CNBC Earnings13 Aug, 15:19cnbc.com

Monterey Car Week auctions could hit a record $500 million, with help from younger buyers

A new generation of millennials and Gen Zers is taking over the collecting market from baby boomers and bidding up modern supercars at Monterey Car Week.

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Shift of wealth from aging baby boomers to younger generations is lifting demand for modern supercars and driving auction prices higher.

Tailwind (4)

RM Sotheby'sknock-onAs a major auction house for collectible cars, benefits from higher transaction volumes and prices at Monterey Car Week.
Bonhamsknock-onOperates collectible car auctions and benefits from increased buyer participation and price appreciation.
FerrariRACEknock-onModern Ferrari supercars are a core segment of the younger collector market driving record Monterey auction prices.
Lamborghiniknock-onModern Lamborghini hypercars are primary targets for younger wealthy collectors at high-value auctions.

Sectors

Luxury automotive
Auction houses and automotive services

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