Bloomberg's Hannah Elliott recaps the Monterey classic car auctions

In this week's edition of the ArtTactic Podcast, Hannah Elliott, staff writer at Bloomberg News covering the luxury sector, joins us to recap the Monterey classic car auctions, the biggest event of the year in the classic car market. First, Hannah tells us about the headline grabbing 1962 Ferrari 250 GTO that sold for $48.4 million, the highest price ever for a car at auction. Hannah shares the history of the car and why it set an auction record. Then, she sets the scene for us in Monterey, explaining how many auctions occurred and how many cars were sold. Next, Hannah describes the health of the classic car market following the auctions, including which brands outperformed and which ones experienced softening. Lastly, Hannah touches on if wealthy Asian individuals are penetrating the car market, like they are the art market, how car companies are levering the auction week to debut new cars, and if we are seeing some collectors who collect both art and classic cars.