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Monterey Car Week 2021 promises a return to multimillion dollar deals as auction houses like Mecum roll into town for the iconic Pebble Beach Concours d'Elegance on Aug. 15.
"We're all very excited to be going back to Monterey after having to take off last year, 2020, because of the pandemic and missing car week," Mecum Auctions CEO Dave Magers told Yahoo Finance Live.
Mecum Auctions is one of the world's largest collector car auction companies and will have 600 vehicles crossing the auction block in Monterey, Aug. 12-14. Magers said pent-up demand among car collectors could drive prices higher. "I think that momentum is going to continue into Monterey. This is typically a high $40 million, low $50 million sale for us. And I would expect that this year we will exceed that number and set a new record for Monterey for Mecum Auctions," said Magers.
Mecum's Monterey 2019 auction had $32.2 million in sales which rose to $38 million with the addition of post-auction deals. Monterey Car Week was canceled in 2020 because of the COVID-19 pandemic although there were some online auctions. The biggest auction houses, Gooding & Company, Bonhams, RM Sotheby's and Mecum are expecting strong sales this year as live auctions return to Pebble Beach.
They sold $370 million worth of collectible cars in 2018 during Monterey Car Week, but total sales fell to $245 million in 2019 just before the COVID-19 pandemic, according to Hagerty, which tracks global collector car sales.
In 2020, because of the COVID-19 pandemic, Hagerty told clients, "Given the drastic differences in virtually everything between 2019 and 2020, comparing overall sales results between the two years would yield misleading results." But Hagerty said prices for cars sold online, during the height of the pandemic, were slightly stronger than the year before.
'This car raced and finished fifth' at Le Mans
Mecum's auction is held on the Del Monte Golf Course at the Hyatt Regency Monterey Hotel and Spa. Admission is $20 if purchased online and $30 at the door. Headlining the auction is a 1952 Ferrari 340 America.
Magers said Ferraris are always top sellers but, "this car raced and finished fifth in the 24 hours of Le Mans which makes it a very special Ferrari." The car was restored by Ferrari and Magers said it could fetch $5 million when the gavel falls.
Another car expected to grab attention is a rare 1936 Delahaye Type 135 Competition Court Teardrop Coupe body by Italian coachbuilders Figoni et Falaschi.