This week, thousands of buyers flocked to Monterey, California, for the city’s renowned car week, also known as the “Super Bowl of Car Collecting,” where auctions are expected to bring in over $400 million.
At Monterey Car Week, famous brands like Ferrari, Porsche, and Alfa Romeo will display vintage and classic cars that date back nearly a century. More than 500 vehicles were provided by RM Sotheby’s, Bonhams, Mecum, Broad Arrow, and Gooding & Company for the event, which takes place from August 9 to August 18.
Hagerty Automotive Intelligence estimates profits of $430 million to $488 million, up from $403 million in 2023. According to industry tracker K500, the average car price at the major auctions is expected to be $916,000, a significant increase from the $887,000 average last year. This year’s event saw a record-breaking 156 cars sold for more than $1 million.
Even though there are some concerns that the recent economic turbulence could affect sales, many experts in the field believe that the market is stabilizing after the chaos of the COVID-19 pandemic’s peak.
RM Sotheby’s president Bryon Madsen, investing in automobiles “has proven positive over several decades.”
“Automobiles have long been regarded as alternative assets, as well as an inflation hedge. Cash exists with the buyers in this market.”
Read on to learn more about the 10 most expensive cars that are expected to be sold at auction during Monterey Car Week.
A 1938 Alfa Romeo 8C 2900B Lungo Spider is anticipated to be the most expensive car sold during Monterey Car Week. The car is thought to be worth between $16 million and $20 million.
A 1960 Ferrari 250 GT California Spider SWB ranks second on the list. It is thought to be worth between $16 million and $18 million.
A 1955 Ferrari 410 Sport Spider is the third most expensive car expected to be sold during Monterey Car Week. It is estimated that the Spider is worth more than $15 million.
The fourth most expensive car expected to be sold during Monterey Car Week is a 1961 Ferrari 250 GT SWB California Spider, with an estimated value of $15 to $17 million.
A 1937 Bugatti Type 57SC Atalante is expected to be the fifth most expensive car sold during Monterey Car Week. It is estimated to be worth $9 to $11 million.
The 1957 Ferrari 625 TRC Spider, which is expected to sell for between $9 and $11 million, is expected to be the sixth most expensive car during Monterey Car Week.
The seventh most expensive car expected to be sold during Monterey Car Week is a 1997 Porsche 911 GT1 Rennversion. Its estimated value is between $8.5 million and $10.5 million.
The 2002 Ferrari F2001b Formula 1 comes in at number eight on the list. The car’s estimated value is $8 to $10 million.
The ninth most expensive car anticipated to be sold during Monterey Car Week is a 1938 Talbot-Lago T150 C Lago Spéciale Teardrop Coupé, with an estimated value of $6.5 to $8.5 million.
The tenth-most expensive car expected to be sold during Monterey Car Week is a 1955 Ferrari 857 Sport Spider. Its estimated value is between $6 million and $8 million.
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