Monterey Car Week Auction Sales Hit Record $762 Million

During Monterey Car Week in August, five auction houses achieved a record $762 million in collector car sales, a 76% increase over last year's estimated $433 million and surpassing the previous high of $471 million set in 2022. The results indicate a market shift from baby boomers favoring older models to younger generations purchasing modern supercars. RM Sotheby's led with approximately $380 million in sales, followed by Gooding Christie's at $160 million. Eleven cars sold for over $10 million each, seven of which were Ferraris built from the 1980s to the present. The strong performance of contemporary Ferraris suggests that the market's energy is now with the machines that millennials and Gen Z grew up admiring, rather than the pre-war classics that once defined the hobby.