The 2019 Monterey week of car event has come and gone and there was, as usual, far too much for one person to take in. All the usual shows, events and auctions went off, though not without a hitch as seemingly every mainstream news outlet decided to report on the unfortunate series of events surrounding a particular Porsche sale. All in all, it was a very fun weekend for Scott Grundfor Company at the auctions and on the show field on Sunday with the usual mix of smiles and cries rearing their heads, just par for the course.
For the auction houses specifically, it seemed doomed for a bumpy ride from the get go. On Wednesday, the news of the day was that the DOW Index showed an 800 point loss. This was just one day before the major auctions houses were set to let fly with a record number of cars and it was felt hard. In large part, it seems evident that prospectors, or more specifically dealers, were simply not on hand with open wallets in order to scoop up the low or below low estimate “deals” that they normally do, which led to an inordinate amount of no sales across all the auctions. One could even venture to guess that even in the event of a hypothetical 1200 point swing up the day after the 800 point DOW drop…the results would have been the same. Nothing breeds closed pocket books quite like uncertainty, and we will likely have to wait some time to see what true affect this biggest of world car weeks had on the market and sentiment as a whole. For this observer, chalk it up to bad timing as much as anything else…for the Warren Buffett inspired car dealers and private opportunists, the window might be short in trying to buy cheap (or not), so have at it!
As usual, all full auction lot links are below for your ease of access across the major houses.
|Gooding & Company|
|Russo and Steele|
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