From CNBC: 2024-08-23 07:00:01

Auction sales during Monterey Car Week dropped by 3% due to an oversupply of 1950s and 1960s classics. Total sales dipped from $403 million in 2023 to $391.6 million this year across five auctioneers. With a sell-through rate of 72%, the average sale price was $476,965, slightly down from the previous year. In contrast to old classics, newer cars have seen a 73% sell-through rate at auctions. Old classics not have buyers.

Younger collectors are driving the market with a preference for cars from the 1980s, 1990s, and 2000s. Traditional classics from the 1950s and 1960s are struggling to attract buyers as more old cars flood the market. The Hagerty Supercar Index for modern sports cars has increased by over 60% from 2019, while the Blue Chip Index of older classics is down 3%.

Despite a decrease in sales, a few exceptional cars still fetched high prices, such as a 1960 Ferrari 250 GT SWB California Spider selling for $17 million. However, the classic car market is undergoing a shift as older collectors sell off their collections, impacting prices for older cars. Interest rates and opportunity costs are also influencing buyers’ decisions, as investing in classic cars becomes less attractive.

The changing tides in classic cars reflect a broader shift toward modern supercars and away from older classics. High interest rates are pressuring the market, with financing becoming less attractive for buyers. The perceived return on investment for classic cars is dwindling, prompting collectors to reconsider their purchases.

Here are the top 10 most expensive cars sold during Monterey Car Week:
1. 1960 Ferrari 250 GT SWB California Spider – $17,055,000 (RM Sotheby’s)
2. 1938 Alfa Romeo 8C 2900B Lungo Spider – $14,030,000 (Gooding & Company)
3. 1955 Ferrari 410 Sport Spider – $12,985,000 (RM Sotheby’s)
4. 1969 Ford GT40 Lightweight – $7,865,000 (Mecum)
5. 1997 Porsche 911 GT1 Rennversion Coupe – $7,045,000 (Broad Arrow Auctions)
6. 1959 Ferrari 250 GT LWB California Spider – $5,615,000 (RM Sotheby’s)
7. 1995 Ferrari F50 Coupe – $5,505,000 (RM Sotheby’s)
8. 1955 Ferrari 857 S Spider – $5,350,000 (Gooding & Company)
9. 1967 Ferrari 275 GTB/4 Alloy Coupe – $5,285,000 (RM Sotheby’s)
10. 1958 Ferrari 250 GT TdF Coupe – $5,200,000 (Gooding & Company)



Read more at CNBC: Classic car sales stall in Monterey as new generation takes charge