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Monterey Recap

Posted by David Kinney

A collective sigh of relief went out over the Monterey Peninsula Monday morning. The sky hadn't fallen, Ferrari owners weren't seen with signs saying "will work for a new set of Pirellis," nor was RM offering rebates of up to $100,000 plus gas at $2.99 a gallon for a year with the purchase of a Duesenberg.

If anything, prices were remarkably stable in virtually all categories. Although at the time of this writing, neither Russo and Steele nor Kruse had reported final numbers, it is a certainty that when those numbers are added to the $127 million from Bonhams, RM, and Gooding, the figure of $134 million in combined sales for 2007 will be surpassed handily. So much for a downturn in the collector car market.  

On an individual company level, Gooding was up several million from last year on the strength of a fantastic Bugatti collection and RM was down a few mil as two serious cars, the 1956 Ferrari 250 GT Tour de France Berlinetta and the 1958 Chrysler Diablo concept car failed to sell in spite of respectable seven figure bids.

Nevertheless, RM continued to set the Ferrari market with a 250 SWB, their high sale, at $4.5 million, a 275 GTB/4 that garnered nearly $2 million, and a Daytona Spider at $1.5 million. Consider these all market-making results. 

Gooding benefited greatly from the consignment of the aforementioned Williamson collection of 12 Bugattis with the Type 57SC Atlalante Coupe setting the North American auction record at $7.9 million. Speaking of benefiting, Bonhams looks newly resurgent thanks to the influx of ex-Christie's people. They doubled last year's take of $11 million.

The Porsche market continues to be one to watch and the next volume of Cars That Matter will surely have some adjustments here. Both Bonhams and RM exceeded $120,000 for pushrod 356 sunroof coupes, an "A" at RM and a "C" at Bonhams. This was four-cam money not long ago.

Since Russo and Steele's and Kruse's results have yet to be posted it's tough to draw any conclusions as to the strength of the post-war American market, although the Charger Daytona at RM was a no-sale at $160,000 and a 1953 Buick Skylark achieved a fairly earthbound $130,000.