In the past decade classic cars have been in so much demand that some saying they are an asset class all by themselves.
Whereas 10 years ago you could count on one hand the cars that sold for $1m in any given year, today is not uncommon to have 10-20 cars at one auction event achieve $1m or more. Many cars today achieve $10m.
These kind of figures were once reserved for the art world. But classic cars are now seen by many as ‘art’. Art might have an advantage that it is cross cultural and cross gender (not so with classic cars).
Classic car is a hobby still dominated by men.
However classic cars have other advantages. You can hear- touch – smell and use them. They satisfy almost all senses humans have. Furthermore some cars are so beautiful that some collectors really see them as pieces of art. They are like rolling sculptures.
Perhaps the best example of this is the Iconic Ferrari 250GT SWB (steel car). This car is among the most collectible Ferrari on the planet- the perfect dual purpose road/race car. Prices of this car have gone from $4m only 5 years ago to $9-11m today. Why? It is a sculpture. The proof is the picture above. Stripped down completely naked – it still looks unbelievably beautiful.
When collectors refer to cars as pieces of art; presumably this picture is what they are referring too.
(Picture credit – Tim Scott Fluid Images/ DK Engineering)
