Monterey Car Week always provides plenty of fodder for discussion – and the 2024 staging was highly successful in general. It was largely dominated by the very new and the very old, with Tuthill’s GT One and Touring Superleggera’s Veloce12 battling for headlines against big-name players such as Porsche’s 993 Speedster and Lamborghini’s new 900bhp Huracan replacement, the Temerario. Judging by the social-media wall of events, cars and enthusiasm, and with the stand-out event, the Pebble Beach Concours d’Elegance, being won by a Preservation-class car, the week lived up to its billing as the highlight of the automotive world’s year.
But what about the Monterey Car Week auctions?
It’s clear that the ‘glory days’ of the immediate post-Covid times are behind us. According to Hagerty’s analysis, cumulative sales through to Saturday totalled $391.6m, down two percent from 2023 – although several significant cars have sold since the auction. By Hagerty’s same metrics, cars worth $1 million or more saw a 52 percent sell-through rate (down from 63 percent in 2023), and only a third of $1m-plus Enzo-era Ferraris hit their reserve – by way of contrast, in four of the past ten years, that figure was more than 80 percent.
David Lillywhite, Magneto‘s editor, was on the ground for auction week. “A lot of sales were low estimate or below, and a lot of the biggest cars failed to sell,” he says. “1950s cars, even the Ferraris and Porsches of that era, were weak. No one can quite agree whether that’s because it’s an age-of-buyer thing, or that there were just too many cars and sales (which there undoubtedly were).”
However, it wasn’t all gloom at the Monterey Car Week auctions. As you can see below, there were several above-estimate results, bidding wars and surprises along the way. “There were plenty of strong sales, and a few really big ones – plus surprises such as the Lamborghini LM002 going for double its estimate,” David says. “It definitely felt like too many sales, however. Monterey Week itself was vibrant – with so many shows and so much traffic between all the venues, potential buyers would have struggled to make time to visit all the sales.”
Looking at the results, the Enzo-era Ferraris had been signposted via dwindling results in Europe over the past 15 months, although the American market for all cars, not only Ferraris, had been more resilient during the same time. However, not only is this an election year – historically this has always been Kryptonite for auction results – but just prior to Monterey Car Week, the stock market had taken a significant tumble, which in turn had dragged down ‘risky’ investments such as cyrptocurrency, and, of course, cars. As Hagerty points out, the luxury goods market is also delivering profit warnings, largely led by decline in demand from China (by as much as 14 percent). The fact that cars at the lower end of the market didn’t suffer quite as much in Monterey as the high-end offerings backs this up – these are models bought more for pleasure, and less for investment.
Other voices have mentioned that there’s a generational shift happening as younger collectors enter the market, with less enthusiasm for older cars; we’ve also lost several big-hitting collectors over the past five years. Nevertheless, the passion for collector cars is still there, although the market appears bearish. When the smoke clears from what is likely to be a bitterly fought US election, we’ll be able to see whether this year is a cub or a full grizzly.
We’ve picked out some of the most eye-opening lots from the Monterey Car Week auctions below. Let us know your thoughts.
Bonhams
It was another sale to forget for Bonhams, as David Lillywhite explains. “There were a few interesting cars, including the Risky Business Porsche 928, but a huge proportion of the cars were American muscle cars from a single collection – it looked like they escaped from Mecum,” he says. “It was reasonably busy in the sale room, but it was a dreadful sale, with most estimates and lots of no-sales.”
The leading result was the above 2022 Ferrari 812 Competizione. Finished in Blu Elettrico with Giallo Fly accents, it carried $130k-worth of options and had covered only 598 miles. It sold for $1.611m against an estimate of $1.65m-$1.95m. A 1964 Ferrari 250 GT/L (chassis 4497) was declared sold after the event, but no price paid had been revealed at the time of writing, and a 1967 Ferrari 330 GTC sold for $692,500 against an estimate of $650k-$850k.
