Auctions in the fast lane: prices are rising

Those responsible at two of the leading auction houses, Goodings and RM Sotheby ‘s, should not be dissatisfied after the most important auctions of the year. Goodings was able to sell more than 107 million US dollars at its auctions, which are held annually as part of the Monterey Autoweek; almost 90 percent of the vehicles were sold. With direct competitor RM Sotheby ‘s it was in the end almost 150 million US dollars that were sold on the stage over three evenings. After the most prestigious auctions of 2020 were canceled due to the pandemic and failed major events, the industry woke up from its slumber and endless online auctions. Compared to 2021, there was an increase of around 37 percent in Pebble Beach. At RM it was even 91 percent of successfully auctioned products, mostly of older date.

Anyone visiting the RM Sotheby ‘s auctions in the Monterey Convention Center could hardly believe their eyes, because the auction room was bursting at the seams. Organizers and collectors cared comparatively little about the pandemic and the risk of infection, because the distances were hardly greater than in previous years and only a fraction of the visitors wore a face mask to the auction. At Goodings, traditionally on the grounds of the luxury enclave of Pebble Beach, there was a strict mask requirement. Neither did the success of the auctions diminish, and at Bonhams, Russo & Steel and Mecum, too, the inquiries from collectors who could buy or sell were greater than ever. At RM Sotheby ‘s, after the failed event in 2020 and sometimes tough sales in 2019, the organizers are talking about a “phenomenal auction” in which bidders from 34 countries took part. Noteworthy: around every fifth customer was new. 44 vehicles changed hands for more than one million US dollars, 16 of them were above the three million mark and four even cracked the five million dollar mark.

“This is another milestone for RM Sotheby ‘s, as we have achieved what is one of the three best Monterey auctions of all time,” said Gord Duff, Global Head of Auctions at RM Sotheby ‘ s But above all, this week has shown that the market is stronger today than ever before and that collector vehicles from all over the world are readily finding new buyers. We have also proven once again that high-quality cars can be offered without reservation and achieve record results, like many lots show in this auction. ” The most expensive model was an Aston Martin DB4 GT Zagato from 1962, which changed hands for more than 9.5 million US dollars. Just behind: two Ferrari 268 SP and 275 GTB, which could be auctioned for more than seven million. The top scores at Goodings were significantly higher. Here the previously highly traded McLaren F1 from 1995 brought in 20.5 million US dollars. At the last event in 2019, a McLaren F1 had a record with $ 19.8 million. A considerable distance to the also highly traded Ferrari 250 GT LWB Spider with around eleven million. Also surprisingly expensive: one of the last Mercedes 300 SL roadsters with hardtop to be produced, which brought its owner over three million dollars. And even a Citroen 2CV from 1991 changed hands at Goodings for an impressive $ 20,000. At Bonhams, a small Subaru 360 Deluxe went for $ 16,800. Spectacular: at the same auction, a 1928 Mercedes 26/120/180 Supercharged S-Type changed hands for $ 5.4 million. There was a new record for Japanese vehicles, because a Lexus LF-A Nürburgring was auctioned at RM Sotheby’s for 1.6 million dollars.

And the excellent results from Monterey and Pebble Beach will not stop there in 2021. After the crisis year 2020 and mainly online auctions, all organizers are expecting an excellent year 2021. The demand for younger classics and sports cars in particular is greater than ever, while pre-war models alone without a particular history are struggling.