Article ( Monterey Auction Recap 2009 )

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$7.25 million - 1965 Shelby Cobra Daytona coupe

Monterey Auction Recap 2009

Rob Sass / 2009-08-18

The top of the market stayed strong in Monterey. Numerous million dollar plus lots sold, including a 1965 Shelby Cobra Daytona coupe which set the U.S. auction record at $7.25 million.

Downmarket, it was a different story. For the first time in recent memory, there were bargains to be found at the Monterey auctions. The economic downturn has had an effect on the hobby for well over a year, but the recession was painfully obvious this year with a great number of cars selling at or below their low estimates. Sell-through rates at the auction houses ranged from just under fifty percent to over eighty percent, so there were certainly ready buyers in Monterey. However, prices for less than perfect cars were noticeably down.

The top five sales of the weekend were:

1. 1965 Shelby Cobra Daytona Coupe- $7.7 million (Mecum)

2. 1962 Ferrari 250 GT SWB California Spider-$5.1 million (Gooding)

3. 1933 Alfa Romeo 8C 2300 DHC- $4.2 million (Gooding)

4. 1935 Duesenberg Model SJ Roadster- $3.3 million (Gooding)

5. 1952 Jaguar C-type- $2.8 million (RM)

All of the above include a buyer’s premium of between six and ten percent. Official totals have yet to be reported by the auction companies, but unofficially, Hagerty observers at all of the auctions reported total sales of approximately $118 million, off about $20 million from last year’s total, even with RM adding a third night for the Nick Alexander Woodie Collection and with Mecum entering the fray in Monterey.

Article Comments

First all,my rating is B+and "Hats off to Haggerty" for the first Haggerty email Maganine that I beleved I've received. Would like to know what grassroots and first time hobbists are looking for in a collector. Seemed to be all small and large advertizers withi good taste ads. BWtylertx-ex print & radio adman(Haggerty client w1/car

I agree. Why not publish what the cars sold for?

who cares about a 35 duesenberg for 3.3 mil. or any of those cars. how about cars regular people can afford???

I agree with previous poster. You promote an article promising certain information and then provide the none of the details we "low end" collectors are interested in. Why waste our time? Top sales are always promoted but how about telling us about cars that real people can afford and what their prices are? SF (Hagerty client with 3 cars)

I agree with JB. As an owner whose car didn't even bid up to it's reasonable, below cost, under 18k reserve in Scottsdale in January, I'm more interested in what the prospects are for us at the other end of the spectrum. When the grass roots and entry buyers start returning to the hobby, then we'll see if the economy is really coming back to life. JL, Albuquerque,NM (1 car w/Hagerty, 1 project underway)

I agree, where are the bargin prices. I could care less about a 7.25 mill car. AWW (Hagerty client)

I was at the Mecum Auction. Many didn't hit the reserve and rolled off the stage. There were some real bargains especially the L88's and the 67 435 celebrity/GM exec cars. Wish I had the money for the L89 HE copo car. What a bargain! All in all it was a very good day inside and outside the tent. Rate the art B+ Thx, Jack Posemsky

Where are the sales price for the cars that sold at or below estimated values? That's where the bulk of the hobbyist are and what we need to know. My rating C- You can get the top sales everywhere. JB (Hagerty client w/ 5 cars)