In recent years, we’ve become accustomed to seeing the value of classic cars soar at an unrelenting pace. However, those days may be short-lived.
The Guardian reports that values of classic cars fell by 10.4 per cent in 2016 as multi-millionaires and billionaires shy away from investing in cars and opt for the likes of photographs and rare musical instruments.
London-based private bank Coutts reports that values of rare instruments soared by 16.4 per cent last year while art values dropped by 12 per cent. Stepping up in place of fine art are prized photographs with one showing visitors to the Art Institute of Chicago in 1990 selling for a staggering $777,080 at auction.
In analyzing classic car values, Coutts had a requirement that they needed to have sold for more than $500,000 and that each model must have been sold over 10 times at auction in order to ascertain an accurate timeline of prices. Of the top 10 vehicles that qualified, seven were Ferraris while the other three with the Mercedes-Benz 300 SL, Shelby Cobra 289 and Aston Martin DB5.
Although the market is changing, certain cars continue to fetch record-breaking prices at auction. In fact, an Aston Martin DBR1 became the most expensive British car ever sold after fetching $25.5 million last month.
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