Monterey Car Week Auctions Eye $500 Million Record as Supercar Prices Surge 30%
Updated
Updated · CNBC · Aug 13
Monterey Car Week Auctions Eye $500 Million Record as Supercar Prices Surge 30%
1 articles · Updated · CNBC · Aug 13
Summary
Hagerty projects Monterey Car Week auctions will bring in $470 million to $500 million, topping the 2022 record of $471 million and potentially marking the collector market’s first half-billion-dollar week.
Modern supercars are driving that jump as millennial and Gen Z buyers bid up cars from the 1980s through early 2000s, helped by tech wealth and a market rebound that began in Monterey last year.
The rotation is stark: Hagerty’s Supercar Index climbed 30% over 12 months while its Blue Chip Index of traditional collector cars fell 2%, signaling weaker demand for many 1950s and 1960s favorites.
Top lots reflect the shift, led by a 1996 McLaren F1 GTR estimated at $35 million and a 2023 Ferrari Daytona SP3 estimated above $10 million, while Ferrari still dominates nine of this year’s 10 priciest auction sales.
Dealers say the boom also looks increasingly speculative, citing record flips such as a 2003 Ferrari Enzo that sold for $17.9 million in January—nearly triple the model’s previous auction high.