Market Intelligence
Mecum at Monterey: The start of a revolution?
Mecum revolutionizes the auction scene at Monterey, revealing reserve prices and seeing remarkable success with increased sales, higher percentages, and unexpected auction results, including records for classic cars.
Mecum has changed the game at Monterey, and it’s been a success. In any auction I’ve ever attended, and there have been many, the reserve price has always been a closely guarded secret. Well, Mecum announced them, making it easier for bidders to reach the winning price. The results show this decision paid off for Mecum, with significant improvements across the board compared to last year. More cars (418 vs. 321, +30%), more sales (244 vs. 174, +40%), and a higher sales percentage (up from 54.20% to 58.37%). The total value of the cars offered was lower, dropping from $91,090,000 to $60,330,000, but the total sales amount was impressive: up from $36,655,050 to $52,420,300.
At the top of the list was the 1969 Ford GT40 Lightweight, one of the most fascinating cars of Monterey Car Week, featuring an original racing engine, chassis, gearbox, and transmission, along with a lightweight body. It only lacked the Gulf livery to make it perfect (in terms of reaching $10 million). It sold for $7,865,000, but I wouldn’t change the livery—it would lose both its originality and the “sleeper” factor, making it look like a normal (well, relatively speaking) Ford GT40 while being a disguised monster.
