Market Intelligence
Lively market, at times more, but not for everything
The article discusses the results of the 2021 Monterey Car Week auctions held by Bonhams and Mecum, which differ from those of RM and Gooding in terms of auction positioning and intended target. While the average prices for the cars sold by Bonhams and Mecum were lower than those sold by RM and Gooding, the former two auctions confirmed interesting trends, such as the market's willingness to spend millions of dollars for vintage cars. The article highlights the successful sales of two high-end cars at Bonhams: a 1928 Mercedes-Benz S-Type 26/120/180 Supercharged Sports Tourer and a 1948 Talbot-Lago T26 Record Sport Cabriolet. It also compares the selling prices of two Fiat 600 Jolly models sold at Mecum and Gooding. The article concludes that the value of the location, as in real estate, also applies to cars.
Along with the RM and Gooding auctions, which spearhead Monterey week, Bonhams and Mecum also came to town in this “paradise of historical cars”.
However, there’s a big difference: for RM and Gooding, Monterey represents the peak of the year while Bonhams and Mecum holds auctions on various dates throughout the season. The different positioning is also clear when you take a look at the average prices of the cars sold: $871,000 for RM, $961,000 for Gooding against $159,740 for Mecum and $241,242 for Bonhams.
