ANALYSIS: The Ultimate Guide To The Results of Monterey Car Week 2025

As Pebble Beach returns to its natural state as a golf course, as the masses head back to the airport and as the streets of Carmel no longer resemble a scene from a movie, it's time to look back on what we learnt from the auctions over Monterey Car Week 2025.

This post covers all the content we've produced from Monterey 2025, if you want to jump to a certain section, use the table of contents below to go right there.

Note: the analysis here focuses solely on the cars from Monterey, automobilia and bikes are excluded. Prices include premium. Estimate analysis does not include Mecum as no estimates are provided.

Table of Contents

Our Takeaways

Top 10 Most Expensive Cars

Cars That Flew

Cars That Flopped

Our Takeaways

1. Less is More: Supply Tightens as Prices Soar

A fascinating trend emerged from the Monterey sales this year: supply is clearly constraining. The total number of cars offered has steadily decreased from the 2023 peak, with 1,167 offered in 2023, 1,078 in 2024, and just 1,016 in 2025.

This tightening of supply (which is fairly consistent across all price points) makes the weekend's financial results even more impressive.

Despite fewer cars on offer, the auctions generated a massive $421.5 million in total sales, a significant increase over 2024's total of $356.9 million.

This combination of tightening supply and rising prices points to powerful upward momentum. The most telling statistic is the average sale price, which jumped to an incredible $564,229, compared to $478,382 last year.

Furthermore, the sell-through rate, which stood at 69% for both 2023 and 2024, climbed to 75% this year. While influenced by more no-reserve sales, this is a clear sign that buyers are willing to pay a premium for high-quality cars, and the competition for them is heating up.

2. Buyer and Seller Expectations Are Aligning

One of the surest signs of a stabilising market is when the gap between seller hopes and buyer reality begins to close.

The data from the Monterey auctions shows this is happening right now. In 2025, the median sale price was just 7% below the mid-point of the auction house's estimate. This is a huge improvement from 2024 and 2023, when that gap was a much wider 12% and 10% deficit, respectively.

Looking at the average tells a similar story: this year, cars sold for an average of just 5% below their estimate mid-point, compared to 8% below in the two prior years. This signals that auction houses and consignors are becoming more realistic with their valuations, and buyers are more willing to meet them there.

3. The High End Thrives, Led by an Auction Powerhouse

The strength of the Monterey sales was most evident at the very top of the market. The "seven-figure club" was booming, with an impressive 89 cars selling for over $1 million, up from 65 in 2024.

And, that love was spread around, it wasn't all Ferrari. In fact, it may surprise you to know that only 27 of the 89 cars to sell for over $1 million were from Maranello.

Leading the charge in this high-end arena was RM Sotheby's, which asserted its dominance over the weekend. The auction house sold over $163 million worth of cars, and more importantly, their average sale price was a staggering $1,276,733.

To put this dominance into perspective, that figure is more than double the next closest rival, Bonhams, which had an average sale price of $519,082.

4. A Split Market: The Generational Divide is Clear

Digging into the data by decade reveals a starkly divided market, with clear trends showing which eras performed well and which did not. For cars from the 1950s or prior, 60% failed to meet their lower estimate, and only 8% sold for more than their upper estimate. Compare that to cars offered from the 1960s onwards, where only 33% failed to meet their lower estimate and 25% surpassed their upper estimate.

The strength right now is clearly concentrated in more modern classics. The 1980s delivered a strong 83% sell-through rate. Meanwhile, the 1990s were exceptionally robust, with an incredible 36% of the 74 lots offered selling for more than their top estimate - a higher percentage than almost any other decade.

See our articles on the cars that flew and cars that flopped at Monterey 2025 to see examples of this come to life.

5. A Crucial Caveat: Monterey's Place in the Global Market

Monterey isn't the entire market, and the market isn't Monterey. It's a crucial distinction to make.

From a volume perspective, Monterey makes up about 1% of all auctions annually. From a value perspective, it's so skewed to the top end that it isn't reflective of the broader market as a whole.

Furthermore, the US market often operates at a different level than its neighbours across the Atlantic; prices achieved here may not be attainable in Europe.

However, that doesn't stop us from taking signals from the colossal events of last weekend.

After the market fell roughly 15% from its COVID-era peak, signs of stabilisation were needed, and Monterey delivered just that.

