Broad Arrow’s strategic move at Monterey: The numbers add up alongside the records

Competition isn’t always bad for sellers. Take the case of Broad Arrow at Monterey. As in past years, this year’s two-day sale was held on Wednesday and Thursday, but unlike before, neither Wednesday nor Thursday had to “share” bidders with other auctions. All good? Not quite, because many collectors only arrived on Friday morning and therefore didn’t have time to view the cars. Those who attended the Broad Arrow sale were not there by chance, which meant there were no additional bids from casual visitors suddenly captivated by some special offering.

For this reason, Broad Arrow’s figures this year should be taken with caution, for two reasons. The first is that they are not final but only partial: last year, after the auction, another $15 million was added in post-sale transactions, and it wouldn’t surprise me if the same happens this year. Once the auctions are over, opportunities can still be seized in private negotiations. The second reason is that this year Broad Arrow made the big step of taking its auctions, for the first time, to Europe: Villa d’Este (a success), followed by Zoute (October) and Zurich (December). To these, add the debut auction in Las Vegas. All sales that drain time, money, and consignments.

This is the premise to introduce the numbers from the Monterey sale: 167 cars offered, a slight increase from 157 in 2024. 119 were sold last year, 124 this year, with very similar sell-through rates: 75.80% twelve months ago versus 74.25% in 2025. The total estimate declined slightly, from $99,025,000 to $90,405,000, but no-reserve cars increased from 37.6% to 46.1%. Sales settled at $48,428,850 with an average price of $390,555, a drop compared to last year’s $56,508,410 and $474,861 average, resulting not only from the type of cars presented but also from the higher proportion of no-reserve lots.