RE: RM's Monterey Auction Nudges $80 Million
Wednesday 24th August 2011
The record-breaking 250 TRThe 1957 Ferrari 250 Testa Rossa that sold for $16.4 million at the Gooding and Company auction might have grabbed the headlines (and rightly so - it is a world record after all), but it wasn't the only place where huge sums were being spent.
McQueen's PorscheThere's a theory that the relative stability of the market is due to investors preferring to sink their money into a car which they can enjoy owning as opposed to parking their funds in a bank account giving minimal interest. Whatever the reason, this auction has probably realised over $80,000,000 (final figure yet to be confirmed by RM) against last year's $67,000,000.
Both of those are auction records for a Mercedes Benz and a 911 respectively.
RM's Monterey Auction Nudges $80 Million
Records tumble in a frenzy of buying despite global financial turmoil. And that's in addition to the record-breaking $16.4m Testa Rossa...
The record-breaking 250 TR
As bad as the global economy might be right now, the results from RM's bash in California last weekend give the distinct impression that the business of high-end collector's cars is unaffected.
In fact, you could argue that it's booming.
McQueen's Porsche
In the process no fewer than 14 cars sold for more than $1,000,000, including the stunning 1937 Mercedes-Benz 540K Spezial Roadster for $9,680,000, and the ex-Steve McQueen 'LeMans' Porsche 911S we mentioned a few weeks ago for $1,375,000.
In addition to the dizzying figures, the signs are that over 85 per cent of the lots found new owners, which is a high percentage, especially for a prestige auction. The punch line is that this was only one of the auctions taking place during the Pebble Beach Concours...
RM's 'big hitters':
- 1955 Ferrari 750 Monza Spyder - $2,530,000
- 1939 Mercedes Benz 540K Spezial Roadster - $4,620,000
- 1936 Mercedes Benz 540K Spezial Coupe - $3,080,000
- 1952 Ferrari 340 Mexico Berlinetta - £3,685,000
- 1958 BMW 507 Roadster - $1,072,500
- 1937 Mercedes Benz 540K Spezial Roadster - $9,680,000
- 1960 Ferrari 250GT SWB Berlinetta Competizione - $5,280,000
- 1935 Mercedes Benz 500K Roadster - $3,767,500
- 1953 Ferrari 375 America Coupe - $1,980,000
- 1936 Mercedes Benz 540K Sport Cabriolet 'A' - $2,970,000
- 1924 Mercedes Benz 28/95 Sport Phaeton - $1,017,500
- 1962 Ferrari 400 Superamerica Coupe - $2,090,000
- 1967 Ferrari 275 GTB/4 Berlinetta - $1,485,000
- 1970 Porsche 911S (ex-McQueen) - $1,375,000
- 1938 Bugatti Type 57 Stelvio - $693,000
- 1969 Corvette ZL-1 Greenwood - $638,000
(All prices quoted are hammer prices plus 10 percent buyer's premium)
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Discussion
Fetchez la vache said:
AbarthChris said:
The McQueen Porsche is nice, but nearly $1.4 million nice??
That seems to be a slightly absurd price in my lowly opinion...
The price wasn't really for the metal though, was it.That seems to be a slightly absurd price in my lowly opinion...
AbarthChris said:
The McQueen Porsche is nice, but nearly $1.4 million nice??
That seems to be a slightly absurd price in my lowly opinion...
Be awesome for an enthusiast though... I used to own a TAG watch as worn by McQueen in the movie, as well as the jacket... if I had stupid amounts of money, would this REALLY be too higher a price pay?That seems to be a slightly absurd price in my lowly opinion...
Am I the only one who gets pretty ticked off about ludicrous classic price rises?
I mean, the more these collectors spend on the cars the more they're worth, so the more they justify spending. Good investments and all that. I was utterly depressed to read in Octane some months ago that Nick Mason, the talented drummer and Octane columnist, was involved in a car fund - just to make money through speculating on them. I wouldn't wish anyone ill fortune, but I do hope it doesn't work out.
Inevitable though - more gazzillionaires in the world, only the same number of old cars.
I am very fond of old cars, and find it utterly depressing when people buy as investments. It makes it althogether harder for me to buy the cars of my dreams.
I mean, the more these collectors spend on the cars the more they're worth, so the more they justify spending. Good investments and all that. I was utterly depressed to read in Octane some months ago that Nick Mason, the talented drummer and Octane columnist, was involved in a car fund - just to make money through speculating on them. I wouldn't wish anyone ill fortune, but I do hope it doesn't work out.
Inevitable though - more gazzillionaires in the world, only the same number of old cars.
I am very fond of old cars, and find it utterly depressing when people buy as investments. It makes it althogether harder for me to buy the cars of my dreams.
thatone1967 said:
Be awesome for an enthusiast though... I used to own a TAG watch as worn by McQueen in the movie, as well as the jacket... if I had stupid amounts of money, would this REALLY be too higher a price pay?
well, obviously the price is all relative to how much someone who can afford to drop that kind of money on a car wants it.Still, as cool as Steve McQueen is, this is still an absurd price. But hey, thats just my opinion
suffolk009 said:
Am I the only one who gets pretty ticked off about ludicrous classic price rises?
I mean, the more these collectors spend on the cars the more they're worth, so the more they justify spending. Good investments and all that. I was utterly depressed to read in Octane some months ago that Nick Mason, the talented drummer and Octane columnist, was involved in a car fund - just to make money through speculating on them. I wouldn't wish anyone ill fortune, but I do hope it doesn't work out.
Inevitable though - more gazzillionaires in the world, only the same number of old cars.
I am very fond of old cars, and find it utterly depressing when people buy as investments. It makes it althogether harder for me to buy the cars of my dreams.
Thats why we need more Chris Evans' in the world! Never thought i'd hear myself saying that..!I mean, the more these collectors spend on the cars the more they're worth, so the more they justify spending. Good investments and all that. I was utterly depressed to read in Octane some months ago that Nick Mason, the talented drummer and Octane columnist, was involved in a car fund - just to make money through speculating on them. I wouldn't wish anyone ill fortune, but I do hope it doesn't work out.
Inevitable though - more gazzillionaires in the world, only the same number of old cars.
I am very fond of old cars, and find it utterly depressing when people buy as investments. It makes it althogether harder for me to buy the cars of my dreams.
I'm sure I remember reading an article in 911 & PW a couple of years ago about the 911 and how the american owner bought it from a guy who knew the provenance and still only charged around book. It needed minor work apparently, so consider that before jumping to the conclusion that this was as great an investment as it seems.... 
suffolk009 said:
Am I the only one who gets pretty ticked off about ludicrous classic price rises? .
suffolk009 said:
I am very fond of old cars, and find it utterly depressing when people buy as investments. It makes it althogether harder for me to buy the cars of my dreams.
I am with you on this one. Maybe I should have listened harder at school,then I could afford the frankly ludicrous £165k one well known dealer is currently asking for a stock series one jaguar e-type coupe, for example. I wouldn't dare to suggest that this is speculative punting to see if there is anyone stupid enough out there to pay the asking price but it seems to be a trend at the moment. Put a stoopid price on it and see exactly what you can get away with.And if anyone should suggest it is sour grapes on my part, you are right. I wish I could have it, because I want an E-type, not because it is seen as a (trendy) investment.
now, I'm off for a lie down.....
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