The collector car market continues on its stratospheric rise with a new record set for the highest price ever paid for a car at auction, and it nearly doubled the old record. The 1954 Mercedes-Benz W196 once driven by one of the greatest drivers of all time, Juan Manuel Fangio, just sold for $29.6 million at Bonhams auction at the Goodwood Festival of Speed in England. It was a price that few expected and one that obliterates the old record of $16.4 million set by a 1957 Ferrari 250 Testa Rossa in 2011. While few could have predicted a sale of such magnitude, it should hardly be surprising given the onward march of collector car values in over the years.
That event was followed by record sales in Monterey, California that raised $301.9 million, the highest total for any series of classic car auctions. As a result, the London-based HAGI Top price index of the world’s most collectible autos advanced 9.3 percent in August alone. All of this adds up to great news if you are a car collector, or are considering joining the hobby. Experts have noted that with such volatility in traditional investments, many are flocking to collector cars and other hard assets because they are easily understood and have an inherent rarity that helps drive values higher. We here at Daniel Schmitt & Co. are experts at navigating the exciting and wonderful world of car collecting. We specialize in finding the right car for you, whether it be destined for a museum, or just a pleasant Sunday drive. Please contact us with any questions you may have about our collection of some of the rarest and most valuable cars available for sale anywhere.