Monterey auction week totals slide for second consecutive year

Star cars excel, but overall sell-through rates lag

Preliminary totals are in for the 2016 Monterey auctions and after four days of sales, $344.9M worth of cars, trucks and motorcycles were sold across five venues. There will certainly be several after-sales that push numbers higher, but this marks the second-consecutive down year for the Monterey sales and the biggest year-over-year drop since 2003.

Totals were bolstered by some of the most exclusive cars ever to be offered at auction, with the seven cars valued above $10M making up the largest percentage of Monterey sales ever (32%). Rare examples continue to excel—whether that applies to specific models, production numbers, specification, provenance, or condition. New records were set for a British car, an American car, a French car, a prewar car, and more.

Outside that narrow “best of the best” slice, however, bidding was slow and sell-through rates were the lowest in Monterey since at least 2000. The sales rate for cars priced above $100,000, for example, fell 15 points, from 72% to 57%. For the 581 vehicles in this tier that Hagerty inspected, the vast majority was bid to amounts that were in line with Hagerty Price Guide values given vehicle condition. So it seems that buyers are more in tune with the new market-adjusted prices than sellers at the moment, and are not allowing themselves to pay for future gains now. The same was true for cars priced below $50,000, although those cars saw only a three-point drop in sell-through rate.

Cars from the 1990s and newer struggled overall, with the exception of Ford GTs, the two LaFerraris, and a number of Ferrari models from a range of years continue to readjust. Condition for condition, 1970s Daytona coupes were bid to amounts that haven’t been lower in North America since January 2014. Some models, like the 275 GTB and 330 GTC of the 1960s, sank to levels not seen at auction since August 2013.

Aside from some of the Ferraris mentioned above, cars from the 1950s, 1960s, and 1970s mostly held steady. Collectively, these cars had a 58% sell-through rate, which was much higher than the remaining eras. At the sub-$100,000 level and especially for cars priced above $1M, this era had a much larger percentage of cars sell above Hagerty Price Guide values for their corresponding condition.

The Monterey auctions set the tone for the remainder of the year, and the message stemming from this year’s sales is that all but the most exceptional examples of a given model are taking a pause. Owners who were testing the market have likely missed their window for now. The market has moved on from 2014, and so too should sellers.

According to the Hagerty Market Rating, the market overall beyond the highly visible public auctions remains strong and steady since it began leveling out after hitting an all time high in May 2015, fueled by five years of massive year-over-year growth.

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 from all auction companies
Cumulative Total: $344.9M
719/1,278 lots sold: 56% sell-through rate
Average Sale Price: $479,642
Median Sale Price: $93,500

2015 Cumulative Results
Cumulative Total: $396.8M
870/1,387 lots sold: 58% sell-through rate
Average Sale Price: $456,067
Median Sale Price: $93,500

Overall Top 10 Sales from all auctions:

1. 1955 Jaguar D-Type Roadster (RM Sotheby’s) sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider (RM Sotheby’s) sold for $19,800,000
3. 1959 Ferrari 250 GT California LWB Alloy Spider (Gooding & Company) sold for $18,150,000
4. 1962 Shelby Cobra 260 Roadster (RM Sotheby’s) sold for $13,750,000
5. 1960 Ferrari 250 GT SWB Competizione Coupe (Gooding & Company) sold for $13,500,000
6. 1933 Alfa Romeo 8C 2300 Monza Roadster (Gooding & Company) sold for $11,990,000
7. 1932 Bugatti Type 55 Roadster (Gooding & Company) sold for $10,400,00
8. 1956 Ferrari 250 GT TdF Coupe (RM Sotheby’s) sold for $5,7200,00
9. 1950 Ferrari 166 MM Berlinetta (Gooding & Company) sold for $5,445,000
10. 1955 Ferrari 750 Monza Spider (RM Sotheby’s)sold for $5,225,000

Individual results from each company

GOODING & COMPANY
Sunday total: $52.7M
43/57 lots sold: 75% sell-through rate
Average Sale Price: $1,225,336
Median Sale Price: $471,700

Top 10 Sunday Sales:

1. 1933 Alfa Romeo 8C 2300 Monza Roadster sold for $11,990,000
2. 1932 Bugatti Type 55 Roadster sold for $10,400,000
3. 1957 Maserati A6G/54 Spider sold for $3,300,000
4. 1956 Aston Martin DB2/4 Bertone Spyder sold for $3,080,000
5. 1968 Ferrari 330 GTS Spider sold for $2,502,500
6. 1985 Ferrari 288 GTO Coupe sold for $2,420,000
7. 1932 Rolls-Royce Phantom II Berline sold for $1,760,000
8. 1960 Ferrari 250 GT Series II Cabriolet sold for $1,500,000
8. 1971 Maserati Ghibli 4.9 SS Spider sold for $1,500,000
10. 1956 Ferrari 250 GT Boano Coupe sold for $1,485,000

