The classic car market has proved to be one of the strongest tangible assets over the last several years but this weekend’s auctions in Monterrey, California have confirmed that the market for vintage Ferraris, Jaguars and Alfa Romeos peaked in 2014 in terms of overall auction volume.
Hagerty, the classic car insurance company, tracks the sales. Their numbers from Sunday, before the final sale held by Gooding & Co. which comes just after the judging at the Concours, show the totals for all the auction firms (Gooding, RMSotheby’s, Mecum, Russo and Bonhams) are down year-over-year from $332m by Saturday night to a still healthy $288m.
The big problem seems to have been getting estimates right in a market that is no longer expanding rapidly. Some of the top cars sold once they came off the block having failed to meet reserve prices. Others, like RM Sotheby’s Jaguar D-type, sold before numbers slightly below the low estimate.
In the battle among classic car auction houses, Gooding came out on top with a dominant share of the overall sales total with RM Sotheby’s running a respectable second.
Overall through Saturday from all auction companies
Cumulative Total: $288.0M
644/1,221 lots sold: 53% sell-through rate
Average Sale Price: $447,332
Median Sale Price: $88,000
Overall Top 10 Sales from all auctions through Saturday:
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. 1956 Ferrari 250 GT TdF Coupe (RM Sotheby’s) sold for $5,720,000
7. 1950 Ferrari 166 MM Berlinetta (Gooding & Company) sold for $5,445,000
8. 1955 Ferrari 750 Monza Spider (RM Sotheby’s) sold for $5,225,000
9. 2014 Ferrari LaFerrari Coupe (Mecum Auctions) sold for $5,170,000
10. 1979 Porsche 935 Coupe (Gooding & Company) sold for $4,840,000
Monterey Auctions 2016 – Gooding & Company, RM Sotheby’s and more (Hagerty Articles)