AssetClassic was at all five. What follows is our data-driven view of the week.

Monterey turned over $734M across five sales, or $694M after excluding RM Sotheby’s charity auction of the 2026 Ferrari Luce (which we exclude from totals and statistics going forward - see dedicated note below), 65% more than the same houses managed a year ago. Almost none of that came from selling more cars. 1,058 were offered against 1,033 last year, and 753 found a buyer against 7631.

The week sold ten fewer cars for $273M more. The gain is entirely in average price. The average car that sold made $925K, against $559K in 2025.

On its own, the headline is misleading. A 65% rise in gross sounds like a market moving as one. It was not.

The money sat in twenty cars

Half the cars that sold went for under $224K. Twenty cars, 3% of the lots, went above $5M and carried 40% of the week’s money between them. The 398 lots that sold under $250K carried 6%.

The top of the market did what the top of the market has been doing this year. A 1964 Shelby Cobra Daytona Coupe made $42.9M at Gooding Christie’s, against a previous best of $7.8M for the model. A 1996 McLaren F1 GTR made $34.7M at RM Sotheby’s. Over 100 lots across the week beat their prior highest public auction price on record.

Beneath that, the week was harder work. The share of cars that sold fell three points to 71%, and clearance ranged from 93% at Gooding Christie’s down to 55% at Mecum. Against the houses’ own published guides, 57% of estimated sold lots finished below low estimate and only 14% cleared the high, at a median 0.83x of mid-estimate.

The records were not where you would look for them

Over 100 lots beat their previous best public auction price. Very few of them were the cars that carry a week like this. One from each of the five sales, and not one is what you would have written down in advance:

The 280 SL has >1,000 recorded sales behind it and the 996 Turbo close to that, cars priced continuously for decades by people who know exactly what they are worth. They still went past everything before them.

The Dodge shows how little a record settles. Lot F94 sold for $1,320,000, which is $1.2M at the hammer against a $1.4M low estimate: below its own catalog, and still the highest of 192 recorded sales. The next lot up was another Hemi Daytona. It drew $2.2M and did not sell.

Five sales, lot by lot

A sell-through figure tells you how many cars sold. It does not tell you where in the sale they sold, and those are different pieces of information. Six passes in a row is a different afternoon from six scattered across two hundred lots, and both produce the same percentage.

So here is every lot of the week, one mark each, in the order it crossed the block.

Gooding Christie’s ran the cleanest book of the week, 166 lots offered and 9 passed. Mecum is the opposite shape and the largest book by a wide margin, 474 offered and 188 passed. Broad Arrow passed 44 of 177 and RM Sotheby’s 25 of 189.

Bonhams is the one worth reading closely, because its clearance is not the story. 39 of 52 cars sold, a rate matching Broad Arrow’s. But this sale finished further from its own guides than any other in the week: 90% of estimated sold lots landed below low estimate, at a median 0.67x of mid-estimate, and exactly one lot cleared its high estimate, by $1,000. It was the smallest sale of the week at 2% of the money, and two cars carried 59% of that between them, a 2024 Bugatti Chiron Super Sport at $4.6M and a 2000 Lamborghini Diablo GT at $2.4M. Half of what sold went under $71,680, the lowest median of the week. Bonhams moved from Quail Lodge to Laguna Seca for 2026, so there is no year-on-year comparison to be drawn here.

Composition explains a good deal of the rest. Whether a car sold depended heavily on which room it was in. Ferrari’s newest cars went 8 of 8 at RM Sotheby’s and 14 of 14 at Gooding Christie’s, against 13 of 46 at Mecum. The most demanded cars, by contrast, found top prices in every room.

Where a car sold mattered as much as what it was

The thing that stood out from the room is not visible in any results sheet: the auctions were not competing on equal terms.

Gooding sat in the Concorso Village and RM Sotheby’s downtown, and each became an occasion in its own right, a natural way to close out a day at Pebble Beach or an easy landing point before dinner in town. Broad Arrow took over the Quail slot Bonhams had run for years, with a better tent and a strong lineup, but anyone already on site was reluctant to split their day, and anyone elsewhere had the distance to weigh. Bonhams ran at Laguna Seca on the same day as the Pebble Beach Tour d’Elegance and the opening of the Classic Car Forum, which is a fair marker of where the audience was that afternoon. Mecum, as ever, ran as a world of its own, lively and high-volume throughout, somewhat apart from the international crowd and its conversation.

