With Monterey Car Week in the rearview, the takeaways extend well beyond headline sales. The auction tents once again served as a barometer for the health of the high-end collector market, with results that will influence pricing, demand, and sentiment into the fall. From blue-chip exotics to prewar icons, what happened on the Peninsula will shape how buyers and consignors approach the next quarter.
Steven Posner, CEO of Putnam Leasing, has been navigating this landscape for more than four decades. His firm partners with all the major Monterey auction houses, helping qualified bidders structure acquisitions in real time—often with tax and cash-flow advantages that matter at the moment of decision. In his post-Monterey readout, Posner describes a resilient market and pragmatism from sellers that kept deals moving.
“I believe the market is still really strong,” Posner says. “Certain auction companies did better than others. Great cars still did all the money—but what surprised me was that there were a lot of good cars that fell below the estimate, and the consignors sold them anyway.” If estimates in some lanes ran ambitious, the willingness to meet the market became the week’s quiet theme. Trophy-grade examples—defined by provenance, condition, and correctness—continued to command peak results, while honest, usable cars often traded under estimate and still found new homes.
That tone of realism dovetails with the way sophisticated buyers are thinking about capital and tax treatment. “Depending on the state where the car is leased, sales tax can be paid monthly instead of all upfront at purchase,” Posner notes. “An automobile lease is, in my view, the cleanest write-off if you’re planning to deduct it on your taxes.” He adds a practical clarification about transactions at and after term: “If a customer goes to term and doesn’t buy the vehicle, and elects to sell it, the new buyer is exposed to paying the sales tax on whatever the purchase price is. And if a car is sold before the lease is up, the purchaser of the car is responsible for the sales tax, not the lessee.”
For collectors seeking liquidity without exiting a car altogether, Posner confirms that Putnam will consider sale-and-leaseback structures. “Depending on why the person needs the money to release their car, Putnam is interested in doing this kind of transaction,” he says. One important caveat follows: “Every time the title changes hands, sales taxes are due. That means the person must pay sales tax again on the vehicle.” For those reallocating capital to business or other investments, the timing and total carry should be evaluated alongside expected appreciation and use.
Looking ahead, Posner characterizes Monterey as the sport’s defining scoreboard. “Monterey Car Week is by far the Super Bowl of all automobile events worldwide,” he says. “Records seen on cars that sold will set the benchmark for other cars of that make and model—great or not.” In practical terms, expect sellers and dealers to anchor to this week’s comps, while buyers use the same tape to negotiate. With liquidity intact and motivation on both sides of the aisle, the next 90 days should see quality inventory transact at market-clearing numbers, even as estimates recalibrate.
Editor’s note: Tax treatment varies by state and individual circumstances. Consult your tax advisor to determine how leasing and any sale or sale-and-leaseback structure may apply to you.
Comments