2016 Monterey Car Week Auctions
In less than a month the Monterey Peninsula will be swarming with automotive enthusiasts and the high-end auctions that cater to them. Traffic will be intense, and the competition fierce. Here’s what you need to know to buy your car and get out in one piece.
Step One: Don’t Be Late
There are six major auctions during Monterey Car Week, peppered in among the shows, concours, rallies, races and seminars that surround the venerable Pebble Beach Concours d’Elegance.
Bonhams
Bonhams will be taking place during the The Quail, an exclusive gathering of motorsport legends and enthusiasts. Every car on consignment is a headline.
Preview – Wednesday through Friday, August 17th – 19th
Auction – Friday, August 19th beginning at 11:00 a.m.
RM Sotheby’s
RM Sotheby’s has been a Monterey institution for over 25 years, they hope to best last year’s record-breaking 172 million dollar sale.
Preview – Wednesday through Saturday, August 17th – 20th beginning at 10 a.m. daily
Auction – Friday and Saturday, August 19th & 20th, beginning at 7:00 p.m.
Gooding & Company
Gooding is the Pebble Beach Concours’ official auction house. This year they’re proud to offer four star Ferraris with a value approaching 60 million dollars.
Preview – Wednesday through Sunday, August 17th – 21st
Auction – Saturday, August 20th beginning at 5 p.m and Sunday, August 21st beginning at 6 p.m.
Image Source: RM Sotheby’s Auction (rmsothebys.com)
Rick Cole
Rick Cole has no auctioneer, no block, no crowd. Held entirely via smartphone for 34 hours straight. Luckily, the preview is in person.
Preview – Thursday through Saturday, August 18th – 20th, from 10 a.m. daily
Auction – Friday through Midnight Saturday via online bidding forum
Russo and Steele
Russo and Steele is massive auction featuring American muscle cars and customs alongside european classics.
Preview – Wednesday through Saturday, August 17th – 20th from 10 a.m. daily
Auction – Thursday through Saturday starting at 5 p.m.
Mecum
Mecum has an unprecedented 600 cars on sale, featuring classics from all over the world.
Preview – Thursday through Saturday, August 18th – 20th, 8 a.m. – 10 a.m.
Auction – Thursday through Saturday, August 18th – 20th, beginning at 10 a.m. daily
Image Source: Bonhams Auction (bonhams.com)
Step Two: Money Matters
Get your personal finances in order to avoid buyer’s remorse, such as a signed bank letter and a predetermined budget. Don’t forget to include any taxes, buyer’s premium, and shipping in your overall costs. Remember that leasing is a viable option for most of the vehicles being sold, whether it’s a vintage Ferrari or Porsche or a pre-war Duesenberg. To pre-qualify for Premier’s Simple Lease and preserve your capital, click here.
Step Three: Research
Do your homework – study the auction’s catalogue and website for information about the car you wish to buy. Know the car’s value and what you can personally afford. Sign up for a service that can find and list a vehicle’s past history. Sports Car Market offers a pocket-sized Price Guide with the going rates for all the cars on offer (and all the other cars one might ever consider collecting). If you’re looking for a second opinion, contact a world-class appraiser like Donald Osborne.
Image Source: Gooding Auction (goodingco.com)
Step Four: The Paperwork
Ask questions at the event before the bidding starts or attend preview events like the Sports Car Market Insider’s Seminar at Gooding & Co to learn all you can about the car. Enlist the help of a licensed appraiser and a mechanic to judge the value and quality of the car. Check all paperwork carefully and make sure the title of ownership is on-site. Get to the auction early to beat the crowds and avoid distractions.
Step Five: Keep Calm and Bid On
Remember not to get too caught up in the competition when bidding is underway. Keep a cool head, keep your paddle in check and your car will be within reach.
Step Six: Call Premier
The Premier Financial Services Team will be in attendance at most of the Monterey auctions. We hope to see you and will welcome your questions. Contact us toll free, 877.973.7700.
Image Source: Mecum Auction (mecum.com)