Will the Manufacturers Know How to Learn from the Message That Arrived from Monterey?

Gold has traditionally been the universally recognised safe-haven asset. After the Monterey auctions – and we can say this without fear of contradiction – and after the first part of 2026 in Europe as well, it seems that collectible cars, contemporary or classic, are mounting a challenge to the crown of the precious metal. The thought that five auctions, over three days, turned over something in the region of 700 million dollars gives one pause.

It would be wrong, however, to read the strength of the 2026 market in purely speculative terms. There is no market without its ups and downs, and the car market carries variables that set it apart from all others: the era of each car, its characteristics, and the shifting desires for this model or that – driven by fashions destined to change over time – continually alter its equilibria. That every market brings its own uncertainties is well understood. As the brilliant Giovanni Agnelli once said, when he was president of the Fiat Group, on the subject of investments and risk: "investing in wine has one advantage – if the market turns bad, you can always drink it."