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2006 RM Monterey Sports & Classic Car Auction
By: Drew Phillips
Photos by the author
August 30, 2006

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Auctions have played a growing part in the Monterey weekend, and this year there were five separate auctions being held throughout the area. The Christies auction on Thursday night held at the Jet Center shared the spotlight with Gordon McCall’s Motorworks Revival pre-weekend party, Bonhams and Butterfields and Kruse International held their auctions on Friday afternoon after Quail Motorsports Gathering and Concorso Italiano, respectively. The focus then turned to downtown Monterey where Russo and Steele and RM Auctions both Friday and Saturday night. To wrap up the weekend’s events, Gooding & Company auction was held after the Pebble Beach Concours on Sunday night. While each of these auctions offered an incredible array of cars, most offered at no reserve, it was the RM Auction held at the Portola Plaza Hotel that most captured our attention.

The feature car of the event was a one-of-a-kind 1958 Ferrari 412 S. The car had been driven by legendary racers Phil Hill and Richie Gunther, and was expected to be the most valuable car ever offered for sale at a North American auction. It was estimated that the 412 S would break the record sale that RM set in 2002 with the sale of a Ferrari 330 TRI/LM that sold for $6.5 million. Before the auction, Rob Meyers, founder of RM, revealed his high expectations for the car. “The 412 S is by far, one of the most valuable automobiles in the world.” From the dominant engine to the long list of racing giants who have climbed behind the wheel, the 412 S has everything serious collectors could ask for. We anticipate significant international bidding at our Monterey sale for the opportunity to own one of the rarest Ferraris in history.” It was also fitting that the car was auctioned in Monterey, since the car has a history here. Steve Earle, founder of the historic races at Laguna Seca, used the car to promote the inaugural the first year of the races.

Before the 412 S went up for sale, however, several other cars did an excellent job of building an exciting atmosphere in the auction room. Friday night was highlighted by the sale of three Shelby Cobras. The first was Lot 159, a 1964 289 Competition Roadster CSX2473 that is known as the winningest Cobra in history. The car won more than 30 races sanctioned by the SCCA over a 15 year period as well as its class at the Monterey Historic Races four straight years from 1980 to 1983. The car met its pre-auction expectations and sold for $1,237,500. The other Cobras were a 1966 427 CSX3181 that sold for $412,500 and a 1964 Cobra 289 “Dragonsnake” that sold for $660,000.

The bidding continued the next evening, and Saturday night auction was one of the most exciting events of the whole week. The Fisherman’s Warf in downtown Monterey was filled with the sound of the auctioneer being broadcast over a speaker, and crowds gathered to see the cars on display or being driven up to the entrance of the auction block. Inside the auction room, all the seats were filled and many were left standing at the back of the room to watch the bidding. High six digital bids were seen throughout the night starting with a 1911 Rolls-Royce 40/50 HP Silver Ghost being sold for $858,000 followed by a 1951 Ferrari 340 America Ghia Coupe that went for $852,500. Seven figures were reached for the first time on Saturday when a 1929 Bentley Speed Six Dual Cowl Tourer drove off with a winning bid of $1,815,000 and then once again when $1,072,500 bought a lucky bidder a 2004 Maserati MC12 – a good value considering that amount couldn’t buy its less exclusive cousin the Ferrari Enzo. A pristine 1967 Ferrari 275 GTB/4 exceeded expectations when it sold for just under a million at $990,000.

Next up was the feature car, the 412 S. The car was driven on stage with a flurry of revs, and a video of the car being shown to remind potential bidders of its racing history. Bidding quickly rose into the multi-millions, slowing down at around $4 million. The bidding came down to two buyers, one bidding from a phone. One can only imagine the conversation between the bidder and the RM employee trying to convince him that an extra $200,000 isn’t that much. The bidding finally rested at $5.1 million, with the final sale of the car being set at $5,610,000 after fees. The car was actually sold for less than expected, with the predicted sale price to be around $7 million.

Although the 412 S was the highlight of the night, several other cars reached the seven figure mark. A 1994 McLaren F1 went for much higher than expected at $1,705,000, and another high-dollar Ferrari, a 1957 500 TRC Spider, went for $2,282,500, the second highest amount of the auction. Two other cars, a 1930 Duesenberg Model J Sport Berline and a 1937 Bently 4 ¼ Liter Fixed Head Coupe also broke the million dollar mark, selling for $1,650,000 and $1,265,000 respectively. Overall, 190 cars were sold, totaling just under $43 million. For all of the auction results, visit the RM Auction Web Site at www.rmauction.com . The next RM auction will be held on October 20-22 at the Toronto International Fall Classic Car Auction.