Aug 22, 2022 - Economy & Business
Collectible car sales top $470 million in Monterey new record
Classic car sales hit a record high at the annual confluence of high-end vehicle auctions in Monterey, California, this month.
Driving the news: Collectors paid more than $470 million at during Monterey Car Week, up from the previous record of $394 million in 2015, according to classic car insurer Hagerty.
- 112 vehicles were sold for at least $1 million, also an all-time high, and representing about 75% of the total sales.
State of play: The richest sale of the weeklong auction extravaganza was a $22 million deal for a 1955 Ferrari 410 Sport Spider affiliated with automotive design legend Carroll Shelby.
- Other notables included a $10.3 million sale of a 1937 Bugatti Type 57 and a $3.6 million sale of the Sally Special 911 GTS, a special Porsche modeled after Sally Carrera from the movie Pixar movie Cars to benefit charity.
What they're saying: "A new breed of collectors gaining wealth are buying the dream cars of their youth, while others continue to buy 1960s sports cars or prewar greats for the values they have long traded at," Hagerty reports.