Cars
Vintage Car Sales Get ‘Freezer Burn’ as Collectors Value Patience
Totals from the weeklong Pebble Beach auto show hit $371 million, down 8% from 2023.
A 1955 Ferrari 410 Sport Spider sold for $12.9 million including fees, the third-highest sale of the weekend.
Source: RM Sotheby's
Amid high interest rates, uncertain global economic climates, the US presidential election and a glut of vehicles available, vintage car collectors downshifted their spending in Monterey, California, at overcrowded auctions that ended on Aug. 17.
Weeklong totals when auctions closed hit $371 million, down 8% from 2023, according to data provided by Hagerty Inc., well below the bonanza days of $469 million sold in 2022. Half of the vehicles sold failed to realize their low price estimate, a Hagerty spokesperson confirmed.