Gooding and Company, Pebble Beach, California, August 20-21, 2016
The collector car market as a whole is getting pretty rich with consignments, and sales, skewing toward more and more toward the rich end of the continuum.
That is nowhere more clear than at The Pebble Beach Auction.
29 lots had pre-sale low estimates of $1 million or more. 26 of them sold of which 23 were on selling bids of $1 million or more. One ‘Estimate on Request’ lot also sold over $1 million. That’s 24 of the 114 sold lots (21.1% of all the cars sold by Gooding & Company at The Pebble Beach Auction) hitting hammer bids of $1 million or more. No wonder the average sale was firmly above a million dollars (including the 10% commission.)
The contribution of less expensive [a relative term in this case] cars was the lowest since 2012.
At the same time — as was common across the catalog auctions in Monterey — the performance against the pre-sale estimates was the worst it’s ever been, a sign that even in a tent full of super-rich collectors the tide of constant increases in value has turned.
Under the circumstances 2016 was the excellent, quality, performance that Gooding & Company has become known for at Pebble Beach. The cars were diverse, their prices were frequently extraordinary and while an 83.2% sell-through (the lowest since 2010) isn’t exceptional it is understandable as both Gooding’s specialists and their consignors become acclimated to values that don’t reliably increase every month. The other side of that coin is that Gooding proved to be highly successful in closing the deals on cars that were unsold on the block, a strong argument that consignors (and bidders) were recognizing the realities and making adjustments on the spot.
Even in the face of these difficulties 2016 was by the slimmest of margins (1.3%) the highest total ever at Pebble Beach.
And the cars were gorgeous even though most of them were inaccessible to collectors of ordinary (or even extra-ordinary) means.
Andrew Newton provided many of the on-site observations for this auction.
Gooding and Company Pebble Beach 2016 – Auction Report