Rare, Mint Condition, Classic Cars Sold at Monterey Car Week
Serena Aburahma
· 3 min read
After a year of online-only luxury car auctions, the Monterey Car Week is back like never before.
The event at Pebble Beach featured some of the rarest
classic cars
that saw bids as high as seven figures despite the pandemic. A total of five auction houses participated in the event and made sales totaling $343 million.The 11-day event saw an increase of sales volumes by 37% compared to the same event in 2019. According to
Bloomberg
, experienced ultra-high-end car broker Peter Brotman said this year's event was bombastic and spastic. He sold four exotic cars at the event for his clients.
The sales numbers for the Monterey Car Week
The event's sales figures were more impressive, despite 25% fewer cars being offered, compared to the 2019 event. The sell-through rate was 80%, an increase of 21% over 2019. These results can also be attributed to the high-quality cars offered for auction.
The cars sold at an average price of $428,004, compared to the previous event. In the 2019 event, the average price was $334,114. So, what are some cars that feature at the event?
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What were the highest-selling classic cars at Monterey Car Week?
MORE: These Classic Cars Might See a Jump in Value
With a price tag of $20,465,000, a 1995 McLaren F1 Coupe was the highest-selling supercar at the Gooding & Co. auction.
The ‘90s legend has seen an upward trajectory for a few years now, but this year's offer was the highest even among other valuable F1 models. Still, this price beats the 2019 highest mark of $19.8 million for the McLaren F1.
Another classic car featured at the event was the 1959 Ferrari 250 California LWB Competizione Spider, coming in second at a price of $10.8 million. The 1962 Aston Martin DB4 GT Zagato closed the top three highest sellers at $9.5 million.
Classic and rare cars dominate auctions
MORE: How to Buy Your First Collector Car
The
classic car market is changing
, and more rare and classic cars are the high ticket items at auctions. "There has been great diversification in the market," said Steve Serio, the founder of Bond Group, quoted by Bloomberg. The million-dollar auction included some obscure European marques like Bizzarrini and Iso Grifo and others such as Porsches and Aston Martins. "Everyone is eager to pay cash for what they want. No one is borrowing money to spend money," said Serio.
There was a surprise in this year's event with some big cars not moving at all. For example, the 1970 Porsche 917K, valued at $15 million, did not make its reserve price.
Bloomberg thinks buyers might have preferred other options that offered strong provenance. Despite being an iconic race car, the Porsche 917K had crashed and was rebuilt.
Another iconic car that didn’t sell was the 1966 Ford GT40 Alan Mann Lightweight. It had a pre-auction estimated price of $5.1 million. Like the 917K, this too had crashed and been re-bodied.
The classic cars sold at Monterey Car Week were a huge success, with a lot of the cars sold being extraordinary and rare. The event is a showcase of investment-grade, perfect-condition classic cars.
The event confirms that collectible cars are always a good investment for those who have money to spare, and you could get a little extra money by checking out Jerry.
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