• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Classic car sales stall in Monterey auctions as new generation takes charge

by August 27, 2024
written by August 27, 2024

Auction sales during Monterey Car Week fell 3% from last year, as a shift from older to newer cars left a pileup of unsold classics from the 1950s and 1960s.

Total sales at this year’s five car auctioneers in Monterey, California — RM Sotheby’s, Broad Arrow, Gooding & Company, Mecum and Bonhams — fell to $391.6 million this year from $403 million in 2023, according to Hagerty, the classic-car insurance company. That followed a decline of 14% last year compared with the peak of 2022.

Of the 1,143 cars up for sale, only 821 sold — marking a 72% sell-through rate, according to Hagerty. The average sale price was $476,965, down slightly from last year’s average of $477,866.

Experts say wealthy collectors still have plenty of money to spend and are feeling confident given the recent rise in the stock market, but the types of cars they want are changing. There were simply too many similar cars at too many auctions to generate strong prices and sales.

“It’s saturation,” said Simon Kidston, the founder of Kidston and a leading advisor to wealthy car collectors. “When I walked around the auctions and saw so much similar ‘product,’ I asked myself if any of them had thought about what they or their rivals already had consigned, and if the cars were vying for the same buyers. Add to that the fact that many entries had already been in dealer windows for months or years which always feels like sloppy seconds.”

At the same time, a new generation of collectors driving the market — mainly Gen Xers and millennials — prefer cars from the 1980s, 1990s and 2000s. The 1950s and 1960s classic cars that powered the market for decades and are popular with baby boomers are pouring onto the market and failing to find buyers.

The sell-through rate in Monterey (or the percentage of cars that actually sold on the auction block) was an anemic 52% for pre-1981 cars priced at $1 million or more, according to Hagerty. The sell-through rate for cars less than 4 years old was a much stronger 73% — proving that young collectors are now in the driver’s seat.

Hagerty’s Supercar Index of sports cars from the 1980s through the 2000s is up over 60% from 2019, while the Blue Chip Index of 1950s and 1960s Corvettes, Ferraris, Jaguars and other storied classics is down 3%.

Granted, a small number of rare, true masterpieces will still fetch high prices. The top car of the week was a 1960 Ferrari 250 GT SWB California Spider that sold at RM Sotheby’s for $17 million and the runner-up was a 1938 Alfa Romeo 8C 2900B Lungo Spider that’s one of only five in existence.

Yet the broader changing of the guard in classic cars, especially as many older collectors start selling off or downsizing their collections, is likely to weigh on prices for older cars for years.

“From an auction perspective, the market continues to take a breath while we transition from what was hot, think Enzo-era Ferraris, the so-called full classics as well as ’50s and ’60s sports racers, to the ascendant modern supercar class,” said McKeel Hagerty, CEO of Hagerty. “The divergence between older and newer cars has accelerated.”

Some say high interest rates are also putting pressure on the classic-car market. At the lower end of the market, many buyers had been using financing to buy cars and build their collections. At the high end, rising rates raised the opportunity cost of buying a classic car.

“People think, ‘Instead of that million-dollar car, I could be earning 5% maybe 10%’ if you’ve got a great manager,” Kidston said. “That, more than anything else, makes people think twice. A collector car is partially investment. There’s no other single reason for the increase in the value of collector cars over the last 40 years than the investment angle.”

1960 Ferrari 250 GT SWB California Spider — $17,055,000 (RM Sotheby’s)
1938 Alfa Romeo 8C 2900B Lungo Spider — $14,030,000 (Gooding & Company)  
1955 Ferrari 410 Sport Spider — $12,985,000 (RM Sotheby’s)
1969 Ford GT40 Lightweight — $7,865,000 (Mecum)
1997 Porsche 911 GT1 Rennversion Coupe — $7,045,000 (Broad Arrow Auctions) 
1959 Ferrari 250 GT LWB California Spider — $5,615,000 (RM Sotheby’s) 
1995 Ferrari F50 Coupe — $5,505,000 (RM Sotheby’s) 
1955 Ferrari 857 S Spider — $5,350,000 (Gooding & Company)  
1967 Ferrari 275 GTB/4 Alloy Coupe — $5,285,000 (RM Sotheby’s)  
1958 Ferrari 250 GT TdF Coupe — $5,200,000 (Gooding & Company) 

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Walmart issues recall of apple juice sold in 25 states over elevated arsenic levels
next post
Over 200 former Bush, McCain, Romney staffers endorse Harris: ‘The alternative … is simply untenable’

related articles

Customers sue sneaker company On over shoes that...

October 20, 2025

Giorgio Armani group names longtime executive Giuseppe Marsocci...

October 17, 2025

LendingTree founder and CEO Doug Lebda dies in...

October 15, 2025

UPS is ‘disposing of’ U.S.-bound packages over customs...

October 13, 2025

China outlines more controls on exports of rare...

October 10, 2025

Paramount acquires Bari Weiss’ The Free Press, naming...

October 7, 2025

YouTube to pay $24 million to settle Trump...

October 1, 2025

Charlie Javice sentenced to 7 years in prison...

October 1, 2025

Video game maker Electronic Arts to be acquired...

October 1, 2025

Nearly 200,000 BMWs recalled over potential fire risk

September 30, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Dems throw House into chaos after 10 moderates join GOP to punish Al Green

    March 6, 2025
  • Lloyd Austin warns against isolationism and insists Ukraine absolutely can win war against Russia

    October 22, 2024
  • Inside the late-night drama that led to Trump’s tax bill passing by 1 vote

    May 30, 2025
  • Q1 2025 Global PC Shipments Surge on Tariff Fears

    April 9, 2025
  • FBI launches probes into 3 children’s hospitals for alleged genital mutilation of minors

    June 24, 2025

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (6,509)
  • Investing (634)
  • Stock (941)

Latest Posts

  • Gingrich & Walker: Kamala Harris’ abandoned astronauts should already be back on Earth

    August 31, 2024
  • McClain elected to replace Stefanik in House GOP leadership

    November 14, 2024
  • The price of Ethereum rose to the $3110 level this morning

    July 10, 2024

Recent Posts

  • American father of Hamas hostage Itay Chen pushes US, Israel on ‘Plan B’ as negotiations falter

    October 7, 2024
  • Former Iraqi refugee living in Texas pleads guilty to conspiring to support ISIS

    March 10, 2025
  • Oil Prices Rebound After Trump’s Criticism of Powell

    April 22, 2025

Editor’s Pick

  • ‘Gradually and then suddenly’: Reagan speechwriter talks political violence in aftermath of Kirk’s death

    September 15, 2025
  • Long NHI: National Health Investors (NHI) Q3 Earnings, Strong Fundamentals, Investment Growth, and Solid Balance Sheet Signal Bullish Potential

    November 7, 2024
  • Progressive Dems rage at Biden for giving Trump the spotlight during final weeks in office

    December 9, 2024
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock