Wealthy car collectors shelled out more than $400 million for collectible cars at the Pebble Beach auctions over the weekend, shattering the previous record and raising new questions about a vintage-car bubble.
According to Hagerty, the collectible car insurance firm, the sales totals for auctions at Gooding & Co., RM Auctions, Mecum Auctions and others hit $399 million by late Sunday, when the official event wrapped up.
When all the deals are done, including side deals that are not officially tied to the auctions, the total will surpass $400 million, Hagerty said. That tops last year's record total of $312 million.
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The average sale price jumped nearly 30 percent, to $535,648 from $416,696, suggesting that the quality of this year's offerings was higher along with prices.
A 1962 Ferrari GTO became the most expensive car ever sold at auction, fetching $38 million including auction fees.
Although the overall sales total from the auction was slightly less than the $450 million to $500 million that some expected, it was still a big jump.
"There was a great deal of hype heading into the Monterey auctions," said McKeel Hagerty, CEO of Hagerty. "On the surface it was a record year and several individual record sales were set—including the highest price ever paid for a car at public auction. However, the overall results indicate that rationality overcame much of the hype."