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Monterey classic car auctions kick off, and sales expectations are tepid
A general view at Pebble Beach Concours d’Elegance on August 18, 2024 in Monterey, California. Since 1950, the annual Pebble Beach Concours d’Elegance has hosted the world’s most beautiful and expensive collectable cars on the Competition Field along Carmel Bay.
Matt Jelonek | Getty Images News | Getty Images
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Up to $400 million worth of classic cars will roll across the auction block in Monterey and Pebble Beach this week, marking the biggest test of the year for the collectible car market and wealthy owners.
An estimated 1,140 classic cars will come up for sale at Monterey Car Week, the annual gathering of classic car collectors from around the world. The sales total is estimated to come in between $367 million and $409 million, according to Hagerty. The midpoint of that range, at $388 million, would mark the third year of declines in sales, and an 18% drop from the recent peak of $471 million in 2022.
The high end of the market is the weakest. The Monterey auctions – held by RM Sotheby’s, Gooding & Co., Mecum, Bonhams and others – have traditionally featured at least a half-dozen cars priced at $10 million or more. This year there’s only one – the fewest in over a decade. The average sale price has dropped to $473,000 this year from $477,000 last year.
“Pebble Beach is the annual health check on the market,” said Simon Kidston, a classic car advisor and dealer. “Everybody waits to see what happens at Pebble Beach before committing to a major decision the rest of the year.”
Like the art market and other types of collectibles, classic cars have been in slow decline since the pandemic rally in 2021 and 2022. Collectibles prices are down 2.7% over the past 12 months, according to the Knight Frank Luxury Investment Index. Classic car prices are down 0.2% overall – better than the 20% drop in the art market but not as strong as jewelry (up 2.5%) or coins (up 13%).
Classic car dealers and auctioneers blame global uncertainty, with wars in Ukraine and the Middle East, along with weakness in China. Higher interest rates are also a factor, raising the opportunity cost of buying a classic car, since risk-free cash still earns over 4% or more. Some also point to a surging stock market for the past three years, which makes collectibles relatively less attractive.
Yet experts say the biggest reason for the classic car slowdown is a generational shift. Baby boomers, who have powered the classic car market for decades, are aging out or downsizing. The new generation of millennials and Gen Zers, who are coming into wealth and collecting, want newer and fewer collectible cars. The shift is expected to accelerate as an estimated $100 trillion is passed from older to younger generations, giving fuel to the new breed of collector.
“It’s a big rotation,” said McKeel Hagerty, CEO of Hagerty, the classic car insurance, auction and events company. “Some of the older-guard collectors are framing it, ‘The market is soft at the top end.’ But here’s a lot of depth in this market. It’s just rotating to younger buyers and newer cars.”
That rotation has left the market for 1950s and 1960s cars with oversupply and falling prices. Many baby boomers are trying to clear their garages and sell, while others are passing their cars on to their kids, who often don’t share the same passion.
Gooding & Co. is selling three Ferrari 250 GT California Spiders this week, including the most expensive lot of the week, a 1961 250 GT SWB California Spider with an alloy body and original hardtop estimated at over $20 million. “Cal Spiders,” as they’re known, were made famous in the movie “Ferris Bueller’s Day Off,” have long been a rare and special sighting at auctions. Seeing three at the same auction series is highly unusual.
Kidston said the alloy body Cal Spider would have likely fetched $25 million to $30 million a few years ago.
“It’s one of the great road cars of all time,” he said. “It has intrinsic value, with provenance, sophistication, beauty and usability.”
Prices and demand for many cars that are over 50 years old are down as much as 20% to 30% from the peaks, dealers and brokers say.
“It’s just the question of what clears the market, and can their egos handle it,” Hagerty said. “If it’s an $18 million car, and it becomes a $13 million car, it’s still a multimillion-dollar car, which is pretty amazing.”
Hagerty said that falling prices have driven more sales to the private market, directly between buyer and seller, rather than to the auctions. Sellers with prominent cars don’t want their discounted sales prices to be public, so they opt to sell privately.
