2018 Monterey Car Week Review

The 2018 Monterey Car Week brought hundreds of thousands of people to California’s Central Coast for arguably one of the most exciting automotive gatherings of the year. Spearheaded by the four to five days of sales held by global and regional auction houses, the weekend was capped off with the Pebble Beach Concours d’Elegance. This year, out of the 209 Concours entries, a 1937 Alfa Romeo 8C 2900B Touring Berlinetta won the prestigious best of show award.

Other special cars that passed through the auctions include a 1962 Ferrari 250 GTO, a 1966 Ford GT40 Mk II, a 1972 Ferrari Dino 246GTS, a 1998 Mercedes-Benz CLK GTR and a 1985 Modena GT Spyder California, also known as the Ferrari from Ferris Bueller’s Day Off.

Sales Overall

The 2018 Monterey Car Week auctions have realised $371,000,000 overall, an increase in total sales by $51,600,000. Another positive was the overall sale rate of 61%, which outperformed last year’s rate of 51%. The $371 million in total sales is the third-highest total ever, behind $463 million in 2014 and $397 million in 2015. View the table below for results broken down by each auction houses.

AuctionTotal Sales ($)Lots Sold (#)Lots Offered (#)Sale %
Bonham’s $    37,700,00011013582%
Gooding & Company $  116,502,50012014682%
Mecum Auctions $    47,000,00036469054%
RM Sotheby’s $ 157,931,94012515083%
Russo and Steele $      8,500,0009519648%
Worldwide Auctioneers $      5,500,000335956%
Total $ 371,000,000843137661%

RM Sotheby’s Sets the Record for Most Expensive Car Ever Sold

RM Sotheby’s had another successful 2018 Monterey Car Week, bringing in around 43% of the total sales, and one of the companies top all time performances. It also set the all time record for the most expensive car ever sold at auction, a 1962 Ferrari 250 GTO (pictured above). The Ferrari sold for $48.4 million, and along with the other marquee sales, Kenneth Ahn, President of RM Sotheby’s was quoted called this year’s auction “nothing short of historic.

Overall, 125 of 150 lots sold, bringing in a total of $157,931,940 and an 83% sell-through rate. View the full results on RM Sotheby’s website here.

Gooding & Company Sets Record for Most Expensive American Car Ever Sold at Auction

Courtesy of Gooding & Company

Headlining Gooding & Co.’s Pebble Beach auction was a 1935 Duesenberg SSJ previously owned by Gary Cooper (among others). With only two ever made, the record setting price of $22 million was well worth it.

Overall, 120 of 146 lots sold, bringing in a total of $116,502,500 (2nd behind RM Sotheby’s), and an 82% sell-through rate. View the full results at Gooding and Co.’s website here.

Bonhams Has Strong Showing Dominated by European Sports Cars

Courtesy of Bonhams

The top result at the Bonhams Quail Lodge auction went to the 1948 Alfa Romeo 6C 2500 Competizione Berlinetta, which sold of $3,525,000 to a private European collector. This sale saw several new model benchmarks set, like a 1953 SIATA 208 S Spider ($1,655,000) and 1928 Bentley 6 1/2-Litre Open Sports Tourer ($1,655,000).

Overall, 110 out of 135 lots sold for a total of $37.7 million in sales for an 82% sell-through rate. View the full results at Bonhams’ website here.

Mecum, Russo & Steele and Worldwide Remain Solid

Mecum’s auction was highlighted by a 1933 Duesenberg Model J Bohman and Schwartz Convertible Victoria which sold for $3,850,000. Overall 364 out of 690 lots sold for a total of $47 million and a sell-through rate of 54%. You can view the full results at Mecum’s website here.

Russo and Steele sold a 2017 Ford GT Coupe previously owned by WWE wrestling superstar John Cena for $1,540,000. Overall 95 out of 196 lots sold for a total of $8.5 million and a sell-through rate of 48%. You can view the full results on Russo and Steele’s website here.

Worldwide’s auction featured a 1931 Duesenberg Model J Derham Tourster which sold for $1,320,000. Overall 33 our of 59 lots sold for a total of $5.5 million and a sell-through rate of 56%. You can view the full results at Worldwide’s website here.

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Dylan Breger
About the Author:

Dylan is the Associate Marketing Manager at Borro Private Finance and covers the trends of all luxury asset classes