In the September issue of SCM, I predicted that sales in Monterey would total $331 million. As the dust continues to settle, it appears I was within a few million dollars — close enough. The current sales total, roughly $330 million, represents a slight decline from the $343m sold in 2016. However, with the addition of a few post-block sales, 2017 will be essentially on par with 2016. Exceptional cars rule The mood at all of the auctions was thoughtful. Noticeably absent were the large body of dealers whose purchases make up the bedrock of an exotic auction. They are generally […]
In the September issue of SCM, I predicted that sales in Monterey would total $331 million. As the dust continues to settle, it appears I was within a few million dollars — close enough.
The current sales total, roughly $330 million, represents a slight decline from the $343m sold in 2016. However, with the addition of a few post-block sales, 2017 will be essentially on par with 2016.
Exceptional cars rule
The mood at all of the auctions was thoughtful. Noticeably absent were the large body of dealers whose purchases make up the bedrock of an exotic auction. They are generally looking for cars they can buy at a wholesale price for resale. Nearly every dealer I spoke with commented that he had too much inventory on hand — and wasn’t buying in Monterey unless it was a great deal.
One dealer told me that he has no trouble selling cars that are truly exceptional — and that rarely come to market. If you are selling a common car, such as a Daytona, Carrera RS or an E-type, be prepared for buyers to nitpick the car and use every flaw as a reason to reduce their offer by another $10,000. There’s simply no imperative to buy an ordinary car at a top price.
The market continues to adjust for the exuberance of 2014. There have been no dramatic price collapses. There has been a change in values as excess inventory gets absorbed into the market.
A royal weekend
Two weeks after Monterey Car Week, I was in England at the Concours of Elegance at Hampton Court Palace near London.
Over the past few years, two new European events — the Concours of Elegance at Hampton Court Palace and the Chantilly Arts and Elegance Richard Mille (at Chantilly Château near Paris) — have emerged and claimed a spot in the top tier of car shows.
Both have relatively small, highly curated fields showcasing important and beautifully presented cars. The Hampton Court event has exclusive access for owners on one day and accessibility to the public on others. This format originated in 1929 with the Concorso d’Eleganza Villa d’Este at Lake Como in Italy.
If Cars & Coffee events represent America’s love affair with cars at the grassroots level, these exclusive European events represent top-flight experiences in extraordinary settings.
I’d just come from the Pebble Beach Concours d’Elegance, which had a typically magnificent display of cars. Pebble is the most prestigious concours in the world, renowned for the breadth and depth of its offerings.
This year, the three cars that vied for Best of Show were especially impressive: the 1957 Ferrari 315 S Scaglietti Spyder of John McCaw, the 1932 Packard 906 Twin Six Dietrich Convertible Victoria owned by Chip Connor, and the winning 1929 Mercedes-Benz S Barker Tourer of Bruce McCaw.
Some of the elements that set Pebble Beach apart are the spectacle of 204 significant automobiles restored to absolute top condition, the setting on the 18th Fairway and the admiration of 10,000 spectators. On the East Coast, the top-tier Amelia Island Concours d’Elegance has even more cars on display. Both events exemplify an American approach to concours, with an extensive field of entries and large crowds for just one day.
These European events are different. The Concours of Elegance at Hampton Court Palace has just 60 cars in the Main Concours. While there are hundreds of cars in the club displays, attention is focused on the cars in front of the Palace.
This being England, home of Jaguar, the five Jaguar D-types that finished 1-2-3-4-6 at the 1957 Le Mans 24 Hours race drove in together and were on display. They were celebrating the 60th anniversary of that victory. This was an extraordinary opportunity to see all five machines together for the first time.
I was at this event as the guest of SCMer Bruce McCaw, who was still basking in the glow of winning Best of Show at Pebble Beach. His entry at Hampton Court was a 1904 Mercedes-Simplex 28/32HP rear-entrance tonneau. It was a remarkably advanced and powerful car for its era, and Bruce mentioned that it could achieve 60 mph — if someone very capable and brave was behind the wheel. It could possibly be the fastest entry in the London to Brighton Veteran Car Run, which accepts cars built before 1905.
I had a chance to ride onto the field with him, and I watched as he snicked the non-synchro gearbox into second, applied just a touch of throttle and we motored forward.
This was not your typical group of car owners. As one strolled by Bruce’s car, he mentioned that the front axle was of the style most often fitted to the 60-hp Simplex rather than the 32-hp model. That didn’t make it incorrect — different engines were often installed in different chassis when these cars were built. I must say I hadn’t noted this.
Another owner was looking at the unrestored Land Rovers on display from the Land Rover Classic restoration facility. He commented that he keeps a fleet of 24 Defender 90s to use on his estate in Scotland. This was in addition to his collection of classics and supercars. I didn’t ask how large his estate was.
There were a host of familiar cars and SCMers at Hampton Court, including David MacNeil in his striking 1962 Aston Martin DB4GT Zagato, Jonathan and Wendy Segal’s “barn-find” 1956 Maserati A6G 2000 Gran Sport berlinetta by Frua, and David Word’s understated-but-spectacular 1946 Fiat 1100 Spider, the first car to be bodied by Carrozzeria Frua.
A grand reunion
In some ways, Hampton Court reminded me of a combination of a high-school reunion and a weekend in Disneyland. Most of the owners knew each other — they all travel in similar circles.
There is no formal judging at Hampton Court. Instead, as at The Quail, a Motorsports Gathering, the entrants vote for the Best of Show. Winner at Hampton Palace was a spectacular 1933/35 Lancia Astura Aerodinamica Castagna coupe owned by Ton and Maya Meijer.
While strolling about the concours, you can savor the very best that designers and engineers had to offer throughout the entire spectrum of automotive history. It’s an extraordinary journey. Shall we call it “Champagne and Caviar”? ♦