Last year, total auctioned cars in North America exceeded for the first time the coveted $1 billion mark and for 2014 besides the early prize winner Ferraris, there will be a surge in BMW and Porsches.
And while the level should keep its pace, supreme price tags won’t last forever, as six- and seven figures will come not come only from the US, but from all over the world.
“The collector car market is now widely being talked about, which has plenty of people pulling out the ‘B’ word,” says McKeel Hagerty, the CEO of Hagerty Insurance. “But from our vantage point, we think a more likely development in 2014 is that prices in this segment will begin to relax rather than pop.”
The usual Ferrari/Jaguar selling combination is now increasingly wider, as the money is not just in the Americas now, but also coming from Europe, Latin America, and the East.
“North America still leads the way but there are quite a few people newly entering the market,” says David Gooding, the owner of Gooding & Co. “It’s becoming a generational thing—more people accept the automobile as an art form, and it’s seen as an asset class. There’s definitely a greater understanding and appreciation for special automobiles as a viable and important investment-grade area.”
Some prize winning Porsches, extremely rare BMWs will be up for grabs, and the exotic Europeans are not over – from Bugatti to Aston Martin models, they all have become increasingly appealing to buyers.
by Aurel Niculescu
) - Monday, February 24th, 2014 - filed under BMW
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