Reflecting on Car Week 2022

It has been a week or so since we returned from the pilgrimage over the pond to Pebble Beach, and it has given a bit of time for the results of the various auctions to really sink in. There were some significant highlights, some real star cars and, at a time when there is a fair amount of uncertainty around the world, a real feel that the classic and collectible car market is as buoyant as ever.

Sales set a new record for the week, reaching north of $470m, and around a 70 percent sell rate across the different activities. And, of the cars that grew significant attention, there seems to be an increasing demand for the more modern, analogue supercars. The Ferrari halo cars continue to hit new heights, with the 288 GTO, F40 and F50 all performing extremely well, while the value of the F512M seems to have also followed suit recently. But it is not just limited to Maranello’s finest, as cars such as the Carrera GT, EB110 and 959 - poster cars from the 1990s and early 2000s - appear to be ever more popular with a younger audience now in a position to turn bedroom wall dreams into a garage space reality.

Another analogue hero, and perhaps the ultimate poster car, the Lamboghini Countach, also continues to go from strength to strength over the auction block, with the Countach 5000s, prepared by DK Engineering, selling for in excess of $1 million.

The more classic end of the market continues to perform well, with a recent growth in the more interesting coachbuilt examples in increasing demand. Of particular note was another Prancing Horse, which arrived in California with high expectations. The stunning 1955 410 Sport Spider certainly didn’t disappoint, selling for just over $22 million.

Aside from the prices being achieved by the auction houses, one thing was very clear. There is still very much a market for live auctions, and people – be they collectors, investors, enthusiasts, the media, or the general public – really engage with the action. Prices were a clear reflection of that, and it was great to feels such an electric atmosphere during the week as the lots rolled across the auction blocks.

Little else comes close to Monterey Car Week in terms of sheer size and the spectacle that the Americans put on. It continues to grow in stature and significance, drawing the big crowds, the big lots, and the big money players. It was great to see so many friends, and now hoping that this could be a clear sign that things are getting back to a normal that all car enthusiasts have been waiting for.