19 August 2016

Few surprises from Mecum, Russo on first day of 2016 Monterey sales

Mecum and Russo and Steele kicked off the 2016 Monterey auctions on Thursday with few surprises. Combined totals tracked close to last year, with an average sale price of $30,309 and a 42% sell-through rate between the two venues. Russo and Steele managed to raise their numbers by 57% due to an additional 11 cars being offered and 10 more being sold.

A fair 1979 Porsche 928 at Mecum sold for an unexpected $38,500, exceeding #1 Hagerty Price Guide value, but otherwise the cars that sold generally did so for prices that were appropriate for their condition. Prewar cars and cars from the 2010s were particularly slow to sell (seven of 27 selling for the former and only two of 13 of the latter found new owners).

The big $67M difference between this year’s results and last year’s all comes down to the exceptional Pinnacle Portfolio. A year ago RM Sotheby’s added a single-collection sale of 25 cars that included a Ferrari 250 LM, a McLaren F1 and a Ferrari Enzo. This year the schedule returned to normal, with RM Sotheby’s sticking to its typical two-day format.

The stories of the week will become clearer following today’s sales, as RM Sotheby’s will offer Shelby Cobra CSX2000 and the LeMans-winning Jaguar D-Type, and Bonhams will send up the Nuvolari Bugatti Type 51.

Listed below are the raw results witnessed by Hagerty during the live auctions and may not factor in any post-sale deals that have occurred. These numbers include the appropriate buyer’s premiums.

Overall through Thursday from all auction companies
Thursday Total: $4.7M
155/365 lots sold: 42% sell-through rate
Average Sale Price: $30,309
Median Sale Price: $25,925

2015 Cumulative Results Through Thursday
Total: $72.2M
187/441 lots sold: 42% sell-through rate
Average Sale Price: $385,180
Median Sale Price: $26,400

Overall Top 10 Sales from all auctions through Thursday:

  1. 1913 Excelsior Big Valve Twin Motorcycle sold for $110,000 (Mecum)
  2. 2015 Dodge Viper SRT TA 2.0 Coupe sold for $94,600 (Mecum)
  3. 1997 Porsche 911 Carrera 4S Coupe sold for $89,100 (Mecum)
  4. 1979 Porsche 911 Carrera Turbo Coupe sold for $88,000 (Mecum)
  5. 1977 Ferrari 308 GTB Coupe sold for $83,600 (Mecum)
  6. 1963 Chevrolet Corvette 327/300 Split-Window Coupe sold for $72,600 (Mecum)
  7. 1963 Ford Galaxie 500 427/425 Hardtop Coupe sold for $69,850 (Mecum)
  8. 2002 Bentley Azure Convertible sold for $66,000 (Mecum)
  9. 1974 Jaguar E-Type SIII Roadster sold for $66,000 (Mecum)
  10. 2006 Bentley Continental GT Coupe sold for $66,000 (Russo and Steele)
  11. 1954 Cadillac Eldorado Convertible sold for $66,000 (Russo and Steele)

Individual sales from each auction company

Mecum
Thursday total: $3.7M
121/295 lots sold: 41% sell-through rate
Average Sale Price: $30,541
Median Sale Price: $25,300

Top 10 Thursday Sales:

  1. 1913 Excelsior Big Valve Twin Motorcycle sold for $110,000
  2. 2015 Dodge Viper SRT TA 2.0 Coupe sold for $94,600
  3. 1997 Porsche 911 Carrera 4S Coupe sold for $89,100
  4. 1979 Porsche 911 Carrera Turbo Coupe sold for $88,000
  5. 1977 Ferrari 308 GTB Coupe sold for $83,600
  6. 1963 Chevrolet Corvette 327/300 Split-Window Coupe sold for $72,600
  7. 1963 Ford Galaxie 500 427/425 Hardtop Coupe sold for $69,850
  8. 2002 Bentley Azure Convertible sold for $66,000
  9. 1974 Jaguar E-Type SIII Roadster sold for $66,000
  10. 1998 Porsche 911 Carrera Convertible sold for $64,900

2015 Results through Thursday
Cumulative Total: $4.3M
133/324 lots sold: 41% sell-through rate
Average Sale Price: $31,770
Median Sale Price: $23,100

Russo and Steele
Thursday total: $1.0M
35/70 lots sold: 50% sell-through rate
Average Sale Price: $29,144
Median Sale Price: $28,050

Top 10 Thursday Sales:

  1. 2006 Bentley Continental GT Coupe sold for $66,000
  2. 1954 Cadillac Eldorado Convertible sold for $66,000
  3. 1966 Volkswagen Transporter Deluxe 21-Window Microbus sold for $61,600
  4. 1964 Chevrolet Impala SS Custom Convertible sold for $55,000
  5. 1956 Mercedes-Benz 300C Sedan sold for $45,100
  6. 1968 Chevrolet Camaro RS/SS 396/325 Sport Coupe sold for $44,000
  7. 1990 Porsche 911 Carrera 2 Coupe sold for $42,900
  8. 1965 Ford Mustang Custom Fastback sold for $39,600
  9. 1974 Porsche 911S Targa sold for $37,950
  10. 1999 Rolls-Royce Silver Seraph Sedan sold for $36,300

2015 Results Through Thursday
Cumulative Total: $647K
25/59 lots sold: 42% sell-through rate
Average Sale Price: $25,916
Median Sale Price: $19,250

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