Graph of the Week: Million Dollar Cars in Monterey
Monterey is the place to watch for high-dollar sales. As far as the overall number of cars offered at the flurry of auctions there each year, it has grown sporadically but overall trended upward. The number of seven-figure cars offered, meanwhile, has risen more consistently. As the graph shows, there are close to one hundred additional cars on offer in 2015 than there were just five years ago, which illustrates just how much the top end of the auction market has grown.
The huge jump in seven-figure cars offered in 2014 wasn’t repeated, and although 2015 did see a notable increase, it was more modest than we’ve observed recently. It is also worth noting that the single collection Pinnacle Portfolio consigned by RM Sotheby’s has at least 18 seven-figure cars, which more than makes up for the difference between 2014 and 2015. The average low estimate for these cars is also up by $200,000 compared to last year, so not only are there more seven-figure cars on offer, they’re also getting more expensive.