To summarise, here are the key headlines from the weekend's sales:

• A Stronger, Leaner Market: A decreasing supply of cars was met with higher total spending and a rising average sale price, signaling a healthy market with strong upward price pressure. Whether this plays out long term, time well tell.

• Growing Stability: The gap between estimates and sale prices has narrowed significantly, indicating that buyer and seller expectations are now more closely aligned.

• High-End Dominance: The seven-figure-plus segment of the market is booming, with RM Sotheby's leading as the dominant auction house for high-value cars.

• A Clear Generational Shift: Cars from the 1960s-onwards, particularly from the 80s and 90s, are dramatically outperforming pre-1960s vehicles.

The Top 10 Most Expensive Cars To Sell At Monterey 2025

10 - 1935 Mercedes-Benz 500 K Special Roadster by Sindelfingen

For $5,340,000, you could have taken home this stunning 1935 Mercedes-Benz 500 K Special Roadster. One of just seven like it, it was originally owned by a British Viscount before making its way to South Africa and then to the United States. In 1982, after a full restoration, it was crowned Best of Show at Pebble Beach. The car has been with its current owner for the last 37 years and still has its original "GB" lettering and a unique taillight from its time in the UK.

9 - 2017 Ferrari LaFerrari Aperta

Sold by RM Sotheby's for $6,715,000, this 2017 Ferrari LaFerrari Aperta is one of just 210 ever built. This particular car, finished in Nero Daytona, has been sparingly driven, with fewer than 2,300 miles on the clock. The car comes with both a carbon fibre hardtop and a canvas soft-top, and is covered by a Ferrari warranty until August 2027.

8 - 1957 Ferrari 250 LWB California Spider Prototipo

This is the prototype for the iconic Ferrari 250 GT California Spider. Selling with Gooding Christie's for a cool $9,465,000, this one-of-a-kind vehicle carries a rich history. It was delivered new to George Arents, a significant figure in Ferrari's American expansion, and even saw some success on the racetrack in its early days. As the prototype, it boasts unique features that set the stage for all the California Spiders that followed, including the covered headlights and bold hood scoop. After restoration, this car has been a showstopper, winning its class at prestigious events like the Pebble Beach Concours d'Elegance and the Amelia Island Concours d'Elegance.

7 - 1961 Ferrari 250 GT SWB California Spider

This 1961 Ferrari 250 GT SWB California Spider, sold by Gooding Christie's, fetched a price of $7,550,000. What makes this car special is its unique colour combination, believed to be the only one finished in a Hazelnut exterior with a Tobacco leather interior. Its history is just as colourful, having been owned by the famous Italian rock 'n' roll singer and actor, "Little Tony." The car even had a movie career of its own, appearing in several Italian films of the 1960s, including one where it raced a Lamborghini Miura. It's Classiche certified, confirming it still has its original chassis, body, and drivetrain.

6 - 1973 Ferrari 365 GTB/4 Daytona Competizione

This 1973 Ferrari 365 GTB/4 Daytona Competizione, one of only 15 official Competition Daytonas and just five Series III examples, was sold by Gooding Christie's for $8,145,000. It competed at Le Mans twice. Its most impressive finish was a 2nd overall and 1st in class at the 1979 24 Hours of Daytona. After a long and successful racing career, the car was meticulously restored to its original 1973 Le Mans configuration and has since been honoured with the Enzo Ferrari Trophy at Pebble Beach in 2024.

5 - 2020 Bugatti Divo

This 2020 Bugatti Divo, the first of its kind to be offered at a public auction, was sold by Bonhams for, naturally, a record-breaking $8,557,500. One of only 40 Divos ever made, this particular car has fewer than 800 miles on the odometer. It was even featured in the Petersen Museum's "Hypercars: The Allure of the Extreme" exhibit. While it shares the monstrous 1,500-horsepower W16 engine with the Bugatti Chiron, the Divo is a more track-focused machine, with a completely redesigned body for increased downforce and sharper handling.

4 - 1995 Ferrari F50

Crossing the block at RM Sotheby's, this 1995 Ferrari F50 pulled in a new world record at $9,245,000. This isn't just any F50; it was ordered new and owned for eight years by fashion icon Ralph Lauren. It's one of only two F50s built for the US market in the striking Giallo Modena yellow. With fewer than 5,400 miles on the clock, this car has been under the care of a single owner for the last 22 years and hasn't been seen in public since 2009. It's a true time capsule, complete with its original luggage, tool kit, and removable hardtop in its flight case.

3 - 1993 Ferrari F40 LM by Michelotto

This 1993 Ferrari F40 LM, a rare beast prepared by Michelotto, was hammered down at the RM Sotheby's auction for another world record figure of $11,005,000. It's the 14th of only 19 F40 LMs built and boasts the most powerful engine of the series, a monster that kicks out 760 horsepower. This car has a well-documented history, having spent its life with a few different owners in Europe before coming to the US. It's Classiche certified and recently won its class at the 2025 ModaMiami concours.

2 - 1961 Ferrari 250 SWB California Spider Competizione

This 1961 Ferrari 250 GT SWB California Spider Competizione was sold by Gooding & Company for a staggering $25,305,000. This car is one of only two with a lightweight aluminum body built to full race specifications. Originally bought by gentleman racer Ernst Lautenschlager, it has a rich history of racing and exhibitions. The car underwent a complete restoration 20 years ago. It retains all its original major components, including the chassis, body, engine, and gearbox, as certified by Ferrari Classiche. Another world record, in case you were unsure.

1 - 2025 Ferrari Daytona SP3

And finally, the number one spot goes to this truly unique 2025 Ferrari Daytona SP3, which sold at the RM Sotheby's auction for an incredible $26,000,000. This car, designated "599+1", is a one-of-a-kind creation from Ferrari's "Tailor Made" program, specially built for a charity auction with all proceeds benefiting The Ferrari Foundation. It features a stunning two-tone exterior of exposed carbon fiber and Giallo Modena yellow, and for the first time ever on a Ferrari road car, the iconic brand logotype is incorporated into the livery. The interior is equally special, with fabric made from recycled tires and accents of checkered-flag carbon fibre. Frankly, a crazy result. I doubt we'll ever see an SP3 reach even half this price again.

Cars That Flew

These are the cars that smashed through their estimates and flew at Monterey Car Week 2025.

The list here contains those cars that exceeded their estimates based upon dollar value or the percentage by which they exceeded their estimate.

Impressively, all these cars as sold by RM Sotheby's. Indeed when we look at the data in terms of both dollar value above estimate and the percentage they exceeded estimate RM hold the top 8 spots in both categories.

5 - 1969 Volkswagen Beetle Limousine

This custom-built 1969 Volkswagen Beetle Limousine, a true one-of-a-kind creation, caused a huge surprise at the RM Sotheby's auction by more than doubling its high estimate. The car, which was estimated to sell for between $150,000 and $200,000, ultimately sold for an incredible $335,000. It cruised past its $175,000 mid-point estimate by $160,000 - a 91% increase. This unique limo was commissioned by the influential Porsche/VW distributor John von Neumann and was even featured in a national ad campaign as "The $35,000 Beetle." Stretched by 40 inches, it features a luxurious interior with a minibar, foldout jump seats, and an upgraded engine to handle the extra weight. It even has a rumored connection to Hollywood royalty, with notes suggesting it once chauffeured John Wayne to the Academy Awards.

4 - 1967 Alfa Romeo Giulia GT 1300 Junior

Proving that you don't need a multi-million dollar car to cause a stir, this 1967 Alfa Romeo Giulia GT 1300 Junior more than doubled its estimate at the RM Sotheby's auction. With a modest estimate of $25,000 - $35,000, the little Alfa raced to an impressive final price of $61,600. That's a huge leap of $31,600 over its $30,000 mid-point estimate, a jump of over 105%. This car has a cool history; it was modified by Alfa Romeo's racing division, Autodelta, back in the day and was actively raced in the US in the late 1980s. It's a great example of a classic Italian race car that clearly captured the hearts of bidders.

3 - 1991 Ferrari 512 TR

This 1992 Ferrari 512 TR didn't just fly past its estimate; it set a new public auction world record. The stunning Blu Sera Metallizzato car sold at the RM Sotheby's event for an astonishing $775,000, smashing the previous record of $582,500. This sale also blew its pre-sale estimate of $350,000 - $400,000 completely out of the water, exceeding the midpoint by $400,000 - a remarkable 107% increase. It's easy to see why it commanded such a price; a true time capsule, this is one of only two US-market 512 TRs in its colour. It was offered by its original owner with less than 7,810 miles and came complete with original documentation and a five-piece fitted luggage set still in its original boxes.

2 - 1995 Ferrari F50

Setting a new world record, this 1995 Ferrari F50, once owned by fashion mogul Ralph Lauren, absolutely demolished its pre-auction estimate. Offered by RM Sotheby's, the car sold for an incredible $9,245,000, soaring past its estimate of $6.5 million to $7.5 million. It blew through the $7 million mid-point by a staggering $2,245,000, which is a massive 32% increase. This wasn't just any F50; it's one of only two finished in the vibrant Giallo Modena for the US market and has been kept out of the public eye since 2009 by its owner of 22 years, making it a very special find for the new owner.

1 - 2025 Ferrari Daytona SP3

In an incredible act of generosity (and a bit of ego I'm sure), this one-of-a-kind 2025 Ferrari Daytona SP3, specially created for a charity auction, didn't just break its estimate - it obliterated it. With an estimate "in excess of $3.5m," RM Sotheby's hammered this car down for a jaw-dropping $26,000,000. That's a staggering $22,500,000 over the estimate, a mind-blowing 643% increase. All the proceeds from this "599+1" creation, with its unique exposed carbon fibre and Giallo Modena livery, are going to The Ferrari Foundation to support future educational initiatives. It's a car that not only looks spectacular but also does a world of good.

Cars That Flopped

There are two sides to every coin and there were also a number of cars that flopped. These are the cars that missed their lower estimate by the biggest margin.

5 - 1974 Honda Z600

This pocket-sized 1974 Honda Z600, a rare European-market model, didn't quite capture the bidders' attention at the Broad Arrow auction. With an estimate of $25,000 - $35,000, it sold for a modest $10,080. The little Honda missed its $30,000 mid-point estimate by $19,920, a significant 66% shortfall. This well-preserved Z600, finished in a vibrant Pop Orange, had been part of a German Honda dealership's collection for nearly 50 years and showed just over 25,000 miles on the clock. Despite its rarity and originality, it seems the market for these microcars was a bit softer than anticipated.

4 - 1957 Volkswagen General Purpose Buggy

This quirky 1957 Volkswagen "General Purpose" Buggy, a custom-built off-roader, struggled to find its footing at the Bonhams sale. With an estimate of $8,000 to $12,000, the gavel came down at a mere $2,912. This sale fell dramatically short of its $10,000 mid-point estimate by $7,088, a miss of over 70%. Built with a custom chassis and the clever use of portal axles from a VW Type 2 Van for extra ground clearance, this buggy is a true one-off creation. While it represents a fascinating piece of post-war off-roading history, it appears the market wasn't quite ready for this unique enthusiast's build.

3 - 1941 Packard 110 Station Wagon

This Packard Station Wagon came with hopes of selling for between $70,000 - $90,000. In reality, it misfired and only reached $22,400, 72% its low estimate and over $50,000 below that point.

2 - 1919 Bugatti Avio 8C

A true wildcard at the Bonhams auction, this 1919 Bugatti Avio 8C proved difficult for the market to value. With no previous auction sales to serve as a benchmark, the car carried a huge and uncertain estimate of $700,000 to $1,300,000. Ultimately, this unique piece of Bugatti history sold for $285,500. This result fell dramatically short of the estimate's $1,000,000 mid-point by $714,500, a miss of over 71%. The Avio 8C is a fascinating machine, built around a massive 14.7-liter, 8-cylinder aircraft engine that Ettore Bugatti designed during World War I. While its provenance is incredible, its singular nature made it a risky proposition for bidders, leading to a sale price well below expectations.

1 - 1970 Fiat 500 Giardiniera

This charming 1970 Fiat 500 Giardiniera, offered by Bonhams, struggled to meet expectations. With a pre-sale estimate of $30,000 - $40,000, it ultimately sold for just $7,840. This sale fell short of the $35,000 mid-point by a significant $27,160, representing a 78% miss. This, rather more practical version, of the classic Fiat 500, with its extended roof and flat loading floor, was recently repainted and reupholstered. Despite its driver-quality condition and unique rear-hinged 'suicide' doors, it seems buyers weren't quite ready to open their wallets for this little Italian utility car.

There we have it, the ultimate guide to the most important classic car week in the calendar. It took us over 13 hours to pull together this article so if you enjoyed it, please sign up to our newsletter here to be the first to receive these insights and more.

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Till next year...