If you are a classic car enthusiast, you may well be aware that the annual Monterey Car Auctions that took place this August in the USA is one of the most exclusive of such events. There were six major auction houses offering classic vehicles for sale including Bonhams, RM Sotheby’s and Gooding & Co with some cars being sold for in excess of $10 million each.
Whilst the final figure for the total amount generated is not yet available, the indication is that there has been a reduction in the value of sales from the various auctions in comparison to last year. In fact, this is the second year in succession that there has been a fall in the amount generated from the sale of classic cars at these auctions.
The figure so far generated from this August’s auctions is $344.9 million. Last year the figure was $396.8 million.
Apparently, the Monterey Car Auctions are a good indicator as to how classis car values are doing. For quite some time now, classic cars have been viewed as an excellent form of investment in comparison to the likes of stocks and shares. It will be interesting to see if this continues to be the case.
The top 5 sales at the above auctions were: –
1. 1955 Jaguar D-Type Roadster that was sold for $21,780,000.
2. 1939 Alfa Romeo 8C 2900B Lungo Spider that went for $19,800,000.
3. 1959 Ferrari 250 GT California LWB Alloy Spider that achieved a sale price of $18,150,000.
4. 1962 Shelby Cobra 260 Roadster that went for $13,750,000
5. 1960 Ferrari 250 GT SWB Competizione Coupe that fetched $13,500,000.
In fact, 5 of the classic cars that featured in the league table for the 10 top selling vehicles were Ferraris. Perhaps this is not surprising when you consider that a 1962 Ferrari 250 GTO Berlinetta was sold at auction in August 2014 for a world record price of $38,115,000.
If your classic car insurance is coming up for renewal then why not get in touch with a member of the knowledgeable team here at AIB Insurance on 02380 268 351 with a view to obtaining a competitive quotation.