Tags: 100 | million | car | sold

$100 Million Car Could Be Sold by 2018 if Sales Keep Up

Friday, 13 Dec 2013 12:43 PM

By Ken Mandel

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The first $100 million car could be motoring down the interstate soon if rich car collectors keep spending like they did this year.

Sales of collectible cars at U.S. auctions are poised to exceed $1.2 billion in 2013, a 25 percent boost from 2012, according to Hagerty Insurance, the biggest collectible car insurer. The 2013 sum is an all-time high.

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Though the average price of a car sold remained a modest $61,000 — a 13 percent rise from $54,000 — vintage Ferraris, Mercedes, and Porsches regularly reach eight figures. In fact, this year's auctions saw the sale of four of the Top 5 most expensive collector cars.

The Hagerty's Ferrari index, which includes more than a dozen highly sought-after Ferraris, rose 18 percent in 2013.

"Supply and demand are still driving prices," Hagerty President and Chief Executive McKeel Hagerty told CNBC. "You have more millionaires being created, and a small number of these top-quality cars. It's also generational. The people who made large wealth are at a point in their lives when they want to collect these cars."

The most expensive car sold in 2013 was the 1954 Mercedes-Benz W196R race car, once driven by Juan Manuel Fangio, at a July Bonhams auction. The prized vehicle went for $29.7 million. Weeks later, a 1967 Ferrari 275 GTB/4 NART Spyder once owned by late orphan-turned-millionaire Eddie Smith went for $27.5 million at an RM Auctions sale in Monterey, Calif.

Hagerty told CNBC that a $100 million sale for a collectible car could happen soon.

"In the next three to five years, we will see a $100 million car," Hagerty said, adding that it would likely be a Ferrari GTO, since only 39 were built.

The 1964 Ferrari 250 LM ($14.3 million), the 1953 Ferrari 340/375 MM Berlinetta Competizione ($12.8 million), and the 1957 Ferrari 250 GT TdF Berlinetta ($9.46 million) round out the Top 5 in prices for classic cars sold at auction.

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