Asset Class of Classic Cars Sinks, High-End Hits 5-Year Low, Priciest Ferraris Drop the Most. American Muscle Cars Fall to 2007 Level

by Wolf Richter
Wolf Street

1958 Ferrari 250 GT California Spyder LWB down 29%. But “Affordable Classics” sizzle.

It hadn’t been a smooth ride for the asset class of beautiful machines before the pandemic, including the fiasco at the Monterey auctions last August. Now, in response to the pandemic, all live auctions were either canceled, postponed, or moved to online platforms. Auction activity dropped to the lowest level since December 2010, and private-market activity fell to the lowest level since May 2012, said vintage-auto insurer Hagerty in its release today.

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