“That way nobody has to feel embarrassed,” Hagerty said. “We’re seeing a surprisingly large amount of private sales. Sometimes a car will hit the market and sell in a couple of hours and close by the end of the day.”
At the same time, auctions of newer super cars are skyrocketing. Millennials and Gen Zers are bidding up prices for rare cars from the 1980s, 1990s and 2000s. They also prefer cars that are more affordable and practical. Rather than keeping a $10 million 1962 Ferrari 250 GT SWB Berlinetta locked up in a private Garage Mahal, the new breed wants post-1980s Porsches, BMWs and later-model Ferraris they can enjoy every day and not have to constantly repair.
Along with affordable exotics, young collectors are also paying up for supercars, especially rare and highly specific Paganis, Bugattis and Rufs, the boutique German builder. A 1989 Ruf CTR “Yellowbird” sold in March for a record $6 million at Gooding & Co. at the Amelia Island sales.
Two years ago, the average model year of the cars being sold at Pebble was 1964. This year it’s 1974, which still underestimates the bar-bell distribution of cars from the 1950s at one end and the 1980s and 1990s cars at the other.
Sales of modern supercars — defined as those from 1975 or later – will likely overtake sales of so-called “Enzo-era” Ferraris (made before 1988) at Monterey for the first time, according to Hagerty.
Some experts even worry that the modern supercar segment has become over-inflated and speculative. Like momentum trades in the stock market, which retail investors buy on the basic premise that someone else will buy it for more, modern supercars seem to be rising indiscriminately.
“If it’s all solely reduced to what is more saleable, then collecting becomes very superficial,” Kidston said. “I don’t believe collecting should be ruled by investing. You should keep an eye on the financial implications of what you buy. But it should not be the be-all and end-all. Otherwise it just becomes like bitcoin.”
Here are the top lots from Monterey Car Week, compiled by Hagerty:
1. 1961 Ferrari 250 GT SWB California Spider Competizione
Sold by Gooding & Co., estimated at more than $20 million
A 1961 Ferrari 250 GT SWB California Spider Competizione
up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.
2. 1993 Ferrari F40 LM
Sold by RM Sotheby’s, estimated at $8.5 million to $9.5 million
A 1993 Ferrari F40 LM up for auction at Monterey Car Week.
Courtesy of RM Sotheby’s
3. (tied) 1973 Ferrari 365 GTB/4 Daytona Competizione
Sold by Gooding & Co., estimated at $8 million to $10 million
A 1973 Ferrari 365 GTB/4 Daytona Competizione up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.
3. (tied) 1961 Ferrari 250 GT SWB California Spider
Sold by Gooding & Co., estimated at $8 million to $10 million
A 1961 Ferrari 250 GT SWB California Spider up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.
4. 1957 Ferrari 250 GT LWB California Spider Prototipo
Sold by Gooding & Co., estimated at $7.5 million to $9 million
A 1957 Ferrari 250 GT LWB California Spider Prototipo up for auction at Monterey Car Week.
Mathieu Heurtault | Courtesy of Gooding & Co.
5. 2020 Bugatti Divo
Sold by Bonhams, estimated at $7 million to $9 million
A 2020 Bugatti Divo up for auction at Monterey Car Week.
Courtesy of Bonhams
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The Maharashtra government presented a budget that seeks to balance economic expansion with social welfare, while laying the groundwork for the state’s long-term economic goals
According to Fadnavis, the state’s revenue deficit has consistently remained below 1% of the GSDP.
Maharashtra CM and Finance Minister Devendra Fadnavis on Friday, March 6, presented the state budget for 2026-27 in the Assembly, announcing a series of measures spanning agriculture, infrastructure, industry, urban development, health, and social welfare. The Maharashtra Budget 2026, with a total outlay of Rs 7.69 lakh crore, lays out an ambitious roadmap to accelerate the state’s economic growth while expanding welfare schemes for farmers and women.
