If you aren’t accustomed to fixing up and restoring classic and older cars from scratch, purchasing them from individuals or at auctions can come with a massive price tag. And even though restoring one of these beauties can save you tons of money in the end, there will always be those wealthy few who continue to buy classic cars by the dozen. We also know where they tend to purchase them from. The Barret Jackson Car Show, for instance, is just one of the many ways in which car collectors frequently add to their collections.
But with the price tag on the beauties, alongside a very specific niche of people who collect cars, the cars themselves have topped Knight Frank’s “The Wealth Report” as being a major luxury item within the Knight Frank Luxury Index.
For those who don’t know, the Knight Frank Luxury Index tracks performance measurements of ten “investments of passion.” In effect, the Report captures the relationship between markets and market performance, alongside wealth-spending behaviors. When it comes to cars, only those worth $100,000 or more are calculated into the Index’s equation.
With that in mind, four of the world’s most expensive cars were also sold within the last year. One of these four was a 1957 Ferrari 335 Sport, which sold for just over $35.3 million.
It was also noted that while classic cars, despite some setbacks over the last year, have pulled through to be an integral part of this list, wine is still the top performing luxury item, with nearly 98% of bottles sold at high-end auctions.
Unfortunately, classic cars might not be part of “The Wealth Report” for much longer. Even though the Index calculates global markets and spending, recent down towns in the European economy in particular forecast a negative impact on the classic and luxury car market.