A version of this article appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

Up to $400 million worth of classic cars will roll across the auction block in Monterey and Pebble Beach this week, marking the biggest test of the year for the collectible car market and wealthy owners.

An estimated 1,140 classic cars will come up for sale at Monterey Car Week, the annual gathering of classic car collectors from around the world. The sales total is estimated to come in between $367 million and $409 million, according to Hagerty. The midpoint of that range, at $388 million, would mark the third year of declines in sales, and an 18% drop from the recent peak

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