The Soaring Price of Vintage Ferraris
Geege Schuman stashed this in Auto Erotica
In recent years, the wealth gap between America's top earners and the rest of the country has reached its widest point in three decades; as a result, demand for luxury goods has increased, and top-of-the-line, vintage “blue chip” cars have skyrocketed in value. The most lucrative and sought after of these cars have outperformed the S&P 500, NASDAQ, and gold. In the collectibles market, they are heads and shoulders above the competition:
Zachary Crockett, Priceonomics; Data via The Wealth Report
Basically expensive cars are just toys rich people use to get richer.
The wonder of discovery:
“When we discovered the extent of the collection we found ourselves overcome with emotion,” one of the auctioneers later said. “Probably much like...the first person for centuries to enter Tut’s tomb. It really was a case of waking up sleeping beauty."
Eventually, the 59 cars, in various states of disrepair, would go on to sell for a total of $28.5 million at auction. The crown jewel of these, a 1961 Ferrari 250 GT, demanded an astounding $18.5 million.
Is there a reason Ferrari commands more than everyone else combined?
Is it brand?
Is it supply?
Is the chassis made of gold?
actually lack of supply :-)
and racing history really drove them to prominence.
and the visceral sensations are amazing
I'm just wondering why no other car brand can do what they've done.
Racing history makes sense to me. Thanks Bill.
Long ago and far away, I spent 7 years wrenching - primarily on Ferraris. Generally they are well designed and the mechanicals are ridiculously reliable when they are regularly maintained.
Most Ferrari owners were pretty rabid fans of the brand. They had all the books, were club members, took very good care of their cars, and of course tracked all the racing. Most also drove their cars at track events.
I also wrenched on Lamborghinis - those owners were all about the bling and how flashy the cars made them look. They generally knew nothing about the history and took much less care of their cars. Lambo construction at that time was pitiful - no-one wanted to seriously drive them fast.
Ferrari has a pretty unique place - they've accomplished a ton while not producing very many cars ( frequently production runs are in the hundreds ).
It's a very unusual blend of accomplishment and scarcity that drives the demand.
Thanks for that perspective, Bill.
All the more interesting that this beloved brand is owned by the now tarnished VW brand.