Market Intelligence
Pebble Beach Auctions: almost 400 million $ in turnover but careful and selective buyers
The four Pebble Beach classic car auctions organized by RM Sotheby's, Gooding, Bonhams, and Mecum resulted in a global turnover of $397,797,610, with only RM Sotheby's achieving better results than in 2021. Many cars were sold beneath their estimates or remained unsold, indicating a deterioration in the relationship between estimates and real prices. The results suggest a slowdown in prices and that not every car automatically finds a buyer. In upcoming analyses, the cars will be divided by families to see how certain models maintain their solid positions while others are sliding back.
707 cars sold at the four Pebble Beach auctions organized by RM Sotheby's, Gooding, Bonhams and Mecum (data from Broad Arrow Group which debuted in Pebble Beach has not yet been officialised), resulting in a global turnover of $397,797,610 and an average price per car of $552,656, gives us an idea of the significance of the month of August in the annual balance sheet of the classic car market.
Just like being behind the wheel: everything you need to know to fully understand the situation
However, upon closer inspection, only RM Sotheby's achieved better results than in 2021 (with a record-breaking turnover of $217.2 million and an average price of more than $1.3 million per car sold. Gooding, Bonhams and Mecum have regressed slightly and, more significantly, many even well-priced lots were sold beneath their estimates or unsold.
