Results: 2024 Monaco Auctions
Sean Rooks | May 13, 2024

Every two years the Automobile Club of Monaco organizes a historic racing event called the Monaco Historic Grand Prix. It’s an incredible spectacle where historic race cars with legendary provenance are driven in anger around the same street circuit used for the contemporary Formula 1 world championship race. That same weekend, Bonhams and RM Sotheby’s host their premiere Monaco auctions to capitalize on the influx of spectators and auto enthusiasts of means.
In today’s Market Monday, we’ll provide an overview of results for both Monaco auctions, assess our predictions for the lots we profiled in April and highlight a few standout sales.
Bonhams Les Grandes Marques à Monaco

Held at the magnificent Villa la Vigie this year, Bonhams’ Monaco auction had a pretty impressive selection of 43 lots, including a 2013 McLaren P1 owned by F1 champion Mika Häkkinen and a 2008 Mercedes-Benz SLR McLaren.
While I’d love to report stellar results, Bonhams’ mediocre to poor sell-through rate stayed consistent for Monaco. Out of the 48 lots on offer, only 30 sold for a sell-through of only 62.5%. This rate is so consistent from auction to auction this year, I feel compelled to revisit Bonhams results for the last 5 years or so to compare. Perhaps this is SOP for the auction house, though I can’t see how. That said, there were some positive results.

What we said: “WTL” in Porsche parlance signifies it’s a Werks Turbo-Look car, likely one of 700 or so built. While Cabriolet 964s are among the cheapest, we hope this gorgeous triple violet car brings big money. It’s guided at €125-150,000 Euros, so Bonhams is also bullish on this beauty.
Looks like our wishes were granted! This triple violet beauty sold for well over estimate at €218,500 including buyer’s premium. I think the bidder did well here. How many could possibly be out there?

What we said: Owned by Sir Roger Moore, this car was his city conveyance while in Monaco. If you want to be like Bond, this Daimler-Benz produced jitney will in no way do that without explanation. That said, given the love for all things celebrity owned, I expect bidding will exceed the estimate of €5,000-8,000 Euros. Mark my words.
I hate to say I told you so, but this weird little car sold for €31,944. In the same way a car’s condition greatly affects its value, which celebrity owned a star car makes all the difference.

What we said: At the risk of sounding out of touch, 2.7 Carreras kind of bore me. They’re the blue chip Porsche everyone accepts as one of the most desirable cars to come out of Stuttgart, and they are. But I like weird stuff and 2.7 RS’s aren’t weird. Regardless, they are a market index so I feel compelled to include it. Guided at €380-€450,000 EUR, this one is estimated right where it should be, in my opinion.
This example of an air-cooled icon sold at €379,500. I’ll take credit for being pretty close on this one, though if you exclude the buyer’s premium the winning bid was €50,000 under the low estimate. Is the market also starting to think the Carrera RS is a little too old-school?
RM Sothebys Monaco Auction

RM Sothebys also holds a biennial auction timed with the Monaco Historic Grand Prix, and in addition to the usual grouping of impressive consignments, this year featured the Jody Scheckter Collection. This grouping of wonderful open-wheel race cars (and one Alfa coupe) was truly remarkable.
RM Sothebys brought 106 lots to the futuristic Grimaldi Forum auction venue in Monaco. Of those, 86 of the cars that crossed the block hammered sold for a sell-through rate of 81.1%. Twelve of those lots were Porsches and, unfortunately, only 50% of those cars went home with bidders.

What we said: This car was entered into the 1986 Rally de Portugal by none other than Walter Röhrl. An impressive list of incredible Rally driving royalty have been at the wheel of this car, making it a dream acquisition for many collectors. Given its history, I think the estimate of €500-700,000 EUR is conservative.
This car sold at RM Sothebys Monaco Auction for €635,000 including buyer’s premium, which is pretty respectable, given how infrequently Group B race icons with racing history cross the block.

What we said: Guided at €750K-1M EUR, an astonishing amount for something other than a Porsche or F1 car, I’m a little dubious, and I love Audi. Still, it’s nice to see Audi representation at the Monaco auctions.
While I greatly respected the history of this car, I felt the estimate was a little bonkers. Apparently bidders shared my sentiments. This awesome DTM racer was unsold with a high bid of €520,000.

What we said: This 917 on auction at RM Sothebys Monaco sale is the last factory-sanctioned 917 built and the last to compete at Le Mans. The history file on the lot description is truly impressive, so I suggest you dig in with a cup of coffee and enjoy the history lesson. Estimated at €3.5-5M EUR, we think this car could go higher, given its race history and “last of the…” status.
I will take the L on this one. While it sold, this rare 917 went home with the high bidder for “only” €2,648,875 including buyer’s premium.

What we said: Carrera Speedsters are rare and Pre-A Carrera Speedsters are even more so. Only 15 were made, and while this 356 Speedster is not in its original colors and doesn’t have its original engine (what race car does?), it’s a beautiful black over black example with a wonderful race history. Estimated at a reasonable €850-950,000 EUR, we’re betting this one will find a home.
Apparently in the high-end Speedster market that darn numbers matching thing really matters. This sweet little 4-cam bathtub was unsold at a high bid of €750,000.
Monaco Sales of Note
Both Monaco auctions this year did have some successes for those of us that follow the Porsche, Mercedes and Audi world. Below are a few Monaco sales that caught my eye.

A friend of mine has a nearly identical car to this black on black Porsche 356B Coupe that sold at RM Sothebys Monaco Auction at no reserve! While this car is was apparently restored in the last 4 years, it presents as a much older restoration. We’ll call this very well sold at €103,500.

Sales of the early long-hood 911S, long a darling of the Porsche collecting community, have been less than stellar lately. This car, a 1972 model in fair condition managed to buck the trend and sell for an impressive €103,500. That’s about €10K over market value.

Apparently one of very few constructed for Middle Eastern royalty, this 2008 Mercedes-Benz SLR McLaren is based on the 722 edition and is presented in an eye-popping yellow over red color combination. With only 72km on the block, this tenth of ten SLR McLaren sold for €506,000.

Proving the youngtimer market still has some strength in it, at least at the top of the market, was this 1990 Mercedes 190E 2.5-16 Evo II which sold for an impressive €252,500. For those of us that like small sports sedans, the 190E is a pretty tidy package and in this spec a real beast of a car.

I certainly hope this wonderful piece of Formula 1 history was purchased by a collector who will exhibit it at events like Goodwood Festival of Speed and the like. I’m not at all surprised this weird and iconic grand prix race car sold for an impressive €1,040,000, or almost twice the estimate!
Final Thoughts
It’s difficult to pick up any kind of consistent trend from the Monaco auctions, except that in general it feels like auction estimates tend to be wishful thinking versus realistic expectations. This is expected, as an auction estimate is more marketing tactic than a true valuation range.
I do think it’s safe to say the market has caught up a bit to the Porsche crowd, though I have been seeing an awful lot of G-body 911s and high end allocation cars continuing to sell for strong money. Perhaps that’s something to look into.
One thing I definitely plan to investigate is Bonhams’ historic sell-through rate, as their 2024 performance feels pretty sub-par relative to their competition. Have a great week, everyone.
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