Monterey Week 2023, one of the most anticipated events in the collector car world, has come and gone, leaving us with exciting results and intriguing insights into the current state of the collector car market. In this blog post, we will look at the top cars sold at Monterey Week 2023, discuss the notable dip in sales, and explore what the future might hold for the collector car market.
This year’s event featured a dynamic lineup of vehicles from various auction houses, including RM Sotheby’s, Bonhams, Gooding & Company, and Board Arrow, each contributing to the vibrant tapestry of the Monterey auctions. Additionally, if you’re a collector car enthusiast, we’ll help you ponder the age-old dilemma: Should you keep or sell your beloved classic or exotic car?
Top Cars Sold at Monterey Week 2023
The Monterey Week 2023 classic car auctions saw a magnificent lineup of collector automobiles changing hands at impressive prices. The ten most expensive cars sold at these prestigious events, spanning auctions in Monterey, Pebble Beach, and Quail Lodge, are a testament to the enduring allure of vintage and exotic vehicles:
- 1967 Ferrari 412P Berlinetta – $30,255,000 (Bonhams – Quail Lodge)
- 1957 Jaguar XKSS – $13,205,000 (RM Sotheby’s – Monterey)
- 1962 Ferrari 250 GT SWB Berlinetta – $9,465,000 (Gooding – Pebble Beach)
- 1959 Ferrari 410 Superamerica Coupe Series III – $6,605,000 (RM Sotheby’s – Monterey)
- 1937 Bugatti Type 57SC Tourer by Corsica – $5,395,000 (RM Sotheby’s – Monterey)
- 1967 Ferrari 275 GTB/4 (Steve McQueen) – $5,395,000 (RM Sotheby’s – Monterey)
- 1914 Mercer Type 35-J Raceabout – $4,790,000 (Gooding – Pebble Beach)
- 1933 Alfa Romeo 8C 2300 Cabriolet – $4,515,000 (Gooding – Pebble Beach)
- 1995 Ferrari F50 – $4,240,000 (Broad Arrow – Monterey)
- 2003 Ferrari Enzo – $4,075,000 (RM Sotheby’s – Monterey)
These remarkable sales demonstrate the enduring passion for classic and exotic automobiles, despite the temporary dip in overall sales figures at Monterey Week 2023. Collectors and enthusiasts continue to recognize the intrinsic value and beauty of these automotive works of art.
Sales Were Down – What Does It Mean for the Collector Car Market?
While Monterey Week 2023 witnessed some extraordinary sales, it’s impossible to ignore the overall dip in figures compared to previous years. This decline raises important questions about the future of the collector car market. Several factors likely contributed to this trend:
- Economic Uncertainty: Economic factors such as inflation and global economic uncertainty may have made potential buyers more cautious, leading to lower bidding.
- Market Saturation: The collector car market has seen significant growth over the past decade, especially post COVID which could have led to a degree of market saturation, making it harder for sellers to achieve record prices.
- Changing Tastes: The preferences of collectors may be shifting towards more modern collectibles, such as limited-production contemporary supercars.
While the 2023 Monterey Week results may have raised eyebrows, it’s essential to remember that the collector car market is cyclical. Periods of growth and consolidation are natural in any investment market. Here’s what the future might hold:
- Market Stabilization: The dip in sales could indicate a temporary market correction, and prices may stabilize in the coming years.
- Diversification: Collectors may diversify their portfolios, exploring newer, limited-production models in addition to classic cars.
- Investment Opportunities: Savvy collectors may find opportunities in acquiring undervalued classics during market downturns.
As a collector car owner, the decision to keep or sell your cherished automobile is deeply personal. Here are some factors to consider:
- Emotional Attachment: (my favorite) If you have a strong emotional connection to your collector car, holding onto it can provide lasting enjoyment and memories.
- Market Conditions: Keep an eye on market trends and consult experts to gauge the current and future value of your vehicle.
- Maintenance and Costs: Consider the ongoing maintenance and storage costs associated with keeping a collector car.
- Diversification: If you have a diversified collection, selling one vehicle might provide funds to acquire new additions.
Monterey Week 2023 may have seen a dip in sales, but it also reminded us of the enduring passion for classic cars and their timeless appeal. The collector car market, like any other, experiences fluctuations, and while we can’t predict the future with certainty, staying informed and making informed decisions about your collector car investments is key. Ultimately, whether you decide to keep or sell your classic car should align with your personal passion, financial goals, and your outlook on the collector car market.
Again, I’m not an expert, just my two cents!