A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The classic car auctions in Monterey could reach a record $500 million this week, as the tech boom and a wave of new collectors drive up the prices of modern supercars.
The auctions during Monterey Car Week, the annual extravaganza of classic car auctions, shows, races and awards, are expected to reach $470 million to $500 million, according to Hagerty. The total is likely to surpass the all-time record of $471 million, set in 2022, and would mark the continued rebound of a market that declined in 2023 and 2024 but snapped back during Monterey last year.
"With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen," said McKeel Hagerty, CEO of Hagerty, the classic car insurance, auction and events company.
