Pebble Beach 2018 is in the rearview mirror. History was made as the 1962 Ferrari GTO sold for $48.5 million. The fabulous week-long car event is an overwhelming endurance marathon. I flew out on Wednesday evening and took several business meetings in San Francisco on Thursday. I drove down to Monterey late Thursday and made it in time to attend the Legends of the Auto dinner in which Keith Martin was honored along with Tom DuPont, Barry Meguiar, Steve Saleen, and Ken Lingenfelter.
On Friday I attended the Sports Car Market Insider’s Seminar which was hosted at the Gooding tent. Discussion centered around evolving trends in the collector car marketplace. The market is clearly rewarding cars that have provenance, pedigree, and quality. As this bull market matures, the divide is growing between the best and the rest. Other topics of discussion included three pedal mania—the sudden price increase of six-speed equipped Ferraris. Panelists agreed that the importance of color cannot be overlooked. A great car in a not-so-great color will struggle to realize the highest valuation no matter how much time passes. The major familiar lesson of the SCM seminar? Buy what you love.
We left Gooding and headed over to the Quail. This limited-ticket extravaganza runs concurrently with the Bonham’s auction. There was no shortage of fine food, beautiful people, Pagani cars, and Singer Porsches. On Friday night Turtle Garage co-hosted (along with Miles and Parker Collier’s Revs Institute and Putnam Leasing) the Sports Car Market 30th Anniversary cocktail reception. The event took place at The Center for Photographic Art in Carmel and featured work by the legendary race car photographer Jesse Alexander. The event was oversubscribed and was a smash success.
On Saturday morning we headed over to Italiano Concorso. Keith was emcee, and I judged the four-door Alfa Romeo class with Lilly Pray, Frank Campanile, and Brad Miller. It was both an honor and a privilege to be on the field judging some spectacular cars with wonderful people! Our day culminated with the blockbuster sale of the 250 GTO for $48.5 million at RM Sotheby’s. After the auction, Keith Martin treated us to a fabulous dinner at Cibo.
We woke up early Sunday morning to avoid the traffic pile-up that inevitably occurs on 17-Mile Drive—thankfully we had VIP parking. Blessed with spectacular weather, we had light cloud cover, a soft breeze, and no humidity. Thanks to the generosity and kindness of the Collier family, we enjoyed a relaxing lunch at the Revs Institute chalet overlooking the winner’s circle. An 11 pm Jet Blue flight got me to my New York City office before the market opened on Monday! Jet Blue Mint has excellent service and the lie flat seating made the flight easy.
Overall, prices remained strong this year and the Ferrari GTO shattered all records. Turtle Garage bid on the Gooding 1989 Porsche Speedster and the Bonham’s Mercedes 500E. Both my bids were blown out of the water. The Speedster sold for $264,000, and the 500E brought almost $100,800 with fees. The following are photographs taken by me throughout Monterey Car Week: