In 1977, a Ferrari owner had to choose between keeping his loud 1962 250 GTO or his complaining wife. Fast forward to 2018, where the same model sold for $48 million, setting a new record as the most expensive car ever sold at auction. Vintage cars have become a hot commodity, outpacing luxury rivals like wine and watches in value growth over the past decade.
Now, the classic car market is not just for collectors but also for investors seeking high returns and diversification from traditional assets. Italy’s Azimut is launching the world’s first “evergreen” fund dedicated to vintage vehicles, with a focus on unique historical cars worth over 1 million euros each. This move reflects a growing trend in the industry towards treating classic cars as a financial asset class.
Despite the hefty costs associated with maintaining and preserving these vehicles, investment funds managing car portfolios represent a lucrative business for automakers’ classic car divisions. As the classic car market continues to expand, fueled by an increasing number of wealthy individuals globally, the future looks bright for these relics of a bygone era.
The global shift towards electric vehicles may only enhance the appeal of classic cars as symbols of a nostalgic past. Ferraris remain the top choice for collectors, with an average auction value far surpassing other iconic brands like Mercedes-Benz and Porsche. The classic car community is evolving, attracting new enthusiasts who appreciate these timeless machines both for their beauty and their investment potential.
