FALL 2024 NEWSLETTER - Volume 76

Something magical happens along the Monterey Bay Peninsula in Northern California every August. It's not just another car show—it's more like an automotive pilgrimage. Collectors and car lovers from all over the world converge to witness some of the finest machines ever built, set against the stunning backdrop of the Pacific. This is Monterey Car Week, a tradition that’s been firing on all cylinders since the 1950s, only improving with time. After seven decades, it’s become the ultimate bucket-list event for anyone who appreciates cars.

Monterey Car Week is unique because it's not just one event but a series of curated experiences. The schedule? It's a bit of a juggling act. Event organizers work hard to avoid overlap between gatherings that appeal to the same crowd, and for good reason—there’s too much automotive brilliance to miss. While many top-tier Monterey Car Week events come with a price tag, and is a great value. Even so, one of the best-kept secrets of the week is that you can still catch glimpses of these amazing cars without attending the actual auctions. Just stroll through the nearby hotel parking lots, and you’ll see plenty of automotive masterpieces up close. But even if you’re not planning to drop millions on a car, there’s plenty to appreciate. You’ll find a range of vehicles, not just the multimillion-dollar classics. So whether you’re bidding or just browsing, Monterey Car Week offers plenty of automotive beauty to feast your eyes on. And the best part is you can view all of these magnificent classics at no cost.

As for the auctions themselves, entry fees can be quite reasonable, though free admission is rare. But even if you’re not planning to drop millions on a car, there’s plenty to appreciate. You’ll find a range of vehicles, not just the multimillion-dollar showstoppers. So whether you’re bidding or just browsing, Monterey Car Week offers plenty of automotive beauty to feast your eyes on—without emptying your wallet.

MONTEREY CAR WEEK - Part 1

Motorlux by Hagerty

Motorlux 2024, hosted by Hagerty at the Monterey Jet Center, once again set the tone for Monterey Car Week with a vibrant celebration of cars, craft, and community. Drawing in over 4,100 attendees, the event seamlessly blended the best of automotive excellence with luxury lifestyle experiences while showcasing some of the most impressive cars, aircraft, and culinary artistry. This year's event, held on August 14, 2024, was more significant and extravagant than ever. With over 225 rare and classic vehicles on display alongside 14 private jets and vintage aircraft, guests were treated to a visual feast. Among the highlights were adventure vehicles, 1950s hot rods in the "American Graffiti" exhibit, and even a hangar dedicated to 1980s and ’90s Radwood icons like the Ferrari Testarossa. 

Tom and other team members from Classic Showcase were particularly delighted to have been chosen to showcase his stunning 1959 Jaguar XKSS re-creation. The dedicated craftsmen and specialists hand-crafted the unique build on the XKSS at Classic Showcase. The car looked fabulous amidst the other spectacular vehicles on display, catching the eyes of many attendees. 

The culinary experience was also a focal point, with 25 food and wine vendors offering gourmet selections to complement the evening. One crowd favorite was the "bacon wall," where guests could pair generous slabs of bacon with their choice of beverages. The open bar and live entertainment kept the energy high, including performances from a DJ, drummer, and even an electric violinist playing while suspended in a hoop. 

Broad Arrow Auction added another layer of excitement, with night one of their two-day auction taking place alongside the Motorlux festivities. The auction featured 150 significant motor cars, including a Porsche 911 GT1, and concluded with $71.5 million in total sales. This year, the runway-style auction format, complete with viewing galleries, created an immersive experience for attendees and bidders alike! In its third year under Hagerty’s stewardship, Motorlux continues to grow in scale and creativity. From vintage planes and rare cars to gourmet food and innovative auction formats, it has become the must-attend kickoff event for Monterey Car Week, promising even bigger things for 2025!

MOTORLUX GALLERY 2

(click on an image to view a larger version)

Broad Arrow Auctions

Broad Arrow Auctions made its return to California last week for its third annual Monterey Auction, held on August 14 and 15 at the Monterey Jet Center. The two-day event achieved impressive results, bringing in $71.5 million, with 85 percent of the lots successfully sold. A new feature for 2024 was the auction's Wednesday evening start, coinciding with Motorlux—an energetic celebration of cars, craftsmanship, and community hosted by Hagerty at the Monterey Jet Center. 

