Big bucks in classic Ferraris
CLASSIC CARS: At auctions, classic Ferraris have topped the lists of most valuable cars because of the high investment growth.
LONDON, England - Recently in the UK's Financial Times a number of assets were analysed to see which gave the best growth over the previous 10 years.
A high-end New York residential property had increased in value by 72% but a similar property in Hong Kong had risen by 220%, a figure more in line with the performance of fine art, stamps and rare coins.
OLDER IS BETTER
None, however, come close to the 395% return on classic cars which, along with gold, continue to be the market with the best investment growth.
Classic Ferraris are leading the trend, in recent years regularly occupying the top slots in the list of 10 most valuable cars sold at auctions with two examples of the 250 Testa Rossa having been sold for the equivalent of more than R109-million, the second going under the hammer for a record R149-million.
This underlines a general trend with all classic Ferraris, evident from the value reached by a long-wheelbase 1959 250 GT Berlinetta sold in 2003 for R10.9million – and to a similar car sold in 2012 for R60.9-million, a more than four-fold increase.