It happened in Monterey 2022: All the numbers

The forecasters got it right: 2022 has turned out to be a record year. We’ve crunched the figures to give you the inside line on what really went down over three days on the Peninsula.

Compared with robust figures in 2021, this year at Monterey, even with another 140 entries, the average value of car sold has jumped by another $54k to $814k. The swathe of pre-War entries at RM dropped the average year of car offered, bucking the real trend of younger buyers seeking more modern models.

The metrics of cars beating top estimate (and fewer missing lower) backs up the gut feeling that it’s been a good week. The slight drop in sell-through by number is a sign of a more focused market; it has to be good to sell. In 2014 it was 90%.

You can download a list of all cars sold by Bonhams, Broad Arrow, Gooding & Co and RM Sotheby's sorted by make and model HERE.

Monterey Week Sales 2022 – Bonhams, Broad Arrow*, RM Sotheby’s, Gooding combined (2021)

Gross: $419,192,848 ($291,150,333)
Number of cars not sold: 57 (47)
Number of cars withdrawn: 8 (1)
Total number of cars: 572 (430)
Number sold: 515 (383)
Percentage cars sold by number: 90% (89%)
Percentage by value average low/high estimate: 67% (69%)
Percentage of cars met or sold below low estimate: 50% (38%)
Percentage of cars sold below avge of estimates: 65% (59%)
Percentage of cars sold met/exceeded top estimate: 23% (27%)
Average value of cars sold: $813,967 ($760,184)
Average year of cars offered: 1964 (1967)
Percentage of cars offered at No Reserve: 42% (50%)

* Not present in 2021

Monterey Week Sales 2022, Top 10 Cars Sold by Value

1. RM 1955 Ferrari 410 Sport Spider $22,005,000
2. Gooding 1937 Bugatti Type 57SC Atalante $10,345,000
3. RM 1937 Mercedes-Benz 540 K Spezial Roadster $9,905,000
4. RM 1924 Hispano-Suiza H6C 'Tulipwood' Torpedo $9,245,000
5. RM 1957 Ferrari 500 TRC $7,815,000
6. RM 1954 Ferrari 375 America Vignale Cabriolet $7,595,000
7. RM 1966 Ferrari 275 GTB/C $7,595,000
8. RM 1953 Ferrari 375 MM Spider $7,485,000
9. RM 1938 Talbot-Lago T150-C SS Teardrop Coupé $7,265,000
10. RM 1958 Ferrari 250 GT Cabriolet Series I $6,825,000

Top 10 total: $96,080,000 (2021, $81,780,000)

Number of cars sold over $1m: 101 (2021, 72)

Broad Arrow Auctions at the Monterey Jet Center, 18 August 2022

Gross: $52,529,900
Number of cars not sold: 11
Number of cars withdrawn: 0
Total number of cars: 90
Number sold: 79
Percentage cars sold by number: 88%
Percentage by value average low/high estimate: 69%
Percentage of cars met or sold below low estimate: 41%
Percentage of cars sold below avge of estimates: 53%
Percentage of cars sold met/exceeded top estimate: 30%
Average price of cars sold: $664,935
Average year of cars offered: 1979
Percentage of cars offered at No Reserve: 38%

Bonhams at Quail Lodge, 19 August 2022 (2021)

Gross: $29,134,588 ($35,937,770)
Number of cars not sold: 13 (15)
Number of cars withdrawn: 1 (0)
Total number of cars: 139 (139)
Number sold: 126 (124)
Percentage cars sold by number: 91% (89%)
Percentage by value average low/high estimate: 53% (70%)
Percentage of cars met or sold below low estimate: 49% (38%)
Percentage of cars sold below avge of estimates: 67% (62%)
Percentage of cars sold met/exceeded top estimate: 17% (22%)
Average price of cars sold: $231,227 ($289,821)
Average year of cars offered: 1957 (1967)
Percentage of cars offered at No Reserve: 49% (56%)

Gooding at Pebble Beach, 19 – 20 August 2022 (2021)

Gross: $109,289,520 ($106,798,761)
Number of cars not sold: 23 (17)
Number of cars withdrawn: 2 (0)
Total number of cars: 157 (129)
Number sold: 134 (112)
Percentage cars sold by number: 85% (87%)
Percentage by value average low/high estimate: 61% (78%)
Percentage of cars met or sold below low estimate: 54% (41%)
Percentage of cars sold below avge of estimates: 70% (58%)
Percentage of cars sold met/exceeded top estimate: 20% (30%)
Average price of cars sold: $815,593 ($953,560)
Average year of cars offered: 1970 (1961)
Percentage of cars offered at No Reserve: 36% (45%)

RM Sotheby’s at the Monterey Conference Center, 18 - 20 August 2022 (2021)

Gross: $228,238,840 ($148,407,802)
Number of cars not sold: 8 (15)
Number of cars withdrawn: 4 (1)
Total number of cars: 188 (162)
Number sold: 180 (147)
Percentage of cars sold by number: 96% (91%)
Percentage by value average low/high estimate: 73% (63%)
Percentage of cars met or sold below low estimate: 49% (37%)
Percentage of cars sold below avge of estimates: 64% (58%)
Percentage of cars sold met/exceeded top estimate: 21% (28%)
Average price of cars sold: $1,267,994 ($1,009,577)
Average year of cars offered: 1958 (1970)
Percentage of cars offered at No Reserve: 45% (48%)

NOTE: Results exclude Automobilia but do include after-sale cars as of December 2022. Cars listed as ‘sold’ post-sale are included – their values are not.

With thanks to Hammer Price

Photos by K500