There’s a new kid in town. Broad Arrow Auctions, a Hagerty company, held its first ever auction during Monterey Car Week. The Thursday auction was held in conjunction with Hagerty’s reimagined Motorlux event (formerly McCall’s Motorworks Revival) the previous evening, with thousands of guests viewing the cars on offer. It certainly made a splash in the Monterey area, the auction itself held at the Monterey Jet Center where bidders and guests could nibble on delicacies, sip champaign and mingle with the enthusiasts from around the world. The packed auction room saw bidders joining both in person and via telephone, on-line, and absentee bids. Auction veteran, Lydia Fenet, commanded the room from the rostrum, making her debut as Principal Auctioneer for Broad Arrow. It was a tremendous success, with sales totaling $55,256,900 with 88 percent of all 93 lots selling.
“This was an incredible debut, and we are tremendously grateful for the trust and support of our consignors, bidders, and the collector car community," said, Kenneth Ahn, CEO of Broad Arrow Group & President of Hagerty Marketplace. "This event was not only an important debut for establishing Broad Arrow as one of the premier auction houses in the industry, but it was also our first collaborative event under Hagerty's stewardship. We expected a strong sale given the quality or cars we had on offer, but the sell-through rate and prices achieved on many cars exceeded our expectations. We look forward to hosting a series of world class events and auctions, including at The Amelia, to better serve car collectors and enthusiasts globally."
"We are very excited about the success of the inaugural Broad Arrow auction," said McKeel Hagerty, CEO of Hagerty. "The quality and diversity of the offerings clearly hit the mark with buyers and validated the trends we are seeing in the marketplace. If anyone had any questions about whether this would be a strong year in the collectible car market, this week proved that demand is strong and there are cars available for every taste."
Across town, RM Sotheby’s held their three-night auction in the heart of Monterey at the Portola Hotel and Spa. A fan favorite, in addition to a bidder’s delight, the auction grossed an astonishing $239.3M in total sales an incredible 95 percent of all lots sold. Presided by Sotheby’s auctioneer Oliver Barker and RM Sotheby’s Mike Shackleton, the auctioneers stayed extremely busy fielding bids night after night in a jam-packed sales room which saw a record number of bidders and enthusiasts in attendance. Some highlights included the Thursday night sale of a 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen for $9,905,000. Friday’s action brought in nearly $5M with a 1957 Ferrari 500 TRC Spider selling for $7.8M. Interestingly, 17% of bidders were new to RM Sotheby’s and of those, 11% purchased cars. Over fifty lots sold for over $1M.
Gord Duff, Global Head of Auctions, stated, “The entire team will never forget this week after months of preparation. What RM Sotheby’s achieved at Monterey Car Week is a direct reflection of the drive, passion, and unparalleled expertise in our field. Our specialist and research teams are the best in the world, and our clients know that when they buy something like the 1924 Hispano-Suiza “Tulipwood” that we sold this weekend, it is thoroughly documented with exacting history which gives confidence when bidding. It’s one of the aspects that sets us apart from our competition. We sold 180 cars in 11 hours of auctioneering for a total of over $239M—a record that will stand for a long time. The market continues to rise, and this weekend is a testament that the collector market is thriving. We’re looking forward to an exceptional year and we expect to continue with the incredible momentum that we’ve gained to date.”
Bonhams’ annual Quail Lodge Auction is always full of interesting vehicles. This year brought the familiar mix of eclectic, often unrestored classics. All eras were represented, with model years ranging from 1903 all the way up to 2022. With misses for the auction’s two biggest cars, the 1963 Jaguar E-Type Lightweight with a $6.3M no-sale and the 1938 Bugatti Type 57C Atalante with a $2.5M no-sale, top spot at Bonhams went to a 1955 Ferrari 250 Europa sold for $2.1M. A 1969 Lamborghini Miura P400 also brought $2M.
Bonhams often consigns some of the most interesting early motorcars in Monterey and this year brought several surprising results to prove that the market for the best century-old automobiles is alive and well. A 1903 Winton Toy Tonneau sold for $335,000 against a $250K high estimate, a 1926 Rolls-Royce Silver Ghost Piccadilly Roadster sold for over double its high estimate at $1.325M, and a 1917 Detroit Electric brought over triple its high estimate at $140,000.
Mecum’s Monterey Daytime Auction was enthusiastically attended over three days. With the typical flair of a televised Mecum auction, the action was fast and furious. Overall sales reached more than $52.1M as a total of 297 vehicles changed hands. The Ferrari Prototype Collection were among the auction’s top 10 sellers for an aggregate of $5.47M. A prewar classic, dubbed The Final Duesenberg Show Car, came in as the auction’s second highest seller with a $2.7M sale. As the manufacturer’s last new model to be publicly displayed on the auto show circuit, the 1936 Duesenberg Model J Rollston Convertible Berline was the most expensive vehicle on display.
Hilton Head….another adventure awaits!