The classic car auctions taking place during Monterey Car Week from August 7 to August 16, 2026, could generate a record $500 million this year, as wealthy new collectors and growing interest in modern supercars continue to push prices higher.Monterey Car Week traces its roots to November 1950, when the first Pebble Beach Road Race was held on roads through California's Del Monte Forest. The inaugural Pebble Beach Concours d'Elegance was held alongside the race that same year. Over the decades, the event grew into the massive automotive celebration it is today, featuring classic car shows, auctions, races, rallies and new concept and supercar unveilings.Hagerty predicted that the 2026 Monterey auctions would bring in between $470 million and $500 million and would overtake the previous record of $471 million set in 2022. In 2023, sales fell to $403.3 million, followed by $391.6 million in 2024. Sales picked up again last year, with the tally reaching $432.7 million. CNBC quoted Hagerty CEO McKeel Hagerty as saying:AdvertisementAdvertisement"With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen."Millennials and Gen Z Replacing Boomerspexels-quentin-martinez-2147503099-32692341The major shift in this year's auction market is that a younger generation of millennials and Gen Z buyers is gradually replacing baby boomers, and their tastes and preferences are different. That means this year, most car collectors won't be drooling over the classic American and European cars from the 1950s and 1960s. Instead, they're coveting modern supercars that once appeared as posters on their bedroom walls.Some of those cars include the Ferrari F40, F50 and Enzo, Bugatti Veyron, RUF Yellowbird, Koenigsegg, and Pagani models, which have experienced dramatic price increases according to industry data. However, the most valuable car heading to auction is a 1996 McLaren F1 GTR, which RM Sotheby's estimates could sell for around $35 million.AdvertisementAdvertisementIn addition, a 2023 Ferrari Daytona SP3 is expected to rank among the top 10 most expensive cars at the Monterey auctions, with an estimated value of more than $10 million. This marks a stark contrast from previous years, when Monterey's top 10 auction results were mostly classic cars favored by older collectors.Shift in Classic Car Market DynamicsThe shift toward modern supercars has also made the collector car market more unpredictable, with some experts warning that prices are being driven more by speculation than traditional measures such as rarity, racing history and long-term value. Rather than driving their purchases, young collectors are treating these cars as investments to resell for quick profit.Notably, among automakers, Ferrari has emerged as the hottest brand with collectors. A 2003 Ferrari Enzo sold for $17.9 million in January, nearly tripling the previous auction record for the model, while another Enzo fetched $15.2 million in March. Ferrari F40s are also among the most sought-after modern classics, with an F40 LM selling for $11 million at Monterey last year.Ferrari's dominance extends beyond individual models. A 2025 Ferrari Daytona SP3 sold for a whopping $26 million at last year's Monterey auctions, which was far above its $3.5 million pre-sale estimate. Hagerty stated that nine of the ten most expensive cars sold at auction so far this year have been Ferraris, while five of Monterey's top lots this year are from the Italian automaker. "All roads lead to Maranello," said McKeel Hagerty.
+24 others
