Classic Automobiles Shatter Records In $239.2M Auctions

O ver three days in Monterey, California, RM Sotheby’s made $239,258,340 US at auction, setting a record for the highest grossing automotive auction of all time and netting a higher total than all other Monterey Car Week 2022 auctions combined. Yet when principle auctioneer Oliver Barker struck the final gavel on Saturday night, RM Sotheby’s still had one more trick up its sleeve. The next day, the prestigious “Best in Show” award was given to RM Auto Restorations, the company’s in-house restoration shop, for its no-expense-spared renovation of the 1932 Duesenberg Model J Figoni Sports Torpedo. It was the seventh year RM Auto Restorations landed the accolade at the famed Pebble Beach Concours d’Elegance — another unprecedented feat.

Fans of Ferrari will be thrilled that seven of RM Sotheby’s top ten lots were made by the Italian sports and race car manufacturer. In fact, the 1955 Ferrari 410 Sport Spider, one of just two factory-campaigned 410 Sports equipped with a 24-spark plug 4.9-liter V-12, from the golden era of racing, sold for an extraordinary $22,005,000. A 1957 Ferrari 500 TRC Spider was Friday’s highest-selling car at $7,815,000. And at $6,220,000, a 1998 Ferrari F300 Formula 1 became the fourth-most expensive Formula 1 car ever sold.

Porsche also presented a strong showing, with a 2022 911 “Sally Special” becoming the most expensive factory-new Porsche ever to sell at auction at $3.6 million, while a 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen was RM Sotheby’s second-highest sale of the week at $9,905,000. Among the more eccentric cars to come to the block, a 1924 Hispano-Suiza H6C “Tulipwood” Torpedo by Nieuport-Astra was the house’s third-highest sale at $9,245,000.

The Weekend at a Glance

$41M
$75M
$123.3M

Thursday

Thursday night’s auction brought over $41 million, led by the 1937 Mercedes-Benz 540 K Special Roadster by Sindelfingen, which sold for $9.9 million.

All Results
Friday

Friday’s auction earned nearly $75 million, with Scaglietti’s 1957 Ferrari 500 TRC Spider selling for $7,815,000.

All Results
Saturday

The biggest auction on Saturday made $123.3 million, with about a fifth of the total coming from the 1955 Ferrari 410 Sport Spider by Scaglietti at $22 million.

All Results

RM Sotheby’s staggering performance last weekend speaks to its trusted place in the automotive industry. “What RM Sotheby’s and RM Auto Restorations achieved at Monterey Car Week is a direct reflection of the drive, passion, and unparalleled expertise in our field,” Gord Duff, Global Head of Auctions, said in a statement. “Our specialist and research teams are the best in the world, and our clients know that when they buy something like the 1924 Hispano-Suiza ‘Tulipwood’ that we sold this weekend, it is thoroughly documented with exacting history which gives confidence when bidding.”

The 1932 Duesenberg Model J Figoni Sports Torpedo restored by RM Auto Restorations won the prestigious “Best in Show.” Image via Pebble Beach Concours d’Elegance.

An impressive 180 cars — or 95 percent of the cars that RM Sotheby’s brought to auction — were sold over the three auctions, which saw bidders from 38 different countries. Fifty-two autos sold for over $1 million, and nine of the ten most expensive cars sold during Monterey Car Week went under RM Sotheby’s gavel.

“The market continues to rise and this weekend is a testament that the collector market is thriving,” said Duff. “We’re looking forward to an exceptional year and we expect to continue with the incredible momentum that we’ve gained to date.”

For more results from the auctions, head to RM Sotheby’s Monterey.