Friday, August 5, 2016

Hagerty Predicts $370 Million in Classic Car Sales During Upcoming Monterey Auctions

Photo Credits: Kjpargeter - Freepik.com

7 Percent Year-Over-Year Decrease Balanced by Predicted Growth in $10+ Million Vehicles

TRAVERSE CITY, Mich. (August 3, 2016)– Hagerty forecasts $370 million in sales for the upcoming collector car auctions in and around Monterey, Calif., August 18-21. This represents a 7 percent year-over-year reduction in estimated auction sales totals.

With a 5 percent reduction in vehicles offered, more vehicles will be offered in the $10+ million range this year (11, compared to 10 in 2015). 

The top 10 expected sales, including several "once-in-a-lifetime" offerings, include:
  • 1955 Jaguar D-type Roadster (RM Sotheby’s)
  • 1939 Alfa Romeo 8C 2900B Lungo Spider (RM Sotheby’s)
  • 1959 Ferrari 250 GT California LWB Spider (closed headlight) (Gooding & Company)
  • 1962 Shelby Cobra 260 (RM Sotheby’s)
  • 1960 Ferrari 250 GT SWB Competizione (Gooding & Company)
  • 1933 Alfa Romeo 8C (Gooding & Company)
  • 1932 Bugatti Type 55 (Gooding & Company)
  • 1958 Ferrari 250 GT California LWB Spider (closed headlight) (RM Sotheby’s)
  • 1962 Ferrari 250 GT SWB (Gooding & Company)
  • 1956 Ferrari 250 GT TdF COUPE (RM Sotheby’s)

Modern Classics (1980 and newer models) continue to be the biggest growth segment for the overall market and represent 24 percent of cars on offer in Monterey. Specifically, 2010 and newer models make up 4 percent of all cars offered -- more than twice as many as the preceding two years.

Another trend specific to the Monterey Auctions: fewer 1950s and 1960s vehicles will be offered. The number of 1950s vehicles on offer has steadily fallen since 2009 when it peaked at 29%. In 2016, only 16% of vehicles are from the 1950s. The 1960s segment has also fallen since it peaked at 34% in 2014, as 1960s cars represent 27% of offerings in 2016.

“This year’s Monterey auctions will put the market dynamics to the test,” said McKeel Hagerty, CEO of Hagerty. “We have a confluence of factors – including several important and rare cars on offer and the emergence of a new generation of collectible vehicles – all being balanced by an overall market that is experiencing slower growth.”

According to the Hagerty Market Rating, the classic car market has leveled-out since its all-time high in May 2015 but is still within “expanding market” territory.

2006-2015 Monterey Auction Totals:

    
Photo Courtesy of Hagerty


About Hagerty:
Based in Traverse City, Michigan, Hagerty is the world’s leading insurance provider for classic vehicles and host to the largest network of classic car owners. Hagerty offers insurance for classic cars, trucks, motorcycles and motorcycle safety equipment, tractors, automotive tools and spare parts, and even “automobilia” (any historic or collectible item linked with motor vehicles). Hagerty also offers overseas shipping/touring insurance coverage, business coverage, and club liability coverage. For more information, call (800) 922-4050 or visit www.hagerty.com.



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