

The 50 percent sell-through rate of $1m+ cars mentioned earlier has held true through today, and is currently the lowest in the last ten years. 2019 saw 52 percent.—James Hewitt, senior data analyst

7:05 PM: Gooding’s 2024 Nissan GT-R Nismo had a high estimate of $275K and sold for $310,000, a record for R35 GT-Rs.—James Hewitt, senior data analyst

6:52 PM: Mercedes SLR McLarens are maintaining $280k-$300k levels but are down from their 2022 highs when speculation entered the market. They remain one of the cheapest supercars from the early to mid 2000s.—James Hewitt, senior data analyst

6:15 PM: Gooding & Company sold one of the most talked about lots of the week for $14,030,000. Even though it is the only car as-of-writing to sell for over $10 million, the price could make it the steal of the week. The 1938 Alfa Romeo 8C 2900B Lungo Spider by Touring had an estimate of $16 million to $20 million, but two years ago it was stolen while being transported in a trailer. The car was only just recently recovered and was likely insured for much more than the price paid here. While it does reset the market for this 1930s supercar, the lower value will likely help this exceptional car be better appreciated by generations to come.—John Wiley, director of valuation analytics

5:53 PM: E-types aren’t the only British cars doing well—RM’s MGA Twin Cam sold for $44,800 29 percent over the Hagerty Price Guide value of $34.6K. Broad Arrow sold a Twin Cam two days ago for 46 percent over the price guide value, too.—James Hewitt, senior data analyst

5:18 PM: E-Types are off to a good start at Gooding. The first lot of the day, a 1966 Jaguar E-Type Series I 4.2 Roadster sold for $335,000, well above high estimate and 47 percent above condition appropriate value. Just twelve lots later, a 1967 E-Type SI Coupe sold 41 percent above condition appropriate value at $229,600.—Adam Wilcox, senior data analyst

5:15 PM: The RM Sotheby’s auction can be streamed here:

5:10 PM: We’ve seen this 1979 Porsche 928 over at Bonhams before. Appearing in the movie Risky Business, it sold for an eye watering $1.98 million at Barrett-Jackson in 2021. This time around, bidding rose to $1.1 million in the blink of an eye, and just as quickly it was whisked off the stage unsold, proving that buying a movie car and expecting to make a profit can be risky business indeed.—Greg Ingold, editor, Hagerty Price Guide

4:52 PM: A D-Code, 1964 1/2 Ford Mustang convertible once owned by Tom Petty sold for huge money. Unclear if any of the bidders was an American Girl, but two of them Wouldn’t Back Down until there was no more Room at the Top, and by the time it was Mary Jane’s Last Dance and the hammer fell, the winning offer was $200K ($224K with fees). The price is beyond what a Refugee could afford. Petty mostly Handled it with Care, but this Mustang wasn’t perfect (#3+ condition) and its #1 value is $66,700. Celebrity ownership doesn’t always guarantee a car will be more valuable, but sometimes star power can send people’s rationality Freefallin’.—Andrew Newton, senior auction editor

4:45 PM: A 1967 Ferrari 330 GTC finished in the ultra rare Celeste Chiaro Metallizzato sold for $692,500 at Bonhams. While this car fell short of its $850k high estimate, it sold 26% above its condition appropriate (#2) value of $550k, proving that the right color blue can pull a lot of green.—Adam Wilcox, senior data analyst

4:00 PM: Gooding & Company’s auction can be streamed here:

https://www.youtube.com/watch?v=KPC-FG5rXWE

1:07 PM: Bonhams’ first car lot of the day, a 1967 Lotus Elan, sold for $17,920, about appropriate for its scruffy condition but a heck of a lot of fun for not a heck of a lot of money.—Andrew Newton, senior auction editor

1:01 PM: The luxury watch and fashion market is faltering and it might be the same in the collector car market. Only half of the cars bid above $1M so far have sold. —James Hewitt, senior data analyst

12:47 PM: Porsche’s Carrera GT supercar from the same area as the Enzo below is looking to lose the tailwind. Mecum’s car failed to sell at a high bid of $1.4M (which would be $1.54M after fees) and is far below the peaks of 2022 for a car with such low mileage.—James Hewitt, senior data analyst

12:30 PM: Mecum’s Ferrari Enzo at $2.86M is the lowest US auction sale in four years. It also might be the only Enzo with a replacement engine and two repaints. It sold for the #4 Hagerty Price Guide value. —James Hewitt, senior data analyst

12:30 PM: Bonham’s The Quail Auction can be streamed live here:

11:44 AM: An impeccably restored 1964 Porsche 356C 1600 SC Cabriolet just sold for $385,000 at Mecum, 28% above our #1 condition value.—Adam Wilcox, senior data analyst

10:00 AM: Not all big cars go to Monterey. Mecum just announced the headliner for their Kissimmee 2025 auction in January – the 1970 Porsche 917K (chassis 022) hero car driven by Steve McQueen in the 1971 movie “Le Mans”. The Porsche was purchased new by McQueen and used in the movie, which was
produced by his company Solar Productions. Later the 917K competed in and won many off-screen races. Interestingly, an unraced 1970 Porsche 917K (chassis 024) that was used in the filming of “Le Mans” sold at Gooding’s 2017 Pebble Beach auction for $14,080,000 and another 1970 Porsche 917K (031/026) also used in the movie was offered at RM’s 2021 Monterey auction but went unsold with a high bid of $15,000,000. Expect the one driven by Steve McQueen to be bid much higher than these. Mecum has had success with McQueen movie cars at Kissimmee. We all remember when the “Bullitt” Mustang sold for $3,400,000 in front of a packed crowd at Kissimmee 2020.—Adam Wilcox, senior data analyst

Thursday, August 15th

Thursday’s auction summary

Monterey auctions show a continued softening of the collector car market… 

• Cumulative Total: $78.7M   
• Average price ticked up by $9,246 to $287,251 
• Sell-through rate of 70% vs. 72% last year at this time 
• However, total sales are down by nearly $10 million on fewer lots sold (and offered)  

Broad Arrow’s top offerings illustrate the dynamics of a market that has been slowing since mid 2022. The up-and-coming 1997 Porsche 911 GT1 race car sold for $7,045,000 but selling it required patience. The pretty yet traditionally collectible 1938 Talbot-Lago T150 C Lago Spéciale Teardrop failed to sell on a high-bid of $4,250,000. 

Tomorrow, Gooding & Company begins their two-day auction, Bonhams has their single-day sale, RM Sotheby’s will move into the core of their catalog, and Mecum continues their multi-day event. The eight-figure cars start crossing the block on Friday, too.  

Listed below are the results Hagerty observed during the live auctions and any post-sale deals reported by the auction companies to Hagerty. Numbers include the appropriate buyer’s premiums. 

Overall through Thursday from all auction companies 

Overall Top 10 Sales from all auctions through Thursday: 

8:22 PM: The last of the manual Ferraris are still hot. A 1-of-30 2007 Ferrari 599 GTB with a gated six-speed sold for $786k, more than double its condition appropriate value with the manual transmission premium. Immediately following that sale was a 2005 Ferrari Superamerica for $665k, a 2003 575M Maranello at $296k, and a 2001 550 Barchetta at $544k, and a 2005 612 Scaglietti at $241k. All with manual transmissions, all above their condition-appropriate value.—Adam Wilcox, senior data analyst

8:05 PM: 2023 and ’24 are starting to looking like good buying opportunities for certain cars. The 6-month rolling average sale price currently equals that of mid-2021, as seen by the dashed line in the chart below, and buyers are breaking even on investments from that period with an average return of 1%. Vehicles bought in the March 2023-August 2024 window and then sold so far this week are at a 8/9 success rate. —James Hewitt, senior data analyst

