Monterey 2023: the hard numbers

With ink still drying on the sales contracts, we’ve crunched the figures to give you the inside line on what really went down over three days on the Peninsula. It felt a little ‘slow’ – and the figures prove it.

Last year was a blockbuster. To maintain that trend 12 months on, the four international auction houses would either have had to consign significantly more cars – they sure did that – or load the catalogues with $10m+ entries. The latter didn’t really happen, though the 250 LM ($19m average estimate), XKSS ($13m) and 412P (say $30m) provided some punch.

In 2023, every performance metric has slipped: sold by number, hammer vs. estimates, and average price of car sold. Of these, the sell-through is perhaps the most significant indicator: you don’t expect Gooding or RM to finish on Saturday with figures of 76% and 72% respectively.

The last time the market cooled in Monterey was pre-Covid in 2019. Then, the percentage of cars sold by number dipped to 75%, with 76% of entries sold below low estimate. Seven per cent beat upper. This year, the figures after final post-sales are 82%, 65% and 13% – measurably better.

As we commented in our preview, the average age of cars offered on the Peninsula during car week remains at 1964. A deeper dive into the figures would probably reveal that much-fought-over Brass Cars and second-division 1930s American Tourers continue to sell in numbers, obviously aided by No Reserve. Broad Arrow holed out its event on Friday afternoon with a matronly 1935 Mercedes-Benz 500K Cab A achieving $1.71m, not far off its estimate. Top-selling car at Gooding’s Saturday sale was a $4.1m 1912 Simplex.

The times might be changing elsewhere, but inside the tents on the Monterey Peninsula during car week the hands of the clock stay resolutely still.

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 2023 – Bonhams, Broad Arrow, RM Sotheby’s, Gooding combined at 25 August 2023 (2022)

Gross: $363,059,670 ($419,192,848)
Number of cars not sold: 115 (57)
Number of cars withdrawn: 5 (8)
Total number of cars: 648 (572)
Number sold: 533 (515)
Percentage of cars sold by number: 82% (90%)
Percentage by value average low/high estimate: 57% (67%)
Percentage of cars met or sold below low estimate: 65% (50%)
Percentage of cars sold below avge of estimates: 80% (65%)
Percentage of cars sold met/exceeded top estimate: 13% (23%)
Average value of cars sold: $681,163 ($813,967)
Average year of cars offered: 1964 (1964)
Percentage of cars offered at No Reserve: 52% (42%)

Monterey Week Sales 2023, Top 10 Cars Sold by Value

1. Bonhams 1967 Ferrari 412P ex-Maranello Concessionaires $30,255,000
2. RM 1957 Jaguar XKSS $13,205,000
3. Gooding 1962 Ferrari 250 GT SWB Berlinetta $9,465,000
4. RM 1959 Ferrari 410 Superamerica Coupe Series III $6,605,000
5. RM 1967 Ferrari 275 GTB/4 $5,395,000
6. RM 1937 Bugatti Type 57SC Tourer by Corsica $5,395,000
7. Gooding 1914 Mercer Type 35-J Raceabout $4,790,000
8. Gooding 1933 Alfa Romeo 8C 2300 Cabriolet $4,515,000
9. Broad Arrow 1995 Ferrari F50 $4,240,000
10. Gooding 1912 Simplex 50 HP Toy-Tonneau $4,075,000

Top 10 total: $87,940,000 (2022, $96,080,000)
Average year of top 10 cars sold: 1950 (2022, 1948)
Average year of all cars sold: 1965 (2022, 1965)
Number of cars sold over $1m: 91 (2022, 101)

Broad Arrow Auctions at the Monterey Jet Center, 17-18 August 2023

Gross: $55,927,440 ($52,529,900)
Number of cars not sold: 26 (11)
Number of cars withdrawn: 3 (0)
Total number of cars: 169 (90)
Number sold: 143 (79)
Percentage of cars sold by number: 85% (88%)
Percentage by value average low/high estimate: 50% (69%)
Percentage of cars met or sold below low estimate: 73% (41%)
Percentage of cars sold below avge of estimates: 86% (53%)
Percentage of cars sold met/exceeded top estimate: 8% (30%)
Average price of cars sold: $391,101 ($664,935)
Average year of cars offered: 1966 (1979)
Percentage of cars offered at No Reserve: 61% (38%)

Bonhams at Quail Lodge, 18 August 2023 (2022)

Gross: $55,490,440 ($29,134,588)
Number of cars not sold: 28 (13)
Number of cars withdrawn: 0 (1)
Total number of cars: 109 (139)
Number sold: 81 (126)
Percentage of cars sold by number: 74% (91%)
Percentage by value average low/high estimate: 62% (53%)
Percentage of cars met or sold below low estimate: 73% (49%)
Percentage of cars sold below avge of estimates: 86% (67%)
Percentage of cars sold met/exceeded top estimate: 6% (17%)
Average price of cars sold: $685,067 ($231,227)
Average year of cars offered: 1962 (1957)
Percentage of cars offered at No Reserve: 43% (49%)

RM Sotheby’s at the Monterey Conference Center, 17-19 August 2023 (2022)

Gross: $154,493,600 ($228,238,840)
Number of cars not sold: 29 (10)
Number of cars withdrawn: 0 (5)
Total number of cars: 202 (197)
Number sold: 173 (177)
Percentage of cars sold by number: 86% (95%)
Percentage by value average low/high estimate: 58% (73%)
Percentage of cars met or sold below low estimate: 49% (50%)
Percentage of cars sold below avge of estimates: 70% (66%)
Percentage of cars sold met/exceeded top estimate: 17% (21%)
Average price of cars sold: $893,027($1,289,485)
Average year of cars offered: 1968 (1958)
Percentage of cars offered at No Reserve: 51% (45%)

Gooding at Pebble Beach, 18-19 August 2023 (2022)

Gross: $96,692,645 ($109,289,520)
Number of cars not sold: 33 (23)
Number of cars withdrawn: 2 (2)
Total number of cars: 168 (157)
Number sold: 135 (134)
Percentage cars sold by number: 80% (85%)
Percentage by value average low/high estimate: 58% (61%)
Percentage of cars met or sold below low estimate: 72% (54%)
Percentage of cars sold below avge of estimates: 84% (70%)
Percentage of cars sold met/exceeded top estimate: 11% (20%)
Average price of cars sold: $716,242 ($815,593)
Average year of cars offered: 1959 (1970)
Percentage of cars offered at No Reserve: 46% (36%)

NOTE: Results exclude Automobilia but do include after-sale cars – where known – updated 23 August 2023. Cars listed as ‘sold’ post-sale are included – their values are not.

Photos by K500