Gooding’s first day at Pebble Beach 2024

Starting an hour earlier this year, the Californians offered 85 cars in their familiar white tent at the Pebble Beach Parc du Concours. Much anticipation surrounded the fate of Lot 29, the 1938 Alfa Romeo 8C 2900B Lungo Spider that carried a pre-sale estimate of $16m to $20m. Thirty lots later, the $15m to $17m 1961 Ferrari 250 GT SWB California Spider crossed the block.

The latter stalled in the $13 millions but the former was pragmatically cut loose well below low estimate to sell for $14,030,000 all-in. It was one of many cars sold under guide prices set before recent stock market turbulence and a marked acceleration away from less fashionable sectors, principally pre-War, some older sports-racers and early ’50s to early ’60s solid-looking Ferrari road cars, however rare.

The same effect was being felt over at the Portola, where RM offered a similar number of cars but came out of it slightly less successfully.

Once again, artful English auctioneer Charlie Ross handled proceedings at the rostrum. There was a lot of ground to cover (85 cars), but Ross and (usually) David Gooding maintained a brisk pace. Where it was obvious a car was not going to sell, they did not labour it.

There’s no doubt sales were soft today across the board, but the Californians probably made the best of it.

At a glance (provisional):

* Gross, motor cars: $61,162,501
* Percentage sold by number: 80%
* Top-selling car: 1938 Alfa Romeo 8C 2900B Lungo Spider, $14,030,000 gross, $12,750,000 net (est. $16m to $20m)        
* Well sold? You choose between the 2024 Nissan GT-R Nismo bought for $346,000 (est. $225k to $275k) and the $533,000 1972 Ferrari Dino 246 GT (est. $375k to $475k) – both models of the moment
* Well bought? The black metallic 1998 Porsche 993 Turbo XLC looked sensational and was snapped up for $434,000. Est. $600k to $800k

Bidding on the seductive Alfa Romeo 8C 2900B started at $10m and was soon up to $11.5m before Ross dropped the hammer with a flourish at $12.75m. Good value, but an older restoration with non-matching engine.

Non-sellers on the day included the 1961 Chaparral Mk 1 (tricky racing market better served by a specialist dealer), 1956 Ferrari 500 TR (ditto), 1959 Maserati Tipo 61 ‘Birdcage’ (ditto), 1953 Ferrari 375 America Coupé (in a world of Singer Porsches and JDM limited-editions, this looked very old-fashioned) and the 1967 Ferrari 275 GTB/4; unremarkable and a bit too bright red and shiny for $3m to $3.4m.

Other results of note:

* 1991 Porsche 911 Reimagined by Singer 'Dynamics and Lightweight Study', $3,085,000. The atmosphere was electric when this, the first DLS to be offered at auction, crossed the block. Something of a game-changer, and in marked contrast to the reaction to the older Ferraris.
* 1961 Ferrari 400 Superamerica Series I Coupé Aerodinamico, Not Sold. See above.
* 1964 Aston Martin DB5 Convertible, Not Sold. Rare, but poor refresh and, like so many DB Astons, non-matching engine.
* 1938 Delahaye 135M Torpédo Roadster, $2,095,000. Sold just under low estimate but proof that there's still some life left in the genre for the truly iconic cars. Not a ‘virgin’ survivor.
* 1995 Ferrari 333 SP Evoluzione, $5,120,000. Fabulous car in a highly specialised market that nonetheless sold, albeit way off estimate.

All prices include buyer’s premium.

Gooding will hold the second part of its two-day event at 11am tomorrow morning.

Gooding at the Pebble Beach Parc du Concours, 16 August 2024 – on-the-day results

Gross: $61,162,501
Number of cars not sold: 17
Number of cars withdrawn: 1
Total number of cars: 85
Number sold: 68
Percentage cars sold by number: 80%
Number of cars met or sold below low estimate: 46
Percentage of cars met or sold below low estimate: 68%
Percentage of cars sold below avge of estimates: 81%
Percentage of cars sold met/exceeded top estimate: 10%
Average price of cars sold: $899,449
Average year of cars offered: 1973
Percentage of cars offered at No Reserve: 53%

You can download a complete lotlist of all cars offered by Bonhams, Broad Arrow, Gooding & Co and RM Sotheby’s sorted by make and model HERE.

Monterey Week 2024 auction schedule:

Mecum – sales Thursday 15 August to Saturday 17 August. Hyatt Regency Monterey Hotel and Spa, 1 Old Golf Course Road, Monterey, CA 93940. Gates open at 08:00. See mecum.com

Broad Arrow – sales Wednesday 14 August, Thursday 15 August. Monterey Jet Center, 300 Sky Park Dr, Monterey, CA 93940. Auctions at 17:30 Wednesday, 15:00 Thursday. Preview Wednesday, Thursday, Friday. See broadarrowauctions.com

Bonhams – sale Friday 16 August. Quail Lodge & Golf Club's West Field, 27050 Rancho San Carlos Road, Carmel, CA 93923. Auction at 11:00. Preview Wednesday, Thursday, Friday. See bonhams.com

Gooding & Co – sales Friday 16 August, Saturday 17 August. Pebble Beach Parc du Concours, Corner of Stevenson Drive and Portola Road, Pebble Beach CA 93953. Auctions at 16:00 Friday, 11:00 Saturday. Preview Wednesday, Thursday, Friday and Saturday. See goodingco.com

RM Sotheby’s – sales Thursday 15 August to Saturday 17 August. Portola Hotel & Spa and Monterey Conference Center, 2 Portola Plaza, Monterey, CA 93940. Auctions at 17:30 Thursday, Friday and Saturday. Preview Wednesday, Thursday, Friday and Saturday. See rmsothebys.com

Photos by K500