The Beauty of the Market: A Journey Through Unsold or Poorly Sold Lots in Monterey

Today, we take a final look at the Monterey auctions, focusing on the less glamorous side—unsold and modestly sold lots. Alongside major successes, these outcomes give insight into the market trends in car collecting. Out of respect for the professionals involved, I won’t name specific auction houses connected to these results.

1961 Ferrari 250 GT SWB California went unsold with an estimate of $15,000,000-17,000,000.

As we review the auctions, it's clear that, with rare exceptions, most events see some lots remain unsold or sell below estimates. That’s the nature of the market. In fact, this unpredictability is what makes the market exciting—it creates opportunities, much like when stock prices dip. Each week, space limits force me to select a few noteworthy cases, but the dynamics I describe can be applied to other models and brands, as our regular readers know.

1937 Bugatti Type 57SC Atalante went unsold with an estimate of $9,000,000-11,000,000.

One key factor in these unsold lots is the high number of offerings—Monterey featured 1,067 cars—resulting in a saturated market with a limited number of bidders. Therefore, it’s no surprise that even some top lots, like a 1961 Ferrari 250 GT SWB California ($15-17M estimate), a 1937 Bugatti Type 57SC Atalante ($9-11M), and others such as a 1959 Maserati Tipo 61 Birdcage, failed to find buyers.

1959 Maserati Tipo 61 Birdcage went unsold with an estimate of $5,000,000-6,000,000.

Why did these lots fail to sell? High estimates or trends that needed stabilizing? For example, the Ferrari 365 GTS/4 Daytona Spider saw rapid price increases last year, with one selling for $3.3 million in November 2023, followed by another for $3.7 million at Monaco. At Pebble Beach, however, three of four offered Daytona Spiders failed to sell, receiving bids around $2.7 million while estimates were near $3 million.

1993 Porsche 964 Carrera RSR 3.8 went unsold with an estimate of $1.500,000-2,000,000.

On the topic of Ferrari, the brand that sits at the pinnacle of car collecting, two examples highlight the importance of perfection: a 1959 Ferrari 250 LWB California and a 1960 Ferrari 250GT Coupé Pininfarina. Neither car had Ferrari certification, and each had imperfections that weighed heavily at this level of collecting.

1972 Ferrari 365 GTS/4 Daytona Spider by Scaglietti sold for $2,205,000.

The 1959 Ferrari 250 LWB California Spider was missing its original headlight covers, and its restoration dated back 30 years. Despite an estimate of $5-6.5M, it sold for $5.615M. The 1960 Ferrari 250 GT Coupé Pininfarina, estimated at $450-550K, fetched $483,500, still lower than the price paid by the seller nine years ago.

1959 Ferrari 250 GT LWB California Spider sold for $5,615,000.

Another interesting case was the Ferrari 410 Sport from 1955. As the first of four ever made, this car was driven by Carroll Shelby at the Palm Springs Road Races in 1956. Estimated at over $15 million, it sold for $12.985 million—a bargain considering its historic significance.

1960 Ferrari 250 GT Coupe sold for $483,500.

A Tucker 48 Saloon from 1948 also drew attention. Originally purchased in 2014 for $2.035 million, the car was estimated at $1.5-2 million this time but only fetched $1.38 million. It seems the intrigue surrounding Preston Tucker has faded over the past decade.

1955 Ferrari 410 Sport Spider sold for $12,985,000.

For those still interested, two pre-war cars remain available via private sale: a 1931 Alfa Romeo 6C 1750 Gran Sport Zagato and a 1936 Mercedes-Benz 540K Sport Cabriolet A. The Alfa Romeo was previously offered $1.35 million in 2017 but now remains unsold at $950,000.

1948 Tucker 48 Saloon sold for $1,380,000.

The Mercedes-Benz 540K, which had reached $3.1 million in 2012, sold for just $1.6 million—a sacrifice, but one reflective of the shrinking market for pre-war vehicles.

1931 Alfa Romeo 6C 1750 Gran Sport Zagato went unsold at $950,000-1,250,000.

A modern car that caught attention was a 2006 Ford GT. Once part of a vertical price climb, this particular model in black, with only 6,844 miles, sold for $357,000, below its estimate of $400-600K, making it the cheapest Ford GT sold at auction in over a year.

1936 Mercedes-Benz 540 K Cabriolet sold for $1,600,000.

Finally, we look at a Japanese icon: the rare Honda NSX Type-R, produced between 1993 and 1995. After one example sold for $632,000 last year, a similar car with 38,000 kilometers sold for $368,000—less than expected but still remarkable.

2006 Ford GT sold for $357,000.

This market volatility echoes the nature of human history. Like at a local market, we focus on the premium items we purchase and rarely think about the unsold produce. And sometimes, the real gems lie in the leftovers, waiting to be discovered.

1993 Honda NSX Type-R sold for $368,000.