The Monterey Car Week 2024 brought together car collectors and enthusiasts to celebrate the art of the automobile. Renowned auction houses such as RM Sotheby’s, Gooding & Company, Broad Arrow Auctions, Mecum Auctions, and Bonhams promised a week filled with excitement, and they delivered, although not without a few surprises.
The auctions saw some fantastic sales, but the market was more cautious overall. Despite the impressive lineup of vehicles, total sales for the week were below the pre-sale estimate of $430 – 489 million, amounting to just $391.6 million, including the buyer’s premium. Buyers were very selective, especially in the high-end market where cars valued over $1 million struggled to meet expectations.
1960 Ferrari 250 GT
Coming in first was a 1960 Ferrari 250 GT SWB California Spider, which sold for an astonishing $17,055,000, right in the middle of the $16-18M estimate. This iconic vehicle, the first of its kind, was showcased at the 1960 Geneva Motor Show and had never been publicly available until now. The car was pristine, still painted in its original colors, and complete with the factory-equipped competition-spec engine.
1938 Alfa Romeo 8C
Second place went to a 1938 Alfa Romeo 8C 2900B Lungo Spider that fetched $14,030,000, a slight disappointment as it was expected to make closer to $20M. This Spider boasts a twin-supercharged inline-8 engine and is one of only five long-chassis models. Its rarity and impeccable condition made it one of the most sought-after cars of the week.
1955 Ferrari
A 1955 Ferrari 410 Sport Spider was expected to make in excess of $15M but secured a third-place finish when it sold for $12,985,000. This one-off prototype was driven to victory by Carroll Shelby in the 1956 Palm Springs Road Races and still retains its original numbers-matching engine, adding to its historical significance.
However, not all cars found new owners. Despite the excitement surrounding them, some of the week’s most anticipated vehicles failed to sell. It was surprising to many when a 1961 Ferrari 250 GT SWB California Spider, which had an estimate of $15-17 million, failed to meet its reserve.
Another car that didn’t find a buyer was the 1937 Bugatti Type 57SC Atalante. This rare vehicle, one of only 17 ever made, was estimated to sell for $9-11 million.
The 1957 Ferrari 625 TRC Spider, a pedigreed racing machine with over 20 podium finishes, remained unsold. Estimated at $9-11 million, this car’s historical significance as a precursor to the V–12–-powered 250 Testa Rossa was not enough to secure a buyer.
Finally, the 2002 Ferrari F2001b Formula 1 car, driven by Michael Schumacher to three podium victories during his 2002 World Championship season, also failed to find a new home. Estimated to bring $8-10 million, it left many stunned when it didn’t make it to the finish line.
Ultimately, Monterey Car Week 2024 was a captivating blend of success and caution. While the event saw record-breaking sales and thrilling bidding wars, it underscored that buyers are becoming more discerning. The unsold lots, particularly those with rich histories and prestigious pedigrees, serve as a reminder that even in the world of luxury and rarity, nothing is guaranteed