Aftermath of the The Great Auctions - Monterey Car Week

by Andrea L. Algar
Motorheads Performance

It's taken a lot of time to filter through all the news that has come out of the Monterey "Car Week" Auctions. If you're not familiar with them, it's a collection of some of the largest auction houses in events that span over the course of an entire week in California. There's usually always excitement surrounding the highest auction figures, and this year was no exception!

Monterey Auctions Made History & Put Wall Street Earnings To Shame!

• Over a quarter BILLION dollars changed hands
• 44 cars were sold for $1 million or more - for a total of $159,111,500 Million!
• 777 cars in all were sold
• There were 5 auctions in 4 days with 11 separate auction sessions!

"It was momentous," reported Rick Carey, Auction Editor for Sports Car Digest reported, "It was momentous. We thought it was a big deal when the Whittell Coupe sold for over $10 million last year. In 2012 three cars sold for hammer bids over $10 million. Breathtaking."

Here are some of the highlights:

1. 1953 Cadillac Eldorado Convertible - $120,000
2. 1966 Chevrolet Caprice 396 - $12,500 
3. 1965 Shelby Cobra 289 R&P Roadster - $636,000
4. 1968 Chevrolet Corvette L88 Convertible - $609,500
5. 1967 Chevrolet Corvette COPO Convertible - $556,500

Rare motorcycles brought top dollar as well:

• 1937 Brough Superior SS100 - $203,000
• (3) Crocker V-Twin motorcycles - approx $300,000 each

American Race cars were popular...and expensive!

• 1967 Ford GT40 Mk I - $2.86 Million
• 2001 Bentley Speed 8 Le Mans Prototype - $2.53 Million
• 1964 Shelby 289 Competition Cobra - $1.32 Million
• 1966 Ford GT 40 (former Filipinetti/Dominique Martin Team ZITRO) - $2.2 Million
• 1966 Lola T70 MKII GT Coupe - $324,000

1968 Ford GT40 used in Steve McQueen's movie "LeMans"

And, the insane prices really flew at RM when it sold a 1968 Ford GT40 for a whopping eleven MILLION! But this wasn't your ordinary GT40. This race car had a history, and because the history was associated with Steve McQueen and the movie "Le Mans", it created quite a stir.

This GT40 was actually used as a camera car to film Steve McQueen in his 1971 racing film Le Mans. It has been reported that in the making of Le Mans, McQueen insisted that the race scenes be as authentic as possible. He personally chose the GT40 to use as the camera car during filming of the movie. In order to obtain the best views to capture the 150 MPH action,  he had cut the roof and installed a seat outside the car for the cameraman to film the scenes!

Steve McQueen is well-known and well-respected for his love of high speed driving, both with automobiles and motorcycles. A recent auction of his Indian motorcycle brought record-breaking numbers there as well. The price obtained for this Ford GT40 made history, making it the most expensive American car ever sold at auction. The previous record holder was the sale of a 1931 Dusenberg Roadster for $10.24 million.

Even an extremely rare Rene Lalique "Renard' Fox Car Mascot (hood ornament) made history, with a new world record sale at almost $340,000! (Editor's Note: Learn all about the history of the Ford GT40 in this month's article, "The Great Ford GT40's Past & Present", and learn more about the history and values of hood ornaments in next month's article, "Hood Ornaments: From Functional Radiator Caps to Works of Art".)

We talk about classic car values and muscle car values all the time, because it is always a concern for those looking to purchase, as well as for those who own. It can play a big part in your decision on how much of an investment you're willing to put into an old car or truck you're thinking of having a restoration on. It's also important when considering what type of insurance needs you have, what your storage needs are, maintenance and repair budget, and much more.

So, what can we learn from these auctions? After all, most of the cars that go through here are well beyond the average enthusiast's budget! Sure, we can all dream about owning one of the immaculately maintained and sheltered vehicles, but for most of us that is not what fuels our enthusiasm in owning a classic car, a muscle car, street rod, antique car, vintage truck, or even an old race car. (Editor's Note: See my article, "Buying Classic Cars As Investments - What Are Your Chances of Making Money?" for more information on this.)

