World-record sales on Day Two in Monterey, but several misses

The biggest news coming out of the second day of the Monterey auctions was that the two catalog sales sold their marquee lots. RM Sotheby’s set world records both for a British car (Le Mans-winning 1954 Jaguar D-Type XKD501 at $21.78M) and an American car (1962 Shelby Cobra CSX2000 at $13.75M). Bonhams’ star 1931 Bugatti Type 51 Grand Prix car missed at $4.2M on the block, but was later announced sold at $4M including buyer’s premium.

Not all of the big cars sold, however, as RM missed on a 1965 and 1966 Ford GT40 Mk I (both $2.7M no-sales), and Bonhams fell short at $1.85M for a 1935 Mercedes-Benz 500K Cabriolet A.

Totals at this point are lagging last year by $78M (-41%), largely due to last year’s extra day for the Pinnacle Portfolio, and the sales rate has dipped five points to 51%. The median sale price, however, is still within 10% of 2015.

Traditional classics built from 1950-79 have been the quickest to move with a 54% sell-through rate, while cars built from 1980 onward are trailing. Porsches and Ferraris have also been slow to sell, with Ferraris from the 1990s and onward having an especially weak 14% sell-through rate—even including the strong sale of a 2014 LaFerrari at $3.685M. Prices on Porsche 930 Turbos have also been soft so far this week based on their condition.

While totals are down, there are plenty of strong areas, even outside of the star lots. BMW M cars had a good showing with a 1988 M6 selling for $99,000 at Mecum and a 1988 M5 selling for $48,400 at Bonhams. Two later model Ferraris at Mecum—a 1986 Testarossa and a 1989 328 GTS—sold well at $145,750 and $209,000, respectively. A 1951 Hudson Hornet convertible sold for $198,500 at Bonhams, or nearly 50% above the Hagerty Price Guide value for a No. 1 condition car.

RM Sotheby’s will return on Saturday with an Alfa 8C, a Ferrari TdF, and a California Spider, and Gooding & Company will hold its first day of sales. Mecum and Russo and Steele will close out their Monterey presences with a host of modern hypercars.

Listed below are the raw results witnessed by Hagerty during the live auctions and may not factor in any post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

Overall through Friday from all auction companies

Cumulative Total: 110.9M
415/813 lots sold: 51% sell through rate
Average Sale Price: $267,114
Median Sale Price: $55,000

2015 Cumulative Results Through Friday
Cumulative Total: $188.0M
504/896 lots sold: 56%
Average Sale Price: $373,109
Median Sale Price: $60,500

Overall Top 10 Sales from all auctions through Friday:

1. 1955 Jaguar D-Type Roadster (RM Sotheby’s) sold for $21,780,000
2. 1962 Shelby Cobra 260 Roadster (RM Sotheby’s) sold for $13,750,000
3. 1955 Ferrari 750 Monza Spider (RM Sotheby’s) sold for $5,225,000
4. 1931 Bugatti Type 51 Grand Prix Roadster (Bonhams) sold for $4,000,000
5. 2014 Ferrari LaFerrari Coupe (Bonhams) sold for $3,685,000
6. 1904 Mercedes-Simplex 28-32HP Rear Entrance Tonneau (Bonhams) sold for $2,805,000
7. 1985 Ferrari 288 GTO Coupe (Bonhams) sold for $2,112,000
8. 2014 McLaren P1 Coupe (Bonhams) sold for $2,090,000
9. 1954 Bentley R-Type Continental 4.6L Sedan (RM Sotheby’s) sold for $1,870,000
10. 1965 Ferrari 275 GTB Coupe (RM Sotheby’s) sold for $1,732,500

Individual results from each auction company

RM SOTHEBY’S
Friday total: $62.0M
40/52 lots sold: 77% sell-through rate
Average Sale Price: $1,549,763
Median Sale Price: $442,750

Top 10 Friday Sales:

1. 1955 Jaguar D-Type Roadster sold for $21,780,000
2. 1962 Shelby Cobra 260 Roadster sold for $13,750,000
3. 1955 Ferrari 750 Monza Spider sold for $5,225,000
4. 1954 Bentley R-Type Continental 4.6L Sedan sold for $1,870,000
5. 1965 Ferrari 275 GTB Coupe sold for $1,732,500
6. 1932 Bentley 8-Litre Tourer sold for $1,705,000
7. 2012 Bugatti Veyron 16.4 Grand Sport Convertible sold for $1,650,000
8. 1965 Shelby Cobra 428 Roadster sold for $1,375,000
9. 1938 Maybach SW38 Roadster sold for $1,072,500
10. 1954 Mercedes-Benz 300SL Gullwing Coupe sold for $1,045,000

2015 Results through Friday
Total: $123.5M
76/89 lots sold: 85% sell-through rate
Average Sale Price: 1,625,355
Median Sale Price: $462,000

