4/19/15, 8:37 PM
Ferraris Beaten by Ford Broncos, Jeep in
Car Auctions by Scott Reyburn
6:00 PM CDT April 30, 2013
A 1977 Jeep CJ-7. Jeeps went up in value 21% in 2012, from about
$12,700 in 2008 to $15,450. Source: Hagerty's Price Guide via
May 1 (Bloomberg) -- Vintage sports utility vehicles, SUVs, have become the latest growth area of the classiccar market.
As “blue chip” marques such as Ferrari and Aston Martin become more expensive, a new generation of buyers looks to underrated, affordable autos.
This niche field of collecting has grown 65 percent since 2008, according to a report by the Michigan-based
Hagerty Price Guide. The rate of increase is almost twice the 37 percent growth seen in the classic-car market as a whole during the same period, Hagerty said.
“If a truck is what you drive, buying a vintage one makes sense,” McKeel Hagerty, president and chief executive of Hagerty, said in an interview. “They’re cool, parts are readily available: It’s an inexpensive way to play in the car market.”
Classic cars, with their limited supply of investment-grade models, are proving to be one of the most resilient collecting markets. Auctions held by Gooding, RM, Barrett-Jackson, Bonhams and Russo & Steel in Arizona in http://www.bloomberg.com/news/articles/2013-04-30/ferraris-beaten-by-ford-broncos-jeep-in-car-auctions Page 1 of 3
Ferraris Beaten by Ford Broncos, Jeep in Car Auctions - Bloomberg Business
4/19/15, 8:37 PM
January generated $223.8 million with fees, $39.9 million higher than last year.
The value of 1960s and 1970s Ford Broncos increased 61 percent to $25,250 in 2012 from $15,700 in 2008, said Hagerty. Prices of Toyota FJ Land Cruisers rose 35 percent over the same period; Jeeps were up 21 percent.
“Broncos are attractive and their convertible models have a warm-weather appeal,” Hagerty said. “Also, their engines have a bit more pep than Jeep.”
According to Hagerty’s database, based on sales from more than 15 auction houses, the value of vintage SUVs has risen 31 percent in the last five years. The analysts’ “Blue Chip” index of the best collectible cars is at an all-time high of 240.9.
Hagerty’s “Rossa Corsa” Index of collectable Ferraris is also at an all-time high of 324.4 points after a 24 percent increase over the last 12 months.
Back in the mainstream classic market, RM Auctions Inc. raised more than $21.2 million with fees from its sale of 64 vehicles owned by the Texas-based collector Don Davis on April 27.
The most expensive of the cars accumulated by the founder of the Don Davis Auto Group was a dark blue 1967
Ferrari 330 GTS convertible. One of only 99 built, it underlined the demand for the Italian marque’s 1960s and
1970s road cars by selling for $1.9 million, an auction record for this particular model.
A “Best of Show” title from the Concorso Italiano at Monterey in California in 2011 helped push the bidding beyond the estimate of $1.2 to $1.5 million at hammer prices.
Other highlights from the Davis Collection included a 1973 Ferrari 365 GTB/4 Daytona Spider at $1.65 million and a 1955 Mercedes-Benz 300SL “Gullwing” at $1.2 million.
A blue diamond weighing 5.30 carats sold for 6.2 million pounds ($9.6 million), more than five times its lower estimate, at a jewelry auction in London on April 24.
The fancy deep-blue diamond, valued by Bonhams at 1 million pounds