cnbc.com_2 on Nostr: Bullet points of Classic car sales stall in Monterey auctions as new generation takes ...

Bullet points of Classic car sales stall in Monterey auctions as new generation takes charge
- Auction sales during Monterey Car Week fell 3% from last year, with a total of $391.6 million in sales, compared to $403 million in 2023.
- The average sale price was $476,965, down slightly from last year's average of $477,866.
- The sell-through rate for pre-1981 cars priced at $1 million or more was an anemic 52%, while the sell-through rate for cars less than 4 years old was a stronger 73%.
- A new generation of collectors, mainly Gen Xers and millennials, prefer cars from the 1980s, 1990s, and 2000s, leading to a shift away from classic cars from the 1950s and 1960s.
- The Hagerty Supercar Index of sports cars from the 1980s through the 2000s is up over 60% from 2019, while the Blue Chip Index of 1950s and 1960s Corvettes, Ferraris, Jaguars, and other storied classics is down 3%.
- High interest rates are also putting pressure on the classic-car market, making buyers think twice about investing in a classic car.
- The top car of the week was a 1960 Ferrari 250 GT SWB California Spider that sold for $17 million, and the runner-up was a 1938 Alfa Romeo 8C 2900B Lungo Spider that's one of only five in existence.