The clearance figures follow that shape closely, and the composition numbers above sit inside it rather than beside it. More telling still: cars that had struggled or failed at earlier sales in the week sometimes performed very differently a day or two later, on a like-for-like basis. This also points at something the totals do not, which is how much of this market has consolidated into a small number of rooms that people actually turn up to.

The other thing worth saying is that the shift toward younger cars, which has been the easy story for several years now, did not separate the winners from the losers this week. Dozens of pre-war cars set records. Several very recent and supposedly sought-after cars struggled badly. Age predicted the estimate gap, as the chart below shows. It did not predict success.

The estimate gap runs on age

The most consistent division in the week was not by make and not by house. It was by decade of manufacture.

Every decade before 1970 came in at or under 0.90x of mid-estimate. Every decade from 1970 on reached 0.83x or better, and cars built in the 2000s met their guides exactly, at 1.00x.

The lot tables say the same thing from both ends. Nine of the ten largest misses against low estimate were cars built before 1970. Seven of the ten largest beats were built after 1973.

The $40 million car that is in none of these numbers

The second largest figure anywhere in the week does not appear in any chart above, and that is deliberate.

Lot 345 at RM Sotheby’s, a Ferrari Luce, carried a $1.1M estimate and sold for $40.0M. That is the full amount paid. No buyer’s premium was applied, no commission went to the house, and no money went to Ferrari. All proceeds went to The Ferrari Foundation.

It is excluded from every figure we publish - a charity lot is a donation expressed as a bid. Counting it as a market result makes the market look like something it is not.

This is the kind of decision that does not show up in a headline total, and is where published trade figures tend to diverge from each other.

AssetClassic produces post-auction analysis of the collector car market for manufacturers, collectors and institutions. Our full Monterey 2026 report covers every sale lot by lot and offers market insight based on the auction performance.

Contact us to learn more.

In Part 2: The Marketplace of Passion – Inside Collectible Car Trading & Brokerage, we examined the €40–45 billion trading engine that drives liquidity, price discovery, and market transparency.

In Part 3: The Invisible Infrastructure – Logistics & Storage in the Collectible Car Economy, we explored how transport, climate-controlled custody, and the emerging “Storage-as-a-Hub” model protect value and underpin the ownership experience.

This fourth article turns to the segment that holds the asset class together behind the scenes: Administration, Financing & Insurance.

With an estimated €12–15 billion in annual revenue, this is one of the larger pillars of the value chain – yet much of it is invisible to the casual observer. It is the legal, financial, and risk-management layer that turns a beautiful object into a properly owned, properly protected, and properly transferable asset. Where trading is the market’s most visible act and storage its physical backbone, administration, financing, and insurance are its quiet architecture: rarely celebrated, but essential to the integrity of every transaction.

The perspectives presented here are grounded in AssetClassic’s research and discussions at The Classics Forum 2025, held at Goodwood House during the Goodwood Revival – a convening of industry leaders focused on the future of the collectible car sector (www.theclassicsforum.com).

Market Size and Structure

Administration, financing, and insurance together generate approximately €12–15 billion in annual revenue, broken down across three distinct sub-segments:

• Insurance – approximately €9–11 billion, the dominant share of the pillar.

• Financing – approximately €2.5–3.5 billion.

• Administration – approximately €0.2–0.4 billion.

Each plays a different role. At its essence, this pillar manages the specifics of collectible cars from a legal standpoint – registration and the rest – as well as financing and insurance. Together they convert ownership from an act of passion into a managed financial position.

Insurance: The Specialist’s Domain

Insurance is the largest component of the segment, and it is also the most mature. The landscape is a mix of large traditional companies and specialized players of different sizes.

A defining feature is consolidation behind the scenes: several regional niche leaders are backed or owned by larger players – for example, Hagerty’s relationship with State Farm, or Footman James with Aon. The specialist brand stays close to the enthusiast; the balance sheet sits with a larger institution.

What distinguishes the most successful players is that they do not simply underwrite risk. Focused players extract more value from clients and retain relationships through enthusiast offerings – community and events, insight, and partnerships. In other words, insurance in this sector is increasingly a relationship business as much as a risk business, with the policy serving as the entry point into a broader engagement with the collector.

Financing: Underserved and Under-Penetrated

If insurance is the mature corner of the segment, financing is the frontier.

