This year’s edition of the Monterey Car Week featured its customary auctions which reported sales totaling $390 million. That’s actually down from last year’s $402.6 million, but it doesn’t mean the value of the cars traded has gone down.
For instance, in 2014, the overall figure was boosted by the sale of a 1962 Ferrari 250 GTO, which alone racked up an unbelievable $38 million.
According to Hagerty (auctions) spokesperson, Jonathan Kilnger, their “view is the market is still very strong. … There is not a dramatic difference from last year. The fact it is a little lower than last year is absolutely no cause for alarm.”
In fact, the current $390 million tally is not even final. It doesn’t include Rick Cole auction numbers, as apparently those are done through smartphones and centralizing the data takes a bit more time. The actual final results are still at least a week away, according to The Monterey Herald.
This year, the most expensive car to change hands was the 1964 Ferrari 250 LM Coupe, which went for $17.6 million, followed by a 250 GT California SWB Spyder at 16.8 million and another one but in coupe form that went for $16.5 million.
According to the source, “the average sale price was $497,557 and median was $96,800.” See what the event was like in the car-spotting video below, shot in and around the venue.
Opening photo via RM Auctions