Ferrari cars one again leaders of Pebble Beach auto auctions image

The Pebble Beach car auctions have gathered about $390 million form interested car aficionados and once more the leaders of the pack had the prancing horse logo on the bonnet.

The auctions in California over the weekend have been valued at $390.6 million and seven of the top ten vehicles on sale were from the Italian sports car brand. The auctions were the culmination of the six-day auto extravaganza that ended Sunday in the coastal towns of Carmel and Monterey and at the Pebble Beach golf course. The overall tally has been smaller than last year though, when it reached $402.6 million in equivalent sales, says Hagerty, a Traverse City, Michigan-based insurer and classic car database that compiles auction results. This is the result of classic car prices reaching a plateau after a period of record-breaking sales that were stemming from increased worldwide wealth. Ferraris are still doing very well, but the top vehicle this year only reached $17.6 million, while back last year a Ferrari 250 GTO Berlinetta took home $38.1 million, setting the record for a car sold at auction.

Hagerty added that while Ferraris on auction reached a record amount – 128 units – 25 of them didn’t sell. “Buyers are highly selective, even if it’s a new buyer with all the money in the world,” said McKeel Hagerty, chief executive officer of Hagerty. “Overpaying for a car can be embarrassing later.” RM Sotheby’s managed to post the record trade – a red 1964 Ferrari 250 LM, only one of 32 in the world, which sold for $17.6 million, a record for the model.

Via Bloomberg