Monday, August 19, 2019

Monterey sales way down

Preliminary sales totals fell far short of expectations and lagged behind 2018 results by a whooping 34%. The sell-through rate on cars valued at $1 million or more was only 42%, compared to 55% at other auctions this year.

Monterey Auction Week suffered a low point when one of the superstars, a 1939 Porsche Type 64, rolled onto the block at RM Sotheby’s. The auctioneer seemingly announced the opening bid as $30m and soon accepted a bid for $70m, as shown on the big tote board at the front of the room. The problem was that the bids were $13m and $17m, but somehow everyone in the room heard the higher figures, including the people operating the tote board. The audience was clearly not amused. The car ended up being a no sale.
See ----->1939 Porsche Type 64