Monterey Auctions 2024 Chapter 1: Broad Arrow Triumphs, Bonhams Struggles

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.

On the other hand, Bonhams faced a challenging year. In 2023, they sold the top lot of the entire week for $30,255,000, which represented 60% of their total turnover. Without a comparable standout lot this year, they lagged behind with a total turnover of $11,302,060, despite selling one more car (81 out of 107 this year, compared to 80 out of 109 in 2023). Bonhams focused on quantity, increasing the number of no-reserve cars from 47% to 62%, which resulted in an average price per car of $139,531. This was a strong contrast to Broad Arrow’s strategy.

Broad Arrow saw a series of record-breaking sales, starting with the 1997 Porsche 911 GT1 Rennversion. This car, which we previewed a couple of weeks ago, was one of nine produced and was raced at the 1997 24 Hours of Le Mans by the Rohr Racing Team in America, achieving numerous wins in the IMSA GTS1 championship. The last time it was offered at auction in 2016, it fetched $5,665,000. However, the market for '90s supercars has since surged, and while the estimate of $8.5-10.5 million was ambitious, it seemed appropriate. It ultimately sold for $7,045,000, setting a new record despite falling below the estimate.

1997 Porsche 911 GT1 Rennversion sold for $7,045,000 (€6,384,500).

In the Porsche realm, the much-anticipated RUF cars also made headlines. A couple of years ago, RUF set a new standard here with a $1,545,000 sale. Broad Arrow offered two standout examples: a 1998 Turbo R Limited (only seven produced) with just 3,200 miles, estimated at $1.5-2 million.

1998 RUF Turbo R Limited sold for $1,710,000 (€1,549,500).

There was also a 1998 CTR2 4WD with a single owner and 28,700 km. The price estimate for this car was $2.2-2.5 million. Both cars sold, setting two records within an hour: first at $1,710,000 and then at $2,095,000.

1998 RUF CTR2 sold for $2,095,000 (€1,898,500).

Before moving on to other brands, it’s worth mentioning a 1972 Porsche 911 2.4T Coupe. Beautiful in Gemini Blue, this car was from the first year of production, featuring the external oil filler cap and sporty accessories like bucket seats and Hella fog lights. The estimate of $140,000-170,000 was accurate, but after a series of bids, it sold for $263,200, setting a new record for the model.

1972 Porsche 911 T Coupe sold for $263,200 (€238,500).

Ferrari also shone at Broad Arrow with three youngtimers in excellent condition. The Ferrari Testarossa with 154 miles and the 328 GTS with 244 miles were old acquaintances. Both from 1989 and from the same collection, they were sold in Pebble Beach in 2012 to much fanfare: $264,000 for the Testarossa and $159,500 for the 328 GTS, about four times the average price at the time.

1989 Ferrari Testarossa sold for $456,000 (€413,250).

Given their history, it was no surprise that the estimates had risen: $300,000-350,000 for the 12-cylinder and $225,000-275,000 for the 8-cylinder. But the cars exceeded expectations: the Testarossa sold for $456,000, while the 328 fetched $335,000, both setting new records.

1989 Ferrari 328 GTS sold for $335,000 (€303,500).

A 2001 Ferrari 550 Maranello also stood out. With just one owner and 1,278 miles, this car featured Daytona seats and had recently undergone $34,000 worth of work. Estimated at $300,000-350,000, it sold for $417,500, breaking the previous record of $324,000.

2001 Ferrari 550 Maranello sold for $417,500 (€378,500).

Even the 1989 Mercedes-Benz 560SL, in its final year of production, exceeded expectations. With only 122 miles and still bearing its window sticker, the estimate of $90,000-120,000 seemed conservative. The current record for the model was $145,600, but it ultimately sold for $260,400.

1989 Mercedes-Benz 560 SL sold for $260,400 (€236,000).

Bonhams, as mentioned, didn’t fare as well, although there were some well-chosen cars with appropriate estimates. For instance, the top lot was a 1957 BMW 507 S2 Roadster. Originally silver, now white (repainted in its early years), with a hardtop and a long stay in the seller’s garage since 1961, this car had compelling attributes. The estimate of $1.8-2.5 million was more than reasonable — we valued it at $2.5 million — but it didn’t exceed $1.5 million and remained unsold.

1957 BMW 507 Series II Roadster went unsold at $1,500,000 (€1,359,500).

As a result, the top lot became a brand-new 2022 Ferrari 812 Competizione, which sold for $1,611,000 (below Bonhams’ estimate of $1.65-1.95 million but above my estimate of “about $1.5 million”). American muscle cars helped salvage the day with the Golden State collection, offered entirely without reserve, driving some strong results.

1970 Dodge Challenger R/T sold for $329,500 (€298,500).

One standout was a 1970 Dodge Challenger R/T Hardtop, one of 12 with a manual transmission and shaker hood, which smashed its $200,000-300,000 estimate, selling for $329,500.

1968 Shelby GT500 KR Convertible sold for $229,600 (€208,000).

Another highlight was a 1968 Shelby GT500KR Convertible, featuring the famous Cobra Jet V8 and a 4-speed manual transmission, which sold for $229,600, well above the $150,000-200,000 estimate. A 1971 Plymouth Cuda Hardtop with a powerful 440/6 V-Code, Track Pack, and 3.54 rear end roared past its $125,000-175,000 estimate to $190,400.

1971 Plymouth Cuda sold for $190,400 (€172,500).

Unfortunately, another automotive gem also remained unsold. We’re talking about a 1905 Fiat fitted with a 6-cylinder Isotta-Fraschini aircraft engine, displacing 16.6 liters (2.7 liters per cylinder!) and producing 250 hp and 4,000 Nm of torque. OK, all those exclamation points show this was a special car for a special purpose: land speed records. Such cars are a very niche market, and perhaps the $1.5-2.5 million estimate was optimistic, but the $950,000 bid wasn’t enough to let it go. After hearing the engine (which makes a 426 Hemi or an Italian V12 sound muted), you might want to organize a group purchase. Let me know — I’m in!

1905 Fiat-Isotta-Fraschini Volo-6 Competition went unsold at $950,000 (€861,000).