The big difference between the market of today and that of the late 80s is leverage. Most classics are still being bought with cash. These owners can afford to sit on their "investment" (if that's how they see it) and watch the market go sideways or even downwards for a while. This could change but I don't see too many lenders queuing up to throw money recklessly at over exuberant speculators.

It's interesting to see how many cars are coming out of long term ownership at this year's Monterey auctions. Higher prices seem to be generating more supply which should in turn cool the market. Will be fascinating to see what happens.