As it turns out, it was the muscle cars that provided the majority of the above-estimate results, and offered at no reserve they bolstered the sale-through rate. A 1969 Shelby GT500 Fastback sold for $105,280 against a $60-$80k estimate, one of 16 four-speed 1970 Dodge Coronet 440 R/T Convertibles sold for $96,230 against a $60k-$80k estimate, and a 1971 Plymouth Cuda Hardtop sold for $190,400 against a $125k-$175k estimate. A 1968 Shelby GT500 KR Convertible sold for $229,600 against a $150k-$200k estimate, and a factory Hemi 1970 Dodge Challenger R/T Hardtop sold for $329,500 against a $200k-$300k estimate.
However, it was an otherwise unassuming 1964.5 Ford Mustang (pictured above) that provided the most surprising result of the auction (well, in a positive manner, at least). Equipped with the first-year-only D-code V8 engine, it was described as nicely restored and, if anything, perhaps underestimated at $25k-$35k. Just one thing to note, though – it was being offered directly from musician Tom Petty after 20 years of ownership – which led to a final price of $224k. This was as good as it got for Bonhams, sadly…
It really was a shocker – of the leading 20 cars on pre-sale estimate, just four sold. Of those, only the aforementioned 812 Competizione and 250 GT/L sold from the $1m-plus estimated cars. One of the more fascinating no-sales was the ex-Risky Business Porsche 928, but there were other interesting lots that failed to find new homes: a 1957 BMW 507 Series II with hard-top, a 1905 Fiat-Isotta-Fraschini Volo-6 Competition and a Series II 1993 Porsche 959 Komfort.
A lot of cars missed their low estimate to a large degree – the most notable were a 1936 Riley ‘Big Four’ that sold for $75,600, around half its low estimate, a 1955 Austin-Healey 100M Le Mans sold for $112k against a $180k-$220k estimate, and a 1958 Jaguar XK150 3.4 Roadster that sold for $94,080 against $150k-$200k estimate. Perhaps the biggest bargain had to be the above 1961 Aston Martin DB4 Series III, which was upgraded to Vantage specification in 1964, and one of just 11 finished in Caribbean Pearl. Originally sold to Oei Tjong Tjay, son of Chinese-Indonesian shipping tycoon Oei Tjong Ham, for use in The Netherlands, it later came to the US with an Army officer, before heading to the UK in 1990. It was restored and sold again in 2003, and then joined the vendor’s Californian collection in 2023. Against an estimate of $325k to $375k, it sold for $277,200.
Broad Arrow
Broad Arrow’s two-day sale had plenty of diversity; held in collaboration with Motorlux at the Monterey Jet Center, it kicked off on Wednesday and ended on Thursday. A new runway-style auction format was trialled, which Broad Arrow says was a success. “It was very vibrant, with great theatrics driving the car into the hangar and then drawing the curtains, turning the car on the turntable and driving out after the hammer drop – great atmosphere,” David says. “The auctioneers were excellent, with decent prices and sale rate – but day two was weaker.” Although 85 percent of lots sold, for a total of $71.5m of sales and with several records set along the way, several cars failed to hit their lower estimates.
A good illustration of that is the above 1997 Porsche 911 GT1 Rennversion, which was run by Rohr Racing and took part in the 1997 Le Mans 24 Hours. Estimated at $8.5m-$10.5m, it reached $7.045m. More telling is that of the top ten lots at Broad Arrow, three found new homes only after the auction – with no price revealed (2003 Ferrari Enzo, est: $4.5m-$5m; 1957 Maserati 200Si Fantuzzi, est: $3.3m-$3.6m; and 1988 Porsche 959 Komfort, est: $1.8m-$2.2m).
Notable no-sales included the much-heralded 1938 Talbot-Lago T150 C Lago Spéciale Teardrop Coupé by Figoni et Falaschi (est: $6.5m-$8.5m), a 1913 Mercer Type 35-J Raceabout (est: $2.5m-$3m), a 1969 Ferrari 250 GT California Spyder Revival by GTO Engineering (est: $2.5m-$3.5m), a 1964 Porsche 904 Carrera GTS (est: $2.2m-$2.5m), a 1968 Ferrari 330 GTS (est: $1.9m-$2.2m), a 1963 Ferrari 250 GT/L Berlinetta Lusso (est: $1.7m-$2m), a 1973 Porsche 911 Carrera RS 2.7 Lightweight (est: $1.25m-$1.5m) and a 1970 Maserati Ghibli 4.7 Spyder (est: $750k-$850k).
