Glut of classics in California
It's that time again in mid-August. Within just a few days, RM Sotheby's, Broad Arrow Auctions, Gooding Christie's and Bonhams in California will auction off over 600 cars worth almost USD 530 million. In addition, 100+ classic cars will go under the hammer at the three-day Mecum auction . If a car costs an average of almost USD 870,000, it must be a fine product, even if the dollar has lost a lot of value in recent months.
What is striking about this year's auctions surrounding the Pebble Beach Concours d'Elégance and the historic races in Laguna Seca, however, is the tendency to take more risks. While RM Sotheby's still leaves it at 42% of lots without a reserve price, Gooding Christie's is already at 46% and Broad Arrow Auctions at 47%. Bonhams' consignors take an even greater risk, as 82% of all lots are offered with "no reserve". The average is 51%.
The average prices are highest at RM and Gooding, notabene seven-figure prices.
As usual, Ferrari dominates among the most expensive cars - 14 of the 25 most highly valued cars come from Maranello, while all other manufacturers could contribute a maximum of two vehicles. Compared to the past, the many young cars that were valued very highly are striking. European brands have the largest contingents at the four well-known auction houses, with 76 Porsche, 53 Mercedes-Benz and 28 Alfa Romeo cars for every 80 Ferrari.
| Brand | Number | Age | Est High $ | NoR | NoR% |
|---|---|---|---|---|---|
| Ferrari | 80 | 40 | 2'496'250 | 20 | 25 % |
| Porsche | 76 | 39 | 869'408 | 24 | 32 % |
| Mercedes-Benz | 53 | 51 | 734'434 | 30 | 57 % |
| Alfa Romeo | 28 | 60 | 542'143 | 21 | 75 % |
| Ford | 24 | 54 | 362'292 | 15 | 63 % |
| Chevrolet | 20 | 41 | 204'250 | 17 | 85 % |
| Lamborghini | 20 | 37 | 1'062'500 | 5 | 25 % |
| Aston Martin | 17 | 49 | 1'001'471 | 8 | 47 % |
| Bugatti | 16 | 58 | 2'810'938 | 5 | 31 % |
| Jaguar | 16 | 63 | 571'250 | 13 | 81 % |
| Rolls-Royce | 14 | 56 | 286'786 | 10 | 71 % |
| BMW | 13 | 51 | 734'615 | 7 | 54 % |
| Bentley | 11 | 68 | 1'245'455 | 2 | 18 % |
| Maserati | 11 | 55 | 1'255'000 | 4 | 36 % |
| Lancia | 10 | 54 | 342'000 | 6 | 60 % |
| Dino | 9 | 54 | 578'333 | 2 | 22 % |
| Fiat | 9 | 71 | 529'444 | 6 | 67 % |
| Shelby | 9 | 60 | 977'778 | 2 | 22 % |
| Dodge | 8 | 12 | 155'000 | 6 | 75 % |
| Packard | 8 | 93 | 467'500 | 3 | 38 % |
| Volkswagen | 8 | 59 | 94'000 | 8 | 100 % |
| Cadillac | 6 | 73 | 198'333 | 5 | 83 % |
| Land Rover | 6 | 25 | 140'000 | 6 | 100 % |
| RUF | 5 | 17 | 3'420'000 | 0 % | |
| Toyota | 5 | 27 | 70'000 | 5 | 100 % |
The selection for collectors and prospective buyers in California is huge, it's almost like being in a shopping center. Alone 12 Dino 206/246 GT/GTS (see picture above) come under the hammer, seven of which are 246 GT coupé variants. The colors red and yellow dominate, but white, silver and black also appear.
Ferrari collectors will find an Eldorado anyway. There are around five 330 GTC and three 250 GT California Spider variants for sale, although the latter come in very different versions.
The Ferrari 400 Superamerica Aerodinamico is super rare, but two examples in dark blue will be on the hunt for buyers during the Pebble Beach week.
There will be a whole handful of the F40 to choose from, and four of the rarer 275 GTB/4 will be at the start.
But Lamborghini fans can also get their money's worth, with three Miura cars built between 1967 and 1968 vying for the buyer's favor, as well as five Countach cars, three of which are 25th Anniversary Editions.
Three Maserati Ghibli Spyders and over ten Mercedes-Benz 300 SLs, including four Gullwing models, are looking for a new garage.
Fans of the Porsche 356 Speedster will also find a wide selection and those looking for an Aston Martin DB5 can choose from three cars. There are even two examples of the rare Bentley R-Type Continental Fastback from 1953.
It will be interesting to see what effect this concentrated wholesale market will have on prices in America, which is already characterized by Trump's hair-trigger leadership style. But you don't have to be a fortune teller to predict that not all consignors will get their money's worth and that one or two bidders may be able to get their dream classic at a much lower price than would have been conceivable just a few years ago.
P.S. If you want to know exactly who is offering what in Monterey and the surrounding area in mid-August, please refer to our announcements (linked above).
