Classic Car Auctions Could Hit Record $500 Million as Young Buyers Take Over

A single week of car auctions could bring in a record half-billion dollars — and a new generation of wealthy buyers is driving the boom.

Every year, Monterey Car Week in California hosts glamorous auctions (public sales where cars go to the highest bidder). This year, the total sales are expected to reach $470 million to $500 million, according to Hagerty, a classic car insurance and auction company. That would beat the all-time record of $471 million set in 2022.

But something big is changing. For decades, older buyers (baby boomers) paid top dollar for cars from the 1950s and 1960s. Now, younger buyers — millennials and Gen Z — are taking over, and they want the supercars they dreamed about as kids in the 1980s, '90s, and 2000s.

Here are the key numbers:

• Hagerty Supercar Index (a measure tracking prices of modern supercars): up 30% in the past year
• Hagerty Blue Chip Index (older classic "boomer cars"): down 2%
• Most expensive car this year: a 1996 McLaren F1 GTR, estimated at $35 million
• A 2003 Ferrari Enzo sold for $17.9 million in January — nearly triple the old record

Experts warn this could be risky. Many young buyers treat these cars as speculative trades (buying something hoping to sell quickly for a fast profit, rather than keeping it long-term). Some rarely even drive the cars, to keep the mileage low and the value high. Dealer Simon Kidston called the market "very frothy" — meaning prices may be inflated beyond what's reasonable.

One brand still rules them all: Ferrari. Nine of the ten most expensive cars sold at auction this year have been Ferraris.

The bottom line: The classic car market is booming, but a generational shift is reshaping what's valuable — and creating both huge gains and possible bubbles. As the old classics cool off, modern supercars are racing ahead.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/08/13/monterey-car-week-auctions-sales-estimates.html