This year’s auction introduced a new, immersive runway-style auction format, which received positive feedback from both collectors and industry insiders. The event’s highlight was the sale of a 1997 Porsche 911 GT1 Rennversion, an exceptionally well-preserved example of just nine customer GT1s ever built. Spirited bidding, both in-person and by phone, saw the car sell for $7,045,000. In addition to this top sale, several records were broken during the auction. Leading the pack was a rare 1998 RUF CTR 2, which set a new auction record for any RUF model, fetching $2,095,000. This car, believed to be the only one still in its original ownership, was part of a trio of RUF models that all sold at strong prices. 

“We’re incredibly grateful to the guests who attended our third annual Motorlux event and auction at the Monterey Jet Center. We saw record attendance, with 42% of bidders registering with Broad Arrow for the first time,” said Kenneth Ahn, President of Hagerty Marketplace and Broad Arrow. He also noted a shift in the market during Monterey Car Week, especially for cars priced over $1 million. “More collectors were on the sidelines for the high-end market this year, but we saw strong engagement, particularly for modern, next-generation enthusiast cars.” Barney Ruprecht, Vice-President of Auctions for Broad Arrow, added, “While we cater to a broad range of collecting interests, our focus is on younger collectors, which reflects both changing tastes and our team’s expertise. The prominence of modern and 'youngtimer' cars in the highest auction tiers isn’t just a trend—it’s supported by a growing base of collectors. Our leadership in brands like Porsche and RUF is well-illustrated by the success of our Monterey auction and beyond.”

TOP 10 BROAD ARROW AUCTION SALES

(pictures courtesy of broadarrowauctions.com)

1997 Porsche 911 GT1 Rennversion

Sold Price: $7,045,000

1957 Maserati 200Si 
by Fantuzzi

Sold After Auction

1972 Lamborghini Miura 
P400 SV

Sold Price: $2,700,000

1966 Ferrari 275 
GTB

Sold Price: $2,535,000

2015 Porsche 918 Spyder 
Weissach Package

Sold Price: $2,480,000

1990 Ferrari 
F40

Sold Price: $2,425,000

1998 RUF 
CTR 2

Sold Price: $2,095,000

1988 Porsche 959 
Komfort

Sold after auction

1998 RUF Turbo R 
Limited

Sold Price: $1,710,000

1955 Mercedes-Benz 300 SL 
Gullwing Coupe

Sold Price: $1,545,000

Bonham's Auctions

Bonhams’ 2024 Monterey auction, held at the Quail Lodge on August 16, once again demonstrated its ability to attract discerning collectors and deliver notable results. With a lineup of exceptional vehicles that spanned decades and styles, Bonhams showcased the enduring appeal of both classic and modern automobiles. Though market dynamics have shifted, the auction house still managed to celebrate the craftsmanship, rarity, and history of each car presented, drawing significant attention from enthusiasts worldwide. The top sale of the auction was a 2022 Ferrari 812 Competizione, which fetched an impressive $1.611 million, affirming the enduring popularity of modern supercars among collectors. American muscle made its mark too, with a 1970 Dodge Challenger R/T Hardtop, one of only 12 with a manual transmission and shaker hood, smashing estimates and selling for $329,500...

BONHAMS RESULTS & RECAP

One of the auction's most exciting moments came from the sale of a 1965 Mustang Convertible, once owned by the late rock legend Tom Petty. Initially estimated at $25,000 to $35,000, the car ignited a spirited bidding war, ultimately selling for a remarkable $224,000, showcasing how unique provenance can greatly elevate a vehicle’s value​. Despite some challenges, such as the 1957 BMW 507 Series II Roadster not meeting its reserve price, Bonhams’ auction demonstrated that collectors are evolving in their tastes.

Top 10 Sales at Bonhams Monterey 2024:

2022 Ferrari 812 Competizione – $1,611,000
1970 Dodge Challenger R/T Hardtop – $329,500
1965 Mustang Convertible (owned by Tom Petty) – $224,000
1972 Ferrari 365 GTC/4 – $210,000
1961 Porsche 356B Cabriolet – $185,000
1965 Jaguar E-Type Series 1 4.2 Roadster – $170,500
1989 Ferrari Testarossa – $156,750
1963 Mercedes-Benz 220 SE Cabriolet – $146,300
1968 Mercedes-Benz 280 SL – $137,500
1954 Bentley R-Type Continental – $134,000

The Quail
A Motorsports Gathering

Held on the scenic greens of the Quail Lodge & Golf Club, The Quail – A Motorsports Gathering is an incredible Concour and lifestyle event. It once again dazzled automotive enthusiasts in August 2024 as one of the most exclusive events of Monterey Car Week. The Quail is renowned for combining high-end motorsports with a luxurious garden-party atmosphere. This year, the event featured over 200 of the world’s finest automobiles, alongside curated culinary experiences and themed showcases celebrating major automotive milestones. Key themes for 2024 included tributes to 100 Years of MG, 50 Years of the Porsche 911 Turbo, and a celebration of Koenigsegg's 30th Anniversary. Additionally, the event spotlighted rare pre-war and post-war sports and racing cars, as well as modern supercars and custom coachwork​. 

