IMO, a large part of the appeal of classics is that you know others have also read the book so there will be opportunities to quote from it and share the experience, perhaps for decades to come. In contrast, most recent best sellers disappear off the radar so quickly that the reader knows the opportunity to share them will be ephemeral. This if you can't enjoy the reading experience of a recent work all by yourself, without sharing it with others, then your only hope to share it socially is to join a book club that reads it.
For adult books maybe, but my child often chooses classic stories like those over piles of modern books that we also have. She doesn't know they're popular yet.