We’ve talked a bit about the most expensive car, the 1962 Ferrari 250 GTO that sold at Bonhams for $34,650,000, but did you know that all collector car prices seem to be on the rise?
According to a recent article in Fortune, the classic car sales in 2014 have hit a record high, with $422.5 million in cars sold at Pebble Beach last week, alone. In comparison to last year’s Concours d’Elegance, sales increased a staggering 27%, which was already up 14% from 2012.
Sales are not only up at Pebble Beach. RM Auctions is also experiencing a drastic rise in sales, recently selling over $143 million worth of cars in just two days.
If you want to learn more about the Ferrari 250 GTO, check out this video that Forbes released about the car:
Do you think these rising prices will continue, or do you think they will level off soon? We love to see the market growing and expanding, and would love to speak with you about any new additions you have in your collection, as well as help you reevaluate current collector car insurance policies. Make sure your classics are well protected! Give Classic Auto a call at 888-901-1338.