Pair of Ferraris sell for over $1 Mil each
San Francisco, CA -- (SBWIRE) -- 01/30/2013 -- A $4.6 sale of TV's original Batmobile has grabbed headlines at the Scottsdale car auction over the weekend; however, the high price for Ferraris and other exotic automobiles were the real story to be told at the showcase.
A pair of Ferraris sold for over $8 million, while 23 cards sold for over $1 apiece in Scottsdale. That helped set an all-time record for sales for the Scottsdale showcase at $223.8 million. The total is $40 million more than the record from last year, and $60 million more than the pre-crisis peak of $163 million in 2007.
McKeel Hagerty, who is CEO of Hagerty company, which offers collectible-car insurance and price-trackers, stated that the auction and private-room transactions express how the collectible-car market is now roaring like never before. He noted that even pick-up trucks and broncos are selling for hundreds of thousands, such as a 1969 Ford Bronco that sold for $500,000 in Scottsdale.
"It's almost a little shocking," he said. "There has been this 30- to 40-year run-up. But barring any outside negatives, the future looks very bright for the market right now." He added "You see a lot of guys now making their money from fracking," he said.
Not every collectible was able to sell, of course. Nearly 17% of the cars failed to sell at Scottsdale in 2013, up slightly from the 15% seen in 2012. Hagerty stated that one of the “flatter” parts of the market had been the American Classics from the 40s and 50s.
Still, on average the sales price was just over $100,000 per car. The Ferraris lead the way as a pair of Ferrari 250 GT's topped all charts. Hagerty stated that due to the vintage racing Ferraris have full global appeal, with rich collectors vying for them on a consistent basis.
"It's a more globally balanced market now, where buyers can come from anywhere," he said.
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