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Younger Buyers Fuel Surge In Monterey Classic Car Auctions

by News Editor

August 13, 2026

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.

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Cyprus’ Strong Youth Employment Rate Still Does Not Guarantee Early Independence

by THEFUTURE.TEAM

September 16, 2026

Young people in Cyprus have a relatively high employment rate, but they leave the parental home later than the EU average, according to Eurostat data.

Cypriots left home at an average age of 27 in 2025, compared with 26.3 years across the EU. At the same time, 72.3% of people aged 20 to 29 in Cyprus were employed, well above the EU average of 65.5%.

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Strong Employment Does Not Mean Early Independence

Only nine countries recorded higher youth employment rates than Cyprus. Iceland led at 85.3%, followed by the Netherlands at 84%, Malta at 82.1%, Switzerland at 78.3% and Germany at 77%.

Norway recorded 76.5%, Ireland 76.1%, Denmark 74.8% and Austria 74.6%. Eurostat said countries where young people leave home earlier generally tend to have higher youth employment rates.

Southern Europe Sees Later Moves

Finland had the lowest average age for leaving the parental home at 21.4 years, followed by Denmark at 21.8 and Estonia and Lithuania at 22.7. Croatia recorded the highest average at 31.5 years, followed by Greece and Slovakia at 30.9. Spain and Italy both stood at 30.2 years.

Across the EU, the average has remained close to 26 since 2002, rising only slightly from 26.2 years in 2024 to 26.3 years in 2025.

Cyprus Labour Market Is Cooling

The figures come as Cyprus’ labor market shows some signs of easing, although demand for workers remains relatively strong by European standards.

Separate Eurostat data showed Cyprus had the EU’s largest annual decline in its job vacancy rate in the second quarter of 2026. The rate fell to 2.6% from 3.3% a year earlier, but remained above the EU average of 2.0% and the euro area average of 2.1%.

Cost Of Living Remains A Factor

Housing and other living costs can also affect how quickly young workers establish independent households. Eurostat reported that Cyprus’ household consumption price level was 89.2% of the EU average in 2025.

A relatively lower overall price level does not eliminate affordability pressures for people on modest incomes. For younger workers, the issue can be whether wages are sufficient to cover rent, utilities, food and other basic expenses.

Cyprus therefore combines relatively high youth employment with a later transition to independent living, suggesting that access to work and the ability to afford a separate household do not always move together.