Market Intelligence
Monterey Auctions 2024 Chapter 1: Broad Arrow Triumphs, Bonhams Struggles
Broad Arrow set records at Monterey 2024 with $56.5M in sales, while Bonhams struggled, making only $11.3M. Porsche and Ferrari models led Broad Arrow's success, while Bonhams' top lot, a 1957 BMW 507, failed to sell.
Our auction review series about Monterey Car Week commences with Bonhams and Broad Arrow, the only two to have already completed their sales, while we’ll cover RM Sotheby’s and Gooding next week after their events conclude. One thing is for sure: these two auctions had very different outcomes.
Broad Arrow pulled off something close to a miracle: more sales with fewer cars than last year. In 2023, they offered 170 cars and sold 135 (79.41%). This year, they offered 157 and sold 119 (75.80%). Despite fewer cars, they achieved greater success: $56,508,410, compared to $54,562,490 in 2023, a 3.57% increase, with the average price per car rising from $404,167 to $474,861, a significant 17.5% jump. The auction’s quality was further confirmed by a reduction in no-reserve cars from 53% in 2023 to 38% this year.
