A $30 million Ferrari led the parade of trophy cars sold during Monterey Car Week last week.
The rise of online auctions sites is adding to the pressure on live classic-car auctions, emerging as popular alternatives to sales events like Monterey. Sales at online auction forum Bring a Trailer reached $841 million in the first half of 2023, according to the company. Total online collector-car auctions pulled in around $1.9 billion last year, just below the $2.4 billion from live auctions, according to Hagerty.
The highest-profile flop on the auction block was a 1964 Ferrari 250 LM auctioned by RM Sotheby's. The car was expected to sell for between $18 million and $20 million. But the highest bid only reached $17 million, below the reserve price. The most expensive car also fell below its expected range. Bonhams sold a 1967 Ferrari 412P for $30.25 million, which made it the the fourth most expensive Ferrari ever sold. Yet the"whisper number" or expected sales price, was over $40 million, and bidding for the car was light.
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