I think there is one other factor with classics They just get older over time. Pretty soon, a "fresh" restoration becomes an "older" restoration. Mileage goes up getting closer and closer to a rebuild of the engine or suspension. Rubber oxidizes and leather shrinks. Mechanical gauges wear out. All of this in additional investment to a new buyer. At some point, the older car needs more work or major maintenance and the cars become more difficult to sell. Parts get more expensive and labor costs go up as fewer and fewer people are around to really deal with them. Father time is also a factor when trying to find a new owner to an older car and a "top dollar" car is no longer "top dollar".
I am 38 and a relatively young guy for,"Vintage" Ferrari stuff...... 5 years ago, I dealt with NO one, my age, that's interested in vintage cars.... Today, i get questions about vintage cars all the time.
Cars bought because of individual memories may fade in interest but there are cars of all ages that will always be cool. Fashions change, quality endures.
Taken from: http://www.anamera.com/en/editorial/article/news/important-high-end-collectable-classics-sold-during-the-last-weeks/index.html?no_cache=1&tx_ttnews%5BbackPid%5D=226&cHash=890765ffe3 Ferrari Ferrari 166 Inter Spyder Corsa s/n 012I - €1.010.000 (2012 May) Ferrari 166 MM Touring Barchetta s/n 0024M Ferrari 166 MM Touring Barchetta s/n 0064M Swaters to Clive Beecham (2012 July) Ferrari 275 S America Scaglietti Spyder s/n 0030MT stays in Germany Ferrari 166 MM Touring Barchetta s/n 0058M ~ $ 5.0mio Ferrari 195 Inter Touring Berlinetta s/n 0081S - $990,000 Ferrari 212 Export Vignale Cabriolet s/n 0106E - $1,870,000 Ferrari 340 America Touring Berlinetta s/n 0122A to UK Ferrari 340 America Vignale Spyder s/n 0196A ~€2,5mio Ferrari 340 America Vignale Spyder s/n 0140A - $2,53mio Ferrari 340 America Vignale Spyder s/n 0140A - $4,0mio (Mid West, US ... Fall 2011) Ferrari 225 S Tuboscocca Vignale Berlinetta s/n 0168ED - $880,000 Ferrari 225 S Tuboscocca Vignale Spyder s/n 0192ET - €2.520.000 (2012 May) Ferrari 212 Inter Touring Coupe s/n 0143E - $1,375,000 (2012 March) Ferrari 212 Inter Vignale Coupe s/n 0179EL Ferrari 340 Mexico Vignale Berlinetta s/n 0224AT - $4,290,000 Ferrari 340 Mexico Vignale Berlinetta s/n 0226/AT - $3,685,000 Ferrari 342 America Vignale Coupe Speciale s/n 0246AL - $632,500 (2012 January) Ferrari 212 Inter Vignale Coupe s/n 0267EU - $660,000 (Barn Find) Ferrari 212 Inter Vignale Coupe s/n 0289EU - $654,500 Ferrari 250 MM PF Berlinetta s/n 0310MM to UK Ferrari 166 MM/53 Vignale Spyder s/n 0314M (2012 March) Ferrari 375 America Vignale Coupe s/n 0327AL Ferrari 375 America Vignale Coupe s/n 0327AL - $1,980,000 Ferrari 375 America Vignale Coupe s/n 0337AL - $2,200,000 Ferrari 250 Europa Coupe by Pinin Farina s/n 0343EU - $1,017,500 (2013 January) Ferrari 250 Europa Coupe by Pinin Farina s/n 0349EU - €780.000 (very very original) (via Eberlein) Ferrari 340 MM Spider s/n 0350AM - $4,730,000 (2012 August) Ferrari 250 MM PF Berlinetta s/n 0352MM/0239EU to UK Ferrari 375 MM PF Spyder s/n 0370AM to Australia (2012 November) Ferrari 250 Europa GT Vignale Coupe s/n 0359GT Ferrari 375 MM PF Spyder s/n 0382AM to Austria ~ $ 6.5+mio Ferrari 250 Europa GT PF Coupe s/n 0391GT to NL Ferrari 250 Europa GT s/n 0405GT - $797,500 (2012 Janaury) Ferrari 375 MM PF Berlinetta s/n 0416AM - $4,6mio Ferrari 250 GT PF Berlinetta s/n 0429GT - $650,000 Ferrari 250 GT Coupe Speciale s/n 0465 GT - $1,430,000 (2012 March) Ferrari 250 GT Boano s/n 0447GT (all Kroymans, NL cars to Tom Price, USA) Ferrari 250 GT Boano Low-Roof Alloy Berlinetta s/n 0447GT - $660,000 Ferrari 500 Mondial PF Spyder s/n 0426MD - to USA Collector (2012 August) Ferrari 500 Mondial PF Berlinetta s/n 0452MD $1,56mio - to Swiss Collector Ferrari 750 Monza Spyder s/n 0462M incl. 3,5l engine - via Laurent Auxietre and Terry Price, will be auctioned in Monterey (2012 June) Ferrari 375 MM PF Coupe Speciale s/n 0490AM - €3.360.000 ($4.281mio) Ferrari 750 Monza Spyder s/n 0492M - $2,530,000 Ferrari 750 Monza Scaglietti Spyder s/n 0530M - to USA €2,0mio (~$2.6mio) (2012 September) Ferrari 750 Monza Scaglietti Spyder s/n 0534MD - to Japan €1,6mio Ferrari 500 Mondial Scaglietti Spyder s/n 0536MD - to German Collector Ferrari 250 GT Boano Coupe s/n 0533GT €?????? (2012 May or already 2011 December since entered in the MM with new owner's team, previous owner drove 0533GT in April in the Tour Auto) via Eberlien to Pohl Ferrari 250 GT Boano Coupe s/n 0543GT - $440,000 (2010 August) Ferrari 250 GT Boano Coupe s/n 0543GT Sold - €477,500 (2012 February) Ferrari 857 S Scaglietti Spyder s/n 0584M from Angelo Galeazzi to E. C. Brescia Ferrari 250 GT LWB Berlinetta "TdF" 14 louver s/n 0585GT - $6,710,000 (2012 August) Ferrari 857 S Scaglietti Spyder s/n 0588M from France to UK Ferrari 857 S Scaglietti Spyder s/n 0588M $6,270,000 (2012 August) 1955 Ferrari 410 S Berlinetta Scaglietti s/n 0594CM $8,250,000 (2012 August) Ferrari 860 Monza s/n 0604M - €4.4mio to UK Ferrari 250 GT Boano Coupe s/n 0605GT - $836,000 (2013 January) Ferrari 500 TR Scaglietti Spyder s/n 0610MDTR - ...., S (~3+mio SFr) Ferrari 290 MM Scaglietti Spyder s/n 0628 £10,0mio (2012/2013) to CH Ferrari 250 GT Boano Coupe s/n 0641GT - $605,000 Ferrari 250 GT Boano s/n 0661GT ~ €490,000 stays in Germany Ferrari 250 GT Coupé Ellena s/n 0861GT - £235,200 $378,000 (2012 October) Ferrari 410 Superamerica Scaglietti Coupe s/n 0671SA - $1,815,000 (2012 January) Ferrari 500 TRC Scaglietti