Dominate the auction grid at Monterey Car Week

The rash of supercars we have seen since the turn of the millennium are already beginning to ripen at auction, and no less than 17 modern supercars are expected to sell for more than a million dollars at Monterey Car Week this year.

Monterey has traditionally been the domain of classic cars of yesteryear, but the spending power of the Monterey audience has seen it become the domain of anything rare and exclusive. This year RM-Sothebys is adding selected jewelry to the auction card, recognizing that any large gathering of wealthy individuals is an opportunity to market a myriad of wares.

The most prominent of the supercars of recent years is Ferrari’s La Ferrari, with no less than four of the 949 hp hybrids going to auction with prices ranging from US$4.7 million through to $3.3 million.

That’s considerably above what buyers paid for the car from Ferrari – the buy price was around $1.4 million for each of the 499 LaFerraris built, but to get on the list of prospective buyers, you also needed to be a good Ferrari customer with a string of Ferraris behind you going back a few years. Hundreds of people met those criteria and still missed out.

Getting a LaFerrari, McLaren P1 or Porsche 918 requires qualifying as a good customer which can be a difficult task, and they are so desirable as a badge of success that it has inflated the sell price well beyond the buy price – when the 500th and first publicly available LaFerrari was auctioned by RM-Sothebys last December (2016), it fetched $7.0 million – five times the sale price to Ferrari’s finest clients.