A top-class auction was expected when RM/Sotheby's put an impressive range of classic cars under the hammer on the occasion of the Pebble Beach Concours d'Elégance 161 over three days from August 12 to 14, 2021.
161 vehicles, including two motorcycles and a Velo-Solex, worth USD 212 million went under the hammer, 48% of which had no reserve price. On average, the vehicles were expected to cost around USD 1.3 million - no sign of modesty.
However, the bidders were not quite so generous. Although 90 percent of the vehicles were sold, the average proceeds settled at "only" just over USD 1.0 million. On average, 97% of the median estimate was bid, and the swings up and down were also considerable at RM/Sotheby's.
Ferrari topped the list of brands with 37 vehicles, followed by Porsche with 24 cars. Jaguar and Mercedes-Benz had 10 entries each, while the other brands were represented in single figures at most. The average age was just over 50 years.
Porsche 917K not sold
The most expensive car was a Porsche 917 K from 1970, estimated at USD 16 to 18.5 million. Chassis 917-031/026 looked too tempting and even made it into the movie "Le Mans" by Steve McQueen.
Nevertheless, the bids faltered after the ten million mark was exceeded and nobody wanted to bid more than 15 million, which meant that the car remained unsold.
40 cars priced at over one million
Despite the elimination of the most expensive lot, 40 cars still made it into the seven-figure range.
An Aston Martin DB4 GT Zagato from 1962 fetched USD 9.52 million (EUR 8.1 million, CHF 8.8 million).
Behind it was the Ferrari 268 SP from 1962, a truly beautiful racing car that found a new owner for USD 7.705 million (EUR 6.55 million, CHF 7.1 million).
The Ferrari 275 GTB Competizione from 1966 ex Scuderia Filipinetti was exactly the same price.
Another race-proven Ferrari of the type 250 GT LWB Berlinetta "Tour de France" from 1958 came in behind it at USD 6 million.
The Shelby 289 Cobra from 1963, which was a works car, was valued at USD 4.13 million (EUR 3.5 million, CHF 3.8 million).
It was followed by four more Ferraris and another Aston Martin DB4 GT and finally the most expensive Porsche, a 1968 911 R, for which the bid of USD 3.36 million (EUR 2.9 million, CHF 3.1 million) was significantly less than expected, but still enough for a successful sale.
The outliers at the "top"
62 vehicles were knocked down for amounts that were at least on a par with the median estimate. The biggest upward deviation was a 1995 Nissan Skyline GT-R, which went under the hammer towards the end.
The buyer paid USD 235,200 (at an estimated USD 90,000 to 120,000) for it.
A Buick Riviera Gran Sport from 1965 (selling price USD 100,800) and a Lamborghini Murciélago from 2003 (USD 445,000) were also surprising.
A Lexus for USD 1.6 million is also unlikely to have been seen very often. After all, this was an LFA from 2012 with a "Nürburgring Package". Incidentally, the second LFA also fetched a good price, with USD 819,000 being paid for it.
A 1965 Aston Martin DB5 Convertible, for which the new owner invested USD 3.195 million (EUR 2.716 million, CHF 2.939 million), also generated surprisingly high listings.
The prices for two Mercedes-Benz cars, a 280 SL from 1968 and a 190 SL from 1956, were also surprising, as USD 335,000 for the Pagoda or USD 235,200 is significantly higher than what is usually paid for such cars in Europe.
Two VW-Porsche 914/6 from 1971 and 1970 were also traded at quite high prices. The 1971 example with "M471" equipment went for USD 626,500, the "GT" from 1970 for USD 665,000.
Major and minor disappointments
When a 1932 Alfa Romeo 8C 2300 Monza changes hands for USD 1.16 million instead of the hoped-for USD 2.5 to 3.2 million, at least the consignor was probably not entirely happy.
