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Hagerty Predicts 2015 Monterey Auctions Won't Top 2014's Record Sales

Motor Trend logo Motor Trend 8/12/2015 Jason Udy

Total sales for upcoming Monterey auctions this week are expected to reach $415 million, according to estimates from Hagerty. The classic car valuations and insurance company says those numbers are down from last year, where auction sales reached $428 million. This year’s estimate is still much higher than 2013’s total of $306 million in sales.

While there are no wild cards expected this year, Hagerty expects more cars selling for over $1 million including more cars from the 1980s and 1990s.

“We expect 2015 to be a solid year, perhaps even a more predictable year, for the Monterey auctions. There are more million-dollar cars but fewer wild-card sales that might dramatically swing the final results,” said McKeel Hagerty, CEO of Hagerty, in a release. “As we have reported with the Hagerty Market Ratings, the market is stabilizing. There are still buyers at every price level, and sellers are expected to set more realistic reserve prices than they have during the past six months.”

1962 Ferrari 250 GTO Berlinetta courtesy of Bonhams© Provided by MotorTrend 1962 Ferrari 250 GTO Berlinetta courtesy of Bonhams

Although a 1962 Ferrari GTO sold for $38 million last year, Hagerty doesn’t foresee any of this year’s models selling for more than $20 million. The total number of vehicles heading to auction is down 9 percent to 141 cars compared to last year, though predictions suggest about 14 percent more cars will sell for over $1 million.

This year, there is a 75-percent increase in cars from the 1980s, a 23-percent increase in cars from the 1990s, and an 11-percent increase in cars from the 2000s including 35 percent more Ferrari models, 9 percent more Porsche models, and 9 percent more Mercedes-Benz models.

Conversely, pre-war cars are down 37 percent compared to 2014. Cars from the 1950s are down 9 percent, while cars from the 1960s are down 17 percent and cars from the 1970s are down 13 percent.

Source: Hagerty

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