Pebble Beach Auctions
According to Hagerty Insurance, Monterey’s total sales for all auctions in 2013 was $312 million. In 2014, total sales were a whopping $400 million…that’s a 28% increase! Signature auctions included RM, Rick Cole, Mecum, Russo & Steele, Gooding & Co, and Bonhams. The $400 million total could creep even higher if auction houses close post-auction private deals.
“There was a great deal of hype heading into the Monterey auctions,” said McKeel Hagerty, founder and chief executive of Hagerty Insurance. “It was a record year, and several individual record sales were set, including the highest price ever paid for a car at public auction.”
The car he’s referring to is a 1962 Ferrari 250 GTO which sold at Bonhams Auction for a cool $38.1 million, including buyer’s fees. This broke the previous record of nearly $30 million which was set in 2013.
Another big sale was a 1965 Ford GT40 prototype which sold for $6.9 million. There was also a 1966 Ferrari 365 P Berlinetta “Tre Posti” that reached $22.5 million at Gooding & Co.’s auction but failed to meet its reserve.
All in all it was an exciting and enormously successful week on the beautiful gold coast of California. To learn more about the Pebble Beach Concours d’Elegance as a whole, click here.