A Bumpy Ride at Monterey Car Auctions, Despite Million-Dollar Ferraris
Prewar cars were a bright spot in an otherwise low year.
A 1967 Ferrari 412 P sold by Bonhams was the top seller at the auctions during Monterey Car Week, near Carmel-by-the-Sea, California.
Source: Bonhams
The cooling forces in the collector car market finally reached the auctions in Monterey as buyers complained about too many cars, plus time-consuming venue logistics that taxed focus throughout the week leading up to the Pebble Beach Concours d’Elegance on Aug. 20 in Carmel, California.
By the end of the weekend, total sales reached a little more than $400 million across five auction houses, including after-sales, down from $473 million last year. An average sell-through rate of just 68% for 1,225 vehicles fell short of the 78% rate from last year, when there were 1,023 on the block. A sell-through rate of 80% or more is considered healthy for a car auction.