Records Up Top, Room Below

Last quarter we called it a split market. Monterey confirmed it in the loudest way possible.

Monterey, by the numbers

The 2026 Monterey Car Week auctions totaled a record $755.6 million, clearing the previous high set in 2022 by roughly $284 million and far outpacing the $432.8 million of 2025. One asterisk: RM Sotheby's sold a brand-new 2026 Ferrari Luce as a $40 million charity lot. Take that single car out and the week still lands around $718 million, comfortably a record.

The headline cars delivered. A 1964 Shelby Cobra Daytona Coupe sold for $42.9 million, a record for an American car at auction, and the 1996 McLaren F1 GTR made $34.7 million, a record for a British car.

The more telling number sits underneath. The number of cars sold and the share that found buyers were both roughly flat against last year. The record came from a deeper bench of seven- and eight-figure cars, not from a broader market.

A market running at two speeds

Modern supercars carried Monterey, accounting for more than half of all sales. Against Hagerty's condition-adjusted guide values, cars built from the 1980s onward sold at median premiums of 31 to 38 percent, while cars from the 1950s and 1960s were the only decades to finish below book. At RM Sotheby's, not one of the headline Ferraris that sold went under its low estimate. The F40, estimated at $4–5 million, made $8.37 million.

Hagerty's read was that the market is sorting itself between the cars collectors must have and everything else. We agree, and the “everything else” is where most enthusiasts actually buy and sell.

Where the value was

Across the four Monterey houses that keep their estimates public after the sale, 241 of 467 verifiable lots sold below their low estimate, and 148 of those cost under $150,000.

Our core segments were on that list. A 1997 Porsche 993 Carrera sold for $112,000 against a $125,000–$175,000 estimate, and a 1987 911 Turbo Flachbau Cabriolet made $126,500 against $225,000–$250,000. Youngtimer Mercedes followed the same pattern: a 1989 190E 2.5-16 Evolution I made $123,200 against a $130,000–$160,000 estimate. Sale prices include buyer's premium and estimates don't, so each of those gaps is understated.

From our own book

A few highlights from our quarter show where the enthusiast market is finding its footing.

A 1981 DeLorean DMC-12 with 31,405 miles found its buyer on Bring a Trailer at $57,925. Forty-five years on, the stainless-steel icon is well past novelty and firmly in collector territory.

A 1969 Alfa Romeo Duetto changed hands privately at $60,000. The Duetto is the car that made the Spider famous, and a well-kept example still finds a buyer who knows exactly what it is.

A 1991 Mercedes-Benz 300CE-24 coupe sold on Bring a Trailer for $47,650. The W124 coupe has quietly become one of the most sought-after youngtimer Mercedes, prized for its pillarless styling and the twin-cam 24-valve six.

What it means for our clients

Outside Monterey, the broader market remains flat. The Hagerty Market Rating slipped to 58.6 in July, inside the band Hagerty treats as a flat market. Global auction sales through June were up 32 percent year over year, while the number of cars sold rose only 8 percent. Appreciation at the top, not volume, is driving the growth.

For sellers: a record headline won't lift every car. Presentation, documentation and choosing the right venue decide the result.

For buyers: the fall is a window. With Monterey behind us and the next major auctions not until January, well-sorted enthusiast cars are trading on their merits rather than on the headlines.

Sources

Hagerty, “2026 Monterey Car Week Auctions Shatter Record with $756M in Sales” (Aug 18, 2026).

Motorious, “Monterey Car Week 2026 Auction Results” (Aug 18, 2026).

Magneto, “Monterey 2026 auctions deliver record prices and mixed fortunes” (Aug 21, 2026).

The Weekly Driver, “Monterey Car Week 2026 Auction Results: $755.6 Million.”

West Coast Shipping, “Monterey Car Week Is Misunderstood: 241 Lots Sold Below Estimate” (Sep 3, 2026).

Hagerty, “Monthly Hagerty Market Report: July 2026.”

Hagerty, “Monthly Hagerty Market Report: June 2026” (Jul 30, 2026).

Heritage Gruppe sales: internal records (Q3 2026).