The above 1998 Ruf CTR2 was one of the sales pulled out by Broad Arrow as a success after the Monterey Car Week auctions – after all, it was the highest auction figure ever achieved for a Ruf, at $2.095m. However, the original pre-sale estimate was a significantly loftier $2.2m-$2.5m.
There were plenty of cars that failed to hit their low estimate, with perhaps the most painful in terms of percentage being a 1972 De Tomaso Pantera that sold for $75,040 against a $125k-$150k estimate. However, other notable strugglers included a 2018 Ford GT that sold for $830k (est: $950k-$1.05m), a 1971 Mercedes-Benz 280 SL Pagoda that sold for $113,120 (est: $200k-$250k), a black 1957 Mercedes-Benz 300 SL Roadster that sold for $995k (est: $1.1m-$1.3m), a 1991 Koenig-Specials C62 that sold for $522k (est: $650k-$850k), a white/cream 1963 Mercedes-Benz 300 SL Roadster that sold for $1.2m (est: $1.5m-$2m), a 1948 Tucker 48 that sold for $1.38m (est: $1.5m-$2m), a 1968 Jaguar E-type Series 1½ 4.2 Roadster that sold for $95,200 (est: $150k-$180k) and a 1946 Delahaye 135 M Graber Cabriolet that sold for $240,800 (est: $300k-$350k).
The most eye-opening result from Broad Arrow’s sale during the Monterey Car Week auctions came with the above 1989 Mercedes-Benz 560 SL; against an estimate of between $90k and $120k, it sold for $260,400. However, before we all start hunting down all sorts of R107s, this was perhaps a truly unique sale – not only was it one of the last off the line, it had done 122 miles from new in single-family ownership (who happened to be a former Mercedes-Benz dealer).
Perhaps more telling were the results for 1980s and ’90s Ferraris, particularly the Testarossa line. Auction interest has been growing in these for the past year, and the appetite wasn’t diminished here – firstly, a 1993 512 TR sold for $412k against an estimate of $350k-$400k, and a 1989 Testarossa sold for $456k against a $300k-$350k. A tantalising possibility was presented with the very next lot – a 1989 328 GTS, estimated at between $225k and $275k. It eventually sold for $335k – so could the love for ’80s Ferraris be spreading to the mid-engined models? Perhaps… However, this particular car came from the very latter days of the 328 production run, and carried just 244 miles. By way of illustration, a 1976 Ferrari 308 GTB Vetroresina estimated at $200k-$250k sold for just $165,200, despite being one of just 100 Vetroresinas originally sold to the US. As with the Mercedes-Benz 560 SL, a late-era model and low miles will always tantalise collectors, whatever the prevailing market wind.
Other cars to bust their upper estimates included a 2018 Ferrari 488 Spider 70th Anniversary Edition, which sold for $489k (est: $375k-$425k), a 2010 Morgan Aero SuperSports, which sold for $261,200 (est: $180k-$220k), a 1901 Panhard et Levassor 7hp Twin-Cylinder Rear Entrance Tonneau, which sold for $307,500 (est: $225k-$275k), a 1972 Porsche 911 T, which sold for $263,200 (est: $140k-$170k) and a 1973 Ferrari Dino 246 GTS, which sold for $626,500 (est: $450k-$550k).
Gooding & Co.
Gooding & Co.’s leading lot was a prime example of the general vibe; this 1938 Alfa Romeo 8C 2900B Lungo had plenty of pre-Monterey Car Week auctions publicity – it was the car stolen and then recovered, as detailed here – and estimated at $16m to $20m, but in the end it missed that by some distance. The final result was $14,030,000.
“The usual excellent double act of David Gooding and Charlie Ross provided great atmosphere, with some amazing cars,” David Lillywhite says. “On day one, most were hitting the estimates, and most were selling – with an impressive result on the charity BMW M5 Touring ($313k against a $150k-$200k estimate). Yet despite Gooding looking reasonably strong, there were still quite a few misses.”
