This year’s Monte Carlo classic car auctions: the K500 market snapshot

The headline figures tell one story, but without interpretation you won’t get the full picture. The 2024 auctions held during the Grand Prix Historique weekend produced a record combined gross of over €74m at a healthy 80% sold by number. But the talk among professionals in the bars and restaurants was of evidence the market is “patchy” and “soft". It’s hard to reconcile the two, especially for potential sellers seeking guidance. We offer our thoughts on the state of European business with only a handful of top-tier auctions to come before Monterey Week in August.
 
First things first. In 2022 there were only two real players in town. This year national treasure Artcurial arrived with 44 cars from a single Swedish vendor, all aggressively consigned at No Reserve. They joined established firms Bonhams and RM, the Canadians holding a two-day event with all except one of the Jody Scheckter entries there to sell at any price. So there was a bigger pool of cars offered and tellingly the percentage at No Reserve jumped from 26% two years ago to over double: 58% in 2024. Plus, although both fell flat, Artcurial had two high-profile Ferraris with the potential to add €15m or more to the overall total alone.
 
As we’ve seen since end-2022, more cars at auction are selling below low and mid estimate. And fewer are beating upper guide price. But they are selling, at levels below what vendors might have wanted – until pragmatism kicked in. The figures mask some of the pricier cars going home unsold. Bonhams had the most evocative hilltop venue but is struggling (also evidenced by some high-profile staff defections) although its sell-through average by lot (not value) was an acceptable 63%, which looked okay until you discover its three top lots received few or any meaningful bids. RM failed to sell three headline Ferrari 250 GT road cars, all probably too expensive on the day, but the Lusso was a decent enough car and the pretty Series 1 Pinin Farina Cabriolet had lots of potential, but only at a value that the trade seller wasn’t willing to accept. We’d be surprised if it didn’t find a buyer with some creative thinking afterwards.
 
So “patchy” and “soft” probably encapsulate this year’s Monaco auctions, with a sprinkling of “good in parts”.
 
Some further thoughts:
 
* It’s now or never at auction. Jody Scheckter’s 1979 Ferrari 312 T4 was a one-off buying opportunity, not the best loved F1 Ferrari but direct from the driver who took it to three iconic Grand Prix victories (including Monaco and Monza) and a World Championship. It could have made two million dollars more and still been ‘on the money’, but he took his chances at auction and was philosophical about the result. Encouragingly, the car went to Japan, a market which has been relatively quiet for decades.  
 
* Turning a quick buck. Traders scooping up cars ‘cheaply’ at public auction and returning to the market with little done to improve them have largely come unstuck. The white Series 1 Pinin Farina Cabriolet is a good example, acquired at the Guikas Collection auction in 2021. Tastes can change over time and in this car’s case, not only does the model appeal more to older connoisseurs than modern speculators, those who want to own (and therefore show) a coachbuilt Ferrari of this type expect a standard-setting restoration completed in the Modena region or by a big-name US shop but aren’t necessarily of an age that means they’re ready to wait two-plus years to have it restored properly.
 
* Desert dust. RM’s array of semi-derelict Middle Eastern-sourced Aston Martins, Rolls-Royces and Bentleys outside the Grimaldi Forum was an audience favourite. More than one insider remarked that for all the issues with container loads of cars coming from the same vendor, the DB Astons had a certain charm and reminded us why they’re collectible. On that subject, we’ve learned that although hundreds remain in the collection, the taps will soon be reduced to a trickle to reassess what to sell and what to keep.
 
* Location, Location, Location. Timing the Scheckter Collection of single-seaters to coincide with the Monaco Historics was a good move. Would it have worked as well in London in November with tweedy Brighton Run cars puttering away in the background? We doubt it.
 
* Getting real. Several lots had been doing the rounds at dealers for years. So it was great to see the yellow 1981 Porsche 917 K-81 ‘Kremer continuation car’ finally go to a new home for the market-sensible price it should have been offered at in the first place. Perhaps the overly exposed Ferrari 250 GT rebodied by Drogo’s time will come another day, but not near €2.5m to €3m.
 
* “I’ll wait for a better one”. Good 250 GT SWBs and LWB California Spiders are out there. Artcurial’s had issues and sold cheaply to a different type of buyer.
 
* Result of the weekend? For all its glaring weaknesses, from its ‘hot rod’ stance, fantasy colour combination and comedy Ferrari shields painted on its flanks, RM’s Euro-spec ‘Daytona’ Spider set a new auction record for the model, the equivalent of $3.7m. There’s another lesson there: hold on to that old (21 April 2010 in this case) Ferrari Classiche Red Book like your life depended on it, as it might be a different story applying for one in 2024.
 
*Buy of the weekend? The Scheckter Ferrari. Compare it to the ex-Lewis Hamilton 2013 Mercedes F1 car which sold last November for $18.8 million (and had won just one race, in Hungary) and ask yourself which is more historically significant.
 
A final word or two from Simon:

“We’ve said it so many times before, but the gap between The Best and The Rest continues to widen. Think of a pub conversation between knowledgeable car guys quizzing each other about what they own and asking all the right questions. If one can reply ‘Yes, mine’s that ultimate version’ every time, when he or she comes to sell, sooner or later they’ll find a buyer, as the only thing to agree becomes price. As soon as the answer turns to, ‘Well, actually, no, it’s the model before’ or ‘No, I restored it the way I liked it, with my people as they’re just as good as the better-known ones, but for half the price’ then the seller’s on the back foot and the price comes down, sometimes dramatically.