The collectible car market is, today, underserved by traditional providers – banks and leasing companies have largely stayed on the sidelines. Into that gap have stepped niche players offering options at shorter terms and higher rates than are available for new cars, reflecting both the specialist underwriting involved and the relative immaturity of the market.

The headline, however, is the upside. There is large growth potential if collectible car financing scales toward the level of new car financing – potentially 2–3x its current size in the near term.

The survey data explains why the runway is so long. Most collectible cars are self-financed: roughly 54% of buyers pay with their own savings, with no external financing at all

The most revealing pattern is that financing penetration rises sharply with value. The share of cars financed with loans or leasing climbs from ~33% for cars under €100,000, to ~48% in the €100,000–500,000 band, to more than 80% for cars above €500,000. At the top of the market, financing is not the exception – it is the norm. This is the clearest signal of where the financing opportunity concentrates.

Administration: Small in Revenue, Large in Friction

Administration is the smallest sub-segment by revenue (€0.2–0.4 billion), but its importance is disproportionate to its size, because it is where much of the market’s friction lives.

There is a genuinely positive structural tailwind: growing recognition of the cultural value of collectibles is leading to lower urban access restrictions and reductions in taxes and congestion charges in some jurisdictions. Heritage status, increasingly, comes with practical privileges.

But the countervailing force is significant. National and international uncertainty drives major complexity and pain points for collectors – the cross-border, multi-jurisdiction nature of the modern market means that registration, compliance, and transfer can be genuinely difficult. Administration is small as a revenue pool precisely because it is fragmented and bespoke; it is large as a problem precisely for the same reason.

What Sector Actors Say Is Holding the Sector Back

• At The Classics Forum 2025, we asked participants to identify the biggest administrative pain point or growth restriction facing the sector today. The results map almost perfectly onto the three sub-segments above:

• Import/export duties and taxes: 36% – the single largest constraint, and squarely an administration issue.

• Collectible car financing availability and cost: 29% – confirming that the financing gap is felt acutely by participants.

• Classic car insurance cost and actual coverage: 20%.

• Cost and capacity/availability for OEM certifications: 15%.

The message is striking. The top two pain points – duties/taxes and financing – are precisely the areas where the segment is least developed. The friction collectors feel is the mirror image of the opportunity for those willing to professionalize it.

Trends and Opportunities

Several developments are reshaping the administration, financing, and insurance landscape, and are likely to continue doing so in the coming years.

Rising insurance costs are a global headwind. Standard auto insurance rates have surged – U.S. CPI data shows auto insurance up roughly 51% over the past three years, around six times the rate of overall inflation. Classic car owners, who typically drive cautiously and maintain their vehicles well, have nonetheless been swept up in these broad increases – and, arguably, disproportionately so.

Tailored policies are becoming the standard. Owners are willing to pay for specialty coverage that reflects their vehicles’ appreciating values and unique risks, and insurers have responded with ”agreed value” policies and other custom features built specifically for collectibles.

Private banks – and specialist ecosystems – are entering the financing conversation. There is rising involvement from private banks, both as a means of furthering client relationships through events and as a route to co-investing in or financing the purchase of collectible cars and collections – exemplified by partnerships such as RM Sotheby’s with Premier Financial Services. The same logic is now visible in integrated specialist offerings: Hagerty, for instance, has brought together collector insurance, the auction and lending expertise of Broad Arrow Capital, and the lease-to-own solutions of Putnam Leasing into a single ecosystem – allowing a collector to insure, finance, and acquire a car through one connected set of providers. It is a clear signal of where the segment is heading: away from fragmented, transactional services and toward joined-up platforms built around the collector.

Collateralization is on the rise. Collectors are increasingly using their cars as collateral for loans – often, notably, to finance the purchase of other collectible cars. The asset is no longer just something to own; it is something to borrow against.

Certifications are becoming a transaction prerequisite. The market is starting to treat OEM certifications as a requirement for collectible transactions, and is discounting cars without them. As authentication moves from “nice to have” to “must have,” it links this pillar directly to value preservation – and to the cost and capacity concerns collectors flagged in our poll. We will cover OEM certifications in much greater detail in a follow-up post in the coming weeks.

Outlook: Professionalization as the Prize

Administration, financing, and insurance may operate in the background, but they are where the collectible car market most clearly demonstrates its transition from passion to asset class.

The pattern across all three sub-segments is consistent. Insurance has matured into a specialist, relationship-driven business. Financing remains underdeveloped relative to its potential, with penetration concentrated at the top of the market and substantial headroom to grow. Administration is small in revenue but heavy in friction, weighed down by cross-border complexity even as cultural recognition delivers offsetting benefits.

