The classic car market may slowing. But a wave of younger collectors are driving up the prices of recent model cars, upending the traditional market, according to a classic car expert.
Overall auction sales of classic cars in the first quarter fell 11 percent to $472 million compared with a year ago, according to Hagerty Group, the classic car insurance and valuation company.
The high end is hurting the most. Sales of cars priced at $1 million or more fell to $109 million from $143 million.
The main reason for the decline is fewer cars are being offered for sale. The total number of cars for sale at auction fell 12 percent, according to Hagerty.
McKeel Hagerty, CEO of Hagerty, said the top end of the market has "plateaued" after huge price surges in 2014 and 2015.