Pebble Beach Concours d'Elegance Reaps $400m in Sales

By Paul Joseph

The 2015 Pebble Beach Concours d'Elegance, one of the world’s most prestigious displays of luxury and classic cars, came to a close last weekend, with over $400 million in sales reported across the week’s auctions.

This year, all of the top three cars by price were Ferraris - with a 1964 Ferrari 250 LM Coupe auctioned by RM Sotheby's as the top car of the week, fetching $17.6 million.

Other notable sales included a 1961 Ferrari 250 GT California SWB Spyder which sold for $16.8 million, and a 1962 Ferrari 250 GT SWB Coupe which fetched $16.5 million.

In total, 803 cars were sold of the 1,386 up for auction, with a median sales price of $96,800 –slightly lower than last year's $99,000.

McKeel Hagerty, CEO of collectible-car insurance company Hagerty, said: “Prices for special cars are increasing, prices for emerging segments (like 1980-'90s cars) are increasing, but elsewhere prices are consistent with what we witnessed during the January auctions."

First conducted in 1950, the Pebble Beach Concours d’Elegance is often said to be the world’s premier celebration of the automobile.

The annual affair, which has raised over $16 million for charity, includes a series of related events, such as the Pebble Beach Tour d’Elegance presented by Rolex, Pebble Beach RetroAuto, Pebble Beach Motoring Classic and the Pebble Beach Auction presented by Gooding & Company.

By Paul Joseph