Thousands of buyers poured into Monterey, California this week to participate in the city’s famed car week — sometimes called the Super Bowl of Car Collecting — where auctions are expected to pull in more than $400 million.
Monterey Car Week will feature vintage and classic cars dating back nearly a century and manufactured by illustrious names like Ferrari, Porsche and Alfa Romeo. RM Sotheby’s, Bonhams, Mecum, Broad Arrow and Gooding & Company provided more than 500 vehicles for the event, which runs from August 9 through August 18.
The estimated profits range from $430 million to $488 million, up from $403 million in 2023, according to Hagerty Automotive Intelligence. The average value per car at the major auctions is expected to be $916,000 — a sizable increase from last year’s average of $887,000, according to industry tracker K500. A record-breaking 156 cars on sale during this year’s event are valued at more than $1 million.
While there are some concerns that recent economic turbulence could put a damper on sales, many industry experts believe that the market is stabilizing after the chaos seen during the peak of the COVID-19 pandemic.
Bryon Madsen, president of RM Sotheby’s, told ABC News that investing in cars “has proven positive over several decades.”
“Automobiles have long been regarded as alternative assets, as well as an inflation hedge. Cash exists with the buyers in this market.”
Continue reading to learn more about the ten most expensive cars expected to be sold at auction during Monterey Car Week.
