However, car collectors are starting to see that the market is improving.
In Scottsdale, AZ, the most recent classic car auction earned $260 million. The money was made from the sale of 3,486 cars.
The total sum actually increased from last year, where the auction earned $251 million.
The total sum of money from the auction this year was the second-highest total that Scottsdale has ever seen.
The results are a clear indication of the demand for collectible car market is once again growing.
Some of the auction companies present were Barrett-Jackson, Gooding and Company, and ROM Sotheby’s, all big names in the industry.
The auction sold 83 percent of the cars that were present. Although the average price for a car fell about $26,000 from last year, people were most interested in the most expensive cars available.
Hagerty CEO, McKeel Hagerty said, “The rarest and most exclusive cars continue to see strong interest.”
The cars under $100,000 were also being sold frequently, revealing that the market is appealing to younger buyers as well and that a new generation has developed an interest.
Celebrity cars were also up for sale including cars from famous popstar, Justin Bieber and famous boxer, Floyd Mayweather.
Bieber sold his blue Ferrari 458 Italia F1 edition for roughly $430,000. Mayweather did not manage to sell his 2011 Bugatti Veyron because of his asking price, $2.3 million.
The most expensive car sold went for $7.4 million and was a 1963 Jaguar E-Type Lightweight, sold by Bonhams.
Some other top sellers include a 1939 Mercedes-Benz 540K Special Roaster, a 1952 Ferrari 340 America Competizione Spider, a Mercedes-Benz Typ S Sports Tourer, and a Ferrari 365 GTS Spider.