For the wealthy collectors who converge from across the globe on Monterey Car Week, the biggest spectator sport over the weekend is the auctions.
More than $380 million worth of wheels are slated to hit the auction block at six auction houses at Monterey Car Week.
This year, more than $380 million worth of wheels are slated to hit the auction block at six auction houses, according to Hagerty, the classic-car insurance and market-research company. That total is up slightly from last year and marks a mild recovery, or at least stabilization, for a classic-car market that has lost some of its traction from the 2014-2015 peak, when Monterey sales totaled $396 million. Over 100 cars are expected to sell this year for $1 million or more, according to Hagerty.
"A lot of the best car collections being built now are the result of a liquidity event over the past few years," said McKeel Hagerty, CEO of Hagerty.
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