This year at Monterey Car Week 2022, the auction almost stole the show from the more traditional Park and Show Events Such as Pebble Beach Concours d’Elegance and The Quail, A Motorsports Gathering. Over 1,000 vehicles on display from Bonhams, Gooding and Company, RM Sotheby’s and Mecum Auctions posted a 78 percent sales rate on their way to a total of US$469 million – a figure that doesn’t even include a 1998 McLaren F1 Secretly sold as part of Sotheby’s Sealed new operation.
For context, the previous high returned in 2015, when auction houses combined recorded $394.5 million. The new record arrived this year despite many experts predicting a recession or, at least, a plateau compared to previous summers in Monterey.
“We’ve been watching for a slowdown,” says Brian Rabould, Hagerty’s vice president of assessment services, in the 18th lane in Pebble. “At Hagerti, we saw some signs of that, and we weren’t sure if that would extend to sales this year. But that doesn’t seem to be the case at all.”
In 2022, a total of 113 cars broke the seven-figure mark and many set individual world records, including the 1990 Ferrari F40 at nearly $4 million, the 1994 Bugatti EP110 Super Sport at $3.16 million, and the Ferrari Enzo Priced at $4.13 million, Mike. Tyson Ex 1995 Ferrari F50 Priced at $4.625 Million.
“I think two themes emerged,” Rabold explained. “Someone was Collectible classic cars From the fifties, sixties and seventies – private cars were really rare, and they performed well. The other part is a continuation of what we’ve referred to as analog supercars, and a lot of the halo cars from the ’90s and early 2000s, like your record-priced Ferrari F40s, F50s and Bugatti EB110s. In some cases, a record is set early in the day, and then that record is broken later in the afternoon.”
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