Classic cars were once again the top performing luxury asset on an annual basis, according to the latest figures from the Knight Frank Luxury Investment Index (KFLII).
While the overall value of KFLII increased by just 5% in the 12 months to the end of March 2016 – the lowest annual increase since the first quarter of 2010 – cars outperformed with a 17% surge.
Wine saw the second strongest growth, up 9%, with coins in third position, rising 6%. Art and furniture were the biggest losers, dropping by 5% and 6%, respectively.
Recent figures suggest that the classic car market has also decelerated over the shorter term, despite 2016 seeing the highest price, in sterling and euro terms, ever achieved by a car sold at auction.
Since the beginning of the year, the HAGI Top Index, which tracks the value of 50 of the world’s most desirable motor cars, has risen by just 1%.
However, that didn’t stop a gorgeous 1957 Ferrari 335 S Scaglietti, from setting a new record price of €32.1m (£24.7m) when it was auctioned in Paris by Artcurial at the Retromobile Salon 2016 event this February.
Ferraris dominate the rankings of that rarefied group of cars – only about 60 in total – that have sold for over the equivalent of £5m.
But you don’t need a prancing stallion on the bonnet to achieve eye-watering prices. At the same Artcurial sale, a rare Citroen 2 CV Sahara fetched almost €192,000, way over its high estimate of €90,000.
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Ferrari image courtesy of Artcurial Photographe