In recent years the classic car market has gone into overdrive to the point where a classic Ferrari built between 1955 and 1965 is literally worth more than its weight in gold.
While vintage cars with a prancing horse on their hoods continue to command the highest premiums at public and private sales, trends and tastes are starting to change.
According to US-based classic car valuations and insurance company Hagerty, the market is starting to slow down, but that’s hardly surprising. In the US alone, a new record – $1.45 billion – for classic car spending was set over the course of 2015. And, $28,050,000 of that was spent on just one car, a 1956 Ferrari 290 MM Spider.
That made it the most expensive car to fall under the hammer this calendar year, and the entire top 10 for 2015 are also classic Ferraris, accounting for over 10% of all money paid for classics and collectables over the period.
The world is running out of Ferraris to sell, and as a new generation of car collector comes of age, a noticeable change is starting to occur.
1. Porsche 911s
2. Ferrari Testarossa
3. Ferrari 308 GTS
4. Lamborghini Diablo
5. Aston Martin DB9
Hagerty’s data, which is based on auctions, private sales as well as its own insurance policies, also shows that there has been a 17% increase in clients adding classics from the 1980s onwards to their existing policies while fewer than 3% have added additional cars built before 1980.