Recent auctions have shown a softening in the market for blue chip vintage autos. It’s time to bargain hunt
BERNIE ECCLESTONE, THE FLAMBOYANT former owner of the Formula One racing franchise, has simple advice for those who want to make money in classic cars: “Buy cheap.”
Historically, that hasn’t been easy; big-ticket vintage cars such as Ferraris and Bentleys have surged in value over the past five years, in part because of an ultra loose monetary policy that’s encouraged speculators to look into niche asset classes. But this year the market shows signs of slipping. Lackluster demand was evident in June at an auction held at the Goodwood Festival of Speed, the annual celebration of chrome and Castrol held at a sprawling British estate.
A highlight of the weekend—which features races, gourmet food stands, and presentations by brands such as Aston Martin and Lamborghini—is a classic-car auction by Bonhams. This year the house faced a tough audience. Even the day’s top sale didn’t crack a million pounds, a barrier Bonhams used to cross easily. The crowd favorite was a 1962 Mercedes-Benz 300 SL Roadster, which went for £897,500 ($1.2 million). Bonhams sold another of the same model year in January 2016 for $1.5 million.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers
