The Monterey Auction recently took place from the 18th to 20th of August in Monterey, California with over 790 cars sold for a total sales figure of $469 million, breaking the 2015 record sales number of $395 million.
Of the 790 vehicles sold, more than 110 of them went for $1 million or more, yet another record number.
An average sales price of $590,700 was seen during the event, with the top-priced sale of the weekend being a 1955 Ferrari 410 Sport Spider, which sold for $22,005,000 in the RM Sotheby's auction.
There had been concerns as to whether 2022 would be a strong year but the Monterey event proved yet again that all areas of the collector car market are in good health.
The sell-through rate at this year's event was 79%, almost on a par with the 80% of 2021, with demand strong in all sectors of the classic car market from pre-war classics to the latest supercars, and a range of models setting new price records.
Collectors of all ages were present with the trend for younger, millennial buyers again evident.
RM Sotheby's recorded 9 of the top 10 sales at the event, with a 1937 Mercedes-Benz 540K Sindelfingen Roadster selling for $9,905,000 and a 1924 Hispano-Suiza H6C Transformable Torpedo going for $9,245,000 – these being their next highest sellers after the 1955 Ferrari.
RM Sotheby's total sales figure was $239.2 million, which smashed world records and saw them selling more than all other Monterey auctions combined
Gooding & Company were able to break into the top 10 list with a 1937 Bugatti Type 57 Atalante Coupe, which sold for $10,345,000 and was the second highest value sale of the weekend.
The Broad Arrow Group made their debut during the Monterey week and recorded an impressive $55.3 million in total sales, with 88% of its lots selling. A 1964 Aston Martin DB5 that belonged to the late actor Sir Sean Connery (a model of which featured in the James Bond movie "Goldfinger") was a big seller at just over $2.4 million (well over the estimated price), with proceeds from this particular sale going to benefit the Sean Connery Philanthropy Fund.
We are sure that Mr Bond will be raising a glass somewhere, shaken not stirred, to this success and indeed to that of the Monterey Auction of 2022.
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