Bids drive up at Pebble Beach
MONTEREY, Calif. — Gooding & Co. used the last auction of Monterey Car Week to post strong numbers and set a record — the highest-priced Bugatti ever sold.
The Santa Monica auction company may have benefited from being the last chance auto enthusiasts would have at this year’s event to buy a classic vehicle.
Gooding rang up $52.7 million in total sales, scoring a healthy 75% sell-through rate, with an average vehicle price of $1,225,336, according to classic-car insurance company Hagerty, which compiled the numbers.
Those sales were led by bidding that drove the price of a 1933 Alfa Romeo 8C 2300 Monza roadster to $11.99 million, and the price of a 1932 Bugatti Type 55 Roadster to $10.4 million.
That put Gooding’s total 2016 Pebble Beach take at $129.8 million, just ahead of RM Sotheby’s cumulative $123.1-million total. Mecum’s 2016 total was $47.1 million; Bonham’s was $34.6 million; and Russo and Steele’s was $10.3 million.
Hagerty placed the week’s total auction figure at $344.9 million, off from 2015’s cumulative total of $396.8 million.
Hagerty analyst Jonathan Klinger noted that the 2016 gavel action saw a record number of cars sold for more than $10 million, with seven vehicles crossing that mark, representing a surprising 32% of total Monterey auction sales.