Auction sales at the Monterey Car Week are expected to total between $300 million and $490 million.
Live auction sales figures are up 53% over 2021, according to Hagerty, and online auctions are up 69% over last year. Nearly $2 billion in cars have sold so far at auction this year, between live and online auctions.
Concerns about inflation, recession and a volatile stock market don't seem to be denting demand for classic cars, at any price point, auction houses say. Massive wealth accumulated during the pandemic, coupled with a new, younger wave of collectors who bought in over the past two years, is driving demand.
Plus, a scarcity of used and new cars has lifted prices for classic cars, sending auctions to records.– becoming the most expensive car ever sold and redefining"expensive" in the classic-car market."Thinking about the auctions in Monterey this weekend, we expect strong bidding for the 'bookends' – from pre-war cars, think Bugatti Type 57s and Mercedes-Benz 540Ks, to the modern, yet-still-analog supercars such as Ferrari F40s, F50s and Porsche Carrera GTs," he said.
This year's show will feature the first live-auction from Broad Arrow Group, the classic-car sales company founded last year and just acquired by Hagerty. Its top lots include a 1957 Ferrari 250 GT LWB Berlinetta Scaglietti"Tour de France," estimated to be worth as much as $7 million, and a 1939 Mercedes-Benz 540 K Sindelfingen Spezial Roadster, estimated at up to $8 million.
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