Classic car auctions during Monterey Car Week could generate as much as $500 million this year, potentially surpassing the previous record as younger collectors drive demand for modern supercars.

Hagerty estimates total sales of $470 million to $500 million, which would exceed the $471 million record set in 2022 and extend the market’s recovery after weaker results in 2023 and 2024. “With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen,” said McKeel Hagerty, CEO of Hagerty.

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Younger Collectors Reshape The Market

A generational shift is changing what buyers want. Millennials and Gen Z collectors are increasingly turning to the supercars they grew up admiring rather than the classic models that dominated the market for decades.

Ferrari F40s, F50s and Enzos, along with Bugatti Veyrons, Koenigseggs and Paganis, have recorded sharp price gains, with some models doubling in value over the past two years.

Among Monterey’s biggest lots is a 1996 McLaren F1 GTR, estimated at $35 million by RM Sotheby’s. A 2023 Ferrari Daytona SP3 could also rank among the top 10, with an estimate above $10 million.

Supercars Outpace Traditional Classics

The shift is reflected in Hagerty’s indexes. Its Blue Chip Index, which tracks leading traditional collector cars, fell 2% over the past year, while the Supercar Index climbed 30%.

Rapid appreciation has raised concerns about speculation, with some dealers arguing that prices for modern supercars are increasingly disconnected from traditional measures such as rarity, racing history and long-term collectability.

“There is a huge amount of speculation in that part of the market,” said classic car dealer and adviser Simon Kidston, describing the market as “very frothy.”

Recent sales highlight the trend. A 2003 Ferrari Enzo sold for $17.9 million in January, nearly three times its previous auction record, while another Enzo reached $15.2 million in March. A 2005 Porsche Carrera GT sold for $6.7 million, more than doubling its previous record.

Ferrari Still Leads The Market

Ferrari remains dominant at the top end of the collector market. Nine of the 10 most expensive cars sold at auction so far this year have been Ferraris, according to Hagerty, while five of Monterey’s top lots come from the Italian marque.

“All roads lead to Maranello,” Hagerty said.

While Ferraris from the 1980s, 1990s and early 2000s are gaining value, many celebrated models from the 1950s and 1960s have largely stalled.

Younger buyers are not exclusively chasing modern cars. Kidston recently sold a 1967 Ferrari 275 GTB/4 to a 35-year-old technology founder who called it his dream car, showing that a new generation is also developing an interest in classic models.