The full return of the Monterey Car Week auctions has yielded very encouraging results.
2021 marked the return of Monterey Car Week, after 2020 coronavirus restrictions knocked out any chance of it going on. The whole week went off with a bang, with a some pre-event projections seeming a little high, but those got totally blown out of the water. Now that RM Sotheby’s, Mecum, Gooding and Co. has officially announced the results, we can confirm that expectations were most definitely surpassed.
"This year's Monterey Car Week auctions include excitement around the traditional sectors of the collector car market, like prewar cars and 1950’s Ferraris. However, newer cars may well prove to be the top sellers in 2021," Hagerty vice president of automotive intelligence Brian Rabold said.
The projection for the amount of money to exchange hands was $320 million, and that was nearly met by just three of the official releases thus far. Between Mecum, Gooding and Co., and RM Sotheby’s add up to over $312 million alone!
“This year's sale featured a pronounced lineup of cars, including numerous blue-chip automobiles at multi-million-dollar estimates. In total, 44 lots exceeded $1,000,000, 16 lots exceeded $3,000,000 and 4 lots exceeded $5,000,0000 over the course of the three‑night sale,” according to RM Sotheby’s.
RM’s three day action added up to a total of $148.5 million with 91-percent of the lots sold. For the famous auction house, this sets five new records and places it in the top three best Monterey auctions of all time.
Gooding & Company also had a record setting weekend with an 87-percent sale rate and $107,045,410 sold. Mecum ended on an extremely high note of $57.4 million and 80-percent of cars sold - making it their most successful daytime auction to date.