Keith’s Blog: Monterey – Where Million-Dollar Cars Are Falling Like Leaves from a Tree

It’s Sunday night at 7pm, and I’m sitting in the Gooding tent watching a 1932 Alfa Romeo 1750 Series V  Zagato-bodied Grand Sport hammer sold at $1.4m. Now, in most situations, that would seem like a lot of money. But this weekend, it’s just another million-dollar car. It takes something like a Mercedes 540K at $9m or a Ferrari 250 TR at $16m to get anyone excited.

I don’t have any overall totals, but I can say that the uncertainties of the stock market don’t seem to have reached the Monterey Peninsula. In our seminar on Saturday, several of our experts noted that gyrating stock prices, miniscule interest rates, and a depressed real estate market are all leading to more interest in, and escalating prices for, blue-chip collector cars.

Why are the most expensive cars getting even more expensive? Because those that can afford a $500k, or $1m or $10m car already have money. They’re not worried about losing their jobs or their homes, they’re just trying to get a better return on their funds. And compared to a lot of financial instruments, collector cars look pretty good right now.

For me personally, the highlight of the entire weekend was all the SCMers I met, and the enthusiasm you expressed for the work done by the SCM team. We appreciate your continued support, and we won’t let you down – SCM will continue to bring you the best information, by the best analysts, in the world.