Last August at Pebble Beach international collectors spent $327-M on Vintage & Classic Cars
High priced cars a Pebble Beach were the market’s strongest, coming in stronger than the experts expected
Notably, 2 Ferraris also were in the Top 5, a 1966 Ferrari 275 GTB/C sold for $14.5-M, and a 1961 Ferrari 250 GT SWB hammered at $8.3-M.
Note: The record for a car sold at auction is a 1962 Ferrari 250 GTO s/n 3851GT sold at Bonham’s Quail Auction on 14 August 2014 for $38,115,000.00, including buyers premium (pictured above) breaking the record previously held by a 1954 Mercedes-Benz W196R race car, sold for a record $31,000,000 at an auction in England on 12 July 2013.
That was the takeaway after 4 days of vintage and classic car auctions during Monterey Car Week last year..
Across 6 companies, preliminary numbers show sales totaling $327-M at Pebble Beach at the weekend, down 3% from last year but 12% better than predicted at the beginning of last week.
The higher numbers came because the week’s biggest offerings including a $6.7-M 1959 Aston Martin DB4GT Prototype Coupe and a $1.089- 1964 Shelby Cobra 289 R&P Roadster met estimates and sold.
In fact, while numbers this year were down from Y 2016, the sell-through rate (58%) and median price of car sold ($88,000) matched the previous year’s performance.
A 1956 Aston Martin DBR1 sold for $22.5-M at the RM Sotheby’s (NYSE:BID) sale.
The car is considered by many as the most important Aston Martin ever made. It is the 1st of a series of 5 racing cars, one of which won the 1959 24 Hours of Le Mans sports car race,and it set a record for the most expensive British car ever at auction. Of the 5 that were made, this is the only 1 that to the sale date has ever been offered for public sale.
Bonhams sold a 1995 McLaren F1 Coupe sold for $15.6-M, while 2 Ferraris also were in the Top 5, a 1966 Ferrari 275 GTB/C sold for $14.5-M (pictured above), and a 1961 Ferrari 250 GT SWB hammered at $8.3-M.
Meanwhile, Porsche’s 1970 917K sold for $14-M at the Gooding & Company auction Friday night. That car was featured in Steve McQueen’s famous film Le Mans.
Overall, the strongest performers this week were cars valued at more than $250,000, a segment that had the highest sell-through rate of any other.
There is a lot of money and enthusiasm in the market now, as the newly minted billionaires coming into this ‘arena”are very discerning and anxious to participate at the Fine to Tier 1 levels.
The modern Supercars do not command high prices, as they are often used for ‘drivers’.
Examples: a 1985 Ferrari 288 GTO from Bonhams received the lowest bid for the model since January 2014, and a 1988 Porsche 959 from Gooding & Company took little more than $1-M, $250,000 less than what it hammered for last year.
It is important to note: that when important cars come out of long-term ownership, they are bought up by another long-term owner, most often in a private treaty transaction, with little or no publicity, meaning far fewer of the really good ones are on the market and for many the price is not the ‘object’.
And for the really discerning Fine to Tier 1 buyer, the rest are not good enough to buy.
Have a terrific New Year.