Preliminary results show that total sales at the big five Monterey Car Week Auctions — RM Sotheby’s, Gooding & Co., Russo and Steele, Bonhams and Mecum — are an estimated $345 million — well short of the $397 million total in 2015.
The highest sale totals during Monterey Car Week were in 2014, with $463,744,226 in total sales. In 2013 — just three years ago — total sales were $308 million.
At the same time, top-notch cars sold for serious money.
Despite the overall decline in total sales during the week, Gooding & Company reached their highest total sales mark during two days at Pebble Beach. Gooding recorded $129,800,000 in sales — a slight increase from the $128,098,000 in 2015. High-end cars drove this sale, as Gooding had four $10-million-plus sales and 26 cars sold above $1 million.
Gooding’s high sale was the 1959 Ferrari 250 GT LWB California Spyder for $18,150,000.
This year, RM Sotheby’s sales totaled $117,900,000, down from $167,334,500 in 2015. RM had a smaller auction this year — 100 cars instead of the usual 150 cars — as construction limited space at the Portola Hotel and Spa in downtown Monterey. Still, RM Sotheby’s sold 21 cars for more than $1 million. High sale was a 1955 Jaguar D-type Le Mans winner for $21,780,000.
Bonhams’ sale total was an estimated $34,500,000. High sale was a 1931 Bugatti Type 51 Grand Prix racer at $4m.
Russo and Steele’s preliminary sales total was $10,670,000.
Mecum has not yet released an official preliminary sales total.
Post-block deals are still happening on The Peninsula, and we’ll keep updating the numbers. Check out our complete Monterey Car Week report in the November 2016 issue of Sports Car Market.