Bonhams and Mecum in Monterey. To each his own strategy

During Monterey Car Week, Friday is auction day. How else to describe a day when five auctions are taking place simultaneously? There's RM Sotheby's, Gooding (which showed up in the red of its new owner, Christie's), Broad Arrow, Mecum, and Bonhams. We've had a good look at the first three in recent weeks, but this time it's time to take a look at the remaining two.
This year is a highlight for Bonhams: it quadrupled its turnover, from $11,302,060 to $43,868,640, despite offering fewer cars (90 vs. 107).
Who do we have to thank? The already numerous cars offered without reserve last year (66, equal to 61.68%) were even more numerous and special (67, equal to 74.44%). The percentage of cars sold was impacted by the opportunity offered by the many without reserves, reaching 87.77%—79 to be precise—in line with 2024. The estimated value increased significantly from $29,120,000 to $43,760,000 (+50%), but it was the average price that soared: from $139,531 to $555,299 per car (+298%).

The situation is different for Mecum: fewer cars offered, 346 compared to 418 in 2024, fewer cars sold (223 compared to 244), an almost comparable overall value estimate (around $60,000,000) but a hammer price almost halved: from $52,420,300 to $31,687,150 and an average price from $214,837 to $142,095.
Let's try to understand: the Bonhams phenomenon is evident, a collector from Florida offered his collection of modern supercars without reserve, which grossed $34 million of the total $43,868,640.
For Mecum, the situation is more complex: they haven't published the selling price for several top lots, so we know they've changed hands, but we don't know at what price. We're talking over $10 million, bringing their turnover to $42 million. In other words, we're moving from a "collapse" to a "descent", which may have been influenced by the type of car on offer. They'll certainly make up for it with Kissimmee in January, where the Top Lot will be a genuine 1962 Ferrari 250 GTO, a test as important as it is eagerly awaited.

We begin with Bonhams' hypercar collection: the most expensive car of the day was a 2020 Bugatti Divo. In its signature black and blue livery, it had 1,500 horsepower, just 40 produced, and only 800 miles from new. Estimated at $7-9 million, it finished near the top of the list at $8,557,500.