Monterey Car Week 2022 witnessed a staggering $469 million in automobile sales, confirming that high-value vehicles dominated the auctions. Among the sales were multiple cars reaching seven and eight-figure prices, setting new records for iconic models from Ferrari, Lamborghini, and Bugatti. The event highlighted significant growth reflected in the latest Hagerty Price Guide updates. Interestingly, several cars at Monterey auctions surpassed even the elevated expectations set by the Hagerty Price Guide. Here are six notable examples that defied valuation predictions.
1972 Honda Z600
Sold for $56,000 (Broad Arrow*)
#1 condition (Concours) value: $31,700
The Honda Z600, the precursor to the Civic, was designed as an affordable and practical vehicle for basic transportation. In the early 1970s, these compact city cars were sold through motorcycle dealerships because Honda lacked a car dealership network in the US. Originally conceived as a budget-friendly option, the 598cc two-cylinder Z600 was never imagined as a future collectible.
However, perceptions are changing. Early Honda models are now being recognized for their innovative engineering and their pivotal role in the company’s history. This newfound appreciation is driving up the value of well-preserved examples like the one auctioned. Hagerty Price Guide valuations for the Z600 have already increased by 41 percent over the last three years. Despite this growth, this particular yellow Z600 exceeded all expectations, selling well beyond its high estimate of $40,000. While it was among Broad Arrow’s more affordable offerings, its performance relative to its Hagerty Price Guide value made it one of the week’s most remarkable auction successes.
1968 Cadillac DeVille Convertible
Sold for $110,000 (Mecum)
#1 condition (Concours) value: $61,200
The sale of this 1968 Cadillac DeVille Convertible at Monterey Car Week was truly unexpected. While a ’68 DeVille is undeniably a substantial vehicle, it is not typically associated with high prices in the classic car market. Furthermore, being the 12th lot on a Friday might not be considered prime auction time. Mecum’s pre-auction estimate of $30,000 – $45,000 seemed reasonable. However, an unforeseen bidding war drove the price to an astonishing $110,000 for this DeVille, which was in excellent condition but not flawless.
This sale doesn’t necessarily indicate a sudden surge in value for all 1968 Cadillac DeVilles as reflected in the Hagerty Price Guide. Auction dynamics can be unpredictable, and sometimes, deep-pocketed bidders simply decide to pursue a car with unusual fervor, pushing prices beyond typical market valuations.
1980 Mercedes-Benz 450SL
Sold for $117,600 (Gooding & Company)
#1 condition (Concours) value: $62,900
Both the R107 (1971-81) and W113 (1963-71) generations of Mercedes-Benz SL models performed strongly at Monterey auctions this year. However, this 1980 450SL, finished in Dark Brown, achieved a particularly impressive result. Selling for nearly double its current condition #1 value in the Hagerty Price Guide and three and a half times its #1 value from just three years prior, this all-original 9,235-mile 450SL benefited significantly from its originality and extremely low mileage.
Adding to the strong showing of SL models was a 1971 280 SL at RM Sotheby’s, which reached a remarkable $324,000. This sale price significantly exceeded its #1 Hagerty Price Guide value of $198,000 and its pre-auction estimate of $200,000 – $250,000, further illustrating the robust market for classic Mercedes-Benz SLs.
1959 MGA Twin Cam Roadster
Sold for $168,000 (Gooding & Company)
#1 condition (Concours) value: $92,300
The MGA Twin Cam, once known for engine reliability issues that have largely been resolved, is now considered one of the most sought-after models from MG. While Twin Cams have always been valued higher than the standard pushrod MGA, this white roadster’s auction performance was in a different league entirely.
Achieving $168,000, it sold for 82 percent above its #1 Hagerty Price Guide value and an astonishing 234 percent above its condition-adjusted value within the guide. For context, another MGA Twin Cam, reportedly in comparable condition, was offered by Mecum just two days prior but failed to sell at $80,000. Historically, only four MGAs have ever sold for six figures. Of those, only one ‘A’, an MG Works Team Sebring car with racing history, has commanded a higher price than this Monterey sale, making this result exceptionally strong against Hagerty Price Guide data.
1995 Porsche 928 GTS
Sold for $406,500 (RM Sotheby’s)
#1 condition (Concours) value: $165,000
The Porsche 928 GTS marked the end of the 928 series production run from 1977-95. This final iteration was not only the last but also the most refined and fastest version. Initially a slow seller, the 928 GTS is now considered quite rare. According to RM Sotheby’s, only 26 examples destined for the US market were equipped with a 5-speed manual transmission, like this particular car (automatic versions typically face a 50 percent valuation discount in the Hagerty Price Guide).
This 16,645-mile Midnight Blue Metallic 928 GTS was expected to draw attention from Porsche enthusiasts. However, the final sale price exceeded all predictions, including RM Sotheby’s estimate of $225,000 – $275,000 and the Hagerty Price Guide #1 condition value of $165,000. This sale even generated more buzz than George Harrison’s 928 S, which sold for $100,800 the previous day. It also doubled the previous auction record for a 928, excluding the outlier $2 million Risky Business car from the prior year. The Porsche market was especially strong at Monterey, highlighted further by a paint-to-sample Caledonia Green 1978 930 at Gooding & Co. that fetched $478,000 against a Hagerty Price Guide #1 value of $187,000.
1995 Ferrari F512 M
Sold for $780,500 (RM Sotheby’s)
#1 condition (Concours) value: $479,000
Similar to the 928 GTS, the Ferrari F512 M represented the final and most refined evolution of a long-standing and beloved model line, in this case, the Testarossa. It is also the rarest variant, with fewer than 500 units produced. Consequently, it holds the highest value within the Testarossa family.
Hagerty Price Guide values for the F512 M have already seen substantial growth, nearly tripling (299 percent) over the past decade. However, this two-owner, 8,890-mile black-on-black F512 M achieved a record-setting $780,500, establishing a new benchmark. Remarkably, the record price for an F512 M was broken twice in a single day. A Rossa Corsa example with 7,200 miles sold for $720,000 just hours before this black car, demonstrating the escalating desirability and value appreciation of these final-series Ferraris, even beyond the expert insights provided by the Hagerty Price Guide.
*Hagerty has entered into a definitive agreement to acquire Broad Arrow Group. You can read more about it here.
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