Big no-sales included the auction-leading 1961 Ferrari 250 GT SWB California Spyder (est: $15m-$17m), the 1937 Bugatti Type 57SC Atalante (est: $9m-$11m), 1959 Maserati Tipo 61 Birdcage (est: $5m-$6m), 1954 Ferrari 250 Europa GT Coupé Speciale (est: $4.5m-$6.5m), 1955 Ferrari 250 GT Berlinetta Competizione (est: $4.5m-$5.5m), 1934 Alfa Romeo 8C 2300 Cabriolet (est: $4m-$5m), 1956 Maserati A6G/54 Berlinetta (est: $4m-$5m) and 1956 Ferrari 500 TR (est: $4m-$5m) – with plenty more above the $1m estimate range going back with their vendors.
More telling were the sales that struggled to even nudge their pre-sale low estimates, even with fees applied. Competition cars such as the above 1955 Ferrari 333 SP Evoluzione and the very first Porsche 935 (as detailed here) struggled badly – the Ferrari sold for $5.12m against a $6m-$8m estimate, and the Porsche went for $4.295m against a $4.5m-$5.5m estimate. Relatively modern competition cars can be a challenge at the best of times, but this level of delta to the low-estimate also applied to a significant proportion of the lots that sold.
The struggles weren’t confined to just one genre, either – a 1929 Duesenberg Model J Town Car sold for $1,077,500 (est: $1.5m-$2m), a 1967 Ferrari 330 GTS sold for $1.655m (est: $2m-$2.5m), a 1965 Alfa Romeo Giulia Sprint GTA sold for $335k (est: $500k-$600k), a 1998 Porsche 993 Turbo XLC sold for $434k (est: $600k-$800k), a 1968 Serenissima GT sold for $580k (est: $700k-$900k), a 2018 Porsche 991 GT2 RS Clubsport sold for $346k (est: $400k-$500k), a 1967 Lancia Flaminia Super Sport sold for $173,600 (est: $275k-$325k), a 1955 Ferrari 857 Sport Spyder sold for $5.35m (est: $6m-$8m), a 1957 Alfa Romeo 1900C SS Coupé Lugano sold for $162,400 (est: $250k-$300k), a 1961 Mercedes-Benz 300 SL Roadster sold for $1,187,500 (est: $1.4m-$1.6m) and a 1968 Ferrari 330 GTS sold for $1,957,500 against an estimate of $2.2m to $2.7m. As you can see, that’s a wide spread of interests – no one genre escaped from the Gooding sale without an awkward result.
However, it wasn’t all bad news at the Monterey Car Week auctions…
While the aforementioned 1937 Type 57SC Atalante failed to find a home, and a 1938 Type 57 Stelvio stopped shy of its pre-sale estimate ($747,500 vs $800k-$1m estimate), a collection of Bugattis from the Dr Theodore Waugh Collection performed very well at the Monterey Car Week auctions. Offered at no reserve, the above 1927 Type 43 Grand Sport sold for $731k against an estimate of $400k-$600k. Delivered new to Bugatti racing driver René Léon, it had spent time in the collections of such starry names as Georges Filipinetti, Pierre Bardinon and Carroll Shelby before joining Waugh’s fleet in 1974. Waugh’s Type 44 with unique Figoni Torpédo bodywork sold for $467k against a $250k-$350k estimate, and Type 13 Dog Cart replica built by Crosthwaite & Gardiner sold for $140k against a $70k-$90k estimate. Waugh’s Gangloff-bodied Type 46 Cabriolet sold for $555k (est: $450k-$650k), a Gangloff-bodied 1937 Type 57 Stelvio sold for $577k (est: $250k-$350k) and a 1914 Type 23 Tourer sold for $246k (est: $90l-$120k).
The sale actually got off to a great start with lot one – a 1966 Jaguar E-type Series I 4.2 Roadster sold for $335k against a $175k-$225k estimate at no reserve, and seven lots later a 1972 Ferrari Dino 246 GT sold for $533k against a $375k-$475k estimate. There were several other estimate-busting highlights throughout the sale, in particular a collection of modern Zagato-bodied rarities. A 2001 Ferrari 550 GTZ Barchetta sold for $841k (est: $600k-$800k), a 2010 Alfa Romeo TZ3 Stradale sold for $632k (est: $450k-$550k) and, most notably of all, a 2013 Lamborghini 5-95 Zagato sold for $720k (est: $400k-$600k). Other highlights included a 1908 American Underslung 50/60HP Roadster that sold for $1.215m (est: $900k-$1.1m), although there were a couple of head-scratchers; for example, a 2014 Ferrari 458 Spider made $335k against an estimate of $200k-$250k for reasons we can only surmise being that the car’s one-year-only Ferrari 60th Anniversary in US dashboard badge made all the difference.
