Prime Highlights
- Monterey auctions could generate up to $500 million, potentially setting a new record.
- Younger collectors are driving strong demand for modern supercars.
Key Facts
- The Supercar Index rose 30% over the past year.
- A 1996 McLaren F1 GTR is estimated at $35 million.
Background
Classic car auctions during Monterey Car Week could generate as much as $500 million this year, potentially setting a new record as younger collectors drive demand for modern supercars.
Auction sales are expected to reach between $470 million and $500 million, according to Hagerty. Another solid bump for the collector vehicle market might show up as sales topping $471 million, after a dip in 2023 and 2024, and that seems to outpace the earlier record from 2022.
The biggest shift in the market will come from younger buyers. Millennials and Gen Z collectors are showing growing interest in cars from the 1980s, 1990s and early 2000s rather than the older models that traditionally dominated the market.
Ferrari F40s, F50s and Enzos, along with Bugatti Veyrons, Koenigseggs, Paganis and other modern supercars, have recorded sharp price increases. Several models have doubled in value over the past two years.
A 1996 McLaren F1 GTR is expected to be the most expensive car at this year’s Monterey auctions, with an estimated value of $35 million. A 2023 Ferrari Daytona SP3 could also sell for more than $10 million.
The shift is visible in market performance. The Hagerty Blue Chip Index, which tracks traditional collector cars, declined 2% over the past year, while its Supercar Index gained 30%.
However, rising prices have also increased concerns about speculation. Some dealers believe values for modern supercars have moved beyond traditional measures such as rarity, racing history and long-term demand.
Ferrari remains the strongest brand in the market. Nine of the 10 most expensive cars sold at auction so far this year have been Ferraris.
Despite the shift toward newer models, some young collectors continue to buy older classics. Dealers say this shows that the next generation is bringing fresh interest to the wider collector car market.