In each case, the opportunity is the same: professionalization. Clearer certification standards, more accessible and competitively priced financing, tailored insurance products, and reduced cross-border friction would not only relieve the pain points collectors identified – they would unlock the next phase of the asset class’s growth.

The value-chain schematic introduced in Part 1 once again serves as our roadmap. Having explored trading and brokerage, then logistics and storage, and now administration, financing, and insurance, we continue to see how each pillar reinforces the others.

Next in the series, we will turn to Maintenance, Restoration & Spares – the second-largest part of the value chain – where craft, scarcity, and the growing need for professionalization meet.

This article is part of an AssetClassic thought-leadership series based on insights developed for The Classics Forum 2025, held at Goodwood House during the Goodwood Revival. The series explores each segment of the collectible-car value chain: from trading and brokerage to restoration, manufacturing, and heritage programs, through the lens of data, market structure, and cultural evolution.

In Part 1: From Passion to Asset Class – Framing the Collectible Car Sector, we established the scale and structure of the €800 billion collectible car ecosystem and introduced its six core value-chain pillars.

In Part 2: The Marketplace of Passion – Inside Classic Car Trading & Brokerage, we examined the €40–45 billion trading engine that drives liquidity, price discovery, and market transparency.

This third article turns to a smaller but strategically critical segment: Logistics & Storage.

With an estimated €1–2 billion in annual revenue, logistics and storage may represent a fraction of the overall value chain – yet they underpin the most critical areas of ownership experience and asset preservation. Without specialized transport, climate-controlled facilities, and institutional-grade security, the collectible car market would not function at scale, and without the ongoing developments in storage it’s hard to see how collectible car enjoyment can be sustained into a healthy future.

The perspectives presented here are grounded in AssetClassic’s research and discussions at The Classics Forum 2025, held at Goodwood House during the Goodwood Revival – a convening of industry leaders focused on the future of the collectible car sector (www.theclassicsforum.com)

As in the broader series, we are intentionally deferring discussion of Vehicle Manufacturing (second step in our value chain). That segment will be addressed later in the context of OEM participation across the full value chain.

Market Size and Structure

Logistics and storage generate approximately €1.0–1.5 billion in storage revenue and €0.3–0.5 billion in transport revenue, for a combined annual market of €1–2 billion. It’s important to note that our analysis is focused on specifically on storage and transport of collectible cars, and as such, is a conservative estimation compared to these services in broader luxury automotive world and to additional ‘concierge’ services (most of which are captured in other parts of the value chain).

Although smaller than trading, the segment performs three essential functions:

1. Enabling liquidity – facilitating cross-border sales and event participation.

2. Protecting value – preserving condition and provenance.

3. Supporting experience – increasingly serving as physical hubs for collectors.

The competitive landscape spans:

• Specialized automotive transport providers

• Global logistics companies with vehicle divisions

• Dedicated luxury storage operators

• Public and semi-public garage operators

The market remains fragmented and regional, with limited standardization across jurisdictions.

Transport: Infrastructure for Global Liquidity

The globalization of the collectible car market has fundamentally reshaped logistics demand and increased transport complexity.

Several forces are converging:

• Online auctions and digital platforms, which have expanded buyer pools globally.

• Expanding pools of vehicles that meet import eligibility for 25+ year-old vehicles, particularly into the U.S., which has accelerated cross-border trade.

• Global concourse, rallies, and motorsport events, where owners are willing to ship cars internationally for participation.

• Geographic relocation of collectors, especially across Europe, North America, and the Middle East.

Unlike standard automotive logistics, collectible car transport must account for:

• Enclosed, climate-controlled trailers.

• Specialized loading systems.

• Real-time tracking and monitoring.

• Insurance policies tailored to high-value assets.

• Customs and regulatory expertise.

In effect, the transport layer becomes a financial safeguard. As a mishandled shipment can erase millions in value, for high-value vehicles, transport risk is financial risk.

As liquidity increases, so too does the importance of standardized, trusted, and transparent logistics frameworks.

Storage: From Warehouse to Asset Custody

Rising asset values, expanding collection sizes and increasing ongoing servicing needs of newer collectible cars have fundamentally shifted expectations around storage.

Historically, collectors stored cars in private garages, industrial facilities, or discreet warehouses. More recently, collectors and insurers are starting to insist on vault-like facilities with:

• Advanced climate and humidity control.

• Fire suppression systems.

• 24/7 surveillance and remote monitoring.

• Strict access control and documentation.

This shift reflects a structural change where collectible cars are increasingly treated as financial assets.

The live poll conducted during The Classics Forum 2025 underscores this priority shift. When asked which features matter most in a storage facility, respondents overwhelmingly prioritized:

• Security and remote monitoring (80%)

• Humidity control (37%)

• Battery care and start cycles (35%)

• Regular engine start-up (24%)

• Concierge and logistics support (24%).

The message is clear: storage is no longer passive. It is active asset management.

Storage-as-a-Hub: Convergence of Custody and Community

A notable structural development is the emergence of the “Storage-as-a-Hub” model.

High-end operators are transforming storage facilities into integrated ecosystems combining:

• Climate-controlled custody

• Flexible event spaces

• Food & beverage offerings

• Private members’ clubs

• Automotive services (detailing, upkeep, delivery)

In some cases, these facilities are directly connected to racetracks or experiential automotive destinations.

This model reflects a broader trend across the value chain: asset infrastructure is increasingly bundled with lifestyle infrastructure.

Storage shifts from a cost center to a social venue, networking platform, content creation environment and a gateway into a rich community. In this sense, logistics and storage begin to overlap with the “Community & Experience” pillar of the value chain. The garage becomes both vault and clubhouse.

Outlook: Infrastructure as Strategic Advantage

Logistics and storage may not generate the largest revenue pool in the value chain, but they form the backbone of its operational integrity.

As the collectible car market grows more international and institutional, infrastructure quality will increasingly influence market liquidity, insurance premiums and collector confidence. Meanwhile, high-end facilities will continue evolving into platforms blending custody, community, and lifestyle.

The value-chain schematic introduced in Part 1 once again serves as our roadmap. After exploring trading and brokerage and now logistics and storage, we see how each pillar reinforces the others.

Next in the series, we will move to Administration, Financing & Insurance, examining how legal frameworks, structured finance, and risk management further professionalize the asset class.

This article is part of an AssetClassic thought-leadership series based on insights developed for The Classics Forum 2025, held at Goodwood House during the Goodwood Revival. The series explores each segment of the collectible-car value chain: from trading and brokerage to restoration, manufacturing, and heritage programs, through the lens of data, market structure, and cultural evolution.

While many vehicles are valued for their rarity and desirability, others acquire an additional layer of appeal the moment they appear in a movie. On-screen exposure can transform an otherwise ordinary model into an icon, though the scale of the so-called “movie premium” can vary widely.

James Bond and Steve McQueen’s cars show the extreme end of this phenomenon: in these cases, the film connection does not add value, it becomes the value.

The recent Bonhams Movie Cars Collection auction offered an additional opportunity to examine the same dynamic from a different angle: The catalogue brought together dozens of screen-used vehicles from Hollywood blockbusters, European comedies, cult classics, and television productions, with the important distinction that a large share of these cars is not intrinsically collectible. Looking at these cases makes it clear how a movie appearance alone can make a car desirable, even when it wouldn’t normally catch a collector’s eye.

Cultural Outliers and Emerging Icons

Some cars are so tied to movie culture that separating their automotive value from their screen presence becomes impossible. Models such as the Bullitt Mustang or Bond’s Aston Martin DB5s are valuable cars on their own, but the premium they achieve reflects how the market treats them more as myths than as traditional collectible cars.

Bullitt (1968), for instance, became a defining moment for the Mustang brand. The movie grossed over €325 million adjusted for inflation, a substantial figure for its era, embedding the San Francisco chase scene not only in every petrolhead’s mind, but also into mass culture. This level of exposure transformed the “hero” car from the movie into an icon. The market reflected this: the original Bullitt Mustang sold for over €3.2 million, roughly 54x the value of a comparable 1968 GT 390.

A similar logic applies to the Aston Martin DB5. The James Bond franchise spans more than six decades and has generated over $7 billion in cumulative worldwide box office results. Across multiple Bond films, the DB5 is repeatedly framed as an extension of the character himself: gadgets, driving sequences, and narrative importance transformed the model into a permanent symbol of the franchise. Unsurprisingly, one of the original “Goldfinger” DB5s achieved a multiple of 13.5x of its base-car value, showing how the car is perceived more as a cultural reference point than just an automobile.