A standout moment for Tom and our team from Classic Showcase came when we proudly presented our recently completed 1959 Jaguar XKSS re-creation. The car, meticulously crafted to capture the spirit of Jaguar’s iconic roadster, looked stunning among the impressive lineup of classic and modern vehicles on display. The Jaguar XKSS stood out for its attention to detail, and Tom was thrilled to have it showcased again after Motorlux, where it rested alongside such elite automobiles at one of the week’s most prestigious gatherings​!

This year's Best of Show award went to a stunning 1937 Delahaye Type 135, a historically significant vehicle with racing pedigree and bespoke coachwork. The Quail also celebrated the legacy of World Rally Cars and hosted an unforgettable showcase of luxury and performance. The Quail continues to be one of the most eagerly anticipated events of Monterey Car Week, blending motorsport heritage with elegance, and providing an unforgettable experience for collectors and enthusiasts alike.

Mecum Auctions

This year’s Mecum Auctions at Monterey proved to be a grand success, amassing an impressive $54 million in total sales over the course of the event. Collectors and car enthusiasts from across the globe converged at this iconic venue to bid on some of the most coveted and historically significant vehicles ever offered at auction. The event featured a wide variety of automobiles, from timeless classics to high-performance exotics, further cementing Mecum's reputation as a premier destination for elite automotive sales. 

The 2024 auction saw intense bidding, particularly for rare and unique vehicles. A star among them was the 1969 Ford GT40 Lightweight, which topped the sales chart at an astounding $7.865 million. This car, a legendary piece of automotive history with racing pedigree, became the focus of fierce bidding, drawing attention from both seasoned collectors and enthusiasts. It wasn’t just the GT40 that turned heads—iconic American muscle cars and revered European sports cars also drew significant interest.

Mecum's Top 10 Sales:

1969 Ford GT40 Lightweight – $7,865,000
1969 Dodge Hemi Daytona – $3,360,000
1967 Ferrari 275 GTB/4 – $3,080,000
2003 Ferrari Enzo – $2,860,000
1970 Plymouth Hemi Cuda Convertible – $2,576,000
1967 Ferrari 330 GTS – $2,530,000
1967 Chevrolet Corvette L88 Convertible – $2,352,000
2005 Porsche Carrera GT – $1,732,500
1930 Packard 734 Speedster Boattail Runabout – $1,375,000
1957 Mercedes-Benz 300SL Roadster – $1,237,500

The second-highest sale of the event was the 1969 Dodge Hemi Daytona, which sold for $3.36 million. Known for its distinctive aerodynamic design and raw power, this muscle car exemplifies a rare and valuable piece of automotive history, particularly beloved by muscle car aficionados. It stands as a testament to the appeal of American engineering in the world of classic cars. 

Additionally, the auction featured other notable sales like a 1967 Ferrari 275 GTB/4 that went for just over $3 million, and a 2003 Ferrari Enzo, the last of Ferrari's naturally aspirated hypercars, which achieved $2.86 million. American classics also made a strong showing, with a 1970 Plymouth Hemi Cuda Convertible and a 1967 Chevrolet Corvette L88 Convertible both drawing millions from eager buyers. Beyond the million-dollar sales, Mecum Monterey 2024 demonstrated a broader trend in the collector car market: the sustained and growing interest in both European exotics and American muscle cars. With vehicles spanning from pre-war classics to modern supercars, the auction had something for every type of collector, solidifying Mecum’s Monterey event as one of the most anticipated on the global auction calendar!

RESULTS & RECAP

Ferrari continued to dominate the top sales, with a 1955 Ferrari 410 Sport Spider claiming the second spot, fetching $12.985 million. This legendary race car, driven by notable figures like Juan Manuel Fangio, showcased the enduring appeal of vintage Ferraris. The third highest sale was another Ferrari—this time a 1959 Ferrari 250 GT LWB California Spider, which went for $5.615 million. 

