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Auction sales during Monterey Car Week decreased by 3% compared to the previous year, with a shift towards newer cars resulting in unsold classic cars from the 1950s and 1960s. Sales at the five car auctioneers at Monterey totaled $391.6 million, down from $403 million in 2023, with a 72% sell-through rate and an average sale price of $476,965. Wealthy collectors are still confident in spending due to a rise in the stock market, but the market is oversaturated with similar cars, leading to lower prices and sales. Younger collectors, mainly Gen Xers and millennials, are driving the market preference towards cars from the 1980s, 1990s, and 2000s, causing a decline in interest and sales for classic cars from the 1950s and 1960s. The sell-through rate for older, more expensive cars is lower than newer cars, indicating a changing trend in the market. The market is shifting from older classic cars to modern supercars, with the top-selling cars during the week being a 1960 Ferrari 250 GT SWB California Spider and a 1938 Alfa Romeo 8C 2900B Lungo Spider. High-interest rates are also impacting the classic car market, as buyers are reconsidering their purchases in comparison to other investment opportunities. The top 10 most expensive cars sold during Monterey Car Week included a mix of classic and modern vehicles, reflecting the changing preferences in the market.
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Traditional Classic Car Sales Decline in Monterey Auctions as Next Generation Assumes Control
