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Classics continue to sell for record amounts

Classics continue to sell for record amounts Featured

MONTEREY, Calif. — The 2016 classic car auctions in Monterey, Pebble Beach and Carmel - the extravaganza of highly-prized, highly-priced cars held here each August - reported sales of some $340 million.

That’s a lot of money and vehicles changing hands in the space of a week.

Beautiful cars selling for seven- and eight-figure prices pushed the sales total for the Gooding & Company to a respectable $129,789,000. The top three sellers were Ferraris: a 1959 250 GT Competizione brought $18,150,000; a 1960 250 GT short wheel base Berlinetta sold for $13.5 million., and a 1950 Ferrari 166 MM went for $5,445,000.

Bonhams, with 115 cars listed for sale at its chic Quail Lodge site in Carmel, had sales of over $33 million. Its top seller: 1931 Bugatti Type 51 Gran Prix Racer at $4.0 million.

RM-Sotheby’s reported $117.9 million in total sales with 82 percent of cars sold. Top seller this year was the 1955 Jaguar D-Type, winner of the 1956 24 Hours of Le Mans, which brought in a total of $21,780,000 - an auction record for a British automobile, RM said.

An elegant 1939 Alfa Romeo 8C 2900B Lungo Spider drew a price of $19,800,000 and made the record books as the most valuable pre-war automobile sold at auction, RM said. A Shelby Cobra CSX 2000 sold for $13,750,000, an auction benchmark for an American car, according to RM Sotheby’s.

Mecum sales in Monterey totaled $50 million and Russo and Steele reported proceeds of $10.9 million.

Read 4012 times Last modified on Saturday, 10 September 2016 16:26
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