Monterey Market Recap

CONGRATULATIONS TO SIR MICHAEL KADOORIE
1931 BENTLEY 8 LITRE GURNEY NUTTING SPORTS TOURER
2019 PEBBLE BEACH CONCOURS D’ELEGANCE© BEST OF SHOW

 

After yet another fantastic week of incredible cars, connecting with friends, and attending numerous events all over the Monterey Peninsula, we’d like to take this opportunity to share some insights and hopefully address some of the questions we’ve been getting since the week’s events.

We’ve received a number of calls from our clients who’ve been reading the headlines and assuming the worst of the collector vehicle market. Trends over the past twelve months have pointed to a general cooling of a once red-hot market, so the headlines come as little surprise. But not to us. Looking beyond those headlines we see things are not nearly as bleak as some may believe. Several high-profile no-sales this year contributed to a decrease in overall total sales volume as measured in dollars. We must also consider how sales of individual cars in the $20M to $50M range skewed numbers in the recent past. Simply put, total sales volume is not a good indicator of general values or overall demand.

Breaking down the results we see that the three major auction houses had sell-through rates in the mid-70 percent range. These sorts of sales rates were considered a resounding success just a few years ago and they are down only slightly from last year. Considering there were roughly 50% more vehicles on offer this year than in years past, we saw an impressive number of vehicles trade hands, indicating there is a tremendous demand for collector cars.

Here at Hyman Ltd. we continue to see great cars selling all over the world daily. We’re witnessing a generational shift in who is collecting and what sorts of vehicles they’re buying, however we know that significant, high-quality cars continue to be relevant, and if priced correctly they sell. The fact that the entry-level of the market remains as strong as ever points to a solid foundation on which to build and support this hobby.

Generally speaking, prices have softened to a degree that has left many collectors with the desire to maintain more control over the sale of a car. If you have any questions about the market or wish to discuss consigning a vehicle, please give a member of our team a call.

Thanks to all those who stopped to say hello and chat last week, it is always a pleasure to see friends old and new in Pebble Beach.

   – The Team at Hyman Ltd.

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