Over $300M Spent at 2013 Monterey Classic Car Auctions

Over $300M Spent at 2013 Monterey Classic Car Auctions

This weekends Concours d’Elegance in Monterey California raised quite a few eyebrows. Not only did we catch the debut of stunning cars like the BMW M4 concept and the Cadillac Elmiraj concept, classic collectors were given the chance to lay down cash on some of the most exotic cars in the world. 

Hagerty says that over $300 million dollars were spent at this year’s auctions, while the average sale price was $415,895. Compare those numbers to last year’s auction, where $265 million dollars were spent, and the average sale price sat at $327,370 per car, and it’s clear that classic car prices indeed soared over the past year. One of the key reason for the increase in collector cars prices may have something to do with Hurricane Sandy, and the fact that so many classics were destroyed this past year.

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One notable sale was the 1967 Ferrari 275 GTB/4 NART Spyder which sold for a whopping $27 million dollars. This is a record high for money spent on a car in America, and is the second most in the world. This particular car was originally expected to bring in $17 million. The high price tag comes with the exclusivity of this particular North American Racing Team (NART) model; only ten were ever made. Additionally, all of the proceeds from the auction of this vehicle would be given to charity.

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Two other Ferrari’s grabbed some of the highest sales of the weekend, with a 1957 Ferrari 250 GT Tour dr France Berlinetta fetching $9,460,000, and a 1953 Ferrari 375 MM Spyder selling for $9,075,000.

A 1937 Bugatti Type 57SC Atalante sold for $8,745,000 and a 1997 McLaren F1 rounded out the five most expensive vehicles sold, fetching $8,470,000.