Beyond Ferraris, a wide array of other highly sought-after vehicles crossed the auction block. Pre-war classics, such as the 1934 Duesenberg Model J Disappearing-Top Convertible Coupe, sold for $3.75 million, demonstrating that timeless American luxury still commands premium prices. On the other hand, modern hypercars were equally impressive, with a 2023 Bugatti Chiron Super Sport selling for $3.5 million.

Top 10 Sales at RM Sotheby’s Monterey 2024:

1960 Ferrari 250 GT SWB California Spider – $17,055,000
1955 Ferrari 410 Sport Spider – $12,985,000
1959 Ferrari 250 GT LWB California Spider – $5,615,000
1995 Ferrari F50 – $5,505,000
1967 Ferrari 275 GTB/4 NART Alloy – $5,285,000
1934 Alfa Romeo 8C 2300 Lungo Spider – $4,075,000
2023 Bugatti Chiron Super Sport – $3,497,500
1966 Ferrari 275 GTB/6C Alloy – $3,481,000
2021 Bugatti Chiron Sport Noire – $3,360,000
1932 Delage D8 S Roadster – $3,305,000

Despite a broader market stabilization compared to the record-breaking 2022 event, RM Sotheby’s auction at Monterey proved that top-tier, blue-chip collectibles continue to capture the imagination of the world’s wealthiest enthusiasts. Pre-war legends, post-war Ferraris, and cutting-edge supercars all played a role in making the event one of the most memorable highlights of Monterey Car Week​.

In addition to the headline-grabbing Ferraris and Bugattis, the auction also saw a resurgence in interest for bespoke, coachbuilt cars from manufacturers like Delage and Duesenberg. These cars, with their historical significance and impeccable craftsmanship, continued to appeal to collectors who value both elegance and provenance. While fewer cars broke auction records compared to previous years, RM Sotheby’s Monterey 2024 reflected a shifting market where select cars—particularly from the 1990s and early 2000s—are showing significant upward trends, attracting younger collectors and setting new benchmarks in the collector car world​.

Gooding & Co. Auctions

Gooding & Company’s 2024 Monterey Auction once again made waves, delivering some of the highest sales of the week. Known for presenting a selection of highly sought-after and impeccably curated vehicles, the auction house brought in over $100 million in total sales, with several standout moments showcasing the enduring appeal of classic Ferraris and rare European cars. 

One of the highlights was the sale of a 1995 Ferrari 333 SP Evoluzione, which fetched $5,120,000. This race car, with its storied racing history—including podium finishes at IMSA WSC and Le Mans—made a strong showing despite falling slightly below its pre-sale estimate. Gooding also set a new record with a 1991 Porsche 911 Reimagined by Singer, part of the “Dynamics and Lightweight Study,” which sold for an astonishing $3,085,000—more than double the previous record for a Singer vehicle​...

Christie’s has recently announced that they are purchasing Gooding & Company, a leading international auction house in the collector car market. This marks a milestone for Christie’s, establishing its position in the expanding collector car market. We are excited because 25 years ago Classic Showcase worked with Christie’s Motorcar division and had great rapport. All of us are looking forward to working alongside Christie’s Gooding & Co. for years to come – congratulations to Christie’s and Gooding & Co.!  

GOODING & CO. RESULTS & RECAP

Ferrari once again dominated the high-end market, with several top-tier sales. A 1973 Ferrari 365 GTS/4 Daytona Spider, a low-mileage example certified by Ferrari Classiche, was estimated to sell for $2.9-3.4 million but ultimately remained unsold at $2.7 million​. However, other Ferraris performed well, with multiple vintage models exceeding expectations. The 1955 Ferrari 410 Sport Spider, driven by legends like Fangio, was a highlight, bringing in $12,985,000​. Beyond Ferraris, the auction saw notable sales of other classic vehicles, such as the 1927 Bugatti Type 43 Grand Sport, which sold for $731,000—well above its estimate, reflecting the continued demand for rare Bugattis. Additionally, a beautifully restored 1968 Lamborghini Miura P400, finished in a stunning Azzurro Cielo, set a new record by achieving $2,315,000​. 

Top 10 Sales at Gooding & Company Monterey 2024: 

1955 Ferrari 410 Sport Spider – $12,985,000 
1995 Ferrari 333 SP Evoluzione – $5,120,000 
1991 Porsche 911 Reimagined by Singer (DLS) – $3,085,000 
1968 Lamborghini Miura P400 – $2,315,000 
1937 Bugatti Type 57 Stelvio – $577,000
1927 Bugatti Type 43 Grand Sport – $731,000 
1973 Ferrari 365 GTS/4 Daytona Spider – $2,700,000 (unsold) 
1928 Bugatti Type 44 Torpedo by Figoni – $467,000 
1956 Maserati A6G/54 Berlinetta – $3,550,000 
1966 Ferrari 275 GTB/6C Alloy – $3,481,000. 