From farm loan waivers and incentives for timely repayments to large-scale infrastructure projects and plans to reshape urban development across the state, the budget outlines the government’s vision of building a progressive, sustainable and inclusive Maharashtra.
The Maharashtra government has also set a long-term goal of helping the state economy move toward becoming a one trillion-dollar economy in the coming years and a $5 trillion economy by 2047.
There were also emotional moments in the Maharashtra Assembly as Fadnavis began presenting the budget. Members raised slogans of “Ajit Dada Amar Rahe”, paying tribute to former state finance minister Ajit Pawar, who died in an air crash in January. Fadnavis announced that a memorial will be built for the late NCP leader.
Relief for farmers: Loan waiver and incentives
One of the most significant announcements in the Maharashtra budget was a farm loan waiver scheme aimed at easing financial pressure on farmers. Under the Punyashlok Ahilyadevi Holkar Shetkari Karjmafi Yojana, crop loans of up to Rs 2 lakh taken until September 30, 2025 will be waived for eligible farmers. The government also announced a Rs 50,000 incentive for farmers who regularly repay their crop loans on time.
Alongside financial relief, the government also unveiled plans to strengthen the agricultural sector through technology and sustainability. Natural farming will be promoted across 5 lakh hectares, while value chains for 10-15 crops will be strengthened to help farmers access global markets.
Artificial intelligence (AI) and digital platforms will be introduced in farming practices, and AI innovation centres will be set up at four agricultural universities to support research and technological advancement in agriculture.
Women’s welfare schemes to continue
The government confirmed that the Mukhyamantri Majhi Ladki Bahin Yojana, launched in 2024, will continue with adequate funding. Under the scheme, eligible women from economically weaker sections receive Rs 1,500 per month as financial assistance. The government also plans to expand initiatives aimed at creating more “Lakhpati Didis”, with a target of developing 25 lakh new women entrepreneurs in 2026-27.
Major push for education, startups and health
In the education sector, the state government proposed the development of a large EduCity in Navi Mumbai, which will house six international universities. In addition, eight to ten educational cities will be developed across Maharashtra.
To boost entrepreneurship, the government plans to nurture 1.25 lakh entrepreneurs and strengthen 50,000 startups over the next five years, strengthening the state’s innovation ecosystem.
In healthcare, a Maharashtra Institute of Public Health will be established in Nagpur. The Mahatma Phule Jan Arogya Yojana will also be expanded to cover more treatments and hospitals. The government also announced a Rs 4,500 crore rural disease detection programme, supported by the Asian Development Bank, which will focus on early screening for cancer, diabetes, and heart disease in rural areas.
Water, irrigation and rural development
The government announced plans for river-linking projects and measures to improve water availability across the state. By 2047, the aim is to ensure 55 litres of water per person per day in rural areas and 135 litres per person per day in urban areas.
In rural infrastructure, villages with populations of more than 1,000 people will be connected by concrete roads, improving connectivity and accessibility.
Mumbai and urban development roadmap
A significant part of the budget focused on the development of the Mumbai Metropolitan Region (MMR) and the broader urbanisation strategy for Maharashtra. With projections suggesting that 70% of the state’s population may live in urban areas in the coming decades, the government has proposed large-scale expansion and digitisation of civic services.
One of the most ambitious plans is the development of “Fourth Mumbai” or Mumbai 4.0 at Vadhavan in Palghar, which will function as a major logistics and warehousing hub. The government is also planning “Third Mumbai” (Mumbai 3.0) in the Atal Setu area, which is expected to become another major urban centre.
To prevent the formation of new slums in Mumbai, the government will introduce a “No New Slum Framework” using GIS technology, and this model may later be extended to other cities across Maharashtra. The Slum Rehabilitation Authority will prepare a plan to redevelop about 20 lakh slum houses and construct 10 lakh affordable homes under various housing schemes.
Transport and infrastructure expansion
Metro rail projects in Mumbai and Pune will continue, and the government plans to expand the metro network to 1,200 kilometres in the coming years. Progress on the Mumbai-Ahmedabad bullet train project was also highlighted. The government aims to complete work on three stations up to Thane and Talasari by 2027, with separate development plans for areas around Dadar, Thane, and Virar bullet train stations.
