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5 Most Expensive Collector Cars Being Auctioned at Pebble Beach
Pebble Beach Automotive Week is set to kick off this Sunday, August 15th in Monterey County. The Pebble Beach Concours d’Elegance is the flagship of Pebble Beach Automotive Week. Begun in 1950 and now considered to be the world’s premier celebration of the automobile.
The Pebble Beach Auctions offer car collectors the opportunity to not only see but purchase automobiles of immaculate quality, design and history. With Gooding & Company at the wheel, the Pebble Beach Auctions have set numerous world records for prices paid for collector vehicles.
McKeel Hagerty, CEO of Hagerty, a classic car insurance and collectors services company, said: “This week may be special.”
There are some really special vehicles going across the auction block this week including the Silver Surfer collection owned by the late Neil Peart, the legendary member of the rock band Rush. The rocker’s collection is only a drop in the bucket, however. According to Hagerty, more than 1,000 vehicles will be auctioned this week. Total sales are expected to reach $ 325 million. This is a 28% increase from 2019, the most recent sales since the event was canceled by Covid last year. Monterey is known for owning the most valuable and expensive cars, with at least 115 cars expected to raise more than $ 1 million this year.
All the major auction companies will be hosting their own events throughout the week. Auction houses like Gooding & Co., RM Sotheby’s, Mecum and Bonhams will be auctioning off some of the most expensive cars of the year. They actually hold on to many of the big ticket vehicles for this automotive week and its very wealthy Monterey crowd.
Dave Magers, CEO of Mecum, indicated that the demand for collector cars is at an all-time high. The pandemic produced a major uptick in online bidding for classic cars. Mecum’s sell-through rate has been hovering around 85% which is much higher than the historical average.
“When the sell-through rate goes up, prices go up,” he stated. “Everything is lifted.” Dave Magers wasn’t the only one confirming the increase in sales.
“The buyers right now don’t hesitate,” stated Gooding CEO David Gooding. “If they want something, they go for it. It’s an attitude of ‘things are uncertain, I’m not going to wait.’”
According to Hagerty, the top five cars with estimated selling prices for auction this week are:
1995 McLaren F1 at Gooding & Co. The estimate is $ 21.5 million.
1970 Porsche 917K. The estimate for RM Sotheby is $ 15 million.
1962 Aston Martin DB4 GT Zagato. The estimate for RM Sotheby is $ 11 million.
1959 Ferrari 250 California LWB Spider Competizione. Gooding & Co. Estimates are between $ 10 million and $ 12 million.
1998 Mercedes Benz AMG CLK GTR. The Gooding & Company estimate is $ 8.5 million.
Tags: Gooding & Co., Hagerty, Mecum, Pebble Beach Automotive Week, Sotheby's
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