Remi Dargegen, courtesy of RM Sotheby’s
While the automotive maelstrom that’s Monterey Car Week has concluded, buyers, sellers, and industry analysts alike may be deciphering the auction results for some time in respect to what it signifies both in the short term and foreseeable future. Leading up to the annual Pebble Beach Concours d’Elegance, the major auctions held in Northern California’s Monterey County have long been the barometer for the market, and the last two years have seen a drop.
In 2022, cumulative sales were approximately $463 million. At the time, Juan Diego Calle, a car collector and cofounder of Classic.com, told Robb Report that the results were showing “a generational shift toward vehicles from the 80’s and 90’s, driven by a younger demographic of collectors and enthusiasts.” He also mentioned that the average amount paid for a vehicle was $590,000. Last year, total sales from the primary auction houses amounted to $400.1 million, with Hagerty’s vice president of Automotive Intelligence, Brian Rabold, informing us that “this year still marked the second highest total sales in [Monterey] car week history.”
Now, 12 months later, Hagerty’s data reveals that total sales dipped to $371 million, an 8 percent decline. Yet while the average price was $459,000 per lot (down $19,000 from 2023), the sell-through rate had slightly improved to 71 percent from 69 percent last year. As for the 10 most expensive cars to cross the block in Monterey for 2024, five sold through RM Sotheby’s and three from Gooding & Company, while Broad Arrow Auctions and Mecum each had one in the mix. According to Hagerty’s results, here’s how it all played out.
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10: 1976 Porsche 935 Coupe—$4,295,000 (Gooding & Company)
Image Credit: Gooding & Company In 1976, Porsche introduced a 600 hp, race-focused 911 to compete in the World Sportscar Championship, which the marque subsequently won that year. The example that crossed the auction block through Gooding & Company stood out for being the first 935 from the factory and was a prototype that finished first at Watkins Glen.
According to the auction house, it’s the only Martini Racing Porsche 935 to be owned privately, and it came into the sales event estimated to fetch between $4.5 million and $5.5 million. In 2016, Gooding & Company auctioned a 1979 Porsche 935 that had been raced at Le Mans by Dick Barbour, Rolf Stommelen, and actor Paul Newman, with the team taking a class win and finishing in second place overall. That car garnered $4.84 million.
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9: 1995 Ferrari 333 SP Evoluzione—$5,120,000 (Gooding & Company)
Image Credit: Gooding & Company In the 1990s, Ferrari developed the 333 SP to continue its long and storied legacy in sports-prototype racing, beginning with the 125 S in 1947 and including such models as the 1956 290 MM, the 1967 412 P, and the 1971 312 P among many others. Equipped with a V-12 engine making 650 hp, the 333 SP—featuring a carbon-fiber-and-aluminum chassis—debuted at the stateside International Motor Sports Association (IMSA) Championship series with a top speed of 228 mph.
Racing specialist Dallara built only nine examples the Ferrari 333 SP Evoluzione variant, and the one offered through Gooding & Company was raced by a couple of independent teams and earned 13 podium finishes from 1995 through 1997. During the latter season, it was the top qualifier at Le Mans and ended up completing the race in sixth place.
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8: 1967 Ferrari 275 GTB/4 NART Alloy Coupe—$5,285,000 (RM Sotheby’s)
Image Credit: Trevor Thompson, courtesy of RM Sotheby’s Introduced at the 1966 Paris Salon, Ferrari’s 275 GTB/4 premiered a 12-cylinder engine configuration that included four overhead camshafts. Designed by Pininfarina and built by Scaglietti, the 275 GTB/4 finished production in 1968, after 330 were built. Part of the North American Racing Team (NART), chassis No. 10311 was one of only 16 originally bodied with aluminum rather than predominantly steel.
What truly gives this example rarified provenance is that, according to its RM Sotheby’s listing, it’s the only 275 GTB/4 to win its class in a major race, that being the 1969 24 Hours of Daytona. The winning bid at the RM Sotheby’s auction was $5.285 million. By comparison, a 1967 Ferrari 275 GTB/4 NART Spider, of which only 10 were made, sold for $27.5 million through RM Sotheby’s in 2013.
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7: 1995 Ferrari F50 Coupe—$5,505,000 (RM Sotheby’s)
Image Credit: Nathan Deremer, courtesy of RM Sotheby’s Half a century after Enzo Ferrari established his eponymous brand, the Maranello-based marque decided to commemorate the milestone anniversary with the Ferrari F50, drawing more heavily from Formula 1 technology in the process. Revealed at the 1995 Geneva Motor Show, the 513 hp model was fit with a 4.7-liter, naturally aspirated V-12 that was developed from the engine used in Ferrari’s Formula 1 car from the 1989 season. Housing the power plant—mated to a six-speed gearbox—was a carbon-fiber monocoque chassis. Able to reach a top speed of 202 mph, the F50 comprised 349 examples.
As part of its Monterey auction, RM Sotheby’s offered number 47 off the F50 production line, and one of only 55 examples sent directly to the U.S. In 2023, the car—with Ferrari Classiche certification—won the Platinum accolade at the Cavallino Classic Palm Beach, which attests to its impressive condition, as does the fact that it sold for more than $5.5 million.
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6: 1959 Ferrari 250 GT LWB California Spider—$5,615,000 (RM Sotheby’s)
Image Credit: Darin Schnabel, courtesy of RM Sotheby’s During the middle of last century, John Von Neumann was working for U.S. Ferrari importer Luigi Chinetti when he saw the market for an open-top tourer based on Maranello’s 250 GT Berlinetta. The idea was given the green light and both long-wheelbase (LWB) and short-wheelbase (SWB) versions were produced. The initial model, the LWB, had a wheelbase of 2,600 millimeters (102.3 inches) and had a production run of only 50 examples. The grand tourer saw racing success with a class-win and a top-five finish at Sebring and Le Mans, respectively, in 1959.