7:42 PM: Here are some obscure cars and numbers for you. Allard only made 62 examples of the K3, which featured the company’s winning combination of big fat American V8s in light, simple British roadsters. Two(!) of these cars crossed the block in Monterey today, which means that 3.23% of all Allard K3s ever built just sold within about an hour of each other. The blue, Chrysler-powered K3 sold for $89,600 while the red, Cadillac-powered car brought $84,000, both well below estimate.—Andrew Newton, senior auction editor

P.S. The shifter for a K3’s 3-speed manual is in an odd location:

7:36 PM: Broad Arrow’s headlining 1997 Porsche 911 GT1 Rennversion rode its rarity and provenance to a new home for $7.045M (est. $8.5M-$10.5M)—Brian Rabold, vice president of automotive intelligence

7:25 PM: Deal alert! (Or not, depending on your personal opinions.) One of the 640-ish Ferrari 456s with manual transmission sold for $95,200, 20% below its condition (#2-) appropriate value. Not bad for a V-12 Ferrari with a gated six-speed.—Adam Wilcox, senior data analyst

7:18 PM: A pair of Aston Martin convertibles just changed hands at RM with no reserve. While they both brought below their low estimates of $1.3M each, they still brought good money. The 1965 DB5 Convertible sold for $1,160,000, or 11% above its condition-appropriate value. One lot later, the Bertone-bodied 1953 DB2/4 Drophead Coupe sold for $967,500, which hammered 33% below low estimate but still sold for more than double #1 condition value of it’s non-coachbuilt counterpart.—Adam Wilcox, senior data analyst

7:15 PM: By one telling metric the market is heading up from its lows of the last year. Repeat sales of the same car are showing if a car was bought between 2020 and 2023 it returned an average of 1% at auction today and seven of those thirteen repeats lost money this week. However, if you bought it in the last year during market stumbles you returned 47% on average and 8/9 made money this week so far. Those stumbles show as buying opportunities for the brave. —James Hewitt, senior data analyst

5:55 PM: Delivery-mile 1989 Ferrari Testarossa soars past its high estimate to a $456,000 all-in price. The same car sold in 2012 for $264,000 and again in 2019 for $221,000, showing how much both the market and the infatuation for low-mileage cars has grown.—Brian Rabold, vice president of automotive intelligence

5:38 PM: One of the big cars of the night, a 1957 Maserati 200Si failed to sell with a $3.2M hammer bid. Had it sold at that bid, it would have set the record for the model, beating one from 2022 Monterey at $3.11M.—Adam Wilcox, senior data analyst

5:30 PM: RM Sotheby’s Monterey Auction can be streamed live here:

4:08 PM: This 1000-mile 2010 Morgan Aero SuperSports just broke a record for the model, selling at $263,200. —Adam Wilcox, senior data analyst

3:50 PM: Broad Arrow has sold a 2005 Porsche Carrera GT for $1.18M. This sticks out to me for dead on the market for a higher-mileage car and how quickly $1M became the norm. The market has retreated from the COVID peak but is still double what it was not long ago. —James Hewitt, senior data analyst

3:30 PM: A highly original and well preserved 9k-mile 1975 BMW 2002 just sold for $78,400, well above its high estimate of $45k and 65% above its condition appropriate value. Special cars continue to bring in Monterey. —Adam Wilcox, senior data analyst

3:10 PM: The Spanish Pegaso Z-102 had an alloy quad cam V8 and 5-speed transaxle, all in the early ‘50s! And it’s a work of art, too, particularly this Saoutchik-bodied car with its bristling, staggered quadruple Weber carbs. —Andrew Newton, senior auction editor

1:56 PM: Budget ‘70s sport coupes doing some surprising numbers today at Mecum. A ‘72 Mercury Capri coupe brought $24,200 (near its #1 value) and a 1977 Toyota Celica GT Liftback brought $27,500. Both very strong numbers, but when was the last time you saw a clean example of either one of these things?—Andrew Newton, senior auction editor