Mecum
Mecum’s sale was easily the largest of the five Monterey Car Week auctions, with 400 cars over three days. While the auctioneer is best known for its American automobiles, David points out that Mecum had arranged a wider selection of lots, with exotica from Ferrari, Porsche and Lamborghini, among others. “The sale rate was quite low, but that’s not unusual,” he says. “Mecum sticks to reserve and pushes things through quickly – that’s just what it does.”
The biggest seller was altogether Anglo-American – the above 1969 Ford GT40 Lightweight (as detailed here), one of ten produced, sold for $7.865m. The biggest no-sellers came from the exotic ranks, including a 1971 Ferrari 365 GTS/4 Daytona Spyder (est: $2.8m-$3,3m), a 1936 Delahaye Type 135 Competition Court Teardrop (est not given), a 1992 Schuppan 962CR (est not given), a 1969 Lamborghini Miura P400 S (est: $2m-$2.5m), a 2005 Porsche Carrera GT (est not given), three Mercedes-Benz 300 SLs (two Gullwings and a Roadster, between $1.6m-$2.5m), a 1959 BMW 507 Roadster (est: $1.7m-$2m), a 1959 Porsche 718 RSK ($3.8m-$4.3m) and a 1973 Porsche 911 Carrera RS 2.7 Lightweight (est: $1m-$1.3m). Some of these cars had been seen at Mecum sales before at least once, and again went back to their vendors – and it was a similar case for a Ghia-bodied 1951 Ferrari 212 Inter 2+2 Berlina ($600k-$800k) and a 1967 Ferrari 330 GTC ($450k-$500k). Hollywood glamour also wasn’t enough to find the ex-Steve McQueen Shelby Cobra 289 a new home (est: $1.25m-$1.5m).
The auction also saw some cars miss their marks, and it wasn’t just the non-US cars that suffered: a 1963 Chevrolet Corvette Z06 Split Window Coupe sold for $522,500 (est: $650k-$750k), a 1966 Shelby 427 Cobra Roadster (CSX3283) sold for $1.21m (est: $1.5m-$1.6m) and the first aluminium-bodied, unpainted 1965 Shelby Cobra CSX4000 Series Roadster sold for $396k (est: $450k-$500k).
However, the exotics weren’t immune, either – a 2003 Ferrari Enzo sold for $2.86m (est: $3m-$3.5m), a 1999 Lamborghini Diablo VT Roadster sold for $401,500 (est: $500k-$600k), a 1957 Mercedes-Benz 300 SL Roadster sold for $1,237,500 (est: $1.5m-$1.6m) and a factory-sunroof 1962 Porsche 356B Carrera 2 sold for $390,500 (est: $500k-$600k). The biggest shock came from a key element in America’s motor sport history – the above 1960 Scarab, the US’s first Formula 1 car. One of just three examples built (and detailed here), it carried a pre-sale estimate of $800k-$1.25m – and it sold for just $412,500.
There was some cheer at this corner of the Monterey Car Week auctions, though, with American cars providing the heavy lifting for above-estimate sales. The 1969 Dodge Hemi Daytona shown here, one of 22 built with a four-speed manual gearbox, sold for $3.3m against a $1.7m-$2m estimate, while a 1967 Ferrari 330 GTS sold for $2.53m against a $1.75m-$2.25m estimate.
RM Sotheby’s
RM Sotheby’s brought the glitz and the glamour with a two-day sale that packed all in flavours of the collector car hobby; however, this wasn’t enough to stop RM from suffering from the same malaise as the other auctions. The above 1960 Ferrari 250 GT SWB California Spyder, the very first built, and displayed at the 1960 Geneva Motor Show, was predictably RM’s biggest result, coming in at $17,055,000 against a $16m-$18m estimate.
