Monterey Car Week auction sales forecast to reach as much as $500 million
Hagerty projects $470 million to $500 million in Monterey auction sales, with modern supercars driving a shift in collector demand.
By Sofia Marchetti · World Affairs Correspondent
3 min read
Monterey Car Week auction sales could reach $470 million to $500 million this week, a range that puts a new record within reach but does not guarantee one. Hagerty’s forecast, reported by CNBC, would need to exceed $471 million—the total set in 2022—to establish a new Monterey high.
The low end of the forecast is $1 million short of that benchmark. At the upper end, sales would reach $500 million, or $29 million above the 2022 record. McKeel Hagerty, the company’s chief executive, said strong bidding could produce the collector-car world’s first half-billion-dollar auction week.
Will Monterey Car Week auctions break the sales record?
That will depend on final results from the week’s sales. Hagerty’s estimate is a pre-auction projection, rather than a report of completed transactions, and only a combined total above $471 million would break the 2022 record.
CNBC said the forecast follows a collector-car market that declined in 2023 and 2024 before rebounding during Monterey Car Week in 2025. The current market is also seeing a divide between the older classic cars that long dominated high-end collecting and newer supercars gaining attention from millennial and Generation Z buyers.
Modern supercars lead the shift in demand
Hagerty’s Blue Chip Index, which tracks leading traditional collector cars, fell 2% over the past 12 months, according to CNBC. Its Supercar Index climbed 30% during the same period, reflecting stronger demand for later-era performance cars.
CNBC reported that collectors from younger generations have been bidding up cars associated with their own youth, including Ferrari F40s, F50s and Enzos, as well as Bugatti Veyrons, Ruf Yellowbirds, Koenigseggs and Paganis. Industry data cited by CNBC indicated that prices for many of those models had doubled over the preceding two years.
Among the biggest lots expected in Monterey, RM Sotheby’s placed a $35 million estimate on a 1996 McLaren F1 GTR. The auction house also estimated a 2023 Ferrari Daytona SP3 at more than $10 million, CNBC reported.
Why are dealers warning about supercar prices?
Dealers and advisers cited by CNBC said portions of the modern-supercar market may be driven by speculation rather than the measures traditionally used to value collector cars, such as racing history, scarcity and lasting appeal. They said some buyers seek short-term resales and keep mileage low to protect a vehicle’s value.
The recent prices underscore the surge. A 2003 Ferrari Enzo sold for $17.9 million at Mecum’s Kissimmee auction in January, nearly three times the previous Enzo auction record, CNBC reported. Another 2003 Enzo brought $15.2 million at Broad Arrow’s Amelia Island sale in March, while a 2005 Porsche Carrera GT sold for $6.7 million, more than twice its prior auction record.
Ferrari remains central across both eras of the market. Hagerty said nine of the 10 most expensive cars sold at auction so far this year were Ferraris, according to CNBC.
This story draws on original reporting from CNBC.