Hagerty expects rising sales at Monterey auctions

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The scene at Mecum's 'Daytime Auction' in 2017 on the Monterey Peninsula | Larry Edsall photo

Editor’s note: Follow all of the action and updates on our special Monterey Car Week page.

As Monterey Car Week 2018 unfolds, Hagerty, collector car insurance company and publisher of the Hagerty Price Guide, has issued its official predictions for the auctions taking place on the peninsula.

The company’s experts have crunched numbers and expect a 4 percent increase in auction sales compared with 2017 figures, with total sales this year expected to reach $342 million. Sales at the Monterey auctions in 2017 totaled nearly $331 million.

They also predict the first year-over-year increase since the all-time Monterey auction record was established in 2015.

Hagerty notes that there are five cars on offer with low estimated values of at least $10 million, which is one more than were offered in 2017. Hagerty also notes that the number of seven-figure cars has increased from 96 in 2017 to 102 this year.

The company notes that bidders are increasingly offering higher-than pre-sale estimates at American auctions in the past 12 months, and while sell-through rates at catalog auctions have improved by 2 percent this year, sales are down slightly.

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