At first glance, the news from the Monterey auctions was good.
In just three days, a total of 844 cars sold for a grand total of $370m, 13% up on 2017. The top cars all sold at or above expectation: RM Sotheby’s 1962 Ferrari 250GTO sold for $48.4m and 1963 Aston Martin DP215 sold for $21.45m, and Gooding and Company’s 1935 Duesenberg SSJ sold for $22m.
And yet the shine on these three stars obscured quite a few misses. In total the sell-through rate of Ferraris was a disappointing 53% (down from 68% last year), and the general sell-through rate for cars valued at $100,000 to £1m was only 58% (down from 70% in 2017).
Across the Atlantic, the first headline auction of what has been called ‘Super September’ took place at Beaulieu. As usual, the Bonhams sale at the Autojumble fielded an eclectic mix of restoration cases, mid-range historic vehicles and some more modern classics.
Sales came slowly; a low sell-through rate on the day was boosted by a large number of post-auction deals, and deals were there to be had: a 1962 Alfa Romeo 102 series Spider sold after the event for £61,250 inclusive of commission, despite a £70-£90k pre-sale estimate that accords exactly with the Hagerty Price Guide.