Monterey Auction Market Cools

An estimated 1,140 classic cars will come up for sale at Monterey Car Week, the annual gathering of classic car collectors from around the world.

Monterey Auction Market Slows as Younger Collectors Lead Shift

An estimated 1,140 classic cars are set to cross the Monterey auction block during Monterey Car Week, with sales projected to range from 367 million to 409 million dollars, Hagerty estimates. The midpoint around 388 million would mark the third straight year of declines since the 2022 peak of 471 million.

The high end is showing weakness this year. Only one car is expected to top 10 million dollars, and the average sale price is around 473 thousand dollars, down slightly from last year. Dealers point to global uncertainty, wars in multiple regions, and higher interest rates as factors that dampen top-end demand. Private sales are rising as buyers seek price privacy, a trend that could mask underlying softness in public auctions. At the same time, younger buyers are entering the market, favoring post-1980s models and modern supercars over classic 1950s and 1960s icons.

Gooding & Co. is offering three Ferrari 250 GT California Spiders, including a rare alloy-bodied 1961 SWB California Spider estimated at over 20 million dollars. The alloy Cal Spider, seen as one of the great road cars, illustrates the enduring allure of marquee classics even as price momentum cools.

The shift from aging collectors to younger buyers mirrors broader luxury-market dynamics when wealth passes to the next generation. It is telling that private sales are growing, offering liquidity without flooding the market with public price disclosures. That secrecy may help prevent abrupt price shocks, but it also clouds true market value and could chill long-term confidence if a wave of private deals becomes more transparent.

If today’s buyers value usability and daily driveability, expect demand to tilt toward late 20th-century and early 21st-century exotics rather than museum-quality classics. This rotation could stabilize overall market health, but it also signals a lasting realignment: value may hinge less on pedigree and more on relevance, reliability, and lifestyle appeal. The market’s health check, then, depends on how quickly younger enthusiasts convert interest into durable, active participation rather than one-off, headline-grabbing auctions.

Highlights

The road ahead for classic car collecting will depend on how well value, usability, and passion align across generations.