Market Intelligence
Mecum Indianapolis Auction Reaches $94M with Record-Breaking Sales
Mecum's Indianapolis auction featured 2,390 cars, achieving $94.4 million in sales. Highlights included a Ferrari Testarossa for $385,000, a Shelby Cobra 427 for $2.1 million, and records for several other classic and modern vehicles.
We know that Mecum always goes big and for its Indianapolis auction, it delivered impressive numbers. A total of 2,390 cars were offered over 8 days and two weekends from May 10 to 18. When the last car went under the hammer, the results were excellent: 1,707 sold cars (a solid 71.42%) for over $94.4 million. Although they didn't reach last year's $100 million, $94,404,560 is still an astounding figure.
What went well? Let's start with an unsold car. I usually don't talk about unsold items, let alone put them first, but this one is truly a game-changer. The Ferrari Testarossa, after a hiatus, is back en vogue. The first signs of renewed interest appeared at Amelia Island in 2022 when a 1991 model in menacing black with 666 miles sold for $321,250. Another Amelia Island example in 2023 with 3,600 miles went for $307,500. The current record is from a few weeks ago at Amelia Island: A 1990 red Testarossa with just 123 miles fetched $348,750. Could Indianapolis break Amelia's tradition? In a way it did: A 1988 black model with 1,044 miles reached $385,000 including commissions. But then, the seller expected more and the car went back home. To clarify: Almost double the $231,000 record until 2021 and it wasn't even a Monospecchio.
