Sales of ultra-high-end specialty and collector cars reached unprecedented levels in 2025, pushing the market into territory never seen before. Auction results compiled by Hagerty show that vehicles selling for more than $1 million generated over $1 billion in total sales during the year, marking the first time that threshold has been crossed. The average price for those seven-figure cars also set a record, climbing to $3 million.
While the numbers confirm strong demand at the very top of the market, they also reveal emerging imbalances. Hagerty’s analysis of insurance policy applications indicates a notable decline in younger buyers after several years of steady growth. That shift raises questions about the long-term health of the collector car ecosystem, even as headline-grabbing sales continue.
Europe once again dominated the highest end of the market. The most expensive sale of the year was a 1954 Mercedes-Benz W196 race car, which brought $53 million at an auction held at the Mercedes-Benz Museum in Stuttgart. Other top results included a 1964 Ferrari 250 LM at $35.9 million and multiple Ferrari and McLaren models selling across the United States, Europe, and the United Arab Emirates.
Auction location has become less critical as real-time bidding and global access blur geographic boundaries. Still, Europe retained its reputation as the center of the most valuable collector car transactions. The United States recorded the third-highest sale with a Ferrari Daytona SP3 that achieved $26 million at a charity auction, a result aided by above-market bidding and philanthropic motivations.
Beyond marquee sales, the broader auction landscape continues to evolve. Online auctions further extended their lead over live events in 2025, reaching $2.5 billion in total sales compared with $2.3 billion for traditional auctions. Online platforms now move more than 50,000 cars annually, while live auction volumes remained flat at about 21,000 vehicles.
Interestingly, the cars themselves are getting younger. The average model year for cars selling above $1 million shifted to 1984, a full 12 years newer than five years ago. Buyer demographics, however, moved in the opposite direction. Participation from Gen X, Millennials, and Gen Z declined in 2025, while Baby Boomers increased their share. Millennials saw the sharpest drop, falling from 21% to 19%.
That change may reflect life-stage pressures such as homeownership reducing discretionary spending. For sellers targeting younger collectors, particularly with vehicles from the 1970s, 1980s, or Japanese performance segments, expectations may need adjustment as bidding conditions soften.