When the gavel fell at last week's Gooding & Co. auction, crushing the record highest price ever paid for an automobile, the eyes of the world fell on vintage cars and their investment potential.
With the previous record sale of $12.5 million in 2009 for another 1957 Ferrari 250 Testa Rossa,The Wall Street Journal points out this sale is the single biggest increase since 1987.
The car, a rare protoype, had been expected to sell in the range of $15 to $20 million.
1985 — $2,788,513 a 1934 Alfa Romeo Tipo B Monoposto.
1985 — $3,424,490 for a 1957 Aston Martin DBR2.
1987 — $9,800,000 for a 1931 Bugatti Type 41 Royale
2008 — $10,894,400 for a 1961 Ferrari 250 SWB California Spyder
2009 — $12,402,500 for a 1957 Ferrari 250 Testa Rossa
2011 — $16,390,000 for a Ferrari 250 Testa Rossa Prototype
WSJ suggests the reason for such high prices may not be the promise of return, but the promise of enjoyment -- a pleasure particularly easy to rationalize as other investments produce relatively low rates of return.
