Big Car Auctions in Monterey, California Expected to Generate $459 Million

Five prominent auction houses—RM Sotheby's, Bonhams, Mecum, Broad Arrow, and Gooding & Company—are gearing up for a major event featuring over 500 vintage and rare cars, starting Thursday. Bryon Madsen, president of RM Sotheby's, noted that the market is stabilizing after a surge in demand during the COVID-19 pandemic. He emphasized that while the market has faced challenges in 2024, there remains significant cash among buyers, indicating a continued interest in high-value collectibles. According to Hagerty Automotive Intelligence, the combined sales from this year's Monterey auctions are projected to reach $459 million, a notable increase from last year's $403 million, which had declined from $471 million in 2022. Madsen highlighted the influence of stock market fluctuations on auction behavior, suggesting that while some buyers may hesitate, others are motivated to invest in tangible assets like classic cars. He believes that the heightened visibility of the Monterey auctions will lead to stronger results. Sandra Button, chairman of the Pebble Beach Concours d'Elegance, expressed confidence that automotive enthusiasts will attend the event regardless of market conditions. She aims to make the show accessible to all fans, with attendance expected to reach 20,000, consistent with previous years. Button also noted the unprecedented variety of cars spanning 125 years that will be showcased. Last year, Bonhams achieved remarkable success by selling a 1967 Ferrari 412P Berlinetta for $30.25 million, the highest sale of the week. Auctioneer Minoff hopes to replicate such success in the upcoming events.