We recently uploaded to Topspeed.gr a Reported by for the big annual auction held in Paris by RM Sothebys. The theme of the auction held as part of Retromobile Week was, what else, the cars! We, we singled out 15 classic, rare cars which we thought would put a ceiling on prices and, in most cases, we fell in. Millions of euros changed hands and tycoons, collectors and "commoners" fought it out to see who would get the car they had their eye on.
Analysts internationally say that the next big thing in the global investment market are the collector cars. Plus, the billionaires, invest not only in gold, but also in classic four-wheelers which are expected to increase in value. The market for classics is taking a trajectory similar to that of the works of art before the bubble and the forgery scandals and literally becomes bargain of hundreds of millions euros around us.
The reason this market is going up is because many analysts are not ruling out a global financial crash and in substance, those who have ensure their money. The example of Cyprus with the haircut and the Directive on the bail in, i.e. to pay the customers of the banks, the depositors, any losses incurred by credit institutions, lead to a endless rumours of a deposit haircut, starting in Greece. So, all over Europe and here in Greece, the haves are trying to get rid of the cash, their money and turn it into something that will last, or will uploaded value. Art is something to be feared, gold for other reasons, the same, the car, is something more "everyday".
And more profitable, right? We're talking about cars that are currently being sold at outrageous amounts. At Paris, last week, a Alfa Romeo Tipo B of 1934 was sold for EUR 3,9 million. But, let's leave the pre-war cars which are very special. A Ferrari 365 GTB Daytona of 1973, sold for EUR 2.1 million, a Porsche 959 Sport of 1989 for 1.9 million. And there are dozens of similar examples. Think about it. Alfa Romeo Giulietta Spider of 1957 was sold for more money from a Mercedes SLS AMG Black Series.
Α! Among the cars sold in Paris was a Greek car! A familiar Greek! An Renault 5 Turbo Group B 1981 owned by the well-known racing driver Dimitris Manolopoulos. And, as you will you read on topspeed.gr, this racing one Monster which brought back memories of the golden age of Group B, was sold for 267,500 euros!
Sure, you should know where to invest. You can take, for example, a Gullwing, for somewhere 1 million euro. You can't expect it to raise the price, but at most to keep her. Let us give you an example of an investment and a Greek one at that: We uploaded to Topspeed.gr, in the category "Retro", a Mercedes 230 SL Pagoda 1965. This Benz sold for 70 thousand euro. Before 3 to 4 years, the value of the price was in the range of 30 to 40 thousand euro. The estimate is that in a four-year period, will move at around 100 thousand euros, has a logic and that's why we see someone who wants to invest his money going to such models. If, respectively, we observe the course of gold, over the years, we will see that it has fluctuated. Yes, I mean, it's up now, but it had taken a bit of a dip in the previous months. And, gold is the safest investment you can make for your money.
It is not of course all models so, of course, you might see in this market too, you might see a bubble, as was done with other, more "secure" ones (e.g. real estate). That is, you can see Ferrari Testarossa stay unsold or not catching prices. Or, if you say, "I'm going to invest in classic cars," they might show you other things instead of others. The price of Lancia Delta Integrale so to speak, is climbing at an incredible rate. And, the other guy hears that and buys a cannibalized, rusty Delta to invest and eventually finds itself to cries his money. Because he finds that it's a poorly maintained, sloppy conversion that simply can't be resold. So it needs caution, it needs inspection, it needs authenticity papers, it needs the right people. Do not listen Youngtimer and you take it with closed eyes, because they told you they were going to raise prices. They will, yes, apparently, but yours?
The field of classical music, because it is internationally attractive, has begun to cannibalized, in general. The classic car clubs, have a purpose. To protect the culture and the legacy of good old cars. That's why the owners of classic cars exempt from various obligations that the rest of us have, such as late traffic. So lately, we have been seeing more and more often, cars with historical plates, usually of no particular value, to they sulk every day for shopping and stuff.
Of course, there are restrictions for maintenance mileage, hours, days on the road. And that should that the clubs take a good look at it and the owners classic cars, because in the end it will turn them boomerang. That is, if the wise guy with the old car -we don't say a model so as not to have misunderstandings- who has classic plates and releases it as a daily car, involved in a serious car accident, the matter will get area. And it will come out every ignorant person, will say his long and short, the owners of classics and the clubs will be targeted, discredited. And they will pay for it, unjustly, with a change in their status. This is not unlikely for Greece, is it?