Additional expressways and transport corridors are also planned to strengthen connectivity across the state.
New growth hubs and industrial expansion
To boost industrial growth and employment, the government plans to establish 18 mega industrial hubs across the state. In addition, MSME centres will be set up in every district, which the government estimates could help generate up to 50 lakh jobs.
A major steel hub is proposed in Gadchiroli, expected to attract significant investment and strengthen the state’s industrial base. With support from NITI Aayog, the government also plans to develop separate growth hubs in Pune, Nashik, Nagpur, and Chhatrapati Sambhajinagar, following the development model being implemented in the Mumbai Metropolitan Region.
Another project under consideration is the creation of a world-class stadium and innovation hub on 130 acres in Taloja.
Green energy and sustainability push
The government aims to achieve 50% green energy by 2029 and 65% by 2035. The plan includes large-scale tree plantation drives and rooftop solar initiatives to promote sustainability.
Budget figures and fiscal targets
For the financial year 2026-27, the state budget estimates:
- Revenue receipts: Rs 6,16,099 crore
- Revenue expenditure: Rs 6,56,651 crore
- Revenue deficit: Rs 40,552 crore
The fiscal deficit is estimated at Rs 1,50,491 crore, and the government said it has kept the fiscal deficit below 3% of the Gross State Domestic Product (GSDP). According to Fadnavis, the state’s revenue deficit has consistently remained below 1% of the GSDP.
The government also aims to expand the Mumbai Metropolitan Region’s economy from the current $140 billion to $300 billion, positioning it as a major global economic hub.
Through a combination of welfare schemes, large-scale infrastructure investments, and ambitious urban development plans, the Fadnavis government has presented a budget that seeks to balance economic expansion with social welfare, while laying the groundwork for Maharashtra’s long-term economic ambitions.
Maharashtra, India, India
March 06, 2026, 18:29 IST
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Stock market today: Which are the top losers and gainers on March 6- check list – The Times of India
Benchmark equity indices Sensex and Nifty fell sharply on Friday, retreating by more than 1 per cent after a brief recovery in the previous session as escalating tensions in West Asia and surging crude oil prices weighed on investor sentiment.The 30-share BSE Sensex declined 1,097 points, or 1.37 per cent, to close at 78,918.90. During the session, it had plunged 1,203.72 points, or 1.50 per cent, to 78,812.18. The NSE Nifty dropped 315.45 points, or 1.27 per cent, to settle at 24,450.45.
Nifty50 top gainers
- Bharat Electronics (1.84%)
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BSE Sensex top losers
- ICICI Bank (-3.26%)
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- L&T (-2.21%)
The decline came as Brent crude, the global oil benchmark, jumped 2.53 per cent to $87.57 per barrel, raising concerns about inflation and macroeconomic stability.“Indian equity markets extended their decline following the prior session’s relief rally, as escalating US-Iran tensions disrupted key Middle Eastern oil and gas supplies, driving crude prices higher. A sustained rise in oil prices could weigh on investor sentiment and adversely affect India’s twin deficits, inflation trajectory, and the RBI’s monetary stance,” said Vinod Nair, Head of Research, Geojit Investments Ltd, PTI quoted.Elsewhere in Asia, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended higher.European markets, however, were trading in the red, while US markets ended lower on Thursday.Foreign Institutional Investors (FIIs) sold equities worth Rs 3,752.52 crore on Thursday, while Domestic Institutional Investors (DIIs) purchased stocks worth Rs 5,153.37 crore, according to exchange data.On Thursday, the Sensex had rebounded 899.71 points, or 1.14 per cent, to settle at 80,015.90, snapping its four-day losing streak. The Nifty had climbed 285.40 points, or 1.17 per cent, to close at 24,765.90, ending its three-day decline.
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Maharashtra’s Rs 7.69-Lakh-Crore Budget: Who Gains? Who Pays More?
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