Monterey Car Week auctions are poised to approach a record this week, with total sales projected at $470 million to $500 million, according to Hagerty. If the top end is reached, the classic car sales in Monterey would set a new high above the $471 million mark set in 2022, reflecting a rebound after the market cooled in 2023 and 2024 but rallied during last year’s Monterey events.
“With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen,” said McKeel Hagerty, chief executive of the insurance, auction and events company.
Monterey Car Week auctions spotlight modern supercars
While headline figures look strong, the market beneath is shifting. Millennials and Gen Z buyers are increasingly replacing baby boomers, pushing up values for contemporary supercars over the 1950s and 1960s models long favored by older collectors.
Industry data show steep gains for the Ferrari F40, F50 and Enzo, as well as the Bugatti Veyron, Ruf Yellowbird, and limited-production models from Koenigsegg and Pagani, with many doubling in price over the past two years.
The most valuable car on offer in Monterey is a 1996 McLaren F1 GTR at RM Sotheby’s, estimated at $35 million. A 2023 Ferrari Daytona SP3 at the same auction is also expected to rank among the top sellers, with estimates above $10 million.
In previous years, most of the top 10 lots in Monterey were cars from the 1950s and 1960s.
The shift is evident in index performance. The Hagerty Blue Chip Index, which tracks prominent traditional collector cars, fell 2% over the past year.
The Hagerty Supercar Index rose 30% over the same period.
Speculation concerns rise alongside surging prices
Some dealers and specialists caution that the run-up in modern supercar prices may not be sustainable, noting that the gains often outpace traditional collecting fundamentals such as race pedigree, rarity, long-term demand and broad international appeal.
Many millennial and Gen Z collectors view the cars as short-term trades rather than long-term holdings, dealers say, often avoiding mileage and flipping quickly.
“There is a huge amount of speculation in that part of the market,” said classic car dealer and adviser Simon Kidston. “It’s been very frothy and created some inexplicable price imbalances to anyone who has long-term experience in the market.”
Recent auction results illustrate the surge. In January, a 2003 yellow Ferrari Enzo brought $17.9 million at Mecum Auctions in Kissimmee, nearly triple the prior record for an Enzo.
In March at Broad Arrow’s Amelia Island sale, a 2003 black Enzo sold for $15.2 million and a 2005 Porsche Carrera GT achieved $6.7 million, more than doubling the model’s previous auction high.
Big jumps have also been seen for the Bugatti Veyron, Koenigsegg CC8S, Ford GT and Mercedes-Benz SLS AMG Black Series. Ferrari F40s remain highly sought after despite production of more than 1,300 units, with an F40 LM selling for $11 million at RM Sotheby’s in Monterey last year.
Ferrari remains the market’s anchor
Ferrari continues to dominate the top tier of sales. According to Hagerty, nine of the 10 most expensive auction results so far this year involve Ferraris, and five of the headline lots in Monterey this week are from Maranello.
The expected leader heading into Monterey was a 1961 Ferrari 250 GT SWB California Spider Competizione at Gooding & Company, estimated at $20 million. It sold for $25.3 million.
The highest price, however, went to a new 2025 Ferrari Daytona SP3 that fetched $26 million, far exceeding its pre-sale estimate of $3.5 million.
Even as Ferraris from the 1980s, 1990s and early 2000s surge, the marque’s 1950s and 1960s icons have leveled off, though they remain expensive by historical standards. Gooding Christie’s is offering a 1963 Ferrari 250 P estimated at $15 million and a 1961 Ferrari 250 GT SWB Berlinetta Competizione estimated at $8 million.
Not all younger buyers are focused solely on modern machinery. Kidston said he recently placed a black 1967 Ferrari 275 GTB/4 with a 35-year-old technology founder, who called it his dream car.
“It’s great to see new people coming into this market and loving these cars. And some actually want to drive them,” he said.
Some collectors have financed purchases by reallocating money from other assets that have benefited from higher rates, such as those shopping around for the best CD rates today, underscoring how broader financial conditions can spill into the collector car market.