“The world’s an uncertain place right now and buyers’ moods change on a whim, if they can make a decision at all. If you go to auction to sell, the market will tell you what it will pay on the day and in that place, whether you like it or not. You have to accept that the right buyer for your car isn’t always there, or in the right mood, or hasn’t sold something surplus to free up cash yet. If you’re selling a collection and want out quickly, the successes will hopefully balance out the failures, but at least you’ll have an outcome. If you’re selling just one car it’s more of a gamble, especially if the car has issues. And finally, just as you can’t guard against global events outside your control spooking bidders just before auction day – say a stock market crash – you also can’t guard against another auction spoiling short-term confidence, as Artcurial did by fire-selling their two headline Ferraris, even if you had to do your research to understand why. It didn’t help RM the day after.

“Auctions are there to sell things, not just show them. If you sign up to sell, you have to accept the old maxim that ‘Done is better than perfect.’”

You can download a list of all cars sold by Artcurial, Bonhams and RM Sotheby’s sorted by make and model HERE.
 
The May 2024 Monte Carlo classic car auctions – Artcurial, Bonhams and RM Sotheby’s combined (2022, Bonhams and RM Sotheby’s only)
 
Total gross cars: €74,212,009 (€42,064,863)
Number of cars not sold: 39 (24)
Number of cars withdrawn: 6 (0)
Total number of cars: 197 (101)
Number sold: 158 (77)
Percentage cars sold by number: 80% (76%)
Percentage by value average low/high estimate: 55% (59%)
Percentage of cars sold below low estimate: 58% (45%)
Percentage of cars sold not met avge of estimates: 77% (69%)
Percentage of cars sold met/exceeded top estimate: 15% (22%)
Average age of cars offered: 1979 (1977)
Average price of cars sold €469,696 (€546,297)
Percentage of cars offered at No Reserve: 58% (26%)
 
Top 10 cars sold by value ($USD on the day)
 
1. RM 1979 Ferrari 312 T4 €7,655,000 ($8.25m)
2. Artcurial 1962 Ferrari 250 GT SWB Berlinetta €5,400,000 ($5.81m)
3. Artcurial 1958 Ferrari 250 GT LWB California Spider €5,064,000 ($5.46m)
4. RM 1972 Ferrari 365 GTS/4 ‘Daytona’ Spider €3,436,250 ($3.7M)
5. RM 1954 Ferrari 625 F1 €2,705,000 ($2.91m)
6. RM 1981 Porsche 917 K-81 €2,648,750 ($2.85m)
7. Artcurial 1966 Ferrari 275 GTB €2,088,000 ($2.25m)
8. RM 2022 Lamborghini Countach LPI 800-4 €2,001,875 ($2.16m)
9. Artcurial 1967 Ferrari 330 GTS €1,937,200 ($2.09m)
10. Artcurial 1955 Mercedes-Benz 300 SL 'Gullwing' €1,856,000 ($2.00m)
 
Total value of top 10 cars sold €34,792,075 (2022, €24,824,237)
 
Artcurial at the Fairmont Hotel, Monaco, 9 May 2024 – results
 
Total gross cars: €29,295,440
Number of cars not sold: 0
Number of cars withdrawn: 0
Total number of cars: 44
Number sold: 44
Percentage cars sold by number: 100%
Percentage by value average low/high estimate: 66%
Percentage of cars sold below low estimate: 59%
Percentage of cars sold not met avge of estimates: 73%
Percentage of cars sold met/exceeded top estimate: 16%
Average age of cars offered: 1972
Average price of cars sold: €665,805
Percentage of cars offered at No Reserve: 100%
 
Bonhams at Villa La Vigie, Roquebrune-Cap-Martin, 10 May 2024 – results (2022)
 
Total gross cars: €5,789,419 (€11,522,575)
Number of cars not sold: 18 (9)
Number of cars withdrawn: 2 (0)
Total number of cars: 49 (35)
Number sold: 31 (26)
Percentage cars sold by number: 63% (74%)
Percentage by value average low/high estimate: 28% (58%)
Percentage of cars sold below low estimate: 58% (46%)
Percentage of cars sold not met avge of estimates: 81% (73%)
Percentage of cars sold met/exceeded top estimate: 13% (23%)
Average age of cars offered: 1982 (1973)
Average price of cars sold €152,353 (€443,176)
Percentage of cars offered at No Reserve: 41% (37%)
 
RM Sotheby’s at the Grimaldi Forum, Monaco, 10-11 May 2024 – results (2022)
 
Total gross cars: €39,127,151 (€30,544,013)
Number of cars not sold: 21 (15)
Number of cars withdrawn: 4 (0)
Total number of cars: 104 (66)
Number sold: 83 (51)
Percentage cars sold by number: 80% (77%)
Percentage by value average low/high estimate: 55% (59%)
Percentage of cars sold below low estimate: 57% (45%)
Percentage of cars sold not met avge of estimates: 77% (67%)
Percentage of cars sold met/exceeded top estimate: 14% (22%)
Average age of cars offered: 1980 (1980)
Average price of cars sold: €471,411 (€598,902)
Percentage of cars offered at No Reserve: 49% (20%)
 
Photos by Kidston for K500