Classic Car Sales Drop at Monterey Auctions

Auction sales during this year's Monterey Car Week experienced a 3% decline compared to 2023, reflecting a significant shift in collector interest from classic cars of the 1950s and 1960s to newer models. Total sales across five major auction houses—RM Sotheby's, Broad Arrow, Gooding & Company, Mecum, and Bonhams—amounted to $391.6 million, down from $403 million last year, according to classic-car insurance company Hagerty. Out of 1,143 cars offered, only 821 found buyers, resulting in a sell-through rate of 72%. The market for pre-1981 cars, particularly those priced at $1 million or more, showed troubling signs, with a sell-through rate of just 52%. In contrast, cars less than four years old enjoyed a more robust sell-through rate of 73%, indicating a growing preference among younger collectors. Hagerty's Supercar Index, which tracks sports cars from the 1980s to 2000s, has surged over 60% since 2019, while the Blue Chip Index for classic cars has seen a 3% decline. Highlighting the auction's top sales, a 1960 Ferrari 250 GT SWB California Spider fetched $17 million, followed by a rare 1938 Alfa Romeo 8C 2900B Lungo Spider. However, the ongoing trend of older collectors downsizing their collections is expected to exert downward pressure on prices for classic cars in the coming years, as potential buyers reconsider their investments in light of better returns elsewhere.