Spyder s/n 0662MDTR - $4,510,000 (2012 August) Ferrari 500 TRC Scaglietti Spyder s/n 0670MDTR - €2.800.000 Ferrari 625 TRC Scaglietti Spyder s/n 0680MDTR - €5.040.000 (2012 May) Ferrari 250 TR s/n 0666TR - $16,390,000 Ferrari 250 TR s/n 0728TR - 24-25mio (Bardino, F to ...., USA) Ferrari 500 TRC s/n 0702MDTR to USA Ferrari 250 GT LWB Berlinetta 'TdF' s/n 0677GT - 11 mio (2012/2013) to CH Ferrari 250 GT LWB Berlinetta 'TdF' s/n 0763GT - 3,5 mio (2012 November) Ferrari 250 GT LWB California Spyder Prototype s/n 0769GT - $6,600,000 Ferrari 250 GT LWB Tour de France s/n 0773GT - €2,650,000 to UK Ferrari 250 GT S1 PF Cabriolet s/n 0829GT - re-bodied in period ... in the form of the Ferrari 250 GT California Spider to Austria Ferrari 250 GT LWB Tour de France s/n 0925GT - €2,352,000 ($3,191,664) Ferrari 250 GT LWB 'Tour de France' Berlinetta 1958 s/n 1039GT - £2,240,000 $3,608,000 €2,544,701 Ferrari 250 GT LWB Berlinetta "TdF" s/n 1321GT sold to Ch. Wegner was a NS at the Mecum August 10 2010, Monterey at a high bid of $3,5mio = €2,57mio Ferrari 250 GT PF Cabriolet Series I s/n 0979GT - $1,62mio Ferrari 250 GT LWB California Spyder s/n 1055GT - €2.650.000 (G to USA) Ferrari 250 GT LWB California Spider s/n 1073GT - $8,250,000 (2013 January) Ferrari 250 GT Coupe Speciale s/n 1187GT - $2,365,000 (2013 January) Ferrari 250 GT LWB California Spider s/n 1215GT - $3,355,000 Ferrari 250 GT LWB California Spyder s/n 1253GT - €2,072,000 ($2,811,704) Ferrari 250 GT LWB California Spyder avec hard-top d'usine s/n 1283GT €4,507,100 (2012 February) Ferrari 250 GT LWB California Spyder s/n 1307GT - €2.520.000 Ferrari 410 Superamerica Series II Coupe s/n 0715SA - $2,970,000 Ferrari 410 Superamerica Series III Coupe s/n 1323SA - $1,76mio Ferrari 250 GT LWB Berlinetta 'TdF' s/n 1335GT - £1,96mio $3,155 mio (2012 October) Ferrari 250 GT LWB California Spyder s/n 1489GT - $2,6mio Ferrari 250 GT LWB California Spyder s/n 1505GT - $3,905,000 (2012 January) Ferrari 250 GT LWB California Spyder Competizione s/n 1603GT - $7,2mio - €5,3mio Ferrari 250 GT PF Cabriolet Series II s/n 1755GT - $770,000 (2012 March) Ferrari 250 GT SWB Berlinetta Comp. s/n 1759GT (2012 Dec) purchased by DK Engineering Ferrari 250 GT SWB Berlinetta Comp. s/n 1811GT Ferrari 250 GT SWB Berlinetta Comp. s/n 1905GT - $8,140,000 (2013 January) Ferrari 250 GT SWB California Comp. Spyder s/n 2015GT to Germany ~$10mio Ferrari 250 GT SWB Berlinetta s/n 2009GT ~3.5mio Ferrari 250 GT SWB Berlinetta s/n 2119GT - will stay in the UK sold by DK Engineering (2012 Dec) Ferrari 250 GT SWB Berlinetta Competizione s/n 2209GT - $5,280,000 (original engine 2209GT offered by Andreas Birner) Ferrari 250 GT SWB Berlinetta s/n 2221GT to DK Ferrari 250 GT SWB Berlinetta s/n 2221GT will