Now that the results have been tallied up, we’re learning the sales have topped $470 million at Monterey car week.
It’s hard to hide the excitement over the results from Monterey Car Week, which prove, with no wiggle room for doubt, that enthusiasm for collector cars is going absolutely nowhere. After weathering the storm of the pandemic, uncertain civil times, and a looming recession, collector car buyers are still betting on the market, and we do too.
A new breed of collectors gaining wealth are buying the dream cars of their youth, while others continue to buy 1960s sports cars or prewar greats for the values they have long traded at," Hagerty reports.
The annual gathering on the Monterey Peninsula return after a pandemic-driven hiatus in 2021, with a result of $343 million in sales. With over $100 million added to that figure, it blew out the previous record of $395 million in 2015.
Without doubt, the presence of the inaugural Broad Arrow Auctions event helped to push these numbers over the line. The Jet Center Auction event pulled in $55,256,900 alone, with a highest price of $5.5 million.
In addition to big bids, the Monterey Car Week is the No. 1 economic engine on the Monterey Peninsula. Official were projecting that more than 85K visitors would pass through the area. The hotel and restaurant industry almost certainly got a massive boost from the week, which were at capacity before the events even started.