Auction sales during Monterey Car Week dropped by 3% from last year, with total sales across five major auction houses—RM Sotheby’s, Broad Arrow, Gooding & Company, Mecum, and Bonhams—falling to $391.6 million, down from $403 million in 2023, according to Hagerty. This marks a continuing decline following a 14% drop in 2022.

Out of 1,143 cars on the block, only 821 sold, resulting in a 72% sell-through rate. The average sale price slightly decreased to $476,965 from $477,866 last year. Experts suggest that while collectors remain financially confident, their tastes are shifting. The market is seeing an influx of cars from the 1950s and 1960s, which are struggling to sell, particularly among newer collectors from Generation X and millennials, who prefer models from the 1980s, 1990s, and 2000s.

Hagerty reported a mere 52% sell-through rate for pre-1981 cars priced at $1 million or more, compared to a stronger 73% for cars less than four years old. Hagerty’s Supercar Index, tracking sports cars from the 1980s to 2000s, has surged over 60% since 2019, while the Blue Chip Index of classic 1950s and 1960s models like Corvettes and Ferraris has dipped 3%.

Despite these trends, rare, high-value classics still command impressive prices. A 1960 Ferrari 250 GT SWB California Spider fetched $17 million at RM Sotheby’s, and a 1938 Alfa Romeo 8C 2900B Lungo Spider sold for $14 million at Gooding & Company.

The market is currently in a transitional phase, moving away from classics from the 1950s and 1960s toward more modern supercars, according to McKeel Hagerty, CEO of Hagerty. This shift, combined with rising interest rates, is causing buyers to reconsider their investments in classic cars.