BONHAMS
Friday total: $34.1M
99/115 lots sold: 86% sell-through rate
Average Sale Price: $344,526
Median Sale Price: $121,000

Top 10 Sales:

1. 1931 Bugatti Type 51 Grand Prix Roadster sold for $4,000,000
2. 2014 Ferrari LaFerrari Coupe sold for $3,685,000
3. 1904 Mercedes-Simplex 28-32HP Rear Entrance Tonneau sold for $2,805000
4. 1985 Ferrari 288 GTO Coupe sold for $2,112,000
5. 2014 McLaren P1 Coupe sold for $2,090,000
6. 1955 Lancia Aurelia B24 Spider America sold for $1,402,500
7. 1930 Duesenberg Model J Murphy Town Car sold for $1,254,000
8. 1989 Ferrari F40 Coupe sold for $1,155,000
9. 1956 Porsche 356A Carrera GS Speedster sold for $891,000
10. 1965 Shelby Cobra 289 R&P Roadster sold for $880,000

2015 Cumulative Results
Total: $45.7M
96/109 lots sold: 88%
Average Sale Price: $476,048
Median Sale Price: $198,000

MECUM
Friday total: $8.5M
90/203 lots sold: 44% sell-through rate
Average Sale Price: $94,826
Median Sale Price: $74,525

Top 10 Friday Sales (and cumulative Top 10):

1. 1973 Ferrari Dino 246 GTS Spider sold for $357,500
2. 1969 Chevrolet Camaro Yenko 427/425 Sport Coupe sold for $308,000
3. 2006 Ford GT Coupe sold for $291,500
4. 2005 Ford GT Coupe sold for $261,250
5. 2006 Ford GT Coupe sold for $253,000
6. 1963 Chevrolet Corvette Z06 (big tank) 327/360 Split-Window Coupe sold for $253,000
7. 1970 Ford Mustang Boss 429 SportsRoof sold for $225,500
8. 1989 Ferrari 328 GTS Spider sold for $209,000
9. 2006 Mercedes-Benz SLR McLaren Coupe sold for $206,250
10. 1958 Chevrolet Corvette 283/290 Convertible sold for $184,250

Cumulative Total through Friday
Total: $12.2M
210/498 lots sold: 42% sell-through rate
Average Sale Price: $58,153
Median Sale Price: $38,500

2015 Results through Friday
Total: $15.7M
245/485 lots sold: 51% sell-through rate
Average Sale Price: $63,948
Median Sale Price: $37,400

RUSSO AND STEELE
Friday total: $1.5M
31/78 lots sold: 40% sell-through rate
Average Sale Price: $49,074
Median Sale Price: $45,650

Top 10 Friday Sales:

1. 1974 BMW 2002 Turbo Sedan sold for $115,500
2. 1958 Chevrolet Bel Air Impala 348/280 Convertible sold for $107,800
3. 1969 Jaguar E-Type SII Roadster sold for $99,000
4. 1997 Ferrari F355 Berlinetta sold for $86,900
5. 1971 Dodge Challenger R/T 440/385 Hardtop Coupe sold for $75,900
6. 1970 Jaguar E-Type SII Roadster sold for $74,250
7. 1962 Porsche 356B (T5) Coupe sold for $72,600
8. 2000 Dodge Viper GTS Coupe sold for $61,600
9. 1980 Pontiac Firebird Trans Am Indy Pace Car Coupe sold for $59,950
10. 1956 Volvo P1900 Roadster sold for $59,400

Cumulative Total through Friday
Total: $2.5M
66/148 lots sold: 45% sell-through rate
Average Sale Price: $38,505
Median Sale Price: $34,375

Overall Top 10 Sales through Friday:

1. 1974 BMW 2002 Turbo Sedan sold for $115,500
2. 1958 Chevrolet Bel Air Impala 348/280 Convertible sold for $107,800
3. 1969 Jaguar E-Type SII Roadster sold for $99,000
4. 1997 Ferrari F355 Berlinetta sold for $86,900
5. 1971 Dodge Challenger R/T 440/385 Hardtop Coupe sold for $75,900
6. 1970 Jaguar E-Type SII Roadster sold for $74,250
7. 1962 Porsche 356B (T5) Coupe sold for $72,600
8. 2006 Bentley Continental GT Coupe sold for $66,000
8. 1954 Cadillac Eldorado Convertible sold for $66,000
10. 1966 Volkswagen Transporter Deluxe Microbus, 21-Window sold for $61,600
10. 2000 Dodge Viper GTS Coupe sold for $61,600

2015 Results through Friday
Total: $2.7M
71/129 lots sold: 55% sell-through rate
Average Sale Price: $37,470
Median Sale Price: $35,200