Of course, this also applied to the owners of those cars that could not be sold, including the Porsche 911 Carrera RSR 3.0 IROC from 1974, the Porsche 962 IMSA GTP and the Porsche 935 K3.
The Porsche 956 Group C from 1983 also stopped at half its estimated value, with a bid of USD 2.9 million.
No bidder was willing to put up enough money for the 1959 Ferrari 410 Superamerica Series III either, nor for the 1955 Jaguar D-Type, which failed to sell at USD 4.2 million.
The 1927 Delage 15-S-8 Grand Prix also failed to raise enough money at USD 1.3 million, and a similar fate befell the 1935 Alfa Romeo Tipo C 8C 35 (USD 2 million highest bid).
A total of 16 cars failed to sell, with the highest bids averaging 71% of the median estimate.
Nevertheless, the rare Sunbeam Tiger Mk II from 1967 (USD 100,800 selling price) and various early cars from AC were sold, albeit well below expectations.
Super classics non-stop
If there was one thing that was not lacking in Monterey at RM/Sotheby's, it was super classics. In addition to the cars already mentioned, there were two Ferrari 250 GT Lusso cars for sale, for example, while the F40, F50 and Enzo were also represented.
They were all sold, with the Enzo standing out with a proud sales price of USD 3.36 million.
Four Jaguar E-Types from the first and third series went under the hammer, selling slightly below expectations.
One roadster and one gullwing saved the honor of the Mercedes-Benz 300 SL (W198). Both were knocked down just above the mid-range estimate and realized USD 1.353 million (Gullwing) and USD 1.655 million (Roadster).
A Lamborghini Miura P400 S from 1971 was even offered without a reserve price, and the adventure ended well for the consignor at USD 2.095 million.
No bargains
16 vehicles were sold for amounts in the five-digit range, including the 1970 Velo-Solex that once chugged around on the film set of "Le Mans". An impressive USD 66,000 was paid for it, not a bad result for a bicycle with an auxiliary motor.
The Messerschmitt KR 200 Cabriolet from 1956 (USD 64,400), a Steyr-Puch Pinzgauer 6x6 from 1971 (USD 72,800) and the Porsche 968 Cabriolet from 1992 (USD 81,200) also remained under USD 100,000.
Overall, those responsible at RM/Sotheby's, who are currently being shaken up by staff departures, must have been satisfied with the result. At USD 145 million, they achieved an impressive result and the average price of over one million dollars is also impressive. The RM people were probably annoyed that the most expensive car in Pebble Beach was not sold by RM/Sotheby's but by Gooding & Co.
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | Chevrolet Bel Air Sport Coupe | 1956 | 40'000 | 50'000 | 47'500 | 53'200 | 48'944 | 45'220 | +18.22%
|
V |
| 102 | Pontiac Catalina 2+2 Sports Coupe | 1965 | 40'000 | 50'000 | 75'000 | 84'000 | 77'280 | 71'400 | +86.67%
|
V |
| 103 | Mercedes-Benz 170 S Cabriolet A | 1950 | 175'000 | 250'000 | 230'000 | 257'600 | 236'992 | 218'960 | +21.22%
|
V |
| 104 | Ford GT | 2005 | 350'000 | 425'000 | 330'000 | 368'000 | 338'560 | 312'800 | -5.03%
|
V |
| 105 | Aston Martin DB4 GT Zagato Sanction II | 1961 | 3'000'000 | 3'500'000 | 2'500'000 | 2'755'000 | 2'534'600 | 2'341'750 | -15.23%
|
V |
| 106 | Aston Martin Vanquish Zagato Coupe | 2018 | 500'000 | 600'000 | 600'000 | 665'000 | 611'800 | 565'250 | +20.91%
|
V |
| 107 | Packard Twin Six Individual Custom Convertible Sedan | 1932 | 1'200'000 | 1'500'000 | 950'000 | 1'050'000 | 966'000 | 892'500 | -22.22%
|
V |
All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
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