Monterey Car Week auctions set record with $469 million in sales
High-end collector cars still popular with investors
The high-end collector car market is hotter than ever, despite the current period of inflation and other economic concerns.
The total haul at last week's Monterey Car Week auctions was $496 million, which smashed the record of $395 million set in 2015.
The figure was also up significantly from last year's result of $343 million, which followed the event's cancellation in 2020 due to the coronavirus pandemic.
This year also saw a record 113 vehicles sold for prices of $1 million or more, with a $22 million Ferrari 410 Sport Spider leading the way at an RM Sotheby's auction that saw nine of the top 10 highest winning bids during the week.
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"Leading up to the sale, our team was constantly asked if the market could support the level of cars that we brought to Monterey," Gord Duff, global head of auctions told FOX Business.
"We had more registered bidders than ever before and we have had to consign cars to later auctions due to overwhelming demand. The market continues to rise, and this weekend is a testament that the collector market is thriving. "
Hundreds of million-dollar vehicles were in Monterey for the car week auctions and Pebble Beach Concours. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
It was a sentiment shared across the classic car industry.
"Many approached this week with trepidation, but these results suggest the top end of the car market is continuing its bull run," Brian Rabold, vice president of automotive intelligence at Hagerty told FOX Business.
"…the top end of the car market is continuing its bull run."
Rabold added that "analog" supercars from the 1980s and 1990s stole the show, with cars like the Bugatti EB110, Ferrari F40, Lamborghini Countach LP500, and BMW M1 all setting record prices for the models.
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"Established collectors are being joined by younger, wealthy enthusiasts who are chasing the dream cars of their formative years. This is pushing all segments of the market forward," he said.
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Here are the top 10 sales from the 2022 auctions:
1. 1955 Ferrari 410 Sport Spider sold for $22,005,000 (RM Sotheby's)
2. 1937 Bugatti Type 57 Atalante Coupe sold for $10,345,000 (Gooding & Company)
3. 1937 Mercedes-Benz 540K Sindelfingen Roadster sold for $9,905,000 (RM Sotheby's)
4. 1924 Hispano-Suiza H6C Transformable Torpedo sold for $9,245,000 (RM Sotheby's)
5. 1957 Ferrari 500 TRC Spider sold for $7,815,000 (RM Sotheby's)
6. 1966 Ferrari 275 GTB/C Coupe sold for $7,595,000 (RM Sotheby's)
7. 1954 Ferrari 375 America Coupe sold for $7,595,000 (RM Sotheby's)
8. 1953 Ferrari 375 MM Spider sold for $7,485,000 (RM Sotheby's)
9. 1938 Talbot-Lago T150-C SS Teardrop Coupe sold for $7,265,000 (RM Sotheby's)
10. 1958 Ferrari 250 GT Cabriolet sold for $6,825,000 (RM Sotheby's)