2019 Monterey Car Auctions: The top 120 sales (and non sales), car by car
The Monterey Car Week auctions left the collector car world in a state of shock. Sales totals were expected to be similar to 2018 when 850 cars sold for US$370 million but when the hammer fell for the final time in Monterey, just 770 cars had fetched $245 million – a shortfall of 80 cars and $125 million, or 34 percent down.
While there was no $48.4 million Ferrari 250 GTO this year, all the major yardsticks were down considerably – market analysis from Hagerty showed sell-through rates dropped from 62 percent in 2018 to 58 percent in 2019, and the the average price fell from $436,849 to $319,610.
Just why sales fell so dramatically is still just speculation, though David Undercoffler at Forbes puts a plausible argument that changes to Section 1031 of the US tax code could be a major factor in the equation.
Another key factor is the generational change we have been discussing for several years. The massive baby boomer generation prefers the poster cars of its youth, and as it is being replaced by newer generations, the new money is going to newer cars. With baby boomers (born 1946 to 1964) now aged 55 to 75, and beginning to sell off their cars, the prices of their poster cars are set for an increase in supply and a decrease in demand, so prices will fall.
Regardless, most readers will have their favorite cars and hence the overall state of the market is of little relevance compared to the prices fetched by your particular favorites, so what follows is a car-by-car illustration of the 120 highest bid cars of Monterey 2019. As you'll see, roughly half of those bids were not considered high enough to be accepted, resulting in a "no sale."