Major Monaco auction action
Image: courtesy of RM Auctions
Some of the rarest classic cars in the world will be going under the hammer at an auction in Monaco next month, with the event being planned coincide with the Grand Prix held in the tiny principality.
Experts predict that at least $11.3 million worth of vintage cars will be up for sale at the auction, run by RM Auctions, with just 21 vehicles in total listed amongst the lots.
Ferrari is strongly represented by the auction, with a 1953 375 MM Spider expecting to sell for at least $4.3 million in its own right.
Meanwhile, an F1 car driven by Michael Schumacher is tipped to top a million dollars at the auction on May 11th–12th.
The Historic Automobile Group International released figures which show that the price of classic Ferraris has actually risen by 4.82 per cent within the first three months of the year. This should give a clear indication that vintage vehicles are in some cases a better high-stakes investment for those with cash to spend rather than simply letting the money languish in a bank.
With interest rates at low levels, some super-rich investors are now choosing to play the classic car market instead.