12:34 PM: Some interesting sales from the land of two wheels. A 1947 Harley-Davidson EL Deluxe Knucklehead just sold for $110k, well over twice it’s high estimate of $50k, which bodes well for our 2023 Bull Market list. Then right after, a 1929 Harley-Davidson JDH only brought $49,500, less than half of its $100k high estimate. —Adam Wilcox, senior data analyst

11:51 AM: The perfect car for anyone looking to dress up as Edward Gorey’s “automobilist” this Halloween. Mecum lot S114 1913 Waverly Electric Model 93 Brougham. —Brian Rabold, vice president of automotive intelligence

10:15 AM: Thunder has struck at Mecum and the first lot to cross the block, this 1973 Monte Carlo, is a miss with a $3000 high bid. Hundreds more cars on the docket today. —Brian Rabold, vice president of automotive intelligence

Wednesday, August 14th

9:05 PM: Low-mileage 560 SLs bring astonishing prices compared to an “average” example. The sale price vs. mileage graph shows a nearly quadratic relationship – even more so with the sale from today.

—James Hewitt, senior data analyst

9:01 PM: What does a brand new 1989 Mercedes-Benz 560 SL cost? $260,400, apparently. Lot 161 at Broad Arrow shows just 122 miles on its odometer and has been in the same family since new. Its window sticker notes a $65,810 original price (about $171K) today. Some Microsoft stock would have been a better investment, but this still ain’t a bad ROI, and the sale price tonight is a world record for an R107-generation (1971-89) Mercedes-Benz SL.—Andrew Newton, senior auction editor

7:57 PM: A car so nice it broke a record twice. This Porsche 911 Turbo (930) Slantnose Targa is one of just eight cars configured like this sold in the U.S. market in 1989, the last year for the 930. Showing 7949 miles, it sold today for $575,000. That’s a new record price for a 930 Slantnose, breaking the previous record set by this very same car when it sold for $511,000 in Scottsdale two years ago.—Andrew Newton, senior auction editor

7:45 PM: The Lamborghini Countach is looking very strong again in this market. The 1987 LP5000 QV model at Broad Arrow sold for the second highest price ever at auction and reverses recent lower sales figures.

– James Hewitt, senior data analyst

7:45 PM: If only there was a Piedmontese slang word to express surprise.—John Wiley, director of valuation analytics

7:35 PM: A 2003 Lamborghini Murcielago with a gated 6-speed sold for 79% over condition appropriate (#3+) value and 9% over #1 value. A few lots later, a 2001 Ferrari 550 Barchetta, also with a gated manual, failed to sell with a high bid above its #1 condition value. While manual transmission Italian supercars can still command a premium, some owners are not willing to part so easily.—Adam Wilcox, senior data analyst

7:11 PM: We have a new record auction price for a car built by famous German carmaker/Porsche modifier RUF. The 1998 RUF CTR 2 at Broad Arrow is one of fewer than 30 made and sold from its original owner, it brought $2,095,000, beating out the $2,040,000 achieved by a RUF Turbo R Limited sold two years ago.—Andrew Newton, senior auction editor

7:07 PM: Looks like the (very limited) market for mid-century Mercedes art cars is flat. This “Butterflies & Roses” 1952 Mercedes-Benz 220 Cabriolet A just sold for $123,200, just 4.8% more than it sold at Monterey two years ago. —Adam Wilcox, senior data analyst

6:24 PM: The 1998 RUF Turbo R Limited sells for $1.71M. It’s the first car this week to sell for seven figures. —Adam Wilcox, senior data analyst

5:52 PM: The first car sold at Monterey 2024 is a cute 1939 Fiat 500 Topolino Trasformabile, which sold at Broad Arrow to an online bidder for a very budget-friendly (for Pebble Beach, anyway) $17,920. It had a $30K low estimate. —Andrew Newton, senior auction editor

5:30 PM: Broad Arrow Auction at the Monterey Jet Center as Part of Motorlux can be streamed live here:

3:45 PM: Check out this factory flower-power Barracuda keeping it groovy at Mecum: One of 937 made, this ’69 Plymouth Barracuda Mod Top wears a vinyl roof and seat covers in a happenin’ flower pattern.—Brian Rabold, vice president of automotive intelligence

