Pebble Beach Auctions 2024: A Giant's Paradise
03 August 2024 4 min read 11 images
Photo credit: Petersen Automotive Museum, Road & Track, Wheelsage
In August 1996, a Ferrari 166MM Barchetta sold at Pebble Beach for $1,652,500. The unique aspect? It was the only sale to surpass a million dollars. In the 2024 auction, RM alone will offer 52 cars starting at this figure. Adding Gooding's 45, Broad Arrow's two dozen, Mecum's similar number, and 10 from Bonhams, the total comes to 158, with a few last-minute additions expected.
With over 150 cars each worth over a million dollars, which ones will capture the most interest and curiosity between August 14 and 17? Which will set the market trends or promise to do so? This challenge will help us understand the trends at the high end of the collector car market once the sales conclude.
Starting with RM, their top lot will be a 1955 Ferrari 410 Sport Spider estimated at "over $15 million". The first of four produced was sold new to Tony Parravano, who had it customized to his specifications. A few months later, in 1956, it was sold and driven by Carroll Shelby to win the Palm Springs Road Races. The current owner had it meticulously restored by Patrick Ottis in 2014 and displayed at Pebble Beach in 2018. It lacks Ferrari Classiche certification, which would be beneficial for a seven-figure sum. Another 410 Sport sold for $22,000,000 in 2022. While its history was more significant, seven million is a lot to consider. Let's wait and see.
Gooding's top lot, the official auction house of Pebble Beach, is a 1938 Alfa Romeo 8C 2900B Lungo Spider, estimated at $16,000,000-20,000,000. The last 8C 2900 sold for $19.8 million at Monterey in 2017, currently the record for any Alfa Romeo. The offered car was owned by Fred Simeone, Lukas Huni, and Oscar Davis. In the summer of 2022, it was stolen during transport between the collector's garage and a restorer. The insurance company (AIG) promptly paid the owner, and when the car was found, it legally belonged to the company, which now offers it for sale. Hence the modest reserve price: the insurance company is not keen on taking the car back.
Bonhams has not yet published the complete lot list or estimates. However, it is easy to assume they expect great things from the 1957 BMW 507 Roadster. Originally silver, now white, with only two owners (the last since 1961), it features a Becker Le Mans radio, hardtop, and Rudge wheels, increasing its desirability. The estimate is not known, but given all factors, it wouldn't be surprising if it were around $2.5 million.
Broad Arrow will auction a 1997 Porsche 911 GT1 Rennversion, a rare car (one of nine) driven by Allan McNish at Le Mans that year but did not finish. It later raced with the Rohr Racing Team and was the first Porsche 911 GT1 to compete on American soil. It joined the Drendel collection, the world's most important collection of turbocharged Porsches. The estimate is $8,500,000-10,500,000. The only potential difficulty is its competition nature, a relatively small niche.
Mecum's estimates usually come last minute, so I predict the top lots: a 1969 Ford GT40 Lightweight or a 1936 Delahaye 135 Competition Court Teardrop Coupé. The Ford GT40 is an icon for a generation of Americans (and beyond), featuring the most powerful 440bhp Gurney Weslake engine and a lightweight body (one of ten), never modified. Essentially, it is "the Gulf Le Mans" without the iconic Gulf livery but identical in every other way and street-legal.
The 1936 Delahaye is the typical car loved by Pebble Beach participants. Its bodywork by Figoni & Falaschi and the "Goute d’Eau" design make it look like a miniature Talbot-Lago T150C (but at half the price).
Now, let's move on to the "others", the more affordable ones. Starting again with RM, they will present the Shelby Cobra 289 "Snake Charmer", the only Cobra still in the hands of its first owner. Hank Williams, a Normandy landing hero, professional doctor, and jazz musician with friends like B.B. King and Ray Charles, owned the car. It was one of the last MkII produced, and after driving over 140,000 miles, he decided to take it for one last drive in 2022 at the age of 98. He passed away the following year, and the car remained in the garage until now. The estimate is "upon request," but it wouldn't be surprising if it exceeded $1.5 million, the current record for a 289 Cobra.
Gooding will present one of the most beautiful Lamborghini Miura P400s in the world. Built in 1968, it is one of the earliest examples, restored in 2018 by Cairati (who also restored Gian Paolo Dallara's Miura P400 and the Miura SVR), with a stunning Azzurro Cielo color. Estimated at $2,000,000-2,400,000, it is already a strong contender to set the world record for a Miura P400, currently at $2,260,000, set by Gooding at Pebble Beach last year.
For Broad Arrow, I've chosen opposite extremes. On one side, I'm very interested in how the 1913 Mercer 35J Raceabout will fare. In 2023, there was an explosion of pre-WW1 sports car sales, with records at every appearance. The market is small but vibrant. Will the high levels remain, or has the number of offered cars saturated the market?
On the other side, there will be a 2003 Ferrari Enzo. Red with a black interior, one of 111 with American specifications. With only 4,333 miles and Ferrari Classiche certification, it could fetch $4,500,000-5,000,000. It would only need $4.4 million to break the record (excluding the example donated to the Pope).
And Mercedes? This year, there will be five Gullwings and ten 300SL Roadsters. The most interesting might be the 1957 Mecum; silver with a red interior, featuring Rudge wheels and factory belly pans. Restored by Scott Grundfor and recently reviewed by Canepa. No estimate yet, but the current record—set a few years ago—had the same exact specifications. I'll keep an eye on it.
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