Mecum Auctions held its second annual Monterey sale on August 13-14, 2010 at the Hyatt Regency Monterey Hotel & Spa on the Del Monte Golf Course in California.
Even without the Cobra Daytona Coupe that brought a headline price of $7,685,000 here last year Mecum’s expanded 2-day schedule and 428 cars (and a few boats) offered exceeded last year’s total sale by almost 10% and achieved a sell-though of 48.6%, up 4.2 points from a year ago.
Here are the numbers:
Mecum Auctions has moved handily into the Monterey schedule, providing a place for consignors with more modest cars to bring their cars, and buyers a place to bring their more modest aspirations. An average transaction of $75,000 is by most standards pretty impressive [Mecum recorded an average of just $41,948 in its $42 million Indianapolis auction in May] but at Monterey it is the lowest of the five auctions. That is right where Mecum seems to want to be, occupying a position on the Peninsula which the others have vacated and providing a venue for their established clientele as well as meeting a new group of clients.
A lot of these cars wouldn’t make the cut at the other auctions (you have only to read the descriptions to discern that fact) but a lot of them would and have histories at other auctions with names like RM, Barrett-Jackson, Bonhams and Gooding. Mecum is not ignoring the peak of the market as the Ferrari 250 GT Tour de France coupe and ’67 Corvette L89 illustrate. They also are willing – even eager – to explore new things and have enjoyed success in recent sales with high visibility, expensive, motorboats. There were several here in Monterey of which one, the gorgeous Hacker with Liberty V-12 power, is mentioned in this report. This diversity contributes to the auction’s atmosphere and increases the gravity of its presence on the Monterey Peninsula.
So does selling $15.6 million in two days.
[Source: Rick Carey]