stay in the UK (2011 May) Ferrari 250 GT SWB Berlinetta s/n 2639GT - to US East Coast for $4.1mio (€2,9mio) (1 EUR = 1.37825 USD) Ferrari 250 GT SWB Berlinetta s/n 2269GT Ferrari 250 GT SWB California Spyder s/n 2377GT ~$7.0 (£4.6mio) via Joe Macari Ferrari 250 GT SWB Berlinetta s/n 2563GT to UK Ferrari 250 GT SWB Berlinetta s/n 2595GT to UK Ferrari 250 GTE 2+2 S1 s/n 2647GT - £101,180 Barnfind (2012 Spring) Ferrari 250 GT SWB Berlinetta Comp. s/n 2845GT - $6,1mio (€4,05mio) Ferrari 250 GT SWB California Spyder s/n 3119GT - $8,580,000 (2012 August) Ferrari 250 GTE 2+2 s/n 3177GT - $170,000 (2013 January) Ferrari 250 GTE 2+2 S2 s/n 3203GT - £82,140 €102,825 $131,462 "Garage find" (dismanteled) (2012 September) Ferrari 250 GT SWB Berlinetta s/n 3401GT - €2,632,000 ($3,571,624) Ferrari 250 GT SWB California Spyder s/n 3245GT - $8,4mio (~€6,5mio) from USA to UK (2012 February) (1 EUR = 1.29888 USD) Ferrari 400 Superamerica Cabriolet Pininfarina SWB s/n 3309SA - €2,800,000 ($3,799,600) Ferrari 250 GT SWB Berlinetta s/n 3367GT (2013 January) sold by DK Engineering Ferrari 250 GT SWB Berlinetta s/n 3487GT (2012 November) sold by DK Engineering Ferrari 250 GT PF Cabriolet SII s/n 3499GT - €846,012 (2013 February) Ferrari 250 GTO s/n 3505GT - $ 35.0mio (UK to USA) (2012, May) Ferrari 400 Superamerica Coupe s/n 3559SA - $2,090,000 Ferrari 250 GT SWB Berlinetta s/n 3605GT (2012 November) Ferrari 250 GTO s/n 3943GT - $ 26.0mio (Tom Price to Nearburg) Ferrari 400 Superamerica Coupe Aerodinamico s/n 3949SA - $2,365,000 (2012 August) Ferrari 400 Superamerica Coupe s/n 4059SA to Germany Ferrari 250 GTE s/n 4189GT - €195,832 "Barn find condition" (2012 August) Ferrari 250 GTO '62 converted to '64 s/n 4675GT - Chris Evans to JPS, CH (2012 ...) (~$25++,0 mio) (FC Certification) Ferrari 250 GTO s/n 4757GT (Kroymans to Price ... with many other Kroymans cars, which will later be sold in auctions) Ferrari 250 GT Lusso s/n 4393GT - $880,000 (2012 January) Ferrari 250 GT Lusso Berlinetta s/n 4627GT - $907,500 Ferrari 250 GTO s/n 4675GT '64 style ~ $19.0mio Ferrari 250 GTO s/n 5095GT ~ $32.0mio Jon Hunt to Carlos Hank (2012) Ferrari 250 GT Lusso Berlinetta s/n 5167GT - £487,200 Ferrari 250 GT Lusso Berlinetta s/n 5191GT - €504.000 Ferrari 250 GTO '64 s/n 5575GT - from Carlos Hank to Rob Walton (2012) Ferrari 250 GT Lusso s/n 5691GT - $605,000 Ferrari 250 GT Lusso Berlinetta s/n 5947GT - €750.400 (2012 May) Ferrari 500 Superfast s/n 5989SF - $935,000 Ferrari 500 Superfast s/n 6049SF - $814,000 Ferrari 500 Superfast s/n 6049SF - $1,100,000 (2012 January) Ferrari 250 LM s/n 5905 to Germany Ferrari 250 LM s/n 5907 - $10,0mio stays in Europe (2012 November) History Ferrari 250 LM s/n 6051 - $7,7mio stays in Europe (2012 July) History to Austria