Auction Action: High-Flying Ferraris and Muscle Cars Dominate Monterey Auction Week

As the North American summer fades to Fall, hundreds of the nation’s most spectacular cars and thousands of automotive devotees converge each year on the seaside community of Monterey in Southern California.

From Friday of one week to Sunday the next, the focus of life in Monterey County revolves around automotive events, including five prestigious auction sales and the world-famous Pebble Beach Concours d’Elegance.

Recession may threaten other regions of the USA, but not Monterey. Packed hotels and function rooms ooze indulgence and every street is crowded with vehicles ranging from classically elegant to brutally powerful.

The 1979 Porsche 928 from the movie Risky Business (Image: Bonham's Auctions)

The auction houses that were first to show their wares at Monterey 2024 were Bonhams at Quail Lodge on August 16 and Broad Arrow.

Both listed strong selections of exotics with guide prices in the US$1-2 million range which generally failed to sell, plus plenty of more affordable cars which did.

Rock star Tom Petty's 1966 Mustang Convertible found a new home (Image: Bonham's Auctions)

Highlights from Quail Lodge included a Mustang convertible previously owned by the late Tom Petty which reached US$224,000 and a desirable 1970 Dodge Challenger R/T Hemi at US$329,500.

One no-sale with a remarkably ambitious guide range of $1.4-$1.8 million was the 1979 Porsche 928, known for its starring role in the film Risky Business.

The distinctive 1997 Porsche 911 GT1 Rennversion (Image: Broad Arrow Auctions)

Broad Arrow headlined its 400-plus lots with a Porsche 911 GT1 Rennversion at US$7.045 million, then excited the second-day crowd by knocking down an outstanding example of the 1948 Tucker for US$1.25 million.

Another Porsche, this time a 935 factory-prototype with race history, reached US$4.295 million when offered by Gooding & Co, but it was Italian cars that filled seven spots in the Monterey Auction Week’s Top Ten.

Another radical racer, the Porsche 935 Prototype (Image: Gooding and Company)

Topping the list and stunning those who viewed it was a Ferrari 250 GT California Spider, described by RM Sotheby’s cataloguers as ‘the most collectible of its peers for future generations’. It reached a record price of US$17.055 million but still left the buyer with a 2.5 percent import duty bill to pay before taking home the German-registered car.

Just over US$17-million secured this Ferrari 250 GT California (Image: Gooding and Company)

Bid to US$3 million less than the Ferrari and appealing to a different buying cohort was the elegant Alfa Romeo 8C Spider offered by Gooding & Co. One of five built in 1938 it had a pre-sale estimate of US$20 million but sold for considerably less.

Headlining numerous sales of US-built performance cars were very authentic examples of two quite different Shelby Cobras: a rare 427-engined S/C (semi-competition) that made US$3.03 million at RM Sotheby’s sale; and a classically shaped 289 version from 1964, nicknamed Snake Charmer, which went for US$2.287m.

Mecum Auctions’ 25th Anniversary event headed its results with a one-from-only-10-built Ford GT40 Lightweight coupe which made its way into the Top Seller list with a price of US$7.865 million.

This rare Dodge Daytona Hemi four-speed sold for US$3.3-million (Image: Mecum Auctions)

However, it was the muscle car category that delivered Mecum’s its best results overall, a Dodge Daytona Hemi four-speed which had been specified with virtually every option available and documented since its delivery in 1969. The winning bid of US$3.3 million made this Daytona the most expensive B-body Mopar of all time, exceeding the previous record by more than US$1 million.

Other Mecum muscle cars were less expensive and likely to be enjoyed more often by their new owners than the ‘Look But Don’t Touch’ Daytona. They included another big-wing Dodge with 440 cubic-inch V8 and automatic transmission, selling a few thousand shy of $250,000. Then came a 1967 Corvette roadster with the 427/430hp V8, four-speed manual transmission and nicely presented in Marina Blue that made just US$89,000.

This early version of the Austin Mini Moke with zebra paint scheme sold for US$56,000 (Image: Gooding and Company)

Across town at Gooding & Co. the offerings were generally British or European, with records still being set including US$2.035m for a superb Aston Martin DB4 GT and similar money paid for a Lamborghini Miura 400S in duo-tone bronze.

Mini lovers will be impressed by Gooding’s new Mini Moke benchmark – a stunning US$56,000 paid for an early 848cc Austin version with four seats and zebra-stripe paint. It had been created, along with five others, as a radio station giveaway to promote a Beach Boys tour by no less a celebrity than master customiser George Barris.

TOP TEN MONTEREY 2024 AUCTION SALES (Hammer Prices unless noted otherwise)

10. 1976 Porsche 935 Prototype, US$4,295,000 (Gooding & Co.)

9. 1995 Ferrari 333 SP Evoluzione, US$5,120,000 (Gooding & Co.)

8. 1967 Ferrari 275 GTB/4 NART Alloy Coupe, US$5,285,000 (RM Sotheby’s)

7. 1995 Ferrari F50, US$5,505,000 (RM Sotheby’s)

6. 1959 Ferrari 250 GT LWB California Spider, US$5,615,000 (RM Sotheby’s)

5. 1997 Porsche 911 GT1 Rennversion, US$7,045,000 (Broad Arrow)

4. 1969 Ford GT40 Lightweight, US7,865,000 (Mecum)

3. 1955 Ferrari 410 Sport Spider, US$12,985,000 (RM Sotheby’s)

2. 1938 Alfa Romeo 8C 2900B Lungo Spider, US$14,030,000 (Gooding & Co.)

1. 1960 Ferrari 250GT SWB California Spider, US$17,055,000 (RM Sotheby’s)