$41,761,691 (£22,843,633) paid for Ferrari 250 GTO invites the " Bubble " question
$41,761,691 paid for Ferrari 250 GTO invites the " Bubble " question
Within an article written by Paul Hudson of The Telegraph, the question of whether the Classic Car Auction bubble is about to burst, or whether we are going to see continued and sustainable growth in Classic cars that we purchase and send to auction in the future.
In the article, he speaks to many experts in the field, including Edward Legge, the director of business development at Classic and Sports Finance. This company collects auction data from all of the leading auction houses in Europe and the United States, and Edward said of the market across the European Summer: “The bottom is not falling out of the market, although I think that it’s in the interest of the market to keep things sensible ".
Edward went on to say “ There is definitely a trend where the auction estimate is not being met. It could be down to a number of factors, but perhaps sellers have too high an expectation of their cars’ value due to the continued rise of values in general.
“Having said that, we expect to see another little spike in values when the market really starts to pick up again at the end of March and into April.”
Paul went on to speak to several other specialists in this booming market sector, and summised that due to the massive amount of interest in Classic Cars now, that prices would just continue toi rise, although some models may come back a bit with regard to growth, or indeed level out for a while.
He reiterated the point that the true Classics would just continue to see great rises as they have done for many years now.