1958 Maserati
Source: Motorcar Studios ©2022 Courtesy of RM Sotheby’s
Classic cars being auctioned off in Monterey, California this week are expected to break records.
According to Hagerty Automotive Intelligence, the classic car insurance and collector’s lifestyle company, auction sales at Monterey Car Week are expected to range from $300 million to $490 million. Experts say sales are likely to surpass the all-time record of $395 million set in 2015. Total sales last year were $351 million.
According to Classic.com, a total of 956 cars will be auctioned off in the five auction houses this year. Porsche and Ferrari lead the field, with 100 Porsches and 93 Ferraris up for sale. According to Hagerty, a record 149 cars will be offered for $1 million or more this year, with at least half a dozen expected to be in the eight figures.
Collectors and auction houses say the return of international buyers to Pebble Beach this year will only fuel continued strong demand among US collectors. Demand, sales and prices are increasing both online and at face-to-face auctions.
“The classic car auction market is showing significant strength from both an online and live perspective,” said McKeel Hagerty, CEO of Hagerty. “By any measure, 2022 has been a top year so far.”
According to Hagerty, live auction sales are up 53% from 2021, and online auctions are up 69% year over year. Almost $2 billion worth of cars have been sold at auctions between live and online auctions so far this year.
Concerns about inflation, recession and a volatile stock market don’t appear to be affecting demand for classic cars at any price, auction houses say. Massive wealth amassed during the pandemic coupled with a new, younger wave of collectors who have been shopping over the past two years is fueling demand.
Also, a shortage of used and new cars has pushed up classic car prices and pushed auctions to record highs.
This spring, an ultra-rare 1955 Mercedes-Benz 300 SLR sold for $143 million – making it the most expensive car ever sold and redefining “expensive” in the classic car market.
CEO Hagerty said he expects bids to be strong in most categories and eras.
“Thinking of this weekend’s Monterey auctions, we expect strong bids for the ‘bookends’ – from pre-war cars, think Bugatti Type 57 and Mercedes-Benz 540K, to modern but still analogue supercars like Ferrari F40, F50 and Porsche Carrera GT,” he said. “The common threads here are cars that have a high level of innovation among their contemporaries. They can be driven, traveled and enjoyed on modern roads, no questions asked.”
This year’s show will feature the first live auction by Broad Arrow Group, the classic car sales company founded last year and just acquired by Hagerty. Top lots include a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti “Tour de France” with an estimated value of up to US$7 million and a 1939 Mercedes-Benz 540 K Sindelfingen Spezial Roadster with an estimated value of up to to $8 million.
“It’s part of our vision to build an ecosystem for all car lovers,” Hagerty said.
Here are the top five cars by estimated value expected to sell in Monterey this week:
5. 1958 Maserati 450S by Fantuzzi,
1958 Maserati
Source: Motorcar Studios ©2022 Courtesy of RM Sotheby’s
Estimated price: 9 to 11 million US dollars
Part of Oscar Davis’ collection, this RM Sotheby’s racing Maserati was one of 10 built. It won three SCCA regional events in 1958 and was restored in the late 1990s but retains much of its original mechanical equipment.
4. 1938 Talbot-Lago T150-C SS Teardrop Coupe by Figoni et Falaschi
1938 Talbot Lago
Source: Motorcar Studios ©2022 Courtesy of RM Sotheby’s
Estimated price: 9 to 11 million US dollars
This Talbot-Lago ‘Teardrop Coup’ is one of just 11 examples built and the only known example that was specifically commissioned for racing. It completed the 1939 24 Hours of LeMans and was later restored for six years, winning multiple awards as part of the Oscar Davis collection. It will be auctioned by RM Sotheby’s.
3. 1937 Mercedes-Benz 540 K Special Roadster from Sindelfingen
1937 Mercedes-Benz 540K
Darin Beak ©2022 Courtesy of RM Sotheby’s
Estimated price: 9 to 12 million US dollars
This 540 K is one of only three examples and was delivered to the King of Afghanistan in 1937. The car went through several owners and was rarely shown to the public, with many of its original details. It will be auctioned by RM Sotheby’s.
2. 1937 Bugatti Type 57SC Atalante
1937 Bugatti Type 57SC Atalante
Copyright and courtesy of Gooding & Company, images by Mike Maez.
Estimated price: 10 to 12 million US dollars
This is one of the top examples of the coveted Type 75S Atalante. Bugatti only built 42 of the cars, and no two are alike. Auctioned by Gooding & Co., this model went through several owners in Europe and the USA before undergoing an extensive three-year restoration by owner Ray Scherr and winning multiple awards.
1. 1955 Ferrari 410 Sport Spider by Scaglietti
Ferrari 410 from 1955
Source: Patrick Ernzen ©2022 Courtesy of RM Sotheby’s
Estimated price: 25 to 30 million US dollars
This 410 is one of the most important racing Ferraris ever built. One of only two built, it was driven by legends Juan Manuel Fangio and Carroll Shelby. Known as the “0598 CM,” Shelby won more races in this 410 than any other car in his racing career. It will be auctioned by RM Sotheby’s.