Monterey Auction Week 2024 – Top Ten Sales and Analysis

Once again, classic-analytics was live on-site at Monterey Auction Week, attending auctions and events, and speaking with dealers, collectors, and, most importantly, car enthusiasts from around the world.

The total sales revenue from all auctions dropped by less than 3% year-over-year to a total of $391.6 million.

Luxury cars saw a decline in performance: the sell-through rate for cars built before 1981 and valued at over $1 million fell to 52%, compared to 63% for more modern models. Seventy-three percent of supercars less than four years old and valued at over $500,000 were sold.

Collectors of high-end vehicles did not purchase the classics that had dominated the market for decades; instead, they turned to modern collectibles. The "Pablo Picassos" of the collector car world, Ferraris built before 1974 and valued at over $1 million, sold sluggishly. These had previously benefited from a pandemic-driven boom, achieving an average sell-through rate of 84% in Monterey over the past three years, but this year that rate dropped to just 51%. Ferraris valued at over $1 million from after 1974 sold at a rate of 67%.

Race cars from the 1990s, such as the Porsche 911 GT1 and Ferrari 333 SP, were sold (for $7,045,000 and $5,120,000, respectively). These could become the next 1950s and 1960s race cars on the market, as Ferrari competition cars from that era achieved an average hammer price of $5.5 million but had only a 62% sell-through rate. Unlike the 1950s and 1960s race cars, the versions from the 1990s are not street-legal, typically a drawback, but track days are much more popular today than they were 20 years ago.