Monterey Car Week 2024 Wash-Up

Monterey Car Week remains one of the most useful annual indicators of sentiment in the collectible-car market, bringing together enthusiasts, specialists, auction houses and buyers across a concentrated programme of events and sales. Its importance extends beyond the atmosphere of the week itself: auction results provide a snapshot of which parts of the market are attracting conviction and where expectations may be running ahead of demand.

The 2024 results suggested a market that had become more selective rather than broadly weak. Across five major auctions, total sales reached USD$391 million, down 3% from 2023, while 821 of 1,143 lots sold at or shortly after the hammer. That represented a 72% closure rate, an improvement on the previous year's 69%, despite commentary describing the results as soft or disappointing.

The article presents this selectivity as an important change from the broad-based enthusiasm seen during the COVID-era market peak. Desirable cars could once achieve momentum almost irrespective of the individual example; by 2024, stronger results depended more heavily on research, provenance, specification and a clear understanding of market data. In that environment, buyers and sellers alike were required to approach each car with greater discipline.

One of the more encouraging trends was the relative strength of modern exotics, particularly vehicles valued above the million-dollar threshold. The movement was characterised as a retreat towards modern cars, with bidders appearing to redirect confidence towards newer, technically significant and increasingly scarce performance vehicles. This reflects a wider interest in late-production and last-of-the-line models whose appeal combines collectability with modern usability and engineering significance.

The week's broader backdrop was less certain, with inflation, economic pressure, political instability and geopolitical conflict contributing to a cautious purchasing environment. Against that context, the volume of transactions and the improved sell-through rate suggested that demand had not disappeared; it had simply become more considered.

The article concludes with the Ferrari F50 as its standout car of the week. Once regarded less favourably than some of its contemporaries, the model has gained renewed recognition and achieved a record result during the 2024 Monterey auctions. Its performance illustrates the central theme of the review: in a more discriminating market, carefully chosen modern-era exotics can continue to command strong attention.

• 2024 Monterey auction sales: USD$391 million
• Lots sold at or soon after the hammer: 821 of 1,143
• Reported sell-through rate: 72%
• Strongest identified segment: modern exotics, particularly vehicles above USD$1 million
• Highlighted car: Ferrari F50