Over 790 cars sold for a sales total of $469 million at the auctions in Monterey this weekend.
There were scattered signs of overexuberant pricing: The top lot of the week, a 1955 Ferrari auctioned at RM Sotheby's, sold for $22 million — below its estimated value of between $25 million and $30 million. Several cars failed to sell at their asking price.Yet demand was strong for almost every category of collectible cars — from pre-War classics and 1960s Corvettes to '90s Ferraris and 2021 supercars. New price records were set for a wide range of models.
The auctions were also fueled by collectors of all ages, with millennial collectors playing an increasing role at the sales. Auctioneers say impulse buying of six-figure cars was also strong, as wealthy buyers decided last-minute to register and bid. "Anecdotally, we saw some buy-it-now bidders – bidders that came out to the auctions, saw the car or cars they wanted, registered to bid onsite on important cars, won auctions, went to the bank the next morning, got a cashier's check to pay for it and drove them around this week," CEO Hagerty said."That's pretty rare and says a lot about today's driving-focused buyers."Here are the top 10 most expensive cars sold at Monterey:9.
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