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Pebble Beach exotic car auction breaks record

Pebble Beach exotic car auction breaks record

The annual auto auctions in Pebble Beach and Carmel roared into the record books with a total of $400 million in sales during Monterey car week. From Ferraris to Fords, the four-day total was a 28% increase over last year, according to Hagerty Insurance, which insures and tracks classic car values. The lavish auctions are hosted each year by companies like RM Auctions, Gooding & Co. and Bonhams. The auctions coincide with the annual Pebble Beach Concours d’Elegance on Sunday, which draws some of the wealthiest car fans in the world to the Monterey peninsula. Despite the record sales, a handful of high-profile classics -- with their headlines matching their price tags --...