Mickey Thompson's Personal Car
1963 Corvette Z06

I like the fact that the auctions are simply fun! I always find out an interesting fact or two that I didn't know before. Take the story in Hemmings Daily that reported on a 1963 Corvette Z06 Coupe that was once owned by Mickey Thompson. I have to admit, I was taken in by the headline, "A Mickey Thompson Mystery Solved". I eagerly opened my newsletter thinking that the article had some new piece of news on Mickey Thompson's death.

You may recall that he and his wife Trudy were gunned down in their own driveway back in 1988. The case went cold for over 13 years. It was the subject of an episode of NBC's Unsolved Mysteries, as well as other shows such as CBS's 48 Hours Mystery. Mickey Thompson's former business partner Michael Frank Goodwin was charged, and eventually convicted of the murders. More on Mickey Thomson's bizarre death in an upcoming article, but for now, when I read the headline, I thought that perhaps someone had uncovered a new piece of information. Well, they did positively link the car to Mickey Thompson because the auctioneers wanted some proof of it's connection to the legend. What they found was that it was Mickey's personal Corvette, in addition having been used to demonstrate his mag wheels. Great news for the auctioneers. (Editor's Note: As of this writing, the final auction price has not been released.)

The Bonham's, Tour d'Elegance, the Mecum "Daytime Auction", Rolex Monterey, Gooding, Russo and Steele, and other big name auctions all had events lined up for the week. These high-roller auctions draw bidders from all over the country and the world. International bidders are able to attend in person or by telephone, absentee and online. Guy Algar explains, "Bids can go high, and they can move fast. Unless you are already adept at the rules of bidding, it's a game best left to the high-rollers. You need deep pockets to be able to play this game!" Curious? Watch this video for how auctions work behind the scenes, as well as just how fast paced and confusing they can be!



Obviously, classic car auctions aren't for everyone, but it is something worth adding to your bucket list of things to do at least once! (Do you have an interesting auction story?)

REFERENCES:

Business Insider - An $11 Million Ford GT40 Is The Most Expensive American Car Ever Sold
Car and Driver - Ford GT40 First Drive Review
CBS News - Murder In The Fast Lane
CorvetteBlogger.com - CorvetteBlogger's Guide To The 2012 Monterey Corvette Auctions
Hagerty - Mecum Auctions 2012 Monterey Results
Hemmings Daily - http://blog.hemmings.com/index.php/2012/08/17/a-mickey-thompson-mystery-solved/?refer=news
Monterey Car Week - Event Reviews
NY Daily News - 'Speed King' Mickey Thompson's Killers Still At Large, 20 Years Later
NY Times - Appreciation for Vintage Cars, in Two Senses
R Lalique Antiques - Renard Fox Car Mascot Sets New World Record at Auction
Speed TV - VINTAGE: New High For Monterey Auctions
Sports Car Digest - Monterey Auction Report 2012, Monterey Whew!
Sports Car Market Magazine - http://www.sportscarmarket.com/

RESOURCES:

Are Auctions Influencing The Values of Classic Cars?
Buying Classic Cars As Investments - What Are Your Chances of Making Money? 
Car Auctions Info -  Participating in Car Auctions

CarBuyingTips.com -  Guide To Used Car Auto Auctions

eHow.com - How Does a Classic Car Auction Work?
IMDb - Le Mans (1971) Steve McQueen - Review, Photos, Purchase
McCormick's Auctions - How Auctions Work - See Video Clip of Auction Action!
Popular Mechanics - Buyer Beware! 10 Tips for Buying a Car at Auction

ABOUT THE AUTHOR:
Andrea L. Algar is co-owner of a classic car performance and restoration design shop in Leesville, Texas. Motorheads Performance specializes in repairs, maintenance, performance upgrades and restorative work on cars and trucks from the 1920’s through 1970’s. Her husband Guy L. Algar is a Mechanical Engineer with over 25 years experience. He holds 5 ASE Certifications from the National Institute for Automotive Service Excellence and has been working on old cars and trucks for over 37 years. Together they share their passion for old cars and trucks with other enthusiasts from around the country.