The example featured at the RM Sotheby’s Monterey auction, chassis No. 1217 GT, was number 19 in production and went on to have screen time in the 1967 movie La Dolce Signore. Restored in the 1990s, the same car sold for $1.32 million through RM Sotheby’s in 2005. This time around, it bested that figure by nearly $4.3 million.
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5: 1997 Porsche 911 GT1 Rennversion Coupe—$7,045,000 (Broad Arrow Auctions)
Image Credit: Broad Arrow Auctions At this year’s edition of Motorlux, Hagerty’s exhibition at the Monterey Jet Center and the kickoff to Monterey Car Week, one of the standout dream machines showcased was this 1997 Porsche 911 GT1 Rennversion Coupe. It was also the headliner for the associated two-day Broad Arrow auction. The 911 GT1 Rennversion was developed to compete in the Le Mans GT1 class, and chassis No. 993-GT1-108 was one of nine examples made available to the public.
Originally campaigned in the 1997 FIA GT Championship by the Rook Racing Team, the car qualified for Le Mans but failed to finish. That same year, with Rohr Racing, it won four races, which helped the team secure the overall title for the 1997 IMSA GTS-1 class. Although valued between $8.5 million and $10 million going into the auction, it ended up garnering $1.455 million less than its low-end estimate.
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4: 1969 Ford GT40 Lightweight—$7,865,000 (Mecum)
Image Credit: Mecum Auctions The star of one of motorsport’s most epic tales, one celebrated cinematically in Hollywood’s Ford v Ferrari, the Ford GT40 dominated the 24 Hours of Le Mans from 1966 through 1969. A total of 10 examples of the GT40 Lightweight were made in 1968, each equipped with a 4.9-liter Gurney-Weslake V-8 engine making 440 hp. The J.W.A/Gulf team raced three of the cars at Le Mans, each in the now-iconic Gulf livery, and took consecutive wins the final two years of the GT40 sweep at Circuit de la Sarthe.
The GT40 Lightweight that sold through Mecum on August 17 was originally delivered to private racer A.F. Pieres in 1969, and was subsequently owned by Emilo Marta, who raced it extensively in Angola in the early 1970s. With its original engine, chassis, and bodywork, the restored car was displayed at last year’s Quail, a Motorsports Gathering. This time at Monterey Car Week, it brought in the fourth highest sales figure at auction, doing so with 1,524 miles on the odometer.
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3: 1955 Ferrari 410 Sport Spider—$12,985,000 (RM Sotheby’s)
Image Credit: Theodore W. Pieper, courtesy of RM Sotheby’s The Ferrari 410 Sport was born for motorsport, in particular the 1955 Carrera Panamericana, but that year’s horrific accident at Le Mans brought the demise of the endurance race in Mexico. According to RM Sotheby’s, of the four examples built, chassis No. 0592 CM was a prototype. Fit with a nearly 5.0-liter V-12 making 335 hp and allowing the Prancing Horse to run to about 174 mph, the car was sold to Tony Parravano, the owner of a private team competing on the Sports Car Club of America (SCCA) circuit.
After having custom bodywork commissioned with Carrozzeria Scaglietti, Parravano entered his car in the 1956 Palm Springs Road Races with a young Carroll Shelby piloting the vehicle to an eventual first-place finish. That impressive provenance, and the fact that the restored machine graced the show lawn of the 2017 Pebble Beach Concours d’Elegance, contributed to it selling for nearly $13 million through RM Sotheby’s. Interestingly, and indicative of the market this year, its sibling, chassis No. 0598 CM—also raced by Shelby—sold for more than $22 million in 2022.
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2: 1938 Alfa Romeo 8C 2900B Lungo Spider—$14,030,000 (Gooding & Company)
Image Credit: Brian Henniker, courtesy of Gooding & Company The Alfa Romeo 8C 2900 is regarded by many as the most stunning prewar automobile, but it also had the brawn to match its Carrozzeria Touring–created beauty, as demonstrated with period wins at some of the world’s most prestigious races. The model benefitted from the superleggera (“super light”) construction Touring was famed for, which translated to numerous steel tubes for the frame that were then dressed in alloy. The automotive muscle selected was a 2.9-liter straight-eight engine that could deliver up to 250 hp.
The example of the 8C 2900B Lungo Spider presented by Gooding & Company, chassis No. 412027, is one of just five extant, and the Best of Show winner at the 1996 Concorso d’Eleganza Villa d’Este. Although it was almost lost forever when stolen in 2022, it was recovered by the ATF and FBI 15 months later. After being treated by restorer Mike Regalia for the distress it had suffered, the Alfa was auctioned for the first time and fetched a price that may explain why some risked prison for it.
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1: 1960 Ferrari 250 GT SWB California Spider—$17,055,000 (RM Sotheby’s)
Image Credit: Remi Dargegen, courtesy of RM Sotheby’s Ferrari’s 250 GT short-wheelbase (SWB) California Spider was produced from 1960 through to the beginning of 1963. A total of 56 examples were built, each sporting a 3.0-liter V-12 engine that gave the model variant nearly 236 hp and a top speed of 156 mph. Bodied by Carrozzeria Scaglietti, the seductive two-seater won the hearts of the Golden State’s glitterati, and a number of celebrities were owners.
The example that crossed the block through RM Sotheby’s takes the top spot as the costliest car at the Monterey auctions this year, hammering for $17.055 million. That price is primarily for the following reasons: It was the initial Ferrari 250 GT SWB California Spider to leave the factory, it represented the model at the 1960 Geneva Motor Show, and this auction was the first time it had been made available to the public.
Authors
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Viju Mathew
