Record-breaking prices at Pebble Beach: From burnt-out Ferraris to million-dollar classics

The classic-car market showed signs of slowing at the recent Monterey Car Week, with total sales reaching $397 million, a 16% drop from last year's record total. Inflation, higher interest rates, and volatile financial markets are believed to be contributing factors. Classic cars have been among the worst-performing collectible assets this year, with values falling 7%. The rise of online auctions sites is also impacting live classic-car auctions. The sell-through rate at Monterey Car Week fell to 68%, and high-profile disappointments included a 1964 Ferrari 250 LM and a 1960 Ferrari California Spyder failing to sell at auction. The most expensive car sold was a 1967 Ferrari 412P for $30.25 million. Experts suggest that the market may be suffering from an oversupply of cars and uncertainty about the preferences of younger collectors.