It happened in Monterey 2017: The final reckoning

That’s it for another year. The auction houses have released their results for the Monterey Week sales and – in total, with significant post-sale deals – the Big Three grossed $279.6m, almost matching last year’s $282.4m.

Sell-through was an almost-identical 83%. Significantly, the percentage of cars sold below low estimate has fallen (60% vs 69%), while the proportion of cars selling above upper estimate has risen from 9% to 14%. Which is all good for the market: either estimates are getting more realistic or prices are genuinely firming up. We believe it’s a combination of the two.

You can download an updated (includes post-sales) list of all cars sold by Bonhams, Gooding & Co and RM Sotheby's sorted by make and model HERE.

Monterey Week Sales 2017 – Bonhams, RM Sotheby’s, Gooding combined (2016)

Gross: $279,569,650 ($282,357,750)
Number of cars not sold: 61 (58)
Number of cars withdrawn: 5 (2)
Total number of cars: 359 (358)
Percentage cars sold by number: 83% (84%)
Percentage of cars met or sold below low estimate: 60% (69%)
Percentage of cars sold below avge of estimates: 79% (82%)
Percentage of cars sold met/exceeded top estimate: 14% (9%)
Average price of cars sold: $938,153 ($941,193)
Average year of cars offered: 1964 (1963)
Percentage of cars offered at No Reserve: 41% (39%)

Monterey Week Sales 2017, Top 10 cars sold by value

1. RM 1956 Aston Martin DBR1 $22,550,000
2 .Bonhams 1995 McLaren F1 $15,620,000
3. Gooding 1966 Ferrari 275 GTB/C $14,520,000
4. Gooding 1970 Porsche 917K $14,080,000
5. RM 1961 Ferrari 250 GT SWB Berlinetta Lusso $8,305,000
6. Bonhams 1963 Jaguar E-type Lightweight $8,000,000
7. RM 1959 Aston Martin DB4 GT Prototype $6,765,000
8. RM 1955 Ferrari 121 LM $5,720,000
9. RM 1959 Ferrari 410 Superamerica Series III Coupé by Pinin Farina $5,335,000
10. Gooding 1959 Ferrari 250 GT Series I Cabriolet $4,840,000

Bonhams at Quail Lodge, 18 August 2017 – Results (2016)

Gross: $55,185,000 ($34,652,300)
Number of cars not sold: 23 (14)
Number of cars withdrawn: 2 (0)
Total number of cars: 109 (115)
Number sold: 86 (101)
Percentage cars sold by number: 79% (88%)
Percentage of cars met or sold below low estimate: 69% (63%)
Percentage of cars sold below avge of estimates: 81% (80%)
Percentage of cars sold met/exceeded top estimate: 10% (7%)
Average price of cars sold: $506,284 ($343,092)
Average year of cars offered: 1962 (1962)
Percentage of cars offered at No Reserve:  46% (56%)

Gooding & Co at Pebble Beach, 18-19 August 2017 – Results (2016)

Gross: $91,593,700 ($129,780,450)
Number of cars not sold: 25 (26)
Number of cars withdrawn: 1 (0)
Total number of cars: 135 (140)
Number sold: 110 (114)
Percentage cars sold by number: 81% (81%)
Percentage of cars met or sold below low estimate: 60% (73%)
Percentage of cars sold below avge of estimates: 79% (84%)
Percentage of cars sold met/exceeded top estimate: 15% (9%)
Average price of cars sold: $832,670 ($1,138,425)
Average year of cars offered: 1965 (1964)
Number of cars offered at No Reserve: 48 (44)
Percentage of cars offered at No Reserve: 36% (31%)

RM Sotheby’s at the Portola Plaza Hotel & Spa, 18-19 August 2017 – Results (2016)

Gross: $132,790,950 ($117,925,000)
Number of cars not sold: 13 (18)
Number of cars withdrawn: 2 (2)
Total number of cars: 115 (102)
Number sold: 102 (84)
Percentage cars sold by number: 89% (82%)
Percentage of cars met or sold below low estimate: 53% (70%)
Percentage of cars sold below avge of estimates: 76% (82%)
Percentage of cars sold met/exceeded top estimate: 17% (12%)
Average price of cars sold: $1,301,872 ($1,403,869)
Average year of cars offered: 1966 (1962)
Number of cars offered at No Reserve: 48 (33)
Percentage of cars offered at No Reserve: 42% (32%)

Photo by K500