Monterey and Pebble Beach are set to host one of the largest classic car events of the year, with an estimated $367 million to $409 million worth of vehicles crossing the auction block. This year’s Monterey Car Week features around 1,140 cars, but even at the midpoint of $388 million, sales would mark the third consecutive annual decline — down 18% from the $471 million peak in 2022.
The top end of the market is feeling the most strain. In past years, these auctions would feature at least half a dozen cars priced above $10 million. This year, there’s only one — the lowest number in over a decade. Average sale prices have also slipped slightly, from $477,000 last year to $473,000 in 2025.
Experts say the slowdown is part of a broader trend across luxury collectibles, with classic car prices down 0.2% over the past year. While this is better than the 20% drop in the art market, it lags behind gains in coins (up 13%) and jewelry (up 2.5%). Economic uncertainty, rising interest rates, and strong stock market returns have all contributed to cooling demand.
The biggest driver, however, is generational change. Baby boomers, who have dominated the classic car scene for decades, are now aging out of the market, selling off collections, or passing them to heirs who may not share their enthusiasm. Younger collectors — mainly millennials and Gen Z — are more interested in newer models, particularly supercars from the 1980s, 1990s, and 2000s.
This generational shift is evident in the types of vehicles drawing attention. While values for 1950s and 1960s cars have fallen as much as 20–30% from their peaks, demand is soaring for rare modern supercars, including Paganis, Bugattis, and Rufs. A 1989 Ruf CTR “Yellowbird” recently sold for a record $6 million.
Gooding & Co. is offering three Ferrari 250 GT California Spiders this week, including a rare 1961 alloy-body model expected to top $20 million. However, such prices are down from the $25–30 million range these cars commanded a few years ago.
Private sales are becoming more common, as sellers seek to avoid public records of lower prices. Meanwhile, the average model year at Pebble Beach has shifted from 1964 two years ago to 1974 this year — a sign of the market’s gradual pivot toward newer, more usable classics.
As the market rotates, the focus is shifting from garage-kept museum pieces to cars that can be driven, enjoyed, and maintained with greater ease.
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