2017 saw a number of auction sales that suggest classic cars are still a good investment.
Only a few years ago, car collectors were getting their fingers burnt at auction as classic cars just weren’t fetching the kind of money they once did. Some observers even predicted the bubble had burst, and that classic cars would never again be as good an investment.
But the vehicles that sold at auction in 2017 – and the prices they commanded – certainly dispute that claim. And not all the most expensive examples were as old as you might think.
Although we don’t know how much RM Sotheby’s estimated a 1956 Aston Martin DBR1 would bring at its Monterey auction, the US$22 550 000 it went for was quite a sum; the Aston was the most expensive vehicle sold at public auction in 2017.
Hot on the DBR1’s heels were a number of vehicles that brought between 14 and 18 million dollars each. These included a 1970 Porsche 917K (US$14 080 000), a 1966 Ferrari 275 GTB/C (US$14 520 000), and a Ferrari 250 GT LWB California Spider Competizione (US$17 990 000).
Sandwiched between the two Ferraris was a more modern 1995 McLaren F1 that saw the hammer come down at an impressive US$15 620 000 at Bonhams Quail Lodge auction.
But the most contemporary car to feature in the ten most expensive auction cars this year was even newer than the McLaren: a 2017 Ferrari LaFerrari Aperta that went for US$10 043 000. However, as that was a charity auction, whether the final selling price represents the true value of the car is open to some conjecture, especially as the estimate was a mere $3-4 million.
Though these cars sold for eyewatering amounts sums, only the LaFerrari brought in more than it was expected to do, with the majority going for prices right in the middle of their auction estimate ranges. – AFP Relaxnews