Monterey Car Week auctions could reach a record $500 million
Sales at auctions during Monterey Car Week in California this week could reach between $470 million and $500 million, CNBC reports, citing Hagerty. If the forecast proves accurate, the total will exceed the previous record of $471 million, set in 2022.
Monterey Car Week brings together classic car auctions, exhibitions, races, and award ceremonies every year. According to Hagerty’s assessment, the market is recovering from a downturn in 2023–2024: during last year’s car week, it returned to growth.
Demand is increasingly driven by Millennials and Gen Z. Instead of cars from the 1950s and 1960s, which are popular among Baby Boomers, they are driving up prices for modern supercars associated with their youth. Among the models that have seen significant price increases, CNBC cites the Ferrari F40, F50, and Enzo; the Bugatti Veyron; the Ruf Yellowbird; Koenigsegg; and Pagani. According to industry data, prices for some of these cars have doubled over the past two years.
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The most expensive lot at this year’s Monterey auction could be a 1996 McLaren F1 GTR, which RM Sotheby’s has estimated at $35 million. The same auction house is also offering a 2023 Ferrari Daytona SP3 with a preliminary estimate of over $10 million. In previous years, the vast majority of the ten most expensive cars sold at Monterey were models from the 1950s and 1960s.
At the same time, the Hagerty Blue Chip Index, which tracks the value of leading classic collectible cars, has fallen by 2% over the past 12 months. The Hagerty Supercar Index rose by 30% over the same period.
Experts and dealers surveyed by CNBC are cautioning against speculative demand for modern supercars. According to them, some young collectors view cars as an asset for quick resale and try to keep the mileage low. In January, a 2003 Ferrari Enzo sold at Mecum Auctions in Kissimmee for $17.9 million. In March, at the Broad Arrow auction on Amelia Island, another 2003 Enzo sold for $15.2 million, and a 2005 Porsche Carrera GT sold for $6.7 million.
