Car Collectors Spend $469-M In Monterey Classic Car Auctions

Wealthy car collectors shrugged off recession worries and spent over $460 million at classic car auctions in Monterey this weekend, according to insurance and lifestyle company Hagerty, Robert Frank reported for CNBC.

Photo Insert: The 1932 Duesenberg J Figoni Sports Torpedo shown by Lee R. Anderson Sr. was named Best of Show at the 71st Pebble Beach Concours d’Elegance.

More than 790 cars sold at an average price of $590,700 at the auctions between Thursday night and Monday morning for a weekend total of $469 million, according Hagerty. The sales total smashed the previous sales record at Monterey, set in 2015 at $395 million.

The sales in Monterey and Pebble Beach, leading up to the Concours d’Elegance Sunday, mark the biggest test of the year for the classic-car market and suggest that wealthy collectors remain bullish despite recession fears and recent stock market volatility. More than 110 cars sold for $1 million or more this weekend, marking a record.

“If anyone had any questions about whether this would be a strong year, this week proved that demand for all different segments of collector cars was very strong,” said McKeel Hagerty, CEO of Hagerty.

“Almost every auction company reported multiple, strong bidders, on multiple cars.”

Here are the top 10 most expensive cars sold at Monterey: 1958 Ferrari 250 GT Cabriolet, sold for $6,825,000 (RM Sotheby’s); 1938 Talbot-Lago T150-C SS Teardrop Coupe, sold for $7,265,000 (RM Sotheby’s); 1953 Ferrari 375 MM Spider, sold for $7,485,000 (RM Sotheby’s); 1954 Ferrari 375 America Vignale Cabriolet, sold for $7,595,000 (RM Sotheby’s); 1966 Ferrari 275 GTB/C Coupe, sold for $7,595,000 (RM Sotheby’s); 1957 Ferrari 500 TRC Spider, sold for $7,815,000 (RM Sotheby’s); 1924 Hispano-Suiza H6C Transformable Torpedo, sold for $9,245,000 (RM Sotheby’s); 1937 Mercedes-Benz 540K Sindelfingen Roadster, sold for $9,905,000 (RM Sotheby’s); 1937 Bugatti Type 57 Atalante Coupe, sold for $10,345,000 (Gooding & Company), and; 1955 Ferrari 410 Sport Spider, sold for $22,005,000 (RM Sotheby’s).

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