HAGI classic car index up 5.4% in November after major Ferrari sales


2015-06-26 13:33:48


HAGI classic car index up 5.4% in November after major Ferrari sales

The HAGI classic car index is up 36% for the year - double its forecast

Ferrari values rocketed 13.3% in November, according to the HAGI F index, while theoverall index for classic cars was up 5.4%.

The significant rise in Ferrari's market value was boosted by the sale of a 1960 Ferrari 250 LM, which realised$14.3m at Sotheby's and RM's Art of the Automobile sale - a new world record for the model.

Ferrari 250 LM auctionThe auction of this Ferrari 250 LM in November set a new record for the model

It comes hot on the heels of the all time record for the marque,set at $52m for a Ferrari 250 GTO at a private sale in October.

The index is close to its July-August peak, with Ferrari experiencing a 50.4% gain throughout 2013.

The HAGI P index (representing Porsche) experienced growth of 0.6% last month.

Themarque is up 20.1% since January, a figurethat islikely toincrease significantly in 2014 with a number of major sales set to take place -including a series of competition models from theHarburg Collectionand a large presence at RM Auctions' Arizona sale in January.

The HAGI MBC index (Mercedes Benz) was down 4.7% following gains of 8.9% in October.

HAGI's overall classic car indexis up 36.0% in 2013- double the long term annual averages forecast. This exceptional growth can largely be attributed to the major Ferrari sales this year.

HAGI states that it views the current growth rates with caution, and urges investors to seek "experienced and independent advice" before entering the market.

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