Big Cars Lead the Way to a New Monterey Auction Record

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The final numbers aren’t yet in for the 2011 Monterey Car Week auctions, but we already know that the five auctions have already set a new total record of $190m — so far — which easily surpasses the old record of $177m in total sales from a year ago.

Gooding & Company and RM Auctions rode strong lineups of rare, important cars to record sales.

Gooding’s top sale — a 1957 Ferrari 250 Testa Rossa that brought a jaw-dropping $16.4 million, including buyer’s premium — led the way to an estimated $78m in sales over two nights.

RM’s group of four Mercedes-Benz 540Ks and one 500K led the way to a two-night total of almost $80m. The 1937 Mercedes-Benz 540K sold for $9.7m, including buyer’s premium, and was the top car of the auction.

Bonhams‘ top sale was a 1957 BMW 507, which brought $1.25m. Bonhams’ Quail Lodge sale totaled an estimated $9.5m.

A 1931 Miller Bowes Seal Fast Special, winner of the Indy 500 in 1931, led Mecum’s lineup when it crossed the block at $2.1m. All told, Mecum sold an estimated $21.9 million during three days of auctions.

Russo and Steele has not released any sales figures from their three nights of auctions in downtown Monterey.

So, even with preliminary numbers, the total for Monterey 2011 is an estimated $190m, and that doesn’t include Russo and Steele at all.

The world economy may be shaky, but the collector car market is on a solid roll.

Stay tuned, as SCM will report final numbers as they arrive.