Monterey Car Week’s classic car auctions could reach a record $500 million this year, fueled by a tech-driven wave of new collectors bidding up modern supercars, according to a CNBC report citing Hagerty data.
The auctions, a centerpiece of the annual Monterey Car Week festival of car shows, races, and awards, are expected to generate between $470 million and $500 million, according to Hagerty. That would surpass the all-time record of $471 million set in 2022 and mark a continued rebound after the market dipped in 2023 and 2024 before recovering at last year’s Monterey event.
“With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen,” McKeel Hagerty, CEO of Hagerty, told CNBC.
Market rotation: Modern supercars surge
Beneath the headline strength, the classic car market is experiencing a significant rotation, according to the report. Millennials and Gen Z collectors are increasingly displacing baby boomers, and they are gravitating toward modern supercars from their youth rather than the 1950s and 1960s models favored by older generations.
Models such as the Ferrari F40, F50, and Enzo, the Bugatti Veyron, Ruf Yellowbirds, Koenigseggs, and Paganis are seeing parabolic price gains, with many doubling in value over the past two years, per industry data cited by CNBC.
The most expensive car expected at Monterey is a 1996 McLaren F1 GTR, estimated to fetch $35 million at RM Sotheby’s. A 2023 Ferrari Daytona SP3 could also rank in the top 10, with an estimate above $10 million at RM Sotheby’s. In previous years, the vast majority of Monterey’s top 10 sellers were 1950s or 1960s models.
Boomer cars dip as indices diverge
Traditional “Boomer cars” are losing ground, according to the report. The Hagerty Blue Chip Index, which tracks top traditional collector cars, fell 2% over the past 12 months, while the Hagerty Supercar Index surged 30% in the same period.
Some experts and dealers caution that modern supercar prices are unsustainable and defy traditional collecting metrics like race history, scarcity, and enduring value. Younger collectors often treat cars as speculative trades rather than long-term investments, rarely driving them to avoid adding mileage and frequently flipping them for quick profits, dealers told CNBC.
“There is a huge amount of speculation in that part of the market,” said Simon Kidston, a classic car dealer and advisor, as quoted by CNBC. “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 trend. A 2003 yellow Ferrari Enzo sold for $17.9 million at Mecum Auctions in Kissimmee in January, nearly triple the previous record for an Enzo. In March, at Broad Arrow’s auction at Amelia Island, a 2003 black Enzo fetched $15.2 million, and a 2005 Porsche Carrera GT sold for $6.7 million, more than doubling its previous auction record.
Other models seeing big price spikes include the Bugatti Veyron, Koenigsegg CC8S, Ford GT, and Mercedes Benz SLS AMG Black Series. Ferrari F40s remain highly prized despite production of over 1,300 units; an F40 LM went for $11 million at RM Sotheby’s in Monterey last year.
Last year, the expected top seller was a 1961 Ferrari 250 GT SWB California Spider Competizione, estimated at $20 million at Gooding & Co., which sold for $25.3 million. But the highest price went to a brand-new 2025 Ferrari Daytona SP3 that sold for $26 million, far surpassing its pre-sale estimate of $3.5 million.
Ferrari still dominates
Despite the shift toward younger cars, Ferrari remains the center of the classic car market. Nine of the top 10 most expensive cars sold at auction so far this year have been Ferraris, according to Hagerty. At Monterey this week, five of the top lots are from the Italian automaker.
“All roads lead to Maranello,” said McKeel Hagerty.
While Ferraris from the 1980s, ’90s, and early 2000s are surging, classics from the 1950s and 1960s have stalled, though they remain at high levels. A 1963 Ferrari 250 P is up for auction at Gooding Christie’s with an estimate of $15 million, and a 1961 Ferrari 250 GT SWB Berlinetta Competizione has an estimate of $8 million.
Not all new collectors are going modern. Kidston said he recently sold a black 1967 Ferrari 275 GTB/4 to a 35-year-old tech founder, who told him, “This is my dream car.”
“It’s great to see new people coming into this market and loving these cars,” Kidston said. “And some actually want to drive them.”
Source: www.cnbc.com — https://www.cnbc.com/2026/08/13/monterey-car-week-auctions-sales-estimates.html
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