The Bonhams auction included two cars that exhibit the same dynamic on a smaller, more contained scale. The Peugeot 406 V6 from Taxi 2 is a prime example. The Taxi franchise was one of the most commercially successful European film series of its era, with the first two films together attracting over 20 million cinema-goers in Europe. This car illustrates how regional cultural imprint can generate a significant premium even in the absence of intrinsic collectability. The 406 is visually dominant, repeatedly used in action sequences, and inseparable from the film’s identity in its core markets. This resulted in a €95,200 hammer price, approximately 12.7× its base-car value of €7,000–8,000.

Another example of a semi-icon at the Bonhams Movie Cars auction is the Mitsubishi Lancer EVO VII from 2 Fast 2 Furious, which achieved €291,200, roughly 6.6× its base value, which typically ranges between €40,000 and 48.000. This result follows the same pattern of the Toyota Supra MkIV from The Fast and the Furious (2001), which achieved a multiple of around 4.7× when it appeared at the 2021 Barrett-Jackson auction. In both cases, the models are tightly associated with Paul Walker, repeated driving sequences, and the early phase of the series, when the films were still conceived primarily as movies about cars rather than action films with cars.

The strength of this association becomes even clearer when looking at the Mazda RX-7 Veilside from Tokyo Drift, which sold for around €1 million at the 2025 Goodwood Festival of Speed auction by Bonhams, roughly 26× its base value. While more visually distinctive, the result points to the same conclusion: supported by a franchise that has generated over $7 billion in worldwide box office, even cars that would not normally be considered collectible can achieve very strong premiums. The relatively young age of the franchise, together with the cars in question, also points to the growing buying power of newer generations of collectors and their increasing relevance within the collector car market.

These multiples, of course are helped by the relatively ordinary nature of these cars, so a strong cultural association can produce very large multiples when starting from a low base, as seen with models like the 406 V6 and the Lancer EVO VII.

It is clear that once a car reaches this level of cultural recognition, traditional valuation logic is no longer applicable. These premiums are economic expressions of iconic status.

Why the Bonhams Dataset Matters

Removing these cultural outliers reveals why this auction is particularly and unusually insightful.

In fact, by granting extraordinary visibility to what could be considered ordinary vehicles, it allows the movie premium to be observed with far less distortion, since the cars’ desirability still depends, at least in part, on the underlying model.

This makes the Bonhams selection uniquely suited to address another question.

How do different types of movie association affect value, and to what extent?

To answer this, the analysis relies on two complementary comparisons, each testing a different aspect of the “movie” value equation.

Main actor or support?

Valuation is clearly not only impacted by being in a movie, but also how relevant the car’s part is within it. An example from the Bonhams auction?. The Ford Mustang Mach 1 from John Wick sold for roughly 3.1× its base car value, as did the General Lee Dodge Charger, which achieved a near-identical multiple. In both cases, recognisability and franchise strength translated directly into market performance.

Other vehicles with less relevant roles, however, remained close to baseline valuations. For example, the Plymouth Road Runner that merely appeared in Fast & Furious reached only 1.1× its average base-car value, indicating that mere appearance is not sufficient to generate a meaningful premium, especially considering the rough lives often lived on set by “hero” cars - offsetting in a collector’s view the glamour of its cinema appearance.

The pattern is clear: a strong cinematic identity produces strong premiums. Where narrative relevance is limited, the uplift diminishes accordingly.

Replicas vs Base-Car Values

Replicas occupy a middle ground: they are often in better mechanical and cosmetic condition than screen-used cars, but they lack historical provenance. Their value comes from visual impact and emotional connection rather than authenticity.

Many replicas are built as no-expense-spared projects and often become financial sinkholes, with build costs that far exceed the value of the base car. However, the Bonhams auction showed that replicas can still have a real market, especially when exposure and recognisability are high.

A Bumblebee Chevrolet Camaro replica achieved 3.2× its base value, while a Knight Rider Pontiac Firebird replica reached 2.4×. In both cases, cinematic association alone was enough to lift values beyond what the underlying models would normally command.

Replicas therefore attract buyers less as historical artefacts and more as emotionally charged objects, positioned between memorabilia and cars. Well-executed replicas do have their own market.

Collectible cars are a €800 billion global asset class and trading and brokerage is its financial engine. Every restoration, rally, and concours ultimately depends on one essential act: the exchange of ownership.

This second article in the AssetClassic Collectible Car Sector Series builds on our overview from Post 1 and draws from the insights presented at The Classics Forum 2025 at Goodwood House during the Goodwood Revival (www.theclassicsforum.com). It examines how cars move through the market - across dealers, brokers, auctions, and online platforms - and how digitalization, transparency, and generational change are reshaping the sector’s largest and most visible segment.

Scale and Significance

Trading and brokerage represents €40–45 billion in annual revenue, making it the single largest part of the collectible car value chain.

While auction results dominate headlines, they reflect only a fraction of the market. In fact, the majority of transactions, often half or more, occur in the private sphere, quietly negotiated between individuals, collectors, and trusted intermediaries.

This duality defines the sector: a highly visible tip of the iceberg supported by a vast, opaque base of private trades. Transparency and liquidity are improving, but the market remains relationship-driven, dependent on reputation, trust, and increasingly, data.

A Complex Market Structure

The trading ecosystem is diverse, ranging from global dealership networks to single-marque specialists and online platforms.

• Dealers and Brokers. Established dealers operate at every level of specialization: from mainstream premium brands to ultra-niche race cars. Independent brokers often act as matchmakers for high-value private sales, leveraging personal networks rather than public listings.

• Auction Houses. Traditional auction houses (e.g., RM Sotheby’s, Bonhams, Gooding & Co.) remain influential market markers, while online-first platforms such as Bring a Trailer and Collecting Cars have democratized access and transparency.

• Platforms. Digital platforms have potential to become crucial discovery tools, aggregating listings and enabling remote due diligence.

• Private Individuals. Peer-to-peer transactions, facilitated by collectors, agents, or online communities, still account for up to 50 % of the market’s total value.

At one end of the spectrum are large global players handling hundreds of cars yearly; at the other are small, highly specialized dealers focusing on a single marque or period. Between them sits a growing layer of hybrid actors - collectors who occasionally broker cars within their network or collaborate with digital platforms to reach a global audience.

Auctions: Visible but Limited

Auctions remain the market’s most visible and measurable component. They provide valuable price benchmarks and a sense of liquidity, but account for only 15–30 % of total transactions.

Over the past decade, the average auction sale price has remained relatively stable, around €60 000, despite the proliferation of online sales. Traditional auction houses maintain higher average prices (~€85,000, but with large variance between houses) compared with online platforms (~€50,000).

Online auctions have, however, revolutionized accessibility. They attract younger buyers and enable global participation in real time. The model’s success lies in transparency: high-quality imagery, open comment threads, and verified transaction histories have brought trust to a market once criticized for opacity.

Beyond the Gavel: Private and Public Listings

While auctions draw attention, public listings - from dealer websites to specialist classifieds - represent 30–40 % of the market. They cater to both private collectors and professional investors who prefer negotiated sales over competitive bidding.
Meanwhile, individual-to-individual sales, including discreet off-market deals, make up roughly half of all transactions. These are often facilitated by trusted intermediaries or agents and are essential to understanding true market liquidity. Their opacity remains one of the sector’s biggest analytical challenges; it can be understood only through close participation and strong industry networks.

Generational Shifts and Demand Patterns

One of the most telling dynamics in today’s market is generational. Cars from the 1980s, 1990s, and early 2000s have experienced the strongest price growth over the prior 3 years (a trend that continues in 2025), reflecting the tastes of younger collectors.

While pre-1970 icons still dominate the highest-value auctions, demand is broadening. Modern classics (Ferrari F40s, Porsche 993s, or rally-bred icons from Subaru) are drawing attention from a demographic that values usability and nostalgia in equal measure.

This shift has two implications:

1. Broader participation. The entry point for collectors has lowered, attracting new buyers who engage digitally first.

2. Changing liquidity patterns. Newer cars trade more frequently, increasing velocity within mid-market segments.

The Rise of Digital Platforms

Digital transformation is perhaps the single most powerful catalyst reshaping trading and brokerage.

According to the AssetClassic & McKinsey Collectible Car Survey 2025, generalist platforms such as AutoScout24 and Mobile.de remain the most used entry points for acquiring cars, but specialist marketplaces (e.g., Bring a Trailer, Collecting Cars, Dyler) are rapidly gaining traction.

Interestingly, the survey shows that experienced collectors (six or more cars) tend to buy through generalist channels, where selection is broader, but sell through specialist channels, where community validation and transparency support higher realized prices.

This behavioral asymmetry highlights a fundamental truth of the modern market: trust is now crowdsourced.

Ratings, comment threads, and community feedback increasingly shape perceptions of authenticity and value. For sellers, reputation management has become a critical asset.

Liquidity and Transparency: The Market’s New Frontier

At The Classics Forum 2025, we asked participants which factors would most improve liquidity in the collectible car market. The top 3 results of our live poll were clear:

• 60 % identified improved valuation transparency as the top lever.

• 49 % pointed to new technology enabling better digital inspections and remote purchasing.

• 33 % highlighted reduced cross-border transaction costs.

These findings suggest that while the market is maturing, structural inefficiencies persist. Prices can vary dramatically for similar cars across regions, and transaction friction (logistics, taxes, regulatory hurdles) still limits liquidity.

Technological advances promise solutions: remote inspections via 3D imaging, blockchain-based provenance records, and integrated cross-border payment systems could collectively reduce friction and boost confidence.

Trends and Opportunities in 2025

Several major trends are reshaping the trading and brokerage landscape in 2025, and will likely continue doing so through the next years.

Tariffs and regulations continue to influence cross-border transactions, particularly between Europe (including United Kingdom) and the U.S., slowing trade for contemporary classics and older vehicles.

The online auction boom, once the engine of digital growth, appears to be stabilizing, suggesting that the sector may be reaching a saturation point. The next wave of expansion will depend on new engagement formats, enhanced verification standards, and integration with financing and logistics.

Meanwhile, the highly visible sale of entire collections, such as the Bernie Ecclestone and Mansour collections, shows a shift toward consolidated, brand-managed storytelling rather than fragmented sales.

Transparency is also accelerating: the growing availability of transaction data and car histories from platforms such as Hagerty, Classic.com, and AssetClassic’s own Carburate are enabling more data-driven pricing and buyer confidence.

Finally, the rise of direct trading platforms such as Carsup, ParNexus, and Car Collector signals a move toward disintermediation, connecting buyers and sellers directly at lower transaction costs while redefining the traditional dealer’s role in the value chain.

Parallels with Other Asset Classes

The evolution of car trading mirrors patterns seen in other collectible sectors. For example, the art market’s digital expansion created a new global buyer base.

Cars now stand at a comparable inflection point. Auction catalogs and dealer inventories are accessible worldwide, valuations are increasingly data-driven, and cross-border trade is more feasible than ever. For participants, this convergence of passion and professionalism offers unprecedented opportunity.

Outlook: The Marketplace Reimagined

As trading and brokerage mature, the next phase will be defined by three forces:

• Digital integration. The line between physical and digital markets will blur as hybrid auctions, big data-powered valuations, and virtual showrooms become standard.

• Professionalization. Expect the rise of certified intermediaries and data-verified transaction platforms, echoing developments in fine-art brokerage.

• Community. Engagement will extend beyond the transaction. Buyers and sellers increasingly seek connection - whether through digital forums, private clubs, or events that celebrate heritage.

For many, the appeal of classic cars lies precisely in this blend of passion and purpose: an investment that can be seen, heard, and driven.

Conclusion

Trading and brokerage sit at the core of the collectible car economy. It is where passion meets price discovery, and where culture translates into capital.
As the sector continues to evolve, liquidity, transparency, and professionalism will determine its trajectory.

The value-chain schematic introduced in Post 1 serves again as our roadmap. Trading and brokerage, the first of its six pillars, is both the most mature and the most dynamic. In the coming articles, we will move along the chain to explore Vehicle Manufacturing, where the boundaries between heritage and innovation blur through continuation models, restomods, and modern reinterpretations.

For those who joined us at The Classics Forum 2025, this ongoing analysis continues the conversation that began at Goodwood: how to build the infrastructure, standards, and insight necessary for a more connected, transparent, and investable collectible-car market.

This article is part of an AssetClassic thought-leadership series based on insights developed for The Classics Forum 2025, held at Goodwood House during the Goodwood Revival. The series explores each segment of the collectible-car value chain: from trading and brokerage to restoration, manufacturing, and heritage programs, through the lens of data, market structure, and cultural evolution.

The collectible car market has become a fully-fledged cultural and financial ecosystem representing an intersection of heritage, investment, and experience. Earlier this year, McKinsey & Company published a study on how collectible cars had grown from “niche market to growth and innovation engine” (McKinsey, 2025), based on AssetClassic market data. That analysis was a watershed moment: it signaled to the broader investment and business community that classic cars were not merely beautiful objects of desire, but also an asset class with scale, liquidity, and global