RM and Mecum at Pebble Beach: Looking at the clouds and their silver linings

Cliff Goodall’s view

Following the general introduction published earlier today, let’s now turn our attention to the RM and Mecum auctions during Monterey Week. I thought that combining the more lucrative RM with the slightly more modest Mecum might unveil some additional insights.

RM Sotheby’s, 19th August 2023 We’ll begin with RM, revisiting the lots we recommended keeping an eye on a couple of weeks ago. First in line were the trio of 1950s Jaguar sports cars, starting with the 1957 Jaguar XKSS. With an estimated value of $12m-$14m, it was poised to shatter the previous record set back in 2006 ($1,925,000). And shatter it did, changing hands for $13,205,000. Spectacular. Then there was the Jaguar C-Type, with an estimate of $3.5m-$4.25m, positioning it as the most affordable one of the decade. Despite this, it went unsold, with bids stopping at $3.3 million – a figure deemed insufficient by the seller (and myself). The Jaguar D-Type also stopped too soon at $3.6 million, despite a pre-sale estimate of $4.5m-$5.5m, making it the lowest since 2015. Consequently, all six Jaguar D-Types up for auction since 2020 have remained unsold, a trend warranting contemplation.

1955 Jaguar D-Type went unsold at $3,600,000 (€3,313,600)

Similar to the XKSS, another Jaguar road car achieved excellent results: the 1994 XJ220, estimated at $550,000-$650,000, exceeded expectations at $687,000. This also matches the joint record set last year at Amelia Island, with the Amelia car having 1,130 km on the clock and this one 2,062 km.

1994 Jaguar XJ220 sold for $687,000 (€632,350)

At RM, the other model to watch was the 1997 Porsche 911 Turbo S. This particular model featured a special livery, changing hands in 2006 for $141,000, then venturing to Kuwait before returning to the USA in 2021. Over these three decades, the market went wild, and this example with just 1,850 miles on the clock, estimated at $750,000-$950,000, had all the potential to surpass the existing record of $649,000. Indeed, it did: sold for $896,000 and a new standard was established.

1997 Porsche 911 Turbo S sold for $896,000 (€824,725)

Another Porsche set a record: I had to go back to 2015 to find the record for a 1974 911 2.7 Carrera “MFI”, when one sold for $374,000. This model was the lesser-known successor to the famous 2.7 Carrera RS, nicknamed the “ducktail,” which about a decade ago changed hands for $700,000-$800,000, even breaching the million-dollar mark. Fast forward to today, and the “ducktail” has seen its value halved. Therefore, RM’s estimate of $250,000-$350,000 for the 911 2.7 Carrera “MFI” was accurate, despite only having covered 15,200 km and its stunning original condition. However, no-one expected it to reach $434,000 and set a truly super record.

1974 Porsche 911 Carrera 2.7 MFI sold for $434,000 (€399,500)

Shifting to Ferrari, records were also not in short supply. The first, undoubtedly, was the 575M SuperAmerica. Although its average price has hovered around €300,000 over the past few years, rare examples with manual transmission (only 43 produced), the HGTC package and limited mileage are capable of significantly elevating its value. However, surpassing the existing record of $913,000, set in 2018, was a formidable challenge. RM’s offering, a splendid 2005 model in an exceptional colour coordination, just 1,300 miles on the clock, and single ownership, secured an astonishing $978,500. The million-dollar threshold appears well within reach.

2005 Ferrari Superamerica sold for $978,500 (€900,500)

From that same period, a 2003 Ferrari Enzo (2,687 miles and Red Book certification) and a 2003 Ferrari 360 Spider (manual transmission and 4,454 miles on the clock) also set new standards. The hypercar changed hands for $4,075,000, the highest value ever (second only to the one donated to the Pope), surpassing the second-best by over $700,000. The 360 Spider fetched $268,800, above the $215,600 established just five months ago. I have scale models of both cars; hopefully, they’ll appreciate in value too!

2003 Ferrari Enzo sold for $4,075,000 (€3,750,850)

Among the other significant records was that of the Fiat 8V Supersonic. Until last week, the record for the brand belonged to a 1953 model that set Pebble Beach ablaze at $1,815,000 in 2015. On Saturday, another 8V Supersonic from the same year appeared, with its first owner being the famous Briggs Cunningham. With an estimate of $1.75m-$2.25m, it had a serious shot at clinching the record, but surpassing the estimate at $2,260,000 was unexpected. Not only that: just twenty lots later, a 1953 8V Berlinetta Zagato, complete with an illustrious racing history, emerged. The estimate was $3m-$3.5 but bids fell short of the reserve price. But that wasn’t the end of it – RM’s experts sprang into action, and after the auction, it closed at $2,900,000. In short, the 8V’s record lasted only a few hours!

1953 Fiat 8V Berlinetta Zagato $2,900,000 (€2,669,300)

Mecum, 19th August 2023

Turning to Mecum, we move to an average price that’s a quarter of RM’s. However, there’s still much to discover. Two top sellers stood out: the 1963 Mercedes-Benz 300SL Roadster and the Dino 246 GTS. Both featured specifications that put them at the top of collectors’ wish lists (aluminium engine and disc brakes for the German car, chairs & flares for the Italian one). Both had the highest-ever estimates for their respective models. Were they over ambitious, or was it time to rewrite history? In both cases, the former was the correct answer. The Mercedes failed to breach the $1,750,000 it got stuck at (estimated at $2.1m-$2.5m) and returned home with its owner, while the Dino changed hands, but only after a cut in the seller’s expectations: $605,000, below the estimated $650,000-$800,000.

1974 Ferrari Dino 246 GTS sold for $605,000 (€556,875)

However, there were a few “wow moments” as well, such as when the 1966 Ferrari 275 GTB/6C Berlinetta was sold. Only 80 of these aluminium models were made, and this one was initially sold to the tire company Pirelli. The estimate of $3m-$3.5m might have seemed ambitious, but when the hammer fell at $3,410,000, it was a significant moment – it had been six years since this model had exceeded three million.

1966 Ferrari 275 GTB/6C Alloy sold for $3,410,000 (€3,138,750)

Among my notes was also the intention to keep an eye on the Ford GTs. With a couple of production examples up for sale, it was a great opportunity to gauge the market. The estimates didn’t seem overly ambitious either: the grey one with 1,590 miles on the clock was high at $500,000-$600,000, although this was mitigated as it came without reserve; the red one with 2,517 miles under its belt had a more modest estimate at $450,000-$500,000. Let’s remember that last year at Pebble Beach, all three cars for sale (with similar mileage) changed hands for somewhere between $400,000 and $450,000. However, the market seemed to think it was time to look at profits, so the one with a reserve price went unsold at $420,000, while the non-reserve grey one fetched “just” $385,000.

2006 Ford GT sold for $385,000 (€354,375)