The Market


RM closes out the 2022 Monterey sales with $110m third-day auction

RM closes out the 2022 Monterey sales with $110m third-day auction 21st August 2022

So that’s all done for another year. The Canadians wrapped up this year’s Monterey Week auctions with a $110m blockbuster topped by the 1955 Ferrari 410 Sport Spider that sold for $22m all-in.

The big red sports-racer was moved on at something of a discount over the telephone. The new owner obviously felt lucky – his bidder number was 8888.

It was a massive night in Monterey for RM that only the official results will do justice to. Modern Ferrari supercars rocketed away once more: the $780,500 F512M, the $4,405,000 288 GTO with ca. 15,004km (around 9,323 miles) on the odometer. The latter was from the Pinnacle Collection which got the market peak right in 2015.

At a glance from strictly on-the-night figures:
* Gross, motor cars: $110,187,900
* Percentage sold by number: 88%
* Top-selling car: 1955 Ferrari 410 Sport Spider $22,005,000 gross, $20,000,000 net (est. $25m to $30m)
* Well sold? Buoyed by the result at Gooding earlier today, RM’s 1995 Ferrari F512 M was won for $780,500 gross  (est. $475k to $550k)
* Well bought? The 1966 Ferrari 275 GTB/C went a bit below low estimate, reflecting this week’s lack of enthusiasm for competition cars. It sold for $7,595,000 gross (est. $7.5m to $9m)

Non-sellers on the day included the expensive Aston Martin DB5, the Lamborghini Countach 25th Anniversary and single-seater Ferrari 625 F1 car. The much-promoted ex-Schumacher 1998 F300 GP machine crossed the line at a lowish $6,220,000 all-in.  

Given rapidly changing tastes, the 1953 Fiat 8V Supersonic could have flopped. It did not, selling for a strong $2,040,000 gross.

A highlight of the evening was the charity sale of a special new Pixar Cars Porsche 911. Two great sports battled it out in the room, the winning bidder getting the one-off blue car for $3.6m. A nice touch on which to end this year’s Monterey Week sales.

Other results of note (all prices gross):

* 1955 Mercedes-Benz 300 SL Alloy Gullwing, $5,010,000. Not a record-breaking week for 300 SLs. This one was probably well-bought.
* 1965 Ferrari 275 GTS, $2,260,000. Second black 275 GTS sold today though this was delivered in Giallo Fly. Superb restoration helped its cause.
* 1958 Ferrari 250 GT LWB California Spider, $5,972,500. Sold at the right price considering its need of total restoration including reversal to open headlights. And it will still be red.
* 1964 Ferrari 250 GT/L Berlinetta Lusso, $2,205,000. Solid figure for average car born Rosso Duco.
* 1971 Mercedes-Benz 280 SE 3.5 Cabriolet, $676,000. Massive price for a former favourite at Monterey. A US-spec car with side repeaters and sealed-beam lights.

RM Sotheby’s at the Monterey Conference Center, 20 August 2022 – provisional results

Gross: $110,187,900
Number of cars not sold: 8
Number of cars withdrawn: 1
Total number of cars: 69
Number sold: 61
Percentage of cars sold by number: 88%
Percentage of cars met or sold below low estimate: 34%
Percentage of cars sold below avge of estimates: 44%
Percentage of cars sold met/exceeded top estimate: 38%
Average price of cars sold: $1,806,359
Average year of cars offered: 1967
Percentage of cars offered at No Reserve: 38%

RM Sotheby’s provisional combined 18-19-20 August figures (2021)

Gross: $221,021,040 ($148,407,802)
Percentage cars sold by number: 94% (90%)

Photos by K500