Ferrari 250 LM s/n 6105 to Switzerland (part exchange 0310MM and 2563GT) Ferrari 500 Superfast s/n 6659SF - £644,000 $1,037,167 €732,041 Ferrari 275 GTB s/n 06881 - $1,182,500 (2012 August) Ferrari 275 GTS (FCC) s/n 07293 £561,500 = €696,000 (2012 June) Ferrari 275 GTB s/n 07249 (2012 July) sold within days by Andreas Birner / Ferrari Eberlein Kassel Ferrari 275 GTB s/n 07637 - $946,000 (2012 August) Ferrari 275 GTB 6 Carb s/n 07871 Sold $1,244,500 (2012 June) Ferrari 275 GTS s/n 07885 - $770,000 (2012 January) Ferrari 275 GTB alloy long nose s/n 08053 - $1,430,000 Ferrari 275 GTB Alloy Long Nose s/n 08163 - $1,540,000 Ferrari 365 California s/n 08347 - $1,169,858 / £739,200 Ferrari 500 Superfast s/n 8565SF - $1,127,500 Ferrari 275 GTB s/n 08697 - $1,320,000 (2013 January) Ferrari 275 GTB Long Nose s/n 08955 - $1,001,000 Ferrari 275 GTB/C s/n 9057 - €2.5M Ferrari 330 GTC s/n 9091 - $313,500 Ferrari 275 GTB/4 Berlinetta s/n 09261 Ferrari 275 GTB/4 Berlinetta s/n 09337 - $1,650,000 Ferrari 275 GTB/4 Berlinetta alloy s/n 09501 - $1,265,000 Ferrari 330 GTC s/n 09503 - €418,000 (2013 February) Ferrari 275 GTB/4 Berlinetta s/n 09523 - $1,485,000 (2012 August) Ferrari 365 California Spider s/n 9631 - $880,000 Ferrari 275 GTB/4 'Speciale' by Carrozzeria Allegretti s/n 09813 - $1,485,000 (201 August) Ferrari 275 GTB/4 Berlinetta s/n 09925 ~€950.000 Ferrari 330 GTS s/n 9199 - $495,000 (2010 March) Ferrari 275 GTB/4 Berlinetta s/n 09721 - $1,100,000 (2012 March) Ferrari 365 California s/n 09849 to German Collector €1.0mio+ Ferrari 275 GTB/4 Berlinetta s/n 10051 - $1,485,000 Ferrari 275 GTB/4 s/n 10063 - $1,100,000 Ferrari 275 GTB/4 Berlinetta s/n 10869 - €850,000 sold in the opening hours of the Techno Classica to CH Ferrari 275 GTB/4 s/n 10147 - $1,155,000 Ferrari 275 GTS/4 N.A.R.T. Spyder s/n 11057 ~ $ 7.0mio Ferrari 330 GTS s/n 10189 - $627,000 (2010 March) Ferrari 275 GTB/4 s/n 10195 - $1,842,500 (2013 January) Ferrari 330 GTS s/n 10561 - $770,000 (2011 March) Ferrari 365 GTC Speciale s/n 10581 - $885,000 (2013 January) Ferrari 330 GTC s/n 10683 - $550,000 (2012 August) Ferrari 330 GTS s/n 11021 engine 9823 - $912,500 (2013 January) Ferrari 330 GTS s/n 11071 - €760,000 (2012 May) Ferrari 365 GTC s/n 12059 - $726,000 (2013 January) Ferrari 365 GTC s/n 12721 Ferrari 365 GTB/4 Daytona Berlinetta silver/black ~€320,000 Ferrari 365 GTB/4 Speciale s/n 12925 - Paris Show $1,87mio / €1,24mio Ferrari 365 GTB/4 Daytona s/n 13653 light band - £319,200 $514,000 (2012 October) Ferrari 365 GTB/4 Daytona Comp. SI alloy s/n 14437 ~$ 3.5mio Ferrari 365 GTB/4 Daytona Spyder s/n 14395 - 1,001,000 €760,100 (2012 March) Ferrari 365 GTB/4 Daytona Spyder s/n 14415 - €1,008,000 (2012 May) Ferrari 365 GTB/4 Daytona Spyder s/n 14543 - $990,000 