Header photo credit: RM Sotheby’s
This year’s Monterey auctions were eagerly anticipated as a barometer of the state of the industry, particularly with respect to the impact that the broader economy would have on sales. A potential recession, higher interest rates, war in Ukraine, and post-Covid behavioral shifts – were all in mind ahead of the auctions.
The results are in – and they were nothing but impressive. The industry is clearly resilient to whatever is happening broadly. And we would even argue that, given the inflationary and volatile period we’re in, collectors and enthusiasts are deploying cash into cars as a store of value
The Big Picture
- $463 Million in sales, from 5 auction houses
- No sign of a (potential) recession in sight. Huge sales and vibrant crowds.
- Online auctions are hot and here to stay, but the traditional format reigns supreme for high-dollar sales.
- RM Sotheby’s stole the show. BroadArrow will be a force to be reckoned with.
- Although pre-war cars were hot, cars from the 80’s and 90’s continued to show the most appreciation and interest, part of a generational shift and new buyer profile.