AUCTIONEERS are reporting a surprising upturn in interest for classic cars.
Plummeting stock markets are the cause, says Coys of London. Spooked investors, who have seen share prices plummet, are scrambling for hard assets.
It’s high-value historic cars they’re pinpointing. Coys MD, Chris Routledge, said: ‘We are reporting very strong sales, $8.5 million since mid Sept.
‘It would appear that people would rather buy a historic car and put it in the garage, than brave the current highs and lows of the stock market.’
The auctioneer has the figures to support this. It sold a 1996 Ferrari F50 – the only right-hand drive example ever produced, and custom-made by Ferrari for the Sultan of Brunei – for £350,000.
A 1955 Mercedes-Benz 300SL Gullwing – a minter from a prestigious private collection assembled over many years – went for £385,000.
The last remaining original unrestored Aston Martin DB3S anywhere in the world sold for over £2m, and a Lancia Aurelia B24 Spyder – a very rare right-hooker, too, with one owner for the last 35 years – achieved £145,000.
Added Routledge: ‘These are just some of the cars that have been sold, and we are continuing to get enquiries from around the world: not just from traditional car collectors, but from those who want to get into something different.’
Expect more heady price announcements from Coys’ Spirit of Motoring auction, held at Ascot racecourse this weekend.