Cars from 1980s-2010s Speed to Success in Monterey

RM Sotheby’s, a leader in the collector car auction industry, concluded its 26th annual Monterey auctions with a resounding achievement, totaling an impressive $164 million in sales. With an exceptional 86 percent sell-through rate, this three-day event marked the third-most successful Monterey auction in the company’s history.

At $13.2 million, a 1957 Jaguar XKSS took the auction’s top spot, followed by a stunning parade of Ferraris and Bugattis, including multiple 275s selling about $3 million. A Packard Victoria and Duesenberg Model SJ from the 1930s rounded out the week’s top ten.

The auction demonstrated a heightened interest in cars from the late eighties, nineties and beyond. Porsche, saw fervent demand, especially for a 1997 911 remastered by Gunther Werks commanding an impressive $1.5 million and a 1991 911 reimagined by Singer – Classic Study fetching $1.4 millions. Notably, the 1988 Porsche 959 Komfort achieved an astonishing $1.7 million, exceeding its high estimate by more than half a million dollars. A striking white 2012 Lexus LFA shattered records when it sold for $1.1 million, while a 2011 Ferrari 599 GTO fetched $1 million and a 2005 Ferrari Superamerica was acquired for $978,000, both exceeding their high estimates.

Undoubtedly, one of the weekend’s highlights was the unveiling of the Lost & Found Collection, a collection of three mid-century Ferraris that collectively achieved $7.99 million. A battle-scarred 1954 Ferrari 500 Mondial Spider Series I by Pinin Farina achieved an astonishing $1.9 million – despite the fact that the storied race car lives on today as a burnt-out body. Some experts speculate it could take another $2 million for its new owner to restore it to its racing glory.

Speaking of restorations, RM Auto Restoration, a division of RM Sotheby’s, secured its second consecutive Best of Show win at the prestigious Pebble Beach Concours d’Elegance. The awe-inspiring 1937 Mercedes-Benz 540 K Special Roadster, meticulously restored by RM Auto Restoration, caught the attention of enthusiasts and judges alike, underscoring the exceptional craftsmanship and attention to detail the company is known for.

RM Sotheby’s Monterey auctions drew bidders from over 40 countries, including a notable 20 percent of first-time registrants. This is a strong indicator of the growing interest and continued expansion of the collector car marketplace. The significant sales result solidifies RM Sotheby’s position as a force to be reckoned with in the collector car auction arena.

Gord Duff, Global Head of Auctions, expressed satisfaction with the weekend’s outcome, emphasizing the team’s prowess in curating a diverse range of cars that appealed to enthusiasts across eras. “Following last year’s incredible success in Monterey, we are quite pleased with our team’s ability to source an incredible group of cars, ranging from pre-war classics through to modern day hypercars,” he said in a statement. “The results speak for themselves, with final sales totals ranking this year’s auction as the third most successful in our company’s history.”

With Duff’s optimism for the future of car collecting, it’s clear that RM Sotheby’s is not just shaping the future of the industry, but also reveling in the joy of doing so.

AUCTION

Monterey Car Week

17 August 2023 | 19 August 2023 | Monterey, California