Monterey auction thread (the '24 edition)

Most vintage bids seamed soft. Not a lot of action . The great SA convertible don’t think hit 5m


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50s/60s Ferraris soft in relation to guidance. Dinos and Daytonas decent selling. Later examples selling well. Times are a changing…

 

daytona results?

 

Berlinettas all sold so far. Neither spider did.

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Maybe I don't understand the process but it seemed to me most cars with reserves did not sell and there were a lot of cars with no reserve.

The RM British auctioneer was extremely annoying. I felt at times he was begging people to bid, chastising people for not bidding or not bidding enough, goating people to keep bidding, and then almost depressed when he was finally hitting the gavel.

 

Daytona prices with premium:
857.500
857.500
692.500

 

Charlie Ross showed a bit of annoyance here and there, most unusual for him. It had to be a difficult evening for those in the business. More to come today.

 

Well I’m sorry to say that but I’ll have to buy yours for two reasons:

- It’s gorgeous in this colour
- It’s exactly 1000 numbers (so 500 road chassis) apart from my 308, 18881 !

 

did the red one at Gooding sell?

 

Hmmm . . . check your math

 

So many no sales from BA. All their estimates/reserves were to the moon. Every car that I said wouldn't sell didn't, especially that Enzo. They wanted at least $4.25M. The Mecum Enzo sold at $2.6M.

 

To be fair, if you were to draw a line representing the spectrum of Enzos, the Mecum car would be very far to the left, while the BA car would be probably 80-90% of the way to the right. After buyer fees, I'm not sure the buyer of the Mecum car got such a good deal, assuming the BA car can still be negotiated some from the posted ask of $4.25...

 

If you were wanting a car to drive, the Mecum car would have been perfect. It had 27K on the clock, while the BA Enzo was around 2,500. Both Rosso Corsa cars, so color premium wasn't a factor in any case. I'm not sure how much room there is on the BA, they thought they'd get $4.6 for the car.

 

No arguments that the Mecum car would make a great driver... But the car still has multiple full repaints, full interior changes, other Euro-centric mods and a bunch of 'hair' from repeatedly being flogged online, warts and all, for all to see, for all eternity.

The BA car on the other hand, has quietly lived in one of the foremost collections in the US for 15 years, with consistent servicing and no stories... As I said before - other than being red - the two cars could hardly be more different, representing the two ends of the Enzo spectrum.

 

Sorry too much sun on my head today

Still 1110 numbers apart is « funny »

 

so it seems the Daytonas are the cats meow. hopefully a trend is starting. they were always undervalued.

 

Some real quick and dirty math using Hammer Price's numbers shows Bonhams' total Monterey gross to be ~12.7m USD, with about 14.8m left on the table if all the unsold cars had no reserve.

Given this result as well as Amelia Island (less than 7m), and the brutal attrition that the team has had to suffer in the last 2-3 years, does anybody else see some sort of major change happening here in the near future? Bonhams' car division was given its own distinct rebrand last year (Bonhams|Cars) and I've read somebody with their finger on the pulse of the industry float the idea that a spinoff might be looming. Remember that Bonhams is owned by private equity, and Bonhams|Cars used to be a separate firm called Brooks that was brought into Bonhams 20-25 years ago.

BaG and RM did some heavy poaching of their talent 2021-present but does anybody know where Rupert Banner and Maarten ten Holder ended up?

 

That open headlight Aerodinamico is GORGEOUS.

 

I did not know that part. Do I want to know?

 

This is the car when it was offered at Bonhams last year.

It was discussed in a thread somewhere around here, but it was generally agreed that it wasn't well presented (paint wheels, etc). After the no-sale, it was offered around a lot, then Mecum bought it, then it no-saled again (Mecum, playing their typical games deleted the page, but the results aggregators still show it) and now it finally sold (maybe?)...

It's a high mileage car, that's been painted (twice!), had the interior retrimmed, imported and modified for the European market (with some incorrect-for-the-US-market changes remaining) and generally poorly presented, with multiple no-sales... Each factor could be the kiss of death on its own, but stacking them leaves a smaller and smaller buyer pool; many simply don't want to be that guy that finally buys what everyone else has passed on... I could make a rude joke about marrying the town bicycle... but I wouldn't do that

The good news is that, at the price paid, the new owner can afford to rectify some of the 'issues', and hopefully drive the wheels off it! So, despite my negative opinion about how the sale(s) were conducted, I'd shake his hand and buy him a beer!

 

Am I missing something or did the vast majority of big dollar vintage Ferrari's at Gooding get passed on? The really pretty Verde Scuro Daytona sold within estimate, but a shocking amount of lots are listed as Passes, a several other vintage Ferrari's came in below estimate.

 

Daytona's seem to repeat the same cycle over and over. They creep up then crash. A few years ago the were all near a million. Now most seem to trade in the 500-mid 600 range.

 

If you live long enough you will see repeat cycles. But I wonder, even with severe inflation, have we seen the peak for vintage Ferraris? Are these collectors aging out? What is there to say about the economy and our insane political turmoil? Are these factors? Sometimes I feel like something is about to drop, an uneasiness.

 

Specially when they describe cars with mispronunciations, that show a lack (to me) of interest and knowledge.

The 2 fellows doing the auction at Goodings, were like watching 2 oysters do the Tango .
Drearily boring, and I do not think it helps sales. An Elvis impersonator might have done better.

Regards, Alberto