Collectors Spent $327-M on Vintage & Classic Cars this Weekend
High priced car sales come in stronger than experts expected
That’s the takeaway after 4 days of vintage and classic car auctions during Monterey Car Week.
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, a lot of enthusiasm, as the people who are new coming into this are more cautious. They bid to the lower part of the estimate and then hold off if it’s not right.
Modern Supercars did not do great at Pebble Beach this year.
A 1985 Ferrari 288 GTO from Bonhams received the lowest bid for the model since January 2014, and a 1988 Porsche 959 from Gooding took a little more than $1-M, $250,000 less than what it sold for last year.
The reason for the decrease in interest in Supercars has to do with people using the cars for their stated purpose: to drive.