More than $150 million in collectible cars set to be auctioned off

MONTEREY, Calif. - Over the next three days Mecum will be auctioning off 700 cars, so let the bidding begin.

"This is where the big guns come out. Primarily the exotics. We have about $150 to $170 million dollars' worth of cars just at this auction alone," said Mecum Consignment Director John Kraman.

Last year 44-million dollars' worth of cars were sold, this year they're expecting to cruise past that number. Prices paid then influence the global market.   

"Auctions are such important parts of the industries. In many ways we look to the auctions to see market trends, which are then reflected on private sales and private purchases in the industry. So auctions are a core part to the classic car industry," said Director of Marketing Dawn Antestenis.

For the past seven years, mecum has been a part of Monterey Car Week and as they see it, making dreams come true.

"For a lot of people this is a life's effort to try to obtain one of these cars. A lot of people grow up lusting exotic European cars, but when in there 20's, 30's and 40's it's difficult to afford those. So you reach a time in your life where I want to buy one. Those people come to this event, they are here," said Kraman.

And even if you're not in the market, it never hurts to look.

"It's great to have the opportunity to get up close to these cars. Whether you're a bidder or even just a fan of these cars it's great to have them placed so nicely and easy to enjoy," said Antestenis.

And what's not to enjoy when mixing million dollar cars with a million dollar scenery.

"I think that obviously cars are the stars this week, but Monterey is also a star. To see these cars in this environment, with the beaches and mountains it's so special. I've been to lots of shows and nothing really compares to Monterey Car Week," said Antestenis.

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