2009 A Year of New Classic Car Auction Records
Well 2009 was certainly an exciting year for classic car auto auctions. An original 1965 Shelby Cobra Daytona Coupe became the most expensive American car ever sold at auction when it fetched $7.25 million at the Mecum auction held in Monterey California in August. This was the car that Shelby built to beat Ferrari, and it was a success.
Also, a Bugatti Type 57 Atlantic that had been sitting in a garage for over 40 years brought $4.4 million at Bonhams' Retromobile show and auction in Paris France in February. In May the pontoon fendered 1957 Ferrari Testa Rossa became the most expensive car in the world when it sold for 9,020,000 euros, or $12,193,242.
Auto restoration, "Pimping" and "Overhaulin" is now pretty mainstream, and can regularly be seen on a number of television shows. Classic car auctions are also regularly shown on TV. But despite all of the buzz that we've been getting about classic car restoring and auctions sales, the state of the current economy is a factor in the current market.
Sure $12 million is a whole heck of a lot of money to plunk down on a car, even the most rare of Ferraris, but I think it is chump changed compared to the numbers we'd be seeing if the economy was strong. I think the evidence lies in what in my opinion is the most beautiful Ferrari ever made, the 250 GTO which privately sold for around $10.8 million many years ago.
If and when a Ferrari GTO comes to the auction market, I believe it will shatter all previous records. The problem is that the people who own these great cars, hold on to them forever! Let's say you own a rare Ferrari, Mercedes Gull Wing, Duesenburg, or Bugatti, and you bought it many years ago for what now would be considered a steal... why would you want to part with it?
Well maybe now since the world economy seems to be experiencing the recession that the US recently went through,perhaps some of these great cars that are hidden away in European collections might soon be up for sale. Odds are though that if you are wealthy enough to afford such fine cars, a little recession probably won't affect you very much.
It's good to see that some of these fine cars are at least being driven on the track as they were meant to be. In the TV show "GT Racer" Ferrari GTO's, Shelby Cobras, and Superlight E-Type Jaguars are hurled around the track by their owners competing in vintage races as they were decades ago. Just like the auctions, it makes fof exciting TV.
It will be interesting to see what next year brings in terms of classic car auction sales. Hopefully the US and global economy will continue to improve and we will see new records in 2010. In the meantime, if you can afford a new Honda or Cheby, then there is a classic car out there for you. Check out EBay or one of the many classic car auctions and invest in the car of your choice. It might just be better than keeping the money in the bank.
Source: 2009 A Year of New Classic Car Auction Records
Also, a Bugatti Type 57 Atlantic that had been sitting in a garage for over 40 years brought $4.4 million at Bonhams' Retromobile show and auction in Paris France in February. In May the pontoon fendered 1957 Ferrari Testa Rossa became the most expensive car in the world when it sold for 9,020,000 euros, or $12,193,242.
Auto restoration, "Pimping" and "Overhaulin" is now pretty mainstream, and can regularly be seen on a number of television shows. Classic car auctions are also regularly shown on TV. But despite all of the buzz that we've been getting about classic car restoring and auctions sales, the state of the current economy is a factor in the current market.
Sure $12 million is a whole heck of a lot of money to plunk down on a car, even the most rare of Ferraris, but I think it is chump changed compared to the numbers we'd be seeing if the economy was strong. I think the evidence lies in what in my opinion is the most beautiful Ferrari ever made, the 250 GTO which privately sold for around $10.8 million many years ago.
If and when a Ferrari GTO comes to the auction market, I believe it will shatter all previous records. The problem is that the people who own these great cars, hold on to them forever! Let's say you own a rare Ferrari, Mercedes Gull Wing, Duesenburg, or Bugatti, and you bought it many years ago for what now would be considered a steal... why would you want to part with it?
Well maybe now since the world economy seems to be experiencing the recession that the US recently went through,perhaps some of these great cars that are hidden away in European collections might soon be up for sale. Odds are though that if you are wealthy enough to afford such fine cars, a little recession probably won't affect you very much.
It's good to see that some of these fine cars are at least being driven on the track as they were meant to be. In the TV show "GT Racer" Ferrari GTO's, Shelby Cobras, and Superlight E-Type Jaguars are hurled around the track by their owners competing in vintage races as they were decades ago. Just like the auctions, it makes fof exciting TV.
It will be interesting to see what next year brings in terms of classic car auction sales. Hopefully the US and global economy will continue to improve and we will see new records in 2010. In the meantime, if you can afford a new Honda or Cheby, then there is a classic car out there for you. Check out EBay or one of the many classic car auctions and invest in the car of your choice. It might just be better than keeping the money in the bank.
Source: 2009 A Year of New Classic Car Auction Records
