According to one auto site, the number of eight figure cars doubled this year with six cars selling for more than $10m. Yes, the bulk of the top lots were Ferraris but the sky-rocketing prices for the Italian marque are pulling along other sales like Mecum who made more than $2.3m for the Lamborghini Mura above:
According to Bloomberg, which gets its numbers from Hagerty, the classic car insurance firm, the Monetery event fell short of last year as the group of auctions totaled $390.6m, down from $402.6m last year. Bloomberg cited these totals:
RM Sotheby’s said it tallied $172.7 million during the week, including post-auction private sales.
Gooding said it sold $128.1 million of cars.
Bonhams said its sales totaled $46.7 million.
However, The Los Angeles Times added these numbers which brings the tally above $395m:
Mecum had a running tab of $41.2 million. Russo and Steele had gathered $5.8 million in total sales, and JR $624,000.
Whatever the final figure, Hagerty’s numbers show a slight tailing off of the broad gauges which might make sense after a strong updraft as many sellers prefer to hold on to their cars as did the owner of the Pinnacle Portfolio who was happy to turn down an additional $17m in Ferrari sales to hold on to the cars. Those two sales would have had a significant impact on these figures:
By the end of Sunday, six auction houses sold 803 of the offered 1,386 lots, representing a 58 percent sell-through rate and average sale price of $479,557. That’s a decline from last year’s average of $540,366 and 61 percent sell-through rate, according to Hagerty.
Ferraris Lead the Pack at $390 Million Pebble Beach Car Auctions (Bloomberg Business)