Market Intelligence
Real, in Monte Carlo with Mercedes leading Ferrari
This article explores the strength of auction houses and the importance of the motor car industry to these houses, especially with regards to their commission. It highlights the success of the Artcurial event that was organised at the HôtelHermitage in Monte Carlo, where a variety of collectable items were sold, with cars being the most lucrative. Moreover, it looks at three specific cars that were sold at the event, exploring the interesting stories behind each one and how they had been sold at previous auctions. This serves to demonstrate the importance of timing when looking to make a profit from the auction house.
Everyone knows what Monterey Car Week is, but few people realise the strength an auction house derives from having many of clients in the surrounding area. Basically, those who have an important car, wish to acquire one or simply are interested in the topic (and have deep pockets to keep the bids coming) are unavoidably present during the week of Pebble Beach, and that is just a few kilometres from an auction.
Artcurial, well aware that all this will not happen in 2020, used the same technique: it brought together collectors in a single location. At the HôtelHermitage in Monte Carlo, Artcurial organized a three-day event where the common denominator was collectability and class: you could buy a Rolex and leave with a Hermès bag, or go buy a ring for your wife and end up buying the Ferrari for yourself. A party for the whole family. In reality, the various sectors didn’t share the same weight on the final turnover. Of the €14.2 million collected from items sold, about 4% (€581,000) was generated by Hermès, €3,190,000 from watches (22.46%), €3,223,000 from jewellery (22.70%) and the lion’s share came from the cars on offer and, to a marginal extent, automobilia, with more than €7,213,000 (50.79%) collected. This is also a demonstration of how important the Motor Car industry is to auction houses and, consequently, just how many resources are being committed to promoting a new sale. Indeed, there is one detail that should not be forgotten: auction houses live on commissions, and cars... cost serious money!
1955 Mercedes-Benz 300 SL Gullwing sold for €1,416,000
