There’s a big reason to keep an eye on Monterey, Calif. this weekend: the classic car auction is expected to clear the $325 million mark.
Hagerty Insurance is predicting the figure, which would represent an increase of over 22 percent compared to last year. Bidders in 2012 set a record by spending $265 million.
“Our Hagerty Blue Chip Index tracks the sales trends for the rarest and most sought after classic cars. The trends are up 51 percent over the past 36 months, and the upcoming auction sales will demonstrate the growing strength of this market,” Hagerty president and CEO McKeel Hagerty said.
Especially strong interest in classic cars could have something to do with the fact that this year marks several significant anniversaries in the automotive world. Aston Martin is celebrating its 100th anniversary while the Porsche 911 marks its 50th birthday this year. The Chevrolet Corvette turns 60 and enters its seventh generation for the 2014 model year as well.
Among the notable cars listed for auction this year, there will be a 1967 Ferrari 275 GTB/4*S N.A.R.T. Spider by Scaglietti (pictured) slated to sell for as much as $17 million. By comparison, a 1958 Lister-Jaguar “Knobbly” prototype expected to sell for between $2.5 and $3 million almost seems cheap.
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Images courtesy of RM Auctions