Classic cars were the true winners in a series of automobile auctions that took place in Arizona Friday and Saturday.
RM Auctions Managing Director Ian Kelleher said the sale of a 1959 Ferrari 250 GT long-wheelbase California Spider for $3.3 million dominated the trio of auctions where many cars sold for more than $1 million, The Arizona Republic reported.
“The classics are stronger than ever,” Kelleher said.
The Ferrari commanded the top price among all the vehicles sold at the auctions and newcomer Gooding & Co. took home the bragging rights for the profitable sale.
The company also parted with a 1932 Alfa Romeo 6C 1750 Gran Sport Spider for more than $1.5 million and a 1963 Ferrari 400 Superamerica Coupe for more than $1.3 million.
“We were thrilled by the exceptional turnout and results,” the auction site’s president, David Gooding, said.
The Republic said classic cars also were on the block at the Barrett-Jackson Collector Car Event, where a 1963 Chevrolet Corvette concept car, called the Rondine, sold for $1.6 million.
For a while there it was looking like Mopar had the 6 or 7 figure sale price cornered, but it’s good to see GM classic cars making their mark now. I personally can’t imagine who is paying this kind of money. They must have billions laying around for their classic car collection, and IN their old car collection.
The downside to this kind of buying is similar to the effect the real estate boom has had on the housing market. Though the classic cars that are selling for this kind of money are exceptional, it still creates a classic car feeding frenzy that ends up pricing the middle class old car enthusiast out of the market.
Maybe the silver lining in all this is that if this wave doesn’t die like every other trend, restoring classic cars will become a profitable business again.
Comment by Carl King — January 21, 2008 @ 8:36 pm
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Comment by Mehul Brahmbhatt — February 6, 2008 @ 10:37 am