There are always two main avenues of news from Monterey Car Week: the results from the Pebble Beach Concours d’ Elegance and, of course, the results from the major collector-car auctions. There were surprises from both this year. The judges at Pebble Beach awarded top honors to a 1934 Bugatti Type 59 Sports, making it the 10th Bugatti to win Best in Show in the event’s history, tying Mercedes-Benz. The surprise was that the Bugatti was in the Preservation Class, meaning, unrestored and showing the signs of a driving life well-enjoyed.
On the auction side, media reports (including Yahoo! Finance) said things like “Auction Results Hit Speed Bump.” The $391 million sales total came in $9 million short of last year’s tally, which was down $75 million from 2022. So, yes, that’s a clear $84 million speed bump over two years. Whether is continues remains to be seen.
This year’s 10 highest sales accounted for $85 million, or nearly 22% of the full take. It should not surprise that six out of those 10 were Ferraris, or that the top sale was a 250 GT California Spider sold by RM Sotheby’s for $17,055,000. As the classic car experts at Hagerty noted, this car was the seventh-most expensive California Spider ever sold at auction and would rank as 20th among the most expensive Ferraris ever.
Second place on the auction top-10 went to a 1938 Alfa Romeo 2900B Lungo Touring Spider. Gooding & Company sold this rare gem for $14,030,000. It was reported to be one of five genuine long-chassis 8C 2900B Touring Spiders known to exist. Notably, six out of the top-10 sales for the Monterey auctions were racecars.
Top-10 for all Monterey auctions 2024:
- 1960 Ferrari 250 GT SWB California Spider (RM Sotheby’s): $17,055,000
- 1938 Alfa Romeo 8C 2900B Lungo Spider (Gooding): $14,030,000
- 1955 Ferrari 410 Sport Spider (RM Sotheby’s): $12,985,000
- 1969 Ford GT40 Lightweight (Mecum): $7,865,000
- 1997 Porsche 911 GT1 Rennversion (Broad Arrow): $7,045,000
- 1959 Ferrari 250 GT California Spider (RM Sotheby’s): $5,615,000
- 1995 Ferrari F50 (RM Sotheby’s): $5,505,000
- 1967 Ferrari 275 GTB/4 NART alloy coupe (RM Sotheby’s): $5,285,000
- 1995 Ferrari 333 SP Evoluzione (Gooding): $5,120,000
- 1976 Porsche 935 (Gooding): $4,295,000
Gooding & Company
Gooding & Company, the official auction house of the Pebble Beach Concours d’Elegance for the 20th year, reported $108 million in sales, with an 82% sell-through rate for what it called its largest catalog offered at this auction to date. Its top sale was the 1938 Alfa Romeo 8C 2900B Lungo Spider, as noted above. The car had recently been recovered from a high-profile theft. Ferraris accounted for three of Gooding’s top-10, including the 1955 857 Sport Spider that took second at $5.35 million. Notably, a 1991 Porsche 911 Reimagined by Singer ‘Dynamics and Lightweight Study’ sold for $3.085 million. The lone pre-WWII car on the Gooding list was a 1934 Duesenberg for $3.475 million.
Top-10:
- 1938 Alfa Romeo 8C 2900B Lungo Spider: $14,030,000
- 1955 Ferrari 857 Sport Spider: $5,350,000
- 1958 Ferrari 250 GT Tour de France Berlinetta: $5,200,000
- 1995 Ferrari 333 SP Evoluzione: $5,120,000
- 1976 Porsche 935: $4,295,000
- 1934 Duesenberg Model J Disappearing-Top Convertible Coupe: $3,745,000
- 1956 Maserati A6G/54 Berlinetta: $3,550,000
- 1991 Porsche 911 Reimagined by Singer Dynamics and Lightweight Study: $3,085,000
- 1968 Lamborghini Miura P400: $2,315,000
- 1960 Aston Martin DB4 GT: $2,095,000
RM Sotheby’s
RM Sotheby’s recorded $161 million in sales for its 2024 Monterey auction, reporting an 87.25% sell-through rate, including 33 cars selling for over $1 million. As noted, its top sale was a 1960 Ferrari 250 GT SWB California for $17,055,000. The gray Spider was the first car of the second series built (the short-wheelbase version), featuring the covered-headlight front design, competition-spec engine, and factory hardtop. Complementing that #1 California Spider, the third-place sale was a 1959 Ferrari 250 GT long-wheelbase California Spider selling for $5,615,000. A Ferrari that could be called a California Spider in spirit, one of the 10 1967 275 GTB/4 NART Spiders built, sold for $5,285,000.
