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2003 RM Monterey Sports Car Auction
By: Drew Phillips
Photos by the author
August 26, 2003

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The Monterey Sports Car Auction put on by RM Auctions is an alluring attraction to car enthusiasts who are in Monterey for the long weekend of events in the middle of August. After a tiring day walking around in the sun, it's nice to sit in an air conditioned room and see the cars drive up to you instead of having to walk around and see them. While the $30 entrance fee might be a hefty sum to fork over for the average person just to see the cars, those who do are rewarded with an up-close look at some of the world's rarest, fastest, and most expensive sports cars.

Most people have never had (and might never get) the chance to attend this event, so a description of the event is in order. Many of the eye-catching cars are placed outside the building where the auction is to take place to draw the attention of the general public. The lobby of the Embassy Suites in Monterey Bay, where the auction was held, was an interesting spectacle itself. Symbolic Motors of La Jolla and Beverly Hills brought several fantastic cars to be put on display including a McLaren F1 GTR, a Ford GT40 MkII, two Ferrari 333 SP's, a Porsche 962 Street Competition, and a Ferrari 365 GTB/4 Competition Daytona. All of the cars were actually for sale by Symbolic. Lamborghini also brought their two current models, a stunning blue Murcielago and the yellow Gallardo that made the rounds to nearly all the events of the weekend.

Nearly all of the action, however, goes on inside the main room. The bidding area is extremely crowded, with most seats being reserved for bidders and media, and regular spectators are confined to the back seats or standing, neither of which offers a good view of the car being bid upon. The auctioneer is placed high and center in the front of the room while cars are driven up in front of his table. Two large screens in each corner of the room display what car is up and the current bid on the car in dollars, pounds, and euros.

The auctioneer was an interesting character. He had the typical auction voice, the one that sounds like a foreign language if you don't pay close attention. After a while, though, you got used to his fast-paced lingo and you could understand what he was saying without having to concentrate. He used all sorts of strange tactics to get people to raise their bids. "Are you all daft? This car is worth twice that much!" he would say. In one instance, he actually dared the bidder to raise. Other times he would propose strange logic, saying, "he wants you to bid $69,000 so he can bid $70,000, so your tactic should be to bid $70,000!" He was also completely random at times. He would stop mid-sentence in calling for a bid and say hello to someone he knew in the crowd, then would commence a short conversation as if no one else was there. All of this made the bidding extremely entertaining and sometimes made up for times when the bidding became slow.

The bidding itself was slightly different than what everyone thinks of. Registered bidders who wanted to bid on a certain car could call the bid themselves, but most of the time they used one of several assistants around the room. These "little helpers" as I thought of them, would help the auctioneer see who wanted to bid on cars and most of the time made the actual bidding, which was indicated by a raised fist in the air. After bidding on a car had gone on for a while and it looked like there would be no more bids on a car, the auctioneer would say "selling once (wait for more bids), "selling twice" (wait for the last time), and "sold!" - or not sold, if the final bid was under the reserve. Then the car would be pushed off stage by gloved-assistants and the new car would be rushed up.

With their illustrious history, furious V12's, and gorgeous flowing lines Ferraris were the most exciting (and expensive) cars of the auction. A stunning 1984 288 GTO was possibly my favorite car of the auction. Sold at $254,000, it is not only a lot cheaper than an F40 or F50, but it is also rarer. Anywhere between 32 and 35 are in the United States. The 1/4 of a million also seemed like a steal compared to the prices on Ferraris in the late 1980's. Classic Ferraris also brought in high prices. A 1967 Ferrari 275 GTB/4 Alloy (one of 18 with alloy body panels) that sold for $565,000, and $1.3 million wasn't enough to meet the reserve on a 1963 Ferrari 250 GT SWB California Spyder. Another Ferrari to not meet the reserve price was a 1969 Ferrari 312 Formula 1 Racecar that nobody was willing to pay more than half a million for.

The featured car of the weekend was a 1956 Ferrari 860 Monza. The car had actually been driven by the great Juan Manuel Fangio, and had a great racing history including a win at the 1956 Sebring 12-Hour race. Only three were built, and the car is considered one of the greatest Ferraris ever made. Bidding on the car started at a cool $1 million. Bidding rose slowly and steadily until it hit just under the $2 million mark and stopped at $1,890,000. The auctioneer cautiously asked if there were going to be any more bids once, twice, and finally it sold. The winning bidder received a standing ovation from the crowd on hand, even though the car had expected to go for more.

Besides Ferrari, just a handful of Italian cars went up for auction. Two Lamborghini 350 GT's were offered for sale as well as the Maserati collection of Alfredo Brener. Several rare and custom vehicles were offered, most of which didn't have a reserve. They didn't have trouble fetching high prices, though, with his 1964 5000 GT Coupe selling at $275,000 and his 1957 3500 GT Spyder going for $97,000.

American cars also played a large part in the auction. Two legendary Shelby Cobras were offered for sale, one with a 289, and the other with a 427. The black 427 with its muscular lines was one of the most striking cars of the show. Each went for expected prices, the 289 selling for $175,000 and the 427 being bought at just over $300,000. It's a shame that the two cars were probably bought by collectors and won't be driven on the street like they were meant to be.

Another pair of well-known cars came in the form of America's favorite sports car. A pair of L88 Corvettes, a 1968 and a 1969 model, were both auctioned off. The 1968 model is the more collectible of the two and therefore went for a higher price ($85,000). However, I would have chosen the '69 for its side exhaust, beautiful blue paint, and cheaper price ($66,000).

Perhaps the most intriguing car of the show was a custom 1948 Buick Roadmaster. The inca-gold paint attracted a lot of attention, and under the hood was a 455 motor to provide the power to go with the looks. The car was offered with no reserve, and bidding started out fast but hit a brick wall at $85,000. The auctioneer prodded the crowd for more, but no one was willing to step up to $90,000.

If your interest is in Jaguars, several were available for bidding. D-Type replicas, XK-120's, XK-140's, and quite a few E-Types were sold. Even a pair of XJR-15 racers were put up for sale. One sold at $175,000, which is an incredible deal considering the rarity of the car and the original price tag. Despite the reputation of evil handling, the owner will be sure to get his money's worth of speed and excitement from the car.

The 2003 Monterey Sports Car Auction definitely didn't disappoint with the fantastic cars and intense bidding. If you want to go and don't live near Monterey, don't worry - RM Auctions holds several auctions throughout the year around the country. Log onto www.rmauctions.com and see if there's one near you. If you're willing to hand over the cash to get into the event, it's definitely worth it.