While there were a few unsold lots, Gooding & Company’s Monterey Auction continued to demonstrate the power of the Ferrari brand and the market’s increasing appetite for modern performance icons like Singer’s reimagined Porsches. This year’s event confirmed that both vintage and modern collectibles can coexist in the high-stakes world of Monterey auctions.

Pebble Beach

Sunday, August 18, 2024

This year’s Best of Show was awarded to a 1934 Bugatti Type 59 Sports, owned by Fritz Burkard of The Pearl Collection in Switzerland. In a groundbreaking moment, this marked the first time a preservation car—one that retained its original condition rather than undergoing restoration—had ever won the top prize. The Bugatti, renowned for its racing history and royal connections, captivated the judges and the crowd alike with its aged but authentic appearance. Burkard emphasized the importance of maintaining the car's original state and sharing it with younger generations to instill an appreciation for automotive history​.

Beyond the Best of Show, the Concours featured numerous noteworthy vehicles. The 1916 Pierce-Arrow 48 B-4 Vestibule Suburban, shown by Bradley and Andrew Greene, won Best in Class for Antique Cars, while the 1970 Lancia Stratos HF Zero, an iconic concept car, took home the Gran Turismo Trophy for its revolutionary design​. Among the many stunning vehicles on display, the 1930 Packard 745 Deluxe Eight Letourneur et Marchand Convertible Victoria, owned by Steve and Michelle Snyder, also captured attention for its elegance and classic design​. 

In addition to the competition, the Concours celebrated several important milestones, including the 100th anniversary of Chrysler and the 75th anniversary of Formula 1, which added extra excitement to the event. The lawn at Pebble Beach was filled with meticulously restored classic cars, rare sports cars, and coachbuilt vehicles, offering a truly mesmerizing sight for attendees​!

Looking ahead, the Pebble Beach Concours d’Elegance continues to set the standard for the preservation and celebration of automotive history. The 2024 event was a reminder of the event’s unique ability to blend tradition with innovation, drawing car enthusiasts and collectors from around the world. With special anniversaries and rare vehicles on the horizon, next year promises to be even more thrilling!

1958 Ferrari 250 ​GT at Pebble Beach

A longtime collector friend, with whom we've shared many memorable rally events over the years, recently showcased his impeccably restored 1958 Ferrari 250 GT Series 1 Cabriolet. Completing such a meticulous restoration was no small feat, and the result was nothing short of outstanding. His Pininfarina-designed Ferrari made a strong impression at this year’s event, earning an impressive 2nd place in class. We are thrilled for our good friend from New Mexico, who owns such a significant and iconic sports car—one of Enzo Ferrari's true masterpieces. In a fiercely competitive class, placing just behind a 1962 Ferrari 250 GTO Scaglietti Coupe, one of the most important Ferraris ever built, is a remarkable achievement.

(image courtesy of pebblebeachconcours.net)

PEBBLE BEACH: Best of Show:

1934 Bugatti Type 59 Sports shown by Fritz Burkard of The Pearl Collection

In a historic first for the Pebble Beach Concours d’Elegance, a preservation car claimed the coveted Best of Show title—a remarkable 1934 Bugatti Type 59.The competition this year brought together 214 vehicles from 16 countries and 29 U.S. states. Standing out among them all was a 1934 Bugatti Type 59 Sports, proudly presented by Fritz Burkard from The Pearl Collection in Switzerland, which earned the top award. 

Sandra Button, Concours Chairman, shared her admiration: “This Bugatti has an incredible legacy, being the first Type 59 ever built. It was a true factory race car that secured several Grand Prix victories with legendary drivers. Its connection to royalty only adds to its charm, and its authentic preservation, especially the livery crafted when King Leopold of Belgium owned it, makes it all the more remarkable.” 

An elated Fritz Burkard reflected on the win: “I’m thrilled—not just for myself, but for Bugatti and this incredible car. It’s one of the most historic Bugattis, and winning with it means the world to me. This marks the first time a Swiss, a European, and a preservation car has taken Best of Show. It’s important to celebrate preservation because a car can only be original once. And even after all these years, it drives like a dream.”