Gooding & Company breaks world record for the highest sale total in automotive auction history with $113.7 million in Pebble Beach

Top two sales of the concours week over $11 million each

Average price per car sold is $1,033,966

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Aug 21, 2012, 05:50 ET

PEBBLE BEACH, Calif., Aug. 21, 2012 /PRNewswire/ -- Gooding & Company, the official auction house of the Pebble Beach Concours d'Elegance and acclaimed for selling the world's most significant and valuable collector cars, sold more than $113.7 million at its Pebble Beach Auctions on August 18 and 19. This is an outstanding achievement and a world record sale total for an automotive auction.

(Photo: http://photos.prnewswire.com/prnh/20120821/LA60847)

Twenty-four collector cars sold in excess of $1 million, highlighted by the von Krieger Special Roadster, a 1936 Mercedes-Benz 540 K, sold for $11,770,000, a double world record for a Mercedes-Benz and a pre-war car at auction. The previous evening, a 1960 Ferrari 250 GT LWB California Spider sold for $11,275,000, realizing a world record for a Ferrari California Spider.

"There continues to be differentiation in the market between the best and everything else and I believe that our success stems from our understanding of quality in all categories," says David Gooding, President and Founder. "Our record-breaking results and this year's unprecedented international interest in our auction clearly demonstrate the growing demand in high-level classic cars among new collectors and emerging markets."

Ferrari was a big part of the weekend with eight models between 1953–1962 selling above $2 million each. A significant offering for enthusiasts, the Sherman M. Wolf Collection of four exceptional cars resulted in a total of $21.5 million in sales. Of the collection, the 1960 Ferrari 250 GT LWB California Spider Competizione attracted the most demand selling for $11,275,000, which was also the second most valuable car sold of Pebble Beach auction week. On Sunday, the 1957 Ferrari 250 GT LWB California Spider Prototype sold for $6.6 million.

About Gooding & Company

Gooding & Company, internationally celebrated for its world-class automotive auctions, provides unparalleled service in the collector car market, offering a wide range of services including private and estate sales, appraisals and collection management. Gooding & Company will conduct its 2013 auctions on January 18 and 19 in Scottsdale, Arizona, on March 9 in Amelia Island, Florida and August 17 and 18 in Pebble Beach, California.

SOURCE Gooding & Company