Wednesday, 18 August 2021 10:36

Monterey Car Week Auctions Pull Big Numbers, Breaks Records

Written by Elizabeth Puckett, Motorious

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2021 marked the return of Monterey Car Week, after 2020 coronavirus restrictions knocked out any chance of it happening.

The whole week went off with a bang. Some pre-event projections seemed a little high, but they got blown out of the water.


Now that RM Sotheby’s, Mecum and Gooding and Co. have officially announced the results, we can confirm expectations were most definitely surpassed.


"This year's Monterey Car Week auctions include excitement around the traditional sectors of the collector car market, like pre-war cars and 1950s Ferraris. However, newer cars may well prove to be the top sellers in 2021," said Hagerty Vice President of Automotive Intelligence Brian Rabold.


The projection for the amount of money to exchange hands was $320 million, which was nearly met by just three of the official releases thus far---Mecum, Gooding and Co. and RM Sotheby’s add up to more than $312 million.


“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 million, 16 lots exceeded $3 million and four lots exceeded $5 million over the course of the three-night sale,” according to RM Sotheby’s.


RM’s three-day action added up to $148.5 million with 91% 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% sale rate and $107 million sold. Mecum ended on an extremely high note of $57.4 million and 80% of cars sold, making it their most successful daytime auction to date.


We thank Motorious for reprint permission.