Ferrari 365 GTB/4 Daytona s/n 14735 - $324,500 (2012 August) Ferrari 365 GTB/4 Daytona Spyder s/n 14857 - $1,050,000 (2012 August) Ferrari 365 GTB/4 Daytona s/n 15117 - $396,000 (2012 August) Ferrari 365 GTB/4 Daytona s/n 15173 - $384,500 (2013 January) Ferrari 365 GTB/4 Daytona Spyder s/n 15383 - $1,017,500 Ferrari 365 GTB/4 Daytona Spyder s/n 15417 - $1,210,000 (2012 March) Ferrari 365 GTB/4 Daytona s/n 16119 - €307,371 (2013 February) Ferrari 365 GTB/4 Daytona s/n 16221 - Sold $357,000 (2012 October) Ferrari 365 GTB/4 Daytona Spyder s/n 16223 - $1,025,000 Ferrari 365 GTB/4 Daytona s/n 16339 - $363,000 (2012 August) Ferrari 365 GTB/4 Daytona s/n 16539 - $376,750 (2012 March) Ferrari 365 GTB/4 Daytona s/n 16565 – $379,500 (2012 August) Ferrari 365 GTB/4 Daytona Comp. Conversion s/n 16717 to "Mr John of B" Ferrari 365 GTB/4 Daytona s/n 16767 - €285,000 to Germany Ferrari 365 GTB/4S Daytona Spyder - 1,017,500 Ferrari 365 GTB/4 Daytona Spyder s/n 16835 - $800,000 1973 Ferrari 365 GTS/4 Daytona Spider s/n 16987 - $1,320,000 Ferrari 365 GTB/4 Daytona s/n 16965 - $379,500 (2012 January) Ferrari 312 PB s/n 0886 to Guikas, GTC, F Ferrari 516 S s/n 1016 to Monteverde Ferrari 512 M s/n 1024 ~ $ 3.25mio to Yaeggi (2008 August) Ferrari 512 M s/n 1024 ~ $ 3.5mio to S. Read (2009) Ferrari 512 M s/n 1030 ~ € 3.6mio Ferrari 512 BB/LM s/n 26681 - $800,000 to Guikas, F Ferrari 512 BB/LM s/n 32131 ....., .. via Pracing Horse Farm Ron Spangler Ferrari 512 BB/LM s/n 34445 ....., .. via Todd Morici to Ferrer, F Ferrari 288 GTO sold in Germany ... to UK - €550,000 Ferrari 288 GTO s/n 52469 - $1,045,000 (2012 August) Ferrari 288 GTO s/n 54247 - $680,000 Ferrari F40 s/n 89441 650,000 (2012 August) 1998 Ferrari F1 F300 s/n 183 (T-car Irvine and Schmacher) - £400,000 $644,000 (2012 October) Ferrari F2002 F1 (ex-Barrichello) Ferrari F50 s/n 99999 - $742,500 Ferrari F50 s/n 104192 - $1,375,000 (2013 January) Ferrari Enzo s/n 131882 - $1,485mio (2013 January) Ferrari Enzo s/n 133923 - $1,320,000 (2013 January) Ferrari Enzo s/n 135872 - $1,540,000 (2012 August) Ferrari FXX Evoluzione s/n 142163 - $1,925,000 Ferrari FXX Evoluzione s/n 145766 - €1.338.400 (2012 May) Ferrari FXX Evoluzione s/n 146357 - $2,090,000
how about getting in touch with the times...when talking about serious money these days, 1 million in USD, relatively speaking is chump change, most have a mind set of values dating back to the Enzo era when 1 million USD represented a totally different value... which is clouding their perspective of what is being paid and what is being generated by those purchasing these cars...the loudest critisism of current pricing is coming from those that feel they have "arrived" when in reality they still are in the "cheap seats" of life...
