The Market

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The 10-point 2018 Monterey snapshot

The 10-point 2018 Monterey snapshot 26th August 2018

Congratulations to Beverly Hills collector David Sydorick for scooping Best of Show at Pebble Beach with his freshly restored 1938 Alfa Romeo 8C 2.9 berlinetta, the ultimate pre-War supercar that wowed us with unique detailing and its streamlined, purposeful presence. With ‘car week’ now officially over, let’s draw some conclusions on what it means for the market.
 
1. As the overall figures show, despite the headlines about the top results, the average price per car has fallen from $938k to $874k. Our opinion? 432 entries in 2018 vs. 359 in 2017: probably too many cars.
 
2. The Clash of the Titans II. RM and Gooding going head-to-head on Friday night again did neither any favours. Left to operate on their own on Saturday, the sell-throughs for both picked up by six or seven per cent.
 
3. Doing Well: 300 SL Roadsters and ‘Gullwings’ if totally original and with unique or desirable features. E-types. Helped by every one offered at No Reserve, all went well and $720k for RM’s early FHC is jaw-dropping.
 
4. Comfortable: Porsche 356 Speedsters, the quintessential Californian cars in their natural habitat. Also more recent Porsches, the limited-edition Turbo Ss and Rufs.
 
5. Under Doctor’s Orders: ‘DB’ Aston Martins, 60s and 70s V12 Ferraris, modern limited-edition Ferraris. Nothing-special Cobras and Porsche Carrera RSs.
 
6. Refusing Treatment: cars that received real, market-correct bids yet ones whose owners refused to sell. “It owes me $XX” or “It must be worth $YY” are not valid excuses  why put it in an auction? Bonhams’ 250 GT SWB and RM’s 250 MM both spring to mind. See point 9.

 
7. Haven’t we met before? Cars returning to the market after only a couple of years are never well received.
 
8. The Shape of Things to Come. Speaking to a longstanding collector today with four Best of Shows at Pebble under his belt, we considered modern youth and its taste for collectors' cars. Will today’s twenty-something embark on a tour in the 300 SL he’s restored in his garage, hoping it will break down so it can be rebuilt by the side of the road? Probably not.
 
9. Partying like it’s 2014-2015. Gooding’s Toyota 2000GT was previously sold by Mecum at Monterey in 2015 for $925k. Yesterday, it achieved $550k. Realistic estimates are all.
 
10. Emotional Rescue. Cut away the ‘values’ BS and the enthusiasm for cars is as strong as ever. A walk around the concours field revealed strong urges to buy  in no particular order  a Tucker, a LWB Cal’ Spider and the ‘Twenty Grand’ Duesenberg SJ Torpedo. Judging by how many times we were greeted by old friends with a “Have you seen the xxxx?”, the market is in solid health.


Expect a burst of trading activity now that everyone ‘waiting to see’ the Monterey results has some fresh comparables.


Photos by ‘Thomas’