Fewer records, lower sales in Monterey/Pebble Beach
08/27/2016
Of course, all auction houses try to market their triumphs and world records - the Alfa Romeo 8C 2900B pictured here sold for over 10 million - but the overall result of the five largest Monterey/Pebble Beach auctions was significantly worse than the year before, with total sales falling from $397 million to $345 million.
In particular, the sales ratio, i.e. the indicator that shows how many of the cars on offer were actually sold, fell, especially for cars from USD 100,000. For example, prices for the Ferrari 275 GTB and 330 GTC fell to the level they were at in 2013. Less was also paid for examples of the Ferrari Daytona or Porsche Turbo than before.
Newer cars from 1990 onwards suffered particularly badly according to market observer Hargerty, with exceptions (Ford GT, Ferrari LaFerrari) confirming the rule. Inexpensive vehicles were comparatively robust.
With the exception of particularly rare or even unique cars, there appears to be a pause in the continuous rise in value, but perhaps that is also healthy.
We have reported in detail on the RM/Sotheby's, Gooding & Companyand Bonhams auctions.
