Bonhams’ Laguna Seca move signals a new phase for Monterey Car Week auctions
Bonhams’ switch from Quail Lodge to Laguna Seca reflects both Monterey Car Week’s expanding scale and the growing strength of the US collector car market, as newly appointed managing director Julie David assesses shifting buyer habits and rising demand for historically important race machinery
After a record-setting run of 20-odd auctions at the swish Quail Lodge golf and country club, Bonhams relocates to Laguna Seca for this year’s Monterey Car Week. The move comes just three months after the arrival of auto industry veteran Julie David (ex-vice president of Stellantis Premium Brands) as managing director of the motoring department. She gives an exclusive insight into her views on the move, motor sport and Monterey.
You arrived as MD right at the start of the busiest season of the year. Exciting or daunting?
JD: I joined at a hugely busy time with auctions in quick succession at Goodwood Members’ Meeting, Monaco, Stafford, Miami and now Monterey. It has been a great opportunity to learn about the business.
Tell us about the move from Quail Lodge to Laguna Seca.
JD: Bonhams has partnered with Quail Lodge for many years, and the location has worked well for us. But The Quail, A Motorsports Gathering has grown exponentially in terms of cars and audience numbers, which squeezed space. While the audience growth should be a positive, with so many other things going on we saw that attendees had less time to view and to bid. Laguna Seca has the same passionate collector car and motor sport audience demographic, and almost infinite space to host the sale. We’d already been partners for many years, so the switch was logical.
Will being at Laguna Seca bring a new type of clientele?
JD: We expect a similar audience at Laguna Seca to The Quail because both are key Car Week destinations. Looking at lots such as the ex-Dan Gurney Lola T70 Mk2 Can-Am car, and the 1967 Vollstedt-Ford 67B IndyCar, above left, driven by the great Jim Clark, it is tempting to say we have a strong race car focus – but I expect to see a good balance on the day.
How important are the sales that take place during Car Week as a gauge of the global market?
JD: Very important. We monitor and analyse every sale to understand performance and trends in the market, but all eyes are on Monterey. Anyone who is anyone in the car collecting world attends and it’s where the finest cars transact, so it’s probably the best barometer of market conditions.
Is the US the most important market for collector cars?
JD: The US is outperforming other regions in terms of the quality and provenance of cars sold and prices achieved. That’s partly because the performance of the US financial markets has increased the demographic of affluent buyers and their propensity to invest in collectible cars, making the market more competitive. Add in the appearance of collector cars at charity sales and you start to understand why we’re seeing high values, far in excess of what we see in Europe.
Julie David hit the ground running when she joined Bonhams|Cars earlier this year, with major auctions in the UK, Miami and Monaco
What types of classic are hot at the moment?
JD: Modern supercars and hypercars made in limited numbers are achieving record values. The market is always buoyant for classic Ferrari, Porsche and Lamborghini road cars. There’s also much interest in racing cars with exceptional history – especially if there’s the opportunity to race them.
Any predictions for the year ahead?
JD: I can certainly predict I’ll have learned a lot more about the auction world in that time! But overall everything points to a generally buoyant market in the US and positive trends in the EU and UK for the right cars.