Pebble Beach Auction Results In: Ferrari Rules
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Of the Top 10 high-selling cars sold in the days leading up to and including the annual Pebble Beach Concours d’Elegance, 7 were Ferraris.
The #1 was a 1964 Ferrari 250 LM Coupe that sold for $17,600,000 at the RM Sotheby’s (NYSE:BID) auction.
A 1961 Ferrari 250 GT California SWB Spyder fetched $16,830,000 and a 1962 Ferrari 250 GT SWB Bertone Speciale Coupe hammered at $16,500,000, both at Gooding & Co. auctions.
The iconic Ferrari marque has dominated the classic and vintage car market since the mid-1980’s.
This year experts noted that the market environment is undergoing some subtle changes in size and demographic, as younger buyer enter the action.
Overall, auction houses lead by Gooding, RM Sotheby’s, Bonhams, and Mecum Auction took in about $410-M. That is down from last year’s cumulative total of $428.-M.
“The market continues to show strength, but growth is coming at a slower rate compared to the dramatic increases witnessed for the past several years,” says McKeel Hagerty, CEO of Hagerty, Michigan insurer
The dip in the over all take looked to be due to the absence of a Ferrari GTO in the offerings.
Prices for special cars are increasing, and the prices overall are consistent with what we have seen since the start of this year. January.
Among other best-sellers, McLaren, Jaguar, and Porsche made top marks.
At RM Sotheby’s, a 1998 McLaren F1 LM Specification sold for $13.75-M and a 1953 Jaguar C-Type Works Lightweight Roadster sold for $13.2-M.
At Gooding, a 1982 Porsche 956 Coupe sold for $10.1-M.
Mr. Hagerty says recent spikes in the Porsche market drove younger buyers (under 40) to the Monterey auctions this year and indicate an emerging market.
In fact, while blue-chips as Ferrari, Lamborghini, and Mercedes-Benz continue strong, so-called Gen X cars are doing quite well too.
Bonhams sold a 1989 BMW E30 M3 for $96,250, and Sotheby’s sold a normally aspirates 1978 Ferrari 512 BB for $467,500.
“Prices for emerging segments like 1980-90s cars are increasing,” Mr. Hagerty said.
Other notable cars sold included a 2005 Ferrari Enzo that had been built as a gift for Pope John Paul II and that fetched $6.05-M; a Steve McQueen-owned 1976 Porsche 930 Turbo Carrera that sold for $1.95-M and a private collection of 25 Ferraris, Lamborghinis, and Bugattis that fetched a 1-sale record of $75.4-M.
Still after all of the figures are in Ferrari rules the market.
Stay tuned…
HeffX-LTN
Paul Ebeling
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