Car enthusiasts are expected to spend hundreds of millions of dollars on classic automobiles at this year’s Monterey Car Week.
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Collector car auctions held during the annual event in California will combine to fetch $342 million in sales, according to an estimate by Hagerty. That would mark a 4 percent gain versus 2017 and the first year-over-year increase since Monterey Car Week auctions set a record high in 2015.
Hagerty also said there are five cars with low-bid estimates of at least $10 million, compared to four eight-figure cars last year. The number of seven-figure cars has climbed to 102 from 96.
A 1962 Ferrari 250 GTO could become the most expensive car ever sold at auction. RM Sotheby’s estimated the car’s value in excess of $45 million. The current record is $38.1 million, the price for another 250 GTO sold at a Bonhams auction in 2014.
Monterey Car Week attracts thousands of car enthusiasts each year with a collection of car shows, races and auctions starting Aug. 18. RM Sotheby’s, Bonhams, Gooding & Co. and other auction houses will hold sales during the week.
Hagerty noted that collector car buyers have increasingly bid more than pre-sale estimates in the past 12 months. The sell-through rate at flagship catalog auction events has improved by 2 percent so far this year, Hagerty said, despite a slight decline in overall sales.