“Nowadays, I’m not sure the wife would have won out,” he said.
Times have indeed changed. In 2018, the same Ferrari model became the most expensive car ever sold when it fetched $48 million at auction. Last year, that record was flattened by a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe that raced to ₹135 million ($149 million).
These kind of megadeals are at the vanguard of billions of dollars of annual spending on classic cars globally in a wave of investment in this alternative asset.
Vintage cars have risen 185% in value over the past decade, outstripping the growth of luxury rivals wine, watches and art, and ranking second only to rare whiskies, according to Knight Frank’s 2023 wealth report.
The market has expanded beyond a comparatively small community of collectors to include investors drawn by the prospect of high returns plus a lack of correlation with mainstream portfolio assets such as stocks and bonds.
“We’ve been monitoring the market for a long time,” said Giorgio Medda, CEO and global head of asset management at Italy’s Azimut. “The track record of the past 30 years tells us classic cars have become a financial asset class we want our clients to have in their portfolios.”
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