to $300k Very strange mileage history for that price and in the past it was recorded as 23,000 miles but now only 12,369 - sounds fishy Also tired interior in pics. 1974 Ferrari 246 GTS Dino I wonder about this one and the change in mileage from the records
I though fellow FChatters might find this article from last weekend's Financial Times of interest.. Returns on property v high-end collectables - FT.com E
there is a source that says one starts to become wealthy when a net worth begins to go over 30 million... that coincides with the above article that collectors only commit only aboyt 4% of their net worth to collectibles... which puts a perspective on current price paid for Ferrari
Interesting. So, over the last ten years, fine art has appreciated 200%, collector cars 395%, and gold 435%. My question is, when it comes down to it, what percentage of collector car owners look at the cars mainly as investments? Also, are the number of sales (not selling prices) trending up with vintage ferraris?
Ofcourse nobody knows this exact number. But I would make large bet that this number, whatever it is, has increased over the past five years massively. My wild guess would be at least 30% of current buyers are buying classic cars as investments. For Ferrari buyers I would even increase that number to maybe 40%. Does that concern me? Not really. Because as fast at those buyers came, they will disappear when interest rates go back up and the market for classic cars normalises.
HNWI have aprox four percent of their portfolio in this market. Sounds like the market is more dependent on them than they are on the market.
That number is much too low in my opinion. I would guess that number is closer to 10% at a minimum. And how do you define HNWI? $30m? $50m? $100m?
All most interesting. I am a relatively recent owner of a UK '73 Dino GTS.....so may well have been a buyer At what I feel to have been a pretty full price by historic standards. Mine is a good, but not concourse standard car restored about 12 years ago. I reckon my situation is pretty common to many people who have bought in the last 12 months......which suggests to me that while the recent vertiginous climb in prices is a bit OTT, and a setback is possible, I doubt the market will crash and in the future, prices will rise a little ahead of inflation. Basically, although a first time buyer, I have followed the market for 10 years closely.....and before that just looked at the pictures and dreamed. I know what I paid and wish I had got the nerve to deal a few years back. Indeed, one reason to take the plunge was a little fear...if I didn't deal now, I might never get the nerve up if prices rose even further. While knowing I have paid a full price, I really have no intention of selling: I'm in my early 40s and this one isn't coming back onto the market. I rather suspect others who are buying feel the same way: we're now going to have a lot of fun with works of art that we can touch, feel, drive, listen too and it will be my executors who can work out what to do with when I'm 6 foot under. While low interest rates make lots of leverage possible, I suspect most of us buying are paying hard cash - I didn't buy this car to make money. While some wealth is short-term in nature and rather transient, over the past 20 years, a lot of people have made a lot of money working hard and doing legitimate things.....and many of us are now in our 40s and 50s and feeling comfortably enough off to start treating ourselves to some gloriously grown up toys we have deemed about owning for decades. So, on the basis they ain't making these cars any more, there is a finite supply out there and an increasing number of millionaires....the prices will steadily drift up. Even if only half our kids catch the classic car bug, and a few more find it for themselves when they occasionally look up from their video games, there just aren't going to enough pre 1975ish cars to go around. Demographics are a powerful force and very predictable for the next 20 years. And if the emerging market youth get into this sort of thing, then the supply will get even tighter. On a twenty year view (and as noted some of us think that way) If i looked at this as a simple financial equation (which i don't, despite doing that sort of thing for a living) i would be a buyer (particularly on any short term dips) of virtually every hard / real asset that was made in small numbers, be it art, wine, classic cars, sculpture, ceramics, stamps, 1930s shotguns etc etc etc. So, short-term froth, yes. Big crash - no (I wish, I would buy more). Long term appreciation, yes. Huge amount of fun.....absolutely!!!! Lastly - Dinos? Think the spike in prices is becuase my generation is a little scared of hairy arsed V12s. I want to have real fun in my mobile work for art.....and a Dino is so drive able in the modern world when compared to something like a Boxer...which I thought of buying briefly. In fact, it is more fun to drive in the UK than my 911 which in most situations is just way too fast. The only reason I don't drive my Dino more is the UK weather and the knowledge that the bills might get bigger than I'd like. I truly wish they were cheaper....just don't think that'll be the case. Ultimately, ask yourself, if prices fell back by 20-30%, would you be a buyer or a seller. If the former, then I rather doubt they will ever fall back that far.....and if I have to eat my words.....I might be a little embarrassed......but I'm sure I will be able to live with that as I hoover up what I think will be lots of cheap toys to play with for the next 30-40 years!
