1958 Maserati
Source: Motorcar Studios © 2022 Courtesy of RM Sotheby’s
Classic cars up for auction in Monterey, California, this week are expected to break records.
Auction sales at Monterey Car Week are expected to be between $300 million and $490 million, according to Hagerty Automotive Intelligence, the classic and collector’s car insurance company. Experts say sales are likely to beat the all-time record when $395 million was offered in 2015. Last year’s total was $351 million.
A total of 956 cars will be auctioned this year in the five auction houses, according to Classic.com. Porsche and Ferrari lead the pack, with 100 Porsches and 93 Ferraris for sale. A record 149 cars will be offered for $1 million or more this year, with at least six cars expected to hit eight figures, according to Haggerty.
Collectors and auction houses say the return of international buyers to Pebble Beach this year will add fuel to the continued strong demand among collectors in the United States. Demand, sales, and prices rise dramatically both online and in in-person auctions.
“The classic car auction market shows great strength from a live and online perspective,” said McKeel Hagerty, CEO of Hagerty. “By all accounts, 2022 has been a brilliant year so far.”
Direct auction sales numbers are up 53% compared to 2021, according to Hagerty, and online auctions are up 69% compared to last year. Nearly $2 billion worth of cars have been sold so far at this year’s auction, between live auctions and online auctions.
Auction houses say concerns about inflation, recession and stock market volatility don’t seem to affect demand for classic cars at any price point. The massive wealth accumulated during the pandemic, along with a new, younger wave of collectors who have bought in the past two years, is driving demand.
In addition, the scarcity of used and new cars has driven up the prices of classic cars, sending auctions off the books.
This spring is very rare 1955 Mercedes-Benz 300 SLR Sold for $143 Million It became the most expensive car ever sold and redefined the word “expensive” in the classic car market.
CEO Haggerty said he expects bids to be strong across most categories and eras.
Thinking about auctions in Monterey this weekend, we expect strong bidding for ‘final bids’ – from pre-war cars, think Bugatti Type 57s and Mercedes-Benz 540Ks, to modern still-analog supercars like Ferrari F40s and F50s and Porsche Carrera GTs,” he said. “Ville Rouge is here the cars that have a high degree of innovation among their contemporaries. They can be driven, touring and enjoyed on modern roads, no questions asked.”
This year’s show will feature the first live auction from Broad Arrow Group, the classic car dealership founded last year and just acquired by Hagerty. Its top picks include a 1957 Ferrari 250 GT LWB Berlinetta Scaletti “Tour de France”, valued at up to $7 million, and a 1939 Mercedes-Benz 540 K Sindelfingen Spezial Roadster, valued at up to $8 million.
“Part of our vision to build an ecosystem for all car lovers,” Haggerty said.
Here are the top five cars, by estimated value, expected to be sold this week in Monterey:
5. 1958 Maserati 450S from Fantuzzi,
1958 Maserati
Source: Motorcar Studios © 2022 Courtesy of RM Sotheby’s
Estimated price: $9 million to $11 million
This Maserati racing car, which was auctioned by RM Sotheby’s, is part of the Oscar Davis collection and was one of 10 models built. It won three SCCA regional events in 1958 and was restored in the late 1990s but retains much of its original mechanical equipment.
4. 1938 Talbot-Lago T150-C SS Teardrop Coupe by Figoni et Falaschi
1938 Talbot Lago
Source: Motorcar Studios © 2022 Courtesy of RM Sotheby’s
Estimated price: $9 million to $11 million
One of only 11 buildings, and the only known example commissioned specifically for racing, Talbot-Lago’s 1939 “Teardrop Coup” completed 24 hours and later underwent a six-year restoration and won numerous awards as part of the Oscar Davis Collection. It is being auctioned by RM Sotheby’s.
3. 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen
1937 Mercedes-Benz 540 K
Darren Schnabel © 2022 Courtesy of RM Sotheby’s
Estimated price: $9 million to $12 million
One of only three examples, the 540K was delivered to the King of Afghanistan in 1937. The car passed through many owners and was rarely seen in public, with many of its original details. It is being auctioned by RM Sotheby’s.
2. 1937 Bugatti Type 57SC Atalante
1937 Bugatti Type 57SC Atalante
Copyright and permission of Gooding & Company, Images by Mike Maez.
Estimated price: $10 million to $12 million
This is one of the best examples of the coveted 75S Atalante. Bugatti built only 42 cars, and no two cars are alike. This model, which was auctioned off by Gooding & Co. , by numerous owners in Europe and the United States before it underwent a three-year extensive restoration by owner Ray Scherr and won numerous awards.
1. 1955 Ferrari 410 Sport Spider by Scaletti
1955 Ferrari 410
Source: Patrick Ernzen © 2022 Courtesy of RM Sotheby’s
Estimated price: $25 million to $30 million
One of the most important Ferraris ever built, this 410 was one of only two built and raced by legends Juan Manuel Fangio and Carroll Shelby. Shelby won more races in this 410, known as “0598 cm,” than any other car during his racing career. It is being auctioned by RM Sotheby’s.
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