Page 22 - Oct 2022

Mont erey Car Week Cont inues t o Post Record Sale
Prices at it s Relat ed Auct ion Houses

The final tally is in. According to Hagerty, over 790 cars were sold for a
final total of $469 miliion dollars , an impressive number to be sure, but of
real interest was that more than 110 cars sold for a million dollars apiece. Mo t o r s po r t
This was a record for sales during Monterey. News f r o m
Her e a n d
Inflation and fears of a recession may be foremost in the minds of some
but apparently not in the minds of the bidders breathing the thin air of the a c r o s s t h e
top of the car market. RM Sotheby's ended at the top of the pile when it Po n d
sold a 1955 Ferrari for $22 million dollars. Before you gasp, consider that
the Ferrari sold for under its estimated value so the purchaser can
consider himself to have bought a bargain.
The previous sales record for Monterey came in 2015 when the sales total
was $395 million. In 2022 it took bids in the six figures to join the ranks of
the in-crowd, as the average price of the cars sold was $590,700, Walkaround Auct ion Video on page 20
apparently walking around money.
Top Ten Most Expensive Cars Sold during 2022 Mont erey Car Week
While the sales were record breaking, several classic car collectors chose
Auct ions
this week of sales between Monterey and Peeble Beach to unload large
portions of their collections, an indication that perhaps the longer view is 10. 1958 Ferrari 250 GT Cabriolet, sold for $6,825,000 (RM Sotheby?s)
that the market for these assets is close to peak. But strong sales remain
9. 1938 Talbot-Lago T150-C SS Teardrop Coupe, sold for $7,265,000 (RM Sotheby?s)
strong sales and that can't be disputed.
8. 1953 Ferrari 375 MM Spider, sold for $7,485,000 (RM Sotheby?s)
?If anyone had any questions about whether this would be a strong year,
this week proved that demand for all different segments of collector cars 7. 1954 Ferrari 375 America Vignale Cabriolet, sold for $7,595,000 (RM Sotheby?s)
was very strong,? said McKeel Hagerty, CEO of Hagerty. ?Almost every 6. 1966 Ferrari 275 GTB/C Coupe, sold for $7,595,000 (RM Sotheby?s)
auction company reported multiple, strong bidders, on multiple cars.?
5. 1957 Ferrari 500 TRC Spider, sold for $7,815,000 (RM Sotheby?s)
The sell through rate was 79%, down slightly from 2021's 80%. Millennial
4. 1924 Hispano-Suiza H6C Transformable Torpedo, sold for $9,245,000 (RM
buyers were noticeable and auction houses revealed that impulse buying
Sotheby?s)
was on the rise. Described as "buy-it-now bidders" These were people
who walked around, looked at the cars, registered to bid , on the day, won 3. 1937 Mercedes-Benz 540K Sindelfingen Roadster, sold for $9,905,000 (RM
auctions on some important cars, paid with cashiers checks, and were Sotheby?s)
seen driving their new purchases during the week. Hagerty's described
2. 1937 Bugatti Type 57 Atalante Coupe ( photo below) , sold for $10,345,000
this new kind of buyer as " pretty rare and driving -focused".
(Gooding & Company)
Red Bull F1 Deal wit h Porsche in 2026 Now Off? 1. 1955 Ferrari 410 Sport Spider, sold for $22,005,000 (RM Sotheby?s)

Last month the automotive press buzzed with rumors that Porsche would
join Red Bull as a constructor for the team. Now the frost may be off the
pumpkin, or so the rumors go.

According to German language site F1 Insider, the deal is now completely
out of the question. Apparently Porsche had wanted to develop and
engineer its own engine for the 2026 regulations, showing off its continued
talents as an engineering mastermind. Red Bull wasn? okay with that, citing
t
that it had recently made the investment to buy out Honda?s powertrain
supply operations and move them inside the Red Bull organization at great
cost. Allegedly the fizzy drinks company is already working to develop its
own 2026 engine, and doesn? want anyone else working on it.
t
22