Classic car collectors step on the gas as prices rise
- 28th July 2022
- Press
- Posted by Ruth Vant
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Prices in classic-car markets are starting to look frothy
Stocks have had a rotten time of late. Collectables, on the other hand, have soldiered on. Sales results from the big three auction houses (Sotheby’s, Christie’s and Phillips) have thus far been robust. The same is true for classic-car auctions. Several cars fetched six-figure sums at Bonhams’s Goodwood Festival of Speed sale at the end of June.
Image: © Mercedes Benz
The auction house followed that at the start of July with its first sale at the Gstaad Palace hotel in the Swiss Alps in 14 years, successfully selling 89% of lots for a total of CHF7.5m (£6.4m). Top billing went to a rare 1991 Ferrari F40, which fetched just shy of CHF2m (£1.7m). Next month, RM Sotheby’s holds its annual Monterey sale in California. With a number of cars valued in the millions of dollars, including a 1924 Hispano-Suiza H6C Torpedo, with a chassis made from tulip wood and a high estimate of $12m, it will be a key test of market sentiment.