However, as with Gooding, Mecum and Broad Arrow, the 1950s and 1960s Ferraris often struggled, although some have sold after the auction. A 1957 Ferrari 625 TRC (est: $9m-$11m), a 1955 Porsche 550 Spyder (est: $3.75m-$4.25m), a 2015 LaFerrari (est: $3.6m-$4m), a 1960 Ferrari 250 GT Cabriolet Series II (est: $1.2m-$1.5m), a 1955 Alfa Romeo 1900C SS Berlinetta Zagato (est: $700k-$900k), a 2020 Koenigsegg Regera (est: $2.75m-$3.25m), a 1940 Packard 734 Speedster Eight Phaeton (est: $1m-$1.4m), a 2014 McLaren P1 (est: $1.95m-$2.35m), a 1993 Ferrari 512 TR Spyder (est: $2.7m-$3.5m), a 1967 Ferrari 365 California Spyder (est: $2.75m-$3.25m) and a 1969 Ferrari 365 GTS (est: $2.8m-$3.2m), plus a 2019 Porsche 935 (est: $1.6m-$1.8m), showed that there was no one theme to the no-sales (much like Gooding’s sale). The majority of the Turbocollection, including several Vectors and an Isdera Imperator 108i S2 (est: $800k-$1m), struggled to sell, as did a Singer 911 (est: $900k-$1.2m).
One of the biggest stories ahead of the Monterey Car Week auctions was the above 1955 Ferrari 410 Sport Spyder; a one-off sports racing Speciale, it acted as the prototype for the iconic 410 Sport Scuderia Ferrari Works cars, and was driven by Carroll Shelby to overall victory at the 1956 Palm Springs Road Races. It came from long-term ownership and had Pebble Beach Concours credentials, and was estimated at more than $15m. When it came to the day, however, the mood wasn’t there – it sold for $12.985m.
Elsewhere a 1934 Alfa Romeo 8C 2300 Lungo Spider by Eagle Coach Works sold for $4.075m (est: $4.5m-$6m), a 2023 Bugatti Chiron Super Sport sold for $3.497m (est: $3.75m-$4.25m), a 1932 Delage D8 S Roadster sold for $3.305m (est: $4m-$6m), a 1993 Bugatti EB110 Super Sport prototype sold for $2.15m (est: $2.4m-$2.8m), a 1963 Mercedes-Benz 300 SL Roadster sold for $1.352m (est: $1.6m-$1.8m), a 1966 Ferrari 500 Superfast Series II sold for $1,627,500 (est: $1.8m-$2.1m) and a 1936 Mercedes-Benz 540K Cabriolet A sold for $1.6m (est: $1.8m-$2.2m). In the battle of the 1980s hypercars, a mint-green 1991 Ferrari F40 sold for $1,792,500 (est: $1.9m-$2.5m), while a 1985 Porsche 959 Vorserie sold for $1.655m (est: $1.8m-$2.3m).
It certainly wasn’t all bad news at the Monterey Car Week auctions, however. RM broke the Ferrari F50 record it had set in December 2022, selling a 1995 example for $5.5m against a $4.5m-$5m estimate. The biggest above-estimate results came from the 1970s, ’80s and ’90s era – a 1974 Porsche 911 Carrera RS 3.0 sold for $2.37m (est: $1.6m-$1.8m), a 1996 Porsche 911 GT2 Clubsport sold for $2,012,500 (est: $1.1m-$1.4m), while looking further back a 1969 Lamborghini Miura S made $1.897m against a $1.3m-$1.6m estimate, and a 1970 Ferrari 365 GTB/4 Daytona made $841k against a $650k-$750k estimate. A more recent highlight was a 2009 Ferrari 430 Scuderia, which sold for $478k against a $320k-$380k estimate.
However, it was the above Lamborghini LM002 that proved to be the biggest shock. Originally supplied to Donahue Wildman, founder of Bally Total Fitness, it was being offered for sale from the Angus Mitchell collection with a pre-sale estimate of $340k-$450k – with a bottle of Paul Mitchell shampoo included. In the end, it sold for $703,500.
Further details
For more details on Bonhams’ sale, head here.
For more details on Broad Arrow’s sale, head here.
For more details on Gooding & Co.’s sale, head here.
For more details on Mecum’s sale, head here.
For more details on RM Sotheby’s sale, head here.
