Few sales were scored early on during last night’s first-ever Broad Arrow Monterey Auction. Same for the end of the proceedings. The Mercedes 540K Spezial Roadster, the Ferrari 250 GT Tour de France Berlinetta and the Toyota 2000GT all went unsold. The Dino GTS was an unwelcome surprise for someone, heading to a new home for just $401k.
That said, Broad Arrow sold a lot of cars last night: over 70 percent of 93 cars. They grossed just under $50m, warming the hearts of the executive team that fled en masse from RM Auctions. (RM’s lawsuit against usurper Broad Arrow-owner Hagerty was settled over the weekend. Details to follow.) They have yet to post the results on their website.
The star attraction, the 1995 Ferrari F50, hammered for $4.7m (net), just above the official estimate of $4.4m to $5m. A 2016 RUF Turbo Florio was the only car that sailed past its estimate, hammering for $709k (estimate $375k to $450k). More importantly, a lot of the pre-1975 cars failed to meet their estimate. These are what I call the Baby Boomer cars, vehicles that appeal to older collectors.
| Make model | High Bid | Expected |
| 1965 Shelby | $340k | $400 to $500k |
| 1977 Jaguar | $150k | $200 – $240 |
| 1950 Jaguar | $300k | $395 to $475k |
| 1954 Bentley | $1.5M | $2.2M – $2.6M |
| 1967 Toyota | $820k | $1M – $1.2M |
| 1957 Ferrari | $4.7M | $6M – $7M |
| 1930 Duesenberg | $850k | $1M to $1.5M |
| 1939 Benz | $6.2M | $7M to $8M |
| 1984 Ferrari 512BBi | $260k | $300k to $375k |
| 1972 F Dino | $375k | $400k to $500K |
| 1969 Miura | $1.5M | $1.6M to $1.9M |
It’s too early to decide whether Farago was right about the possibility of a generally declining market. Watch this space.
