S T O P P R E S S
Unsold Porsche hogs headlines in Monterey, where records were broken, but 80 less cars sold and prices fell by 26%
The bidding mix-up when the 1939 Porsche Type 64 drove on stage during the Saturday evening performance at the Monterey Convention Center certainly made most of the Monterey auction week on-line and print headlines in the US and elsewhere.
For the RM Sotheby’s auctioneer surprisingly opened the bidding at $30m for a car that had been reported as being possibly worth $20m pre-sale, and then announced rapidly ascending bids from the rostrum, confirmed by figures displayed on monitors in the saleroom, before a new and much lower bid of $17m appeared on-screen. Indeed, the auctioneer remained at the $17m mark for several embarrassing moments, with no bidder apparent, until proceedings were terminated with a no-sale.
Although unfortunate for all concerned at the time, a misunderstanding between rostrum and back office during the auctioning of one car by the global market leaders is hardly auction industry-significant and is probably worthy of little more than the briefest raised eyebrow or two.
The 2019 Monterey Top Ten was a far more relevant reflection on which high value collector vehicles are currently rated by their buyers as being the coolest at this year’s California sales.
- 1994 McLaren F1 Road Coupe with factory fitted Le Mans specification engine and downforce upgrades sold for $19,805,000 (£16,240,100) at RM Sotheby’s
- 1958 Ferrari 250 California Closed-Headlight LWB-Spider sold for $9,905,000 (£8,122,100) at Gooding & Co
- 1962 Ferrari 250GT SWB Coupe sold for $8,145,000 (£6,678,900) at RM Sotheby’s
- 1965 Ford GT40 Prototype Roadster sold for $7,650,000 (£6,273,000) at RM Sotheby’s
- 1958 Ferrari 250GT S1 Closed-Headlight Cabriolet sold for $6,800,000 ($5,576,000) at Gooding & Co
- 1965 Aston Martin DB5 James Bond-Promo Fixed Head with Q Mods sold for $6,385,000 sold (£5,235,700) at RM Sotheby’s
- 1975 Ferrari 312T F1 Nick Lauda Single-Seater sold for $6,000,000 (£4,920,000) at Gooding & Co
- 1960 Porsche 718 RS 60 Works Race-Spider sold for $5,120,000 (£4,198,400) at RM Sotheby’s
- 1958 Ferrari 250GT Tour de France Coupe sold for $5,100,000 (4,182,000) at Gooding & Co
- 1951 Ferrari 340 America Berlinetta sold for $3,635,000 £2,980,700) at Bonhams.
But after immediate post-sales deals had been done, 769 of the 1315 cars consigned for the six Californian sales grossed $248.31m (£202.61m including buyer’s premium), the overall sale rate being 58% with an average of $322,290 (£264,278) paid per car.
The stats reveal that $122.6m (£100.53m) less was spent at this year’s sales than in 2018, when the six sales grossed $370.9m ($304.14m), 34% more than this year. For in 2018, 849 cars sold (80 more than in 2019) from 1378 offered (63 more than this year) and the overall sale rate was 62%, 4% more than in 2019. Significantly, and even taking into account four major world auction record prices set at the Monterey sale this year, an average of $114,559 (£93,938) more was spent per auction car bought in 2018, whereas the prices of cars sold this year were, on average, 26% less. 546 unsold cars was also a record for California in August. RH-E
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