Hagerty CEO McKeel Hagerty expects to collect $370 million from the five different auctions taking place after the Pebble Beach Concours d’Elegance.
Hagerty Insurance Agency specializes in classic car insurance and covers many of the collector vehicles presented in the automotive charitable display. The company is the leading insurance agency for collector vehicles in the world, the largest in the United States and hosts the biggest network of collector car owners.
The exhibition takes place in Monterey, California during the Monterey Car Week, which consists of multiple car-related events including the Rolex Monterey Motorsports Reunion, Legends of the Autobahn, Porsche Werks Reunion, The Quail, A Motorsports Gathering, Concorso Italiano, Pebble Beach Concours d’Elegance and Jet Center Party.
The latter event will display the Agera XS, which received the green light to become the first sports hypercar of Swedish automaker Koenigsegg to race the streets of the United States.
Meanwhile, the Concours d’Elegance is the finale of the car week held in August every year. It is a parade event open to classic, vintage, and antique vehicles that are judged for authenticity, function, history, and style. Approximately 15,000 spectators attend the event.
More sports cars, fewer antiques
The cars in question get auctioned with the proceeds going to charity. Auction houses like Bonhams, RM Sotheby’s, Russo and Steele and Gooding & Company host them.
The event amassed $396 million in 2015 and $464 million in 2014 compared to the $370 million predicted this time around.
McKeel Hagerty, who watched the start of the annual Pebble Beach exhibition, explained the drop might be because there are fewer cars, 123 this year versus 129 last year. Plus, less are expected to surpass the $1 million.
However, lower numbers won’t necessarily translate into lower profits, according to Hagerty. He says auction houses know its crowd and will bet for sports cars this year. Thus, less American muscle and antique vehicles, and more European sports cars.
Hagerty bets on the Jaguar D-Type
Moderns supercars like Porsches, Ferraris, and McLarens, are expected to reach big figures. Some examples are the McLaren P1, LaFerrari, and Ferrari F12berlinetta. An older model of the F12 was the highest sale in 2014. The 1962 Ferrari 250 GTO Berlinetta, nicknamed “Long Wheelbase Berlinetta” or “Tour de France”, was sold for $38 million.
But Hagerty’s best guess for the top car at this year’s car auctions is the Jaguar D-Type. It is likely to become highest-priced English car ever sold at auction.
The LeMans winner could rake in $20 million to $25 million. The Alfa Romeo 8C is another option. Finally, the CSX 2000, the very first Shelby Cobra, could reach $10 million. RM Sotheby’s is auctioning these three cars, so it should be the top auction house.
Source: Los Angeles Times