Last Updated on 9/2/2007 by bidz

New money from Russia, Asia and India is helping to push prices for quality collectible cars to historic highs

News & Features August 30, 2007
by Keith Martin

“It’s been nearly 25 years since we’ve seen prices like this in the sports and exotic market. As nearly everyone knows by now, RM came within just $500,000 of setting the record for the most expensive car ever to sell at auction at their Maranello sale, where the 330 TRI/LM, s/n 0808, brought $9,281,250.

The previous high sale, long ago in 1987, was of a Bugatti Royale that brought $9,800,000.

…During the next six months, we predict that blue chip muscle will give up a little of its strength, perhaps 10%, but with continued demand for top-rated, documented cars. Lesser cars and fakes, which are already proving to be a difficult sale, will become even tougher to find buyers for. Part of the reason for this market adjustment is there is simply no overseas interest in American muscle; while the continued growth in global wealth may increase pressure on European exotics, it has no discernible effect on American cars.”

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