The night of the stars? RM closes out the 2024 Monterey Week auctions

RM always keeps its big-ticket lots for Saturday evening in the Portola. Last year, things did not go quite according to plan, so this time everyone was focused on the fortunes of the headlining 1955 Ferrari 410 Sport and 1960 Ferrari 250 GT SWB California Spider.

Both sold, the big-bruiser 1950s racer for $12,985,000 all-in, way under its “$15m+” guide, and the first SWB California Spider built was bought for a market-correct $17,055,000 gross. It was the highest result of the sale, and the most valuable car sold on the Peninsula this week.

With Thursday’s and Friday’s results, tonight’s $95.275m gross means the Canadian firm will total at least $154.2m for its 2024 Monterey auction – almost identical to 2023.

At a glance (provisional):

* Gross, motor cars: $95,275,141
* Percentage sold by number: 86%
* Top-selling car: 1960 Ferrari 250 GT SWB California Spider, $17,055,000 gross, $15,500,000 net (est. $16m to $18m)
* Well sold? How about the olive green 1989 Lamborghini LM002 that set off a bidding frenzy, eventually going for $703,500? Est. $350k to $450k    
* Well bought? Has to be an entry curiously placed right at the end of the catalogue, the 1972 Mercedes-Benz 300 SEL 6.3. No ordinary 6.3, it was sold new to iconic movie star Steve McQueen and remained in his ownership until his death in 1980. Someone got a bargain paying just $148,400

The saleroom was packed for most of the event, with nerves on edge after the run of big no-sales over at Gooding earlier in the day. Casualties in that category included the 1954 Pegaso Z-102 Berlinetta by Saoutchik, the 1955 Porsche 550 Spyder and the 1953 Fiat 8V Supersonic by Ghia.

RM got its 1934 Alfa Romeo 8C 2300 Lungo Drophead Tourer away for $4,075,000, significantly below estimate. The body design by Eagle Coach Works does not mellow with familiarity and it’s not hard to see why this car is a one-off.

A lot was expected of the 1964 Shelby 289 Cobra ‘Snake Charmer’. It was bought for $2,287,500, perhaps a little away from what some were predicting. The all-black, much-fancied 1957 Mercedes-Benz 300 SL Roadster achieved $2,892,500. RM’s other California Spider, a LWB open-headlamp, sold for $5,615,000, sort of where these car are now.

Other results of note:

* 1993 Ferrari 512 TR Spider by Pininfarina, Not Sold. Purchased at RM in London in November 2023 for the equivalent of $2.76m and the subject of a further $65,000 “cosmetic recommissioning” since then. Odd decision to sell only nine months after purchasing car surely a turn-off.
* 1967 Ferrari 365 California, Not Sold. Offered for $4m to $5m in Miami in March and failed again at $2.75m to $3.25m in Monterey.
* 1966 Ferrari 275 GTB/6C Alloy, $3,481,000. A soft result for the most potent non-competition 2-cam, but in line with other figures posted by 1960s Ferraris this week.
* 1966 Shelby 427 S/C Cobra, $3,030,000. Terrific and menacing Street/Competition 427 big-block Cobra in black.
* 1972 Ferrari 365 GTS/4 ‘Daytona’ Spider. Amazing single-ownership from new – who ordered car in presently unloved Rosso Corsa with Nero. Straightforward car but no show-stopper and the only 365 GTS/4 sold this week.

In the circumstances, with some definitely soft prices for some cars, it was a great result for RM, aided by a bravura performance from auctioneer Sholto Gilbertson. Such was his enthusiasm, he hammered his gavel down on his phone and smashed it. After the last three days of what felt like non-stop selling, I’m sure RM will buy him another one.

All prices include buyer’s premium.

RM Sotheby’s at the Monterey Conference Center, 17 August 2024 – on-the-day results

Gross: $95,275,141
Number of cars not sold: 10
Number of cars withdrawn: 1
Total number of cars: 72
Number sold: 62
Percentage of cars sold by number: 86%
Percentage of cars met or sold below low estimate: 40%
Percentage of cars sold below avge of estimates: 66%
Percentage of cars sold met/exceeded top estimate: 16%
Average price of cars sold: $1,536,696
Average year of cars offered: 1983
Number of cars offered at No Reserve: 28
Percentage of cars offered at No Reserve: 39%

Photos by K500