The auction also reported a slew of world record sales, including a 1995 Ferrari F50, one of just 55 original U.S.-delivery models, selling for $5,505,000. Showing strength for pre-WWII classics, a 1935 Auburn 851 Supercharged Speedster, considered one of the finest examples in the world, sold for $1,270,000, surpassing the previous record by over $500,000.
Top 10 Sales:
- 1960 Ferrari 250 GT SWB California Spider: $17,055,000
- 1955 Ferrari 410 Sport Spider: $12,985,000
- 1959 Ferrari 250 GT LWB California Spider: $5,615,000
- 1995 Ferrari F50: $5,505,000
- 1967 Ferrari 275 GTB/4 NART alloy: $5,285,000
- 1934 Alfa Romeo 8C 2300 Lungo Spider: $4,075,000
- 2023 Bugatti Chiron Super Sport: $3,497,500
- 1966 Ferrari 275 GTB/6C alloy: $3,481,000
- 2021 Bugatti Chiron Sport Noire: $3,360,000
- 1932 Delage D8 S Roadster: $3,305,000
Mecum
Mecum’s top-10 from Monterey three-day sale spanned the gamut of automotive royalty. Its top sale was a 1969 Ford GT40 Lightweight that had race history and retained its original body, chassis, engine, and transaxle. The car’s $7,865,000 price made it the third-highest for a GT40 ever sold at auction. Mecum also sold three Ferraris, but beating them out was a 1969 Dodge Charger Daytona Hemi with under 1,900 original miles, fetching $3.36 million.
Top-10:
- 1969 Ford GT40 Lightweight: $7,865,000
- 1969 Dodge Charger Daytona Hemi: $3,360,000
- 1967 Ferrari 275 GTB/4: $3,080,000
- 2003 Ferrari Enzo: $2,860,000
- 1970 Plymouth Hemi ’Cuda convertible: $2,576,000
- 1967 Ferrari 275 GTS: $2,530,000
- 1967 Chevrolet Corvette L88: $2,352,000
- 2005 Porsche Carrera GT: $1,732,500
- 1934 Packard 734 Speedster Boattail Runabout: $1,375,000
- 1957 Mercedes-Benz 300 SL roadster: $1,237,500
- 1966 Shelby 427 Cobra: $1,210,000
Broad Arrow
The Broad Arrow in Monterey totaled $71.5 million, with 85% of lots sold. The top sale was a stunning racecar, a 1997 Porsche 911 GT1 Rennversion for $7,045,000. One of only nine customer GT1s built, this car was raced at the 1997 Le Mans 24 Hours by Allan McNish and Stéphane Ortelli. Of note, an American classic that narrowly missed Broad Arrow’s Top 10 (coming in 12th) was a Tucker 48 that sold for $1,380,000.
Top-10
- 1997 Porsche 911 GT1 Rennversion: $7,045,000
- 1957 Maserati 200Si: sold after auction, price not disclosed
- 1972 Lamborghini Miura P400 SV: $2,700,000
- 1966 Ferrari 275 GTB: $2,535,000
- 2015 Porsche 918 Spyder Weissach Package: $2,480,000
- 1990 Ferrari F40: $2,425,000
- 1998 RUF CTR 2: $2,095,000
- 1988 Porsche 959 Komfort: sold after auction, price not disclosed
- 1998 RUF Turbo R Limited: $1,710,000
- 1955 Mercedes-Benz 300 SL Gullwing: $1,545,000
Bonhams
Bonhams sold 81 cars for an estimated $11.3 million at its auction at The Quail. This was down about $44 million compared to its 2023 auction there. The two top sales were V12 Ferraris representing two eras in Maranello history. A 2022 Ferrari 812 Competizione with just 600 miles and retaining its new-car smell sold for $1,611,000. In second was a 1964 Ferrari 350 GT/L Lusso, with the price not disclosed. Many of the sold lots were 1960s American muscle cars for under $100,000, although two raced into the top 10, a 1970 Dodge Challenger R/T Hemi at $357,000 and a 1968 Shelby GT500KR convertible for $229,600.
Top-10
- 2022 Ferrari 812 Competizione: $1,611,000
- 1964 Ferrari 250 GT/L Lusso: (sale price not disclosed, but estimated $1M+)
- 1967 Ferrari 330 GTC: $692,500
- 1957 Porsche 356A Speedster: $472,500
- 2006 Ford GT: $357,000
- 1970 Dodge Challenger R/T Hemi hardtop: $329,500
- 1961 Aston Martin DB4 Series III Vantage spec: $277,200
- 1953 Porsche 356 Super: $246,400
- 1959 Cadillac Eldorado Biarritz: $235,200
- 1968 Shelby GT500KR convertible: $229,600
