Auction Stats 
Header photo credit: RM Sotheby’s
This year’s Monterey auctions were eagerly anticipated as a barometer of the state of the industry, particularly with respect to the impact that the broader economy would have on sales. A potential recession, higher interest rates, war in Ukraine, and post-Covid behavioral shifts – were all in mind ahead of the auctions.
The results are in – and they were nothing but impressive. The industry is clearly resilient to whatever is happening broadly. And we would even argue that, given the inflationary and volatile period we’re in, collectors and enthusiasts are deploying cash into cars as a store of value
The Big Picture
- $463 Million in sales, from 5 auction houses
- No sign of a (potential) recession in sight. Huge sales and vibrant crowds.
- Online auctions are hot and here to stay, but the traditional format reigns supreme for high-dollar sales.
- RM Sotheby’s stole the show. BroadArrow will be a force to be reckoned with.
- Although pre-war cars were hot, cars from the 80’s and 90’s continued to show the most appreciation and interest, part of a generational shift and new buyer profile.
I’m trying to get an idea of the value of a collector car for insurance purposes. I bought the car new in 2005 and it now has about 8,000 miles. It is a Classiche Certified (Red Book) FERRARI 575 SUPERAMERICA, VIN # 575 with the desirable 6-Speed Gated Manual Gearbox. The car is heavily optioned, including Schedoni Fitted Luggage Pieces for the odd-shaped trunk. Rosso Chiaro (Ferrari Red) with Tan Interior. The Glass Roof functions beautifully; the original roof had the typical problems associated with the SuperAmerica, and it was replaced with a new roof by the Dealer under an extended warranty. It has been insured with an Agreed Value of $950,000. I have been advised by an Authorized Ferrari Dealer by email that this Serial #575 with a Manual Transmission may today be worth as much as $1,350,000 due to the options (even a factory fire extinguisher on passenger side), color, and overall condition of the car. Please advise the amount for which it should be insured, if you can. $1,350,000 ??