It's interesting that you bring up Demographics. What you say may apply for Dinos, but I suspect that at 60, I'm pretty much an average "Ferrari" era V12 owner. Unfortunately ( for me ), Demographics cuts both ways and in the developed world most countries are not replacing their aging populations. This means that there will probably be enough reductions of collections and "estate sales" to keep the market supplied!
Buying just any ''collector'' Ferrari as an investment is much like buying an un-signed Picasso Print . It’s numbered, but not signed. It is a Picasso, printed on the original plates, so it has merit but no appreciation of value or real respect in the community. It’s a Picasso and anyone can own one. You just need money. Like buying a quad headlight 330, you seem a collector at auction but you are wearing the wrong shoes to be taken seriously. A Picasso oil is the one to have, a colored drawing even good, a notebook drawing and down the scale all gets your status talkable as ‘’a collector’’. But the value of your numbered print doesn’t move up – you try to pump it, but it’s a novice purchase. Novice purchases don’t have substance. Some people are collectors, most be are not. Wealth has nothing to do with it – continuity of a collection is a rare thing. It takes style and experience, a great eye ( Fred Simeone) or good knowledgeable advice ( Bill Noon) , or big money and a car background ( Milles) . I remember viewing the Mulhouse collection of musical instruments, amazing, but we came to the self playing violin and then one of the brothers confessed, it was a fake. End of that collection and it’s creditability - its sold now, broken up at auction, flogged because they lost interest. Don Andrews, a close friend, had a great music box collection, really prime. Don was an insane Ferrari perfectionist with those music boxes. I remember, as many of you do, the sparkle in his eyes. When he so sadly died the collection was broken up in 3 weeks- a real pity. One big collector on the west coast has a Fab museum, sprinkled with fakes – gorillas like that are ego investors not collectors. A real collector is a custodian of these treasures ( Miles C) , they own the best historical cataloged cars and treasure the objects preservation from a historical view, condition and are excited about the object. That virus makes a collector important. Smoke and mirrors do not last, that is the real bubble. As the Ferrari market gather’s value and status of great collectors become hot topic, people with no qualifications will jump in. Big money, but cheap shoes. Thats where the bubble topic takes place. They jump in buying unsigned prints that give instant status, self importance – all that is bubble material. With the top Ferrari’s the list of important , preserved and worthy collector Ferraris is so very limited that the true value is yet to be defined correctly. The 1950’s and early 60’s Ferraris are qualified ‘’ works of art’’. One off’s are grossly undervalued. The rest are production prints, numbered but not signed. I see the important, one-offs and 1950’s Ferraris raging for the next decade as currency’s decline, Asian money seeks identity and inflation rolls into refining true security. With Ferrari’s there is a fun/reward/trophy part that has not been really valued yet. When that happens, prices will double again. Call it the double bubble but there is no reason for any burst ever to have to happen. There is just not enough great cars existing and a massive flow of new money changing hands ripe to buy Ferrari's as self rewards ( Nick Mason) - A vintage Ferrari has all the qualificiations of a true reward- end of (Rant) !
While I love my Ferrari, I'm just learning the vintage market, I certainly have had more success investing in gold over the past ten years. Now, if you truly believe that gold is going back to triple digits in the next five to ten years, then maybe for you this is the time to sell your car. While gold might correct slightly from it's current lofty position, there is nothing out there that demonstrates world economies are changing the inflation scenario and the "race to the bottom" in world currencies. I believe the Ferrari market might correct slightly, but for all the reasons already stated in this thread the trend will remain strongly positive.
