Collecting
The Classic-Car Frenzy Is Over for Skittish Collectors
- Years of growth have left market over-saturated and pricey
- Lower-cost cars are booming as younger collectors pile in
Vehicles at the 2019 Pebble Beach Concours d’Elegance
Photographer: David Paul Morris/BloombergThe classic car market is coming to terms with a new reality, as years of climbing prices and spirited buying give way to a new era of more discriminating collectors wary of overpaying in unpredictable times.
Demand for cars costing more than $1 million collapsed at the 2019 Monterey Car Week in California last month, according to Hagerty, which compiles an index tracking collector-car prices. The sell-through ratio -- a gauge of the success of auctions -- slumped to 48% from 67% for these elite vehicles, while sales rates held up for cheaper models.