Reporter | Zhou Chunliang
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Sales and prices of classic cars have surged unexpectedly during the pandemic, and the Monterrey Car Week and Pebble Beach Race, which kicked off this week, marked a test of demand for the most expensive classic cars.
Concerns about the pandemic, along with a lack of international buyers, will also cast a shadow over a gathering and auction that typically gathers tens of thousands of wealthy car fans.
This week, super-rich car collectors' favorites kicked off at the Pebble Beach Auto Show, where classic car sales and auctions are setting some previously imagined records so far.
"There's a huge pent-up demand," said McKeel Hagerty, CEO of Hagerty, a vintage car insurance and collector services company. "This week may be unusual."
According to Hagerty, more than 1,000 cars are expected to be auctioned off this week. Total sales are expected to reach $325 million – up 28 percent from 2019, the most recent year since the event was cancelled last year due to the pandemic. It's known for having the most precious and expensive cars here, with at least 115 cars expected to fetch more than $1 million this year.
All the major car auction houses — from Gooding & Co. to RM Sotheby's, Mecum and Bonhams — have left their best collections and most precious cars to the ultra-wealthy Monterey crowd. Mecum has a fleet of more than 80 cars this year, including from Corvitz and Camaro to the seven-figure LaFerrari and the rare Porsche, among others.
Mecum CEO Dave Magers said the company is seeing the strongest demand in its history, much of it coming from new collectors who started learning about vintage cars online during the pandemic and are now bidding online as well. Mecum's sales rate, or the percentage of cars actually sold, is about 85 percent this year, well above the historical average.
"When the sales rate goes up, the price goes up," he said. "Everything is elevated."
Gooding & Co. will sell the collection of late rock star Neil Peart, drummer and lyricist for the famous Rush band. The collection includes a 1964 Aston Martin DB5 (James Bond's famous car), estimated to sell for as much as $725,000; a 1964 Shelby Cobra 289, estimated to sell for up to $1 million; and a 1970 Lamborghini Miura, which could cost $1.5 million.
"Buyers today wouldn't hesitate," said David Gooding. CEO David Gooding. "If they want something, they buy it."
According to Hagerty, here are the five cars at auction at the highest estimated price this week.
1. In 1995, McLaren F1 Gooding & Co. was valued at $21.5 million
Jay Renault has called McLaren F1 the best four rounds he's ever made. McLaren built only 106 F1s, which initially retailed for less than $900,000. Now, F1 is often trading at more than $20 million. The car is often credited with reinventing the McLaren sports car brand and ushering in the modern supercar era, with its highly specialized vehicles designed to dominate the tracks and roads at a top speed of 240 miles per hour.
The F1 sold by Gooding & Co. is particularly valuable because it has only traveled less than 250 miles. Painted in a striking "Creton brown", it has been preserved and meticulously maintained by a Japanese collector since its purchase. Gooding & Co. said: "It's new to the market and has never been seen before. ”
2. The Porsche 917 K was valued at $15 million in 1970
The Porsche 917 K is a legend in the world of racing, and the car sold by RM Sotheby's as the winning vehicle in Steve McQueen's classic film Le Mans has a special star effect. It was rebuilt at the Porsche factory in 1971 and went on to race on the track for two years and took part in historic events for the next 20 years.
3. The 1962 Aston Martin DB4 GT Zagato is valued at $11 million
In 1962, Aston Martin built the ultimate DB4 for the road and racetrack, known as the DB4 GT Zagato. Only 19 cars were produced, so it was rarely sold. The car, sold by RM Sotheby's, was owned by the late car collector Paul Andrews and owned the original engine.
4) The 1959 Ferrari 250 California LWB Spider Competizione was valued at $10 million to $12 million
The Ferrari 250 GT California Spider is part of the world of car collecting – known for its timeless style, rarity and performance on the track. Or, as Ferris Bueller famously described his joyful journey of the day, "It was such a great choice." Ferrari has only produced 106 Cal Spiders, which is one of the reasons they trade for more than $18 million.
The car sold this time is more inclined to racing, so it has the "competizione" badge. Ferrari produced only 50 long-wheelbase Cal Spiders, of which only 10 were new cars the factory had prepared for the race, making this car one of the rarest Cal Spiders. This car is for amateur racing driver Dott. Made by Ottavio Randaccio, he raced in several tour and hill climbs in Italy. With its Italian color paint scheme and meticulous restoration, the car can easily exceed its estimates.
5. The 1998 Mercedes-Benz AMG CLK GTR was valued at $8.5 million
As part of its former racing program, AMG developed the CLK GTR, which won the FIA GT title in 1997 and dominated the track in 1998. To comply with the rules of racing, AMG had to build 25 legal CLK GTRs, making them one of the rarest models in the world. The car was the ninth of 25 and had less than 900 miles on the odometer. Powered by a 6.9-liter V12 engine, the car produces 604 horsepower and has a top speed of 214 miles per hour. Of course, it's also painted with Mercedes's signature silver racing color.