2:52 PM: Best quote of the day for me…When comparing the Bugatti EB110 SS to the Vector Avtech, I overheard: “these seem like the same car in theory, except one design team was on LSD and the other wasn’t.”—Greg Ingold, editor, Hagerty Price Guide

2:39 PM: There are plenty of Cobras each year on the Monterey Peninsula but few quite as interesting as this one over at RM Sotheby’s. Previously owned new by the legendary Hank Williams, this car was not only raced in period, but it managed to escape being restored, making it one of the more interesting preservation grade cars up for auction this week. —Greg Ingold, editor, Hagerty Price Guide

1:46 PM: One of the coolest and surely scariest cars on offer at Mecum also seems like a good value. This 1964 TVR Griffith 200 packs 289 Ford power into a tiny British sports car, just like a Cobra. It’s also race-prepped and eligible for FIA historic events like Spa and Goodwood. So you could mix it up on track with Cobras, ‘60s Ferraris and E-Types for a fraction of the price. This car’s estimate is just $135,000-$145,000.—Andrew Newton, senior auction editor

1:14 PM: One of the lesser-known creations coming out of Don Yenko’s shop, this 1966 Corvair Stinger is one cool ride you probably never heard of. It’s original, has had same owner for the past 45 years, and shows some scars from the track. Could this be an affordable entry to Yenko ownership or will buyers compete over the originality? We’ll find out tomorrow when it crosses the block at Mecum.—Greg Ingold, editor, Hagerty Price Guide

12:45 PM:

It’s not just big-money Ferraris and Bugattis in Monterey. There is million-dollar muscle, too. This 1969 Dodge Daytona Hemi four-speed last sold at auction for $1.32M in the super-heated market of 2022, but at Mecum Monterey this year it has a more ambitious $1.7M – $2.0M estimate.—Andrew Newton, senior auction editor

Tuesday, August 13th

4:00 PM:

The Lamborghini Countach is one of the most recognizable “poster cars” of all time, and the 1987 LP5000 Quattrovalvole model on offer at Broad Arrow comes with an estimate of $650k-$800k.

Prices went wild on these around 2021, and three years ago this car would have had an “excellent” condition value of $465k. Today it’s up to $660k. – James Hewitt, senior data analyst

Monday, August 12th

7:00 PM: The luxury goods segments mentioned below are particularly relevant to Monterey because of just how expensive the vehicles here skew.

The 90-day moving average sale price of a collector car at auction (that’s everything, including the hundreds of online auctions selling per day) rockets up 30-50% in August due to how many high-dollar sales there are.

Ferrari, who I would argue is the most famous luxury brand in the world bar none, dominates Monterey sales figures. Over $1B of Ferraris have sold at Monterey in the last ten years. – James Hewitt, senior data analyst

12:00 PM: Monterey Car Week is here. Think of it as the Wimbledon of the collector car world – just as much of a place to be seen as it is a place to come see. You’ll walk down the street and not bat an eye at a 300SL Gullwing in front of you worth $1M because there is a McLaren F1 worth $20M behind it. Your Mustang rental car is looking a little outgunned… For those looking for a pulse on the market I’ll be creating charts and analyzing trends throughout the week and posting results here.
Preliminary data from the luxury goods world shows luxury demand in Asia and the Americas isn’t what it used to be and has been continually dropping from the 2022 peak.

-Morgan Stanley’s quarterly watch market report stated the WatchCharts Overall Market Index tracking 60 luxury Swiss watches in the secondhand market fell for the ninth straight quarter in second quarter 2024 ended June 30.

-In the fashion world, brand powerhouses like LVMH, Hugo Boss, and Burberry published profit warnings and saw shares tumble. The S&P 500 Textiles Apparel & Luxury Goods Industry Index has slumped almost 30% year to date.

We saw that same 2022 peak of collector car demand (and values in many cases) but so far collector car buyers and sellers still appear to be in equilibrium. – James Hewitt, senior data analyst