Almost half a billion dollars in sales are expected by next week at Pebble Beach car auctions, according to estimates made by Hagerty's Insurance.

At least $450 million in classic cars will be auctioned off.

"Some of the most interesting cars in the world are going to find a new home," said McKeel Hagerty, founder and president of Hagerty Insurance, according to the Los Angeles Times.

Thousands of people flock to California to celebrate classic vehicles every year. The nearly week-long celebration wraps up on Aug. 17 with the yearly Pebble Beach Concours d'Elegance, considered to be the most prestigious classic car show in the world.

Companies like Santa Monica-based Gooding & Co., RM Auctions, Bonhams and Mecum all host auctions during the week.

In 2013, over $312 million worth of vehicles were sold at auctions.

This year is shaping up to be a memorable one for the Monterey auctions, as Hagerty's predicts a 44 percent increase in sales, according to the Times.

Around a dozen vehicles are expected to sell for eight figures or more, and some of the rarest and most expensive vehicles in world will also be available.

Most notably, the 1962 Ferrari 250 GTO, regarded by many as the holy grail of classic cars, will be up for auction. Bonhams is selling the vehicle at no minimum price.

The car could sell for as much as $60 million or $70 million, according to Hagerty's.

A GTO sold privately earlier this year for just over $50 million, according to the Times.

Other highly-anticipated vehicle includes the "Tre Posti" Ferrari 365 P Berlinetta Speciale that Gooding & Co. that could earn $25 million to $30 million, and a 1967 Ferrari 275 GTB/4 that was owned by Steve McQueen with a pre-sale estimate of $8 million to $10 million.

A 1995 McLaren F1 with a pre-sale estimate of $12 million to $14 million, a 1964 Ferrari 250 LM with a pre-sale estimate of $8 million to $10 million will also be available.

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