Broad Arrow achieves $71.5M total in Monterey led by Porsche 911 GT1 Rennversion

Monterey, California (August 20, 2024) – Broad Arrow Auctions, a Hagerty company, returned to California this past week for its third annual Monterey Auction, August 14 and 15 at the Monterey Jet Center. The two-day auction totaled $71.5 million with 85 percent of all lots sold*. New for 2024, the auction began on Wednesday evening in conjunction with Motorlux, a vibrant celebration of cars, craft, and community hosted by Hagerty at the Monterey Jet Center. Watch an auction re-cap video below.

Broad Arrow’s Monterey Auction debuted an immersive, runway-style auction block format well-received by collectors and industry insiders alike. The auction culminated in the sale of the 1997 Porsche 911 GT1 Rennversion, a highly regarded and superbly preserved example of the mere 9 customer GT1’s constructed. The racer was contested by multiple bidders in the room and on the phone before selling for a final $7,045,000**.

Beyond the top-selling cars, additional highlights include no less than five auction records, led by a rare 1998 RUF CTR 2, at a final $2,095,000, representing a new record for any RUF at auction. Believed to be the only example in original ownership, the CTR 2 crowned a trio of highly desirable RUF models at the sale, all of which found new homes at strong prices.

“We would like to thank the guests who joined our third annual Motorlux event and auction at the Monterey Jet Center. We had record attendance with 42% of bidders registering to bid with Broad Arrow for the first time,” said Kenneth Ahn, President of Hagerty Marketplace and Broad Arrow. “Auction results during Monterey Car Week showed a greater bifurcation in the market, especially at the $1 million-plus level – more collectors were on the sidelines for $1 million-plus cars compared to recent years, but others engaged and bid actively, especially for more modern, next-generation enthusiast cars.”

Barney Ruprecht, Vice-President of Auctions for Broad Arrow adds, “Broad Arrow serves a wide range of collecting interests; however, our catalog curation is decidedly “younger” than many of our competitors, a reflection of both the shifting tastes of the next generation of collectors and the expertise of our unmatched team of specialists. Modern and “youngtimer” cars taking center stage in the highest auction realm is no longer just a trend but is backed by a defined collecting base. Broad Arrow’s success in this segment, including our market leadership of marques like Porsche and RUF, is well-illustrated by our Monterey auction results and beyond.”

Broad Arrow Auctions Monterey 2024 Top Ten Sales

1. 1997 Porsche 911 GT1 Rennversion – $7,045,000
2. 2003 Ferrari Enzo – SOLD AFTER AUCTION
3. 1957 Maserati 200Si by Fantuzzi – SOLD AFTER AUCTION
4. 1972 Lamborghini Miura P400 SV – $2,700,000
5. 1965 Ferrari 275 GTB – $2,535,000
6. 2015 Porsche 918 Spyder Weissach Package – $2,480,000
7. 1990 Ferrari F40 – $2,425,000
8. 1998 RUF CTR 2 – $2,095,000
9. 1988 Porsche 959 Komfort – SOLD AFTER AUCTION
10. 1998 RUF Turbo R Limited – $1,710,000

About Broad Arrow, a Hagerty Company – Broad Arrow, a Hagerty (NYSE: HGTY) company, is an advisor, market maker, and financier for car collectors with a commitment to integrity, trust, and innovation. Broad Arrow operates Broad Arrow Auctions, Broad Arrow Capital, and Broad Arrow Private Sales (formerly Collectors Garage) and is headquartered in Grosse Pointe, Michigan. For more information, please visit connect with us on Facebook, Instagram, Twitter and LinkedIn. https://www.broadarrowauctions.com/

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