Cumulative Total: $129.8M
114/137 lots sold: 83% sell-through rate
Average Sale Price: $1,138,429
Median Sale Price: $330,000

Overall Top 10 Sales:

1. 1959 Ferrari 250 GT California LWB Alloy Spider sold for $18,150,000
2. 1960 Ferrari 250 GT SWB Competizione Coupe sold for $13,500,000
3. 1933 Alfa Romeo 8C 2300 Monza Roadster sold for $11,990,000
4. 1932 Bugatti Type 55 Roadster sold for $10,400,000
5. 1950 Ferrari 166 MM Berlinetta sold for $5,445,000
6. 1979 Porsche 935 Coupe sold for $4,840,000
7. 1957 Maserati A6G/54 Spider sold for $3,300,000
8. 1967 Ferrari 275 GTB/4 Coupe sold for $3,245,000
9. 1956 Aston Martin DB2/4 Bertone Spyder sold for $3,080,000
10. 1968 Ferrari 330 GTS Spider sold for $2,502,500

2015 Cumulative Results
Total: $128.1M
115/129 lots sold: 89% sell-through rate
Average Sale Price: $1,113,896
Median Sale Price: $440,000

RM SOTHEBY’S
Cumulative Total: $123.1M
85/100 lots sold: 85% sell-through rate
Average Sale Price: $1,448,565
Median Sale Price: $572,000

Overall Top 10 Sales:

1. 1955 Jaguar D-Type Roadster sold for $21,780,000
2. 1939 Alfa Romeo 8C 2900B Lungo Spider sold for $19,800,000
3. 1962 Shelby Cobra 260 Roadster sold for $13,750,000
4. 1956 Ferrari 250 GT TdF Coupe sold for $5,720,000
5. 1955 Ferrari 750 Monza Spider sold for $5,225,000
6. 1966 Ford GT40 Mk I Road Coupe sold for $2,900,000
7. 1964 Ferrari 500 Superfast Series I Coupe sold for $2,750,000
8. 1973 Ferrari 365 GTS/4 Daytona Spider sold for $2,475,000
9. 1957 BMW 507 Roadster sold for $2,145,000
10. 1963 Ferrari 250 GT Lusso Coupe sold for $2,090,000

2015 Cumulative Results
Total: $167.2M
126/149 lots sold: 85% sell-through rate
Average Sale Price: $1,328,401
Median Sale Price: $420,750

MECUM
Cumulative Total: $47.1M
306/698 lots sold: 44% sell-through rate
Average Sale Price: $153,880
Median Sale Price: $51,975

Overall Top 10 Sales:

1. 2014 Ferrari LaFerrari Coupe sold for $5,170,000
2. 1966 Ford GT40 Mk I Road Coupe sold for $4,840,000
3. 1985 Ferrari 288 GTO Coupe sold for $3,300,000
4. 2014 McLaren P1 Coupe sold for $2,035,000
5. 2005 Porsche Carrera GT Coupe sold for $1,155,000
5. 2011 Ferrari 599 SA Aperta Spider sold for $1,155,000
7. 2006 Bugatti Veyron 16.4 Coupe sold for $1,100,000
8. 1965 Shelby Cobra 289 R&P Roadster sold for $1,045,000
9. 1968 Lamborghini Miura P400 Coupe sold for $869,000
10. 2011 Ferrari 599 GTO Coupe sold for $748,000

2015 Cumulative Results
Total: $44.6M
380/657 lots sold: 58% sell-through rate
Average Sale Price: $117,418
Median Sale Price: $48,400

BONHAMS
Overall total: $34.6M
100/115 lots sold: 87% sell-through rate
Average Sale Price: $345,548
Median Sale Price: $121,000

Overall 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 $2,805,000
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% sell-through rate
Average Sale Price: $476,048
Median Sale Price: $198,000

RUSSO AND STEELE
Cumulative Total: $10.3M
114/228 lots sold: 50% sell-through rate
Average Sale Price: $94,454
Median Sale Price: $51,500

Overall Top 10 Sales:

1. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,155,000
2. 2004 Ford GT Pre-Production Prototype Coupe sold for $836,000
3. 1993 Jaguar XJ 220 Coupe sold for $435,000
4. 2014 Mercedes-Benz SLS AMG Black Series Coupe sold for $418,000
5. 2009 Ferrari 430 Spider sold for $355,000
6. 1970 Ferrari 365 GT Coupe 2+2 sold for $346,500
7. 1988 Lamborghini Countach LP5000 Quattrovalvole Coupe sold for $321,750
8. 1957 Porsche 356A Speedster sold for $250,000
9. 2000 Ferrari 550 Maranello Coupe sold for $194,700
10. 1955 Facel Vega FV1 Coupe sold for $181,500

2015 Cumulative Results
Total: $10.2M
130/209 lots sold: 62% sell-through rate
Average Sale Price: $78,716
Median Sale Price: $47,850