TRAVERSE CITY, Mich., Sept. 19, 2013 /PRNewswire/ — New market data published by the Hagerty Price Guide shows that the most expensive and desirable cars in the collector vehicle hobby have reached unprecedented highs. Five of the price guide’s seven primary indices increased in value, and four of the indices established new high-water marks. The values of the three most expensive of these indices jumped by double-digit rates over the past four months:
“We continue to see strength at the top of the market,” said McKeel Hagerty, President and CEO of Hagerty. “But when examined from a global economic standpoint, it still is an issue of supply and demand. There’s a growing group of capable collectors chasing a limited supply of great cars.”
Two cars were sold publically over the summer for nearly $30 million each; prior to 2008, a public sale had never eclipsed $10 million. “Significant private transactions throughout the year and the auctions on the Monterey Peninsula in August crystallized what we have been observing for the past year,” Hagerty said. “When it comes to the rarest and best examples of top-tier collectibles, it’s clear we have not yet found the upper limit for values.”
Meanwhile, the affordable segments of the market exhibited much more modest growth, with the Hagerty Price Guide‘s “Affordable Classics” index increasing less than 1 percent and Post-war British Index nudging forward at 3 percent. Year over year, these market indicators have gained 4 percent and 10 percent, respectively.
Other notable market shifts as reported by the Hagerty Price Guide include:
Based in Traverse City, Michigan, Hagerty is the world’s leading insurance provider for classic vehicles and host to the largest network of classic car owners. Hagerty offers insurance for classic cars, trucks, motorcycles and motorcycle safety equipment, tractors, automotive tools and spare parts, and even “automobilia” (any historic or collectible item linked with motor vehicles). Hagerty also offers overseas shipping/touring insurance coverage, commercial and club liability coverage, provides online Valuation Tools, and publishes the Hagerty Price Guide, the premier price and value guide for post-war collectible automobiles. For more information, call (800) 922-4050 or visit www.hagerty.com or www.hagerty.com/valuationtools.