The classic car auction has become so popular over the years that it is now exclusively a social event in some areas or at least merits around the clock televising on the Speed Channel. Part and parcel to this is the sheer value of the vehicles being sold. The idea that cars would sell in the millions of dollars has not been laughable for the last 20 years. In this article, we take a look at the new threshold – the ten million or more dollar cars.
What is the value of a car? Well, it certainly is not the price of the parts and labor used to make it. When it comes to classic cars, the value seems to be driven by the brand, the history of the vehicle, the limited number produced and, of course, the condition of the vehicle. Tied together, many wealthy individuals now view these vehicles as investments akin to buying stock in a company or quality art pieces. They expect them to appraise over time.
The last 20 years have seen some amazing cars come up for auction. From Ferrari's to Shelby's to Bugatti's, the bidding has been hot and heavy. The "most paid for" award changed hands so many times that one had to begin to wonder whether bidders were pricing the car on its value or just a desire to be the top price out there! Well, the 1931 Bugatti Royale Kellner Coupe was the top dog for a very long time despite this effort with a winning bid of a staggering $ 9.7 million dollars.
Sooner or later, everyone knew the $ 10 million dollar barrier would have exceeded. It took a Ferrari to do it. In 2008, Chris Evans of the UK paid $ 10.9 million for a perfect 1961 Ferrari 250 GT SWB California Spyder smashing the Bugatti record by an unheard of $ 1.2 million. It took only one more year for that record to be smashed when a 1957 Ferrari 250 TR was sold at auction for $ 12.2 million. To this date, these two Ferrari's are the only cars in the $ 10 million or above category. Do not expect that to last for long!