"It's less about profiting from these cars and more about showing off the beauty and power of these lovely automobiles. ... Our collectors want accolades, not dollars," Warner said.
Nostalgia also is important for those attending the event.
"Most like to buy a vehicle they first fell in love with as a young adult," Warner said."So for instance, I'm 70 years old, and so the Cadillac Eldorado is 'it' for me. Totally un-PC! Cars back then were lower, longer, wider and more extravagant."
But for those aficionados who love vintage cars and hope their investment will eventually turn a profit at some point, Hagerty Insurance compiles the largest database of post-war collectible automobiles and values in the world. Year-to-date, their data show the market for high-end cars has been soaring to new heights.
(Read more: My other Lamborghini is a yacht)
Dave Kinney, publisher of Hagerty Price Guide, picks two up-and-comer collectibles, the Acura NSX and Buick GNX—both offering name recognition and active owners—for long-term investment potential this year.
"I don't think this is a greater fool market waiting for the music to stop. But there are some slippery slopes ahead. Most important is not to bemoan the fact you didn't buy a 289 Cobra at $5,500. There's always another car out there," Kinney said.
And Hagerty CEO McKeel Hagerty, offers up another piece of advice for new collectors: "The important thing is to get out and put some miles on your car and have some fun!"
—By CNBC's Kerima Greene.