Auction Market Cools at Monterey Car Week Despite 1962 Ferrari 412 P Berlinetta Selling for $30 Million

“It’s chaotic,” says Stephen Serio, a high-end automotive broker, told the financial news service. “There’s a whole generation of things, even some great cars that have done well here before, which have just turned a corner, and I don’t know if they’re going to come back.”A weekend of tepid sales doesn’t come as a complete surprise, though. Classic cars have been one of the worst-performing assets of 2023, with values having dropped by seven percent through the first eight months of the year,.

Not all cars struggled at auction, though. Sales of pre-war vehicles, meaning those made before and during World War II, were one of the weekend highlights, according to Bloomberg. RM Sotheby’s sold a

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