Monterey auctions set sales records

Monterey 2012 entered the record books not only besting all previous sales totals, but also producing some astonishing individual sales results.

Although final numbers are not in, the folks at Hagerty Insurance had observers at each auction who kept a running total while every car crossed the block. Expect the total numbers to go up as postblock deals were being put together by each auction house.

The Hagerty valuation team total on early Monday morning was an almost mind-numbing $230 million, in what can be best described as a challenging economy. This beat 2011's $197 million, which also was a record amount.

Top honors go to Gooding & Company. The total for its two-day sale is an observed $133 million, announced on the block as the largest two-day total of any collector-car auction house.

The top seller was a Mercedes 540K Special Roadster, which brought $11.1 million including fees. Perhaps the most eye-opening sale for Gooding was a single-bid purchase of a Ferrari California Spyder. It opened at $6 million, was announced as having made reserve and was hammered sold at the same amount. It was perhaps one of the easiest sales of the evening and, when fees are added, was a rapid way for Gooding to post an additional $6.6 million.

Rival auction house RM finished the weekend with an observed $94.5 million. It also showed significant growth from all previous years. RM's top seller was a Ford GT40 in Gulf Oil livery; it was once used as a camera car for the movie Le Mans. At $11 million, it also set a record for top sale of a GT40.

Mecum finished with an observed $30.7 million against last year's $22.5 million. At $5.83 million, a Porsche 917 in L&M livery set a record and became its top seller.

Both Bonhams and Russo and Steele moved from previous locations to larger venues just a few hundred yards away. It shouldn't come as a surprise that both will turn in larger numbers than last year as well.

The mood at auctions continues to be optimistic, and it seems that buyers would rather park their money in cars than in more traditional investments. “These aren't brokers hoping to find new homes and greater fools to buy their wares,” said Hagerty's Rob Sass. “This is a market of people who have done their homework and know what they want.”

Overall Totals From All Auction Companies as gathered by Hagerty Insurance

2012 Cumulative Total: $260.3 million

754/1,217 lots sold: 62 percent sell-through rate

Average Sale Price: $345,272

2011 Cumulative Results

Cumulative Total: $197.5 million

882/1,373 lots sold: 64 percent sell-through rate

Average Sale Price: $223,950

Overall top 10 sales from all auctions:

1. 1936 Mercedes-Benz 540K Special Roadster sold for $11,770,000 (Gooding)

2. 1960 Ferrari 250 GT California LWB Competizione Spyder sold for $11,275,000 (Gooding)

3. 1968 Ford GT40 Gulf/Mirage Coupe sold for $11,000,000 (RM)

4. 1962 Ferrari 250 California GT SWB Spyder sold for $8,580,000 (RM)

5. 1955 Ferrari 410 S Berlinetta sold for $8,250,000 (RM)

6. 1956 Ferrari 250 GT TdF Coupe sold for $6,710,000 (RM)

7. 1957 Ferrari 250 GT California LWB Prototype Spyder sold for $6,600,000 (Gooding)

8. 1955 Ferrari 857 Sport sold for $6,270,000 (Gooding)

9. 1928 Bentley Le Mans 4 1/2 Liter sold for $6,050,000 (Gooding)

10. 1972 Porsche 917/10 Spyder sold for $5,830,000 (Mecum)

Gooding & Co.

Sunday total: $53.3 million

47/54 lots sold: 87 percent

Average Sale Price: $1,135,095

Top 10 Sunday Sales:

1. 1936 Mercedes-Benz 540K Special Roadster sold for $11,770,000

2. 1957 Ferrari 250 GT California LWB Prototype Spyder sold for $6,600,000

3. 1955 Ferrari 857 Sport sold for $6,270,000

4. 1965 Ford GT40 Prototype sold for $4,950,000

5. 1959 Maserati Tipo 61 Birdcage sold for $3,520,000

6. 1932 Daimler 40/50 Double Six Sport Saloon sold for $2,970,000

7. 1936 Bugatti Type 57 Atlante Coupe sold for $1,485,000

8. 1972 Lamborghini Miura P400 SV Coupe sold for $1,375,000

9. 1938 Bugatti Type 57C Stelvio Cabriolet sold for $1,292,500

10. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,127,500

Cumulative Total: $113.6 million

108/122 lots sold: 89 percent sell-through rate

Average Sale Price: $1,052,005

Overall Top 10 Sales:

1. 1936 Mercedes-Benz 540K Special Roadster sold for $11,770,000

2. 1960 Ferrari 250 GT California LWB Competizione Spyder sold for $11,275,000

3. 1957 Ferrari 250 GT California LWB Prototype Spyder sold for $6,600,000

4. 1955 Ferrari 857 Sport sold for $6,270,000

5. 1928 Bentley Le Mans 4 1/2 Liter sold for $6,050,000

6. 1965 Ford GT40 Prototype sold for $4,950,000

7. 1953 Ferrari 340 MM Spyder sold for $4,730,000

8. 1957 Ferrari 500 TRC sold for $4,510,000

9. 1953 Jaguar C-Type Roadster sold for $3,725,000

10. 1959 Maserati Tipo 61 Birdcage sold for $3,520,000

2011 Cumulative Results

Total: $78.2 million

107/127 lots sold: 84 percent sell-through rate

Average Sale Price: $730,671

RM

Cumulative Total: $94.6 million

107/122 lots sold: 88 percent sell-through rate

Average Sale Price: $883,819

Overall Top 10 Sales:

1. 1968 Ford GT40 Gulf/Mirage Coupe sold for $11,000,000

2. 1957 Ferrari 250 GT California SWB Spyder sold for $8,580,000

3. 1955 Ferrari 410 S Berlinetta sold for $8,250,000

4. 1956 Ferrari 250 GT TdF Coupe sold for $6,710,000

5. 1938 Horch 853A Roadster sold for $5,170,000

6. 1955 Aston Martin DB3S sold for $3,685,000

7. 1967 Ford GT40 Mk I Coupe sold for $2,860,000

8. 1938 Talbot-Lago T23 Teardrop Coupe sold for $2,640,000

9. 2001 Bentley Speed 8 Le Mans sold for $2,530,000

10. 1960 Aston Martin DB4 GT Coupe sold for $2,035,000

2011 Cumulative Results

Total: $79.2 million

123/145 lots sold: 85 percent sell-through rate

Average Sale Price: $643,902

Mecum

Cumulative Total: $30.7 million

318/554 lots sold: 57 percent sell-through rate

Average Sale Price: $96,584

Overall Top 10 Sales:

1. 1972 Porsche 917/10 Spyder sold for $5,830,000

2. 1908 Simplex 50 Speedcar Roadster sold for $2,014,000

3. 1972 Ferrari 365 GTB/4 Daytona Spyder sold for $1,113,000

4. 1974 Porsche 911 RSR IROC sold for $927,500

5. 1987 Porsche 962 sold for $874,500

6. 1965 Shelby Cobra 289 Roadster sold for $636,000

7. 1968 Chevrolet Corvette L88 Convertible sold for $609,500

8. 1977 Porsche 935 Desperado Racecar sold for $577,700

9. 1967 Chevrolet Corvette COPO Convertible sold for $556,500

10. 1973 Porsche 911 Carrera RS Lightweight Coupe sold for $498,200

2011 Cumulative Results

Total: $22.6 million

444/740 lots sold: 60 percent sell-through rate

Average Sale Price: $50,833

Bonhams

Overall Total: $12.8 million

78/153 lots sold: 51 percent sell-through rate

Average Sale Price: $164,553

Overall Top 10 Sales:

1. 1997 McLaren F1 GTR Longtail FIA GT Endurance Racing Coupe sold for $3,850,000*

2. 1966 Ford GT40 Coupe sold for $2,205,000

3. 1966 Lola T70 Mk II GT Coupe sold for $324,000

4. 1937 Crocker V-Twin Motorcycle sold for $302,000

4. 1940 Crocker Big Tank V-Twin Motorcycle sold for $302,000

6. 1967 Ferrari 330 GTC Berlinetta sold for $299,800

7. 1937 Crocker V-Twin Motorcycle sold for $291,000

8. 1941 Tatra T87 Aerodynamic Saloon sold for $280,000

9. 1938 Aston Martin 15/98 Sports Tourer sold for $214,000

10. 1970 BMW 3.0 CSL Group 2 Coupe sold for $214,000

* Postblock sale. Final price is estimated.

Overall 2011 Results

Total: $10.3 million

63/129 lots sold: 49 percent sell-through rate

Average Sale Price: $163,121

Russo and Steele

Cumulative Total: $8.6 million

143/266 lots sold: 54 percent sell-through rate

Average Sale Price: $60,148

Overall Top 10 Sales:

1. 1965 Shelby Cobra 289 Roadster sold for $781,000

2. 1972 Ferrari 365 GTB/4 Daytona Coupe sold for $379,500

3. 1972 Ferrari Dino 246 GTS Targa sold for $363,000

4. 1956 Alfa Romeo Sprint Veloce Ultra Light Coupe sold for $302,500

5. 1974 Ferrari Dino 246 GTS Targa sold for $247,500

6. 2006 Mercedes-Benz SLR McLaren Roadster sold for $237,600

7. 1966 Shelby GT350 Fastback sold for $236,500

8. 1953 Chevrolet Corvette Roadster sold for $170,500

9. 1959 Devin SS Roadster sold for $165,000

10. 2009 Bentley Arnage T Sedan sold for $145,200

2011 Cumulative Results

Cumulative Total: $8.3 million

146/228 sold: 63 percent

Average Sale Price: $56,911

Monterey car week is packed with car shows, vintage racing and auctions. Autoweek will be there providing streaming photo galleries and live coverage of the Pebble Beach Concours d'Elegance, historic racing at Laguna Seca, the Monterey car auctions and plenty more. Go to Autoweek's Pebble Beach home page for complete coverage and live updates.

By Dave Kinney