The 2024 Monterey Car Week has wrapped up, shedding light on the current trends in the collector car market. Alongside an impressive collection of vehicles, several key patterns surfaced from the auction outcomes.
Noteworthy Statistics:
- More than 1,100 vehicles were presented
- A sell-through rate of 73%
- 163 cars estimated to be valued at $1M or higher
- Sales totaling just under $392 million
- A 3% dip in total sales compared to last year
Modern vs. Classic Vehicles
An important trend emerged in the million-dollar-plus category, with an increasing inclination towards more recent cars (those manufactured after 1981). Despite the broader availability of classic cars, modern vehicles within this price bracket have consistently shown greater completion of sales since 2021.
High-End Market Developments
Certain prestigious vintage cars faced difficulties in selling, including a 1937 Bugatti Type 57 Atalante and a 1938 Talbot-Lago T10C Teardrop Coupe. On the other hand, modern track-focused racing cars had stronger results, with notable transactions such as a 1995 Ferrari 333 SP Evoluzione sold for $5,120,000 and a 1997 Porsche 911 GT1 fetching $7,045,000.
Ferrari’s Continued Dominance
Ferraris retained their significant presence in the highest sales categories:
- 6 of the top 10 sales were Ferraris
- A clear division was noted between pre-1974 vintage Enzo-era Ferraris and modern Ferraris, with the latter exhibiting stronger sell-through performance.
Signs of Market Stability
The average final price premium over condition-appropriate values, as outlined by the Hagerty Price Guide, experienced a slight uptick, rising from 8.6% last year to 10% this year. Meanwhile, 49.7% of vehicles sold below their minimum estimate, a slight rise from 48.5% in 2023.
These numbers point to a market that remains stable, with both buyers and sellers proceeding cautiously and without a sense of urgency. As the final major auction event in North America for the year, the Monterey auctions offer a snapshot of the current market. Given the considerable amount of unsold million-dollar-plus vehicles and the measured pace of transactions, the coming months could see a period of adjustment within the high-end collector car segment.
A Unique Week for Monterey
Monterey Car Week wasn’t just about record-breaking car sales and setting new trends in the collector world – something else wild was happening along the coast. While the auctions were in full swing, hundreds of sea lions decided to take over San Carlos Beach, forcing officials to close it down. It was a striking reminder that Monterey isn’t just famous for its cars; it’s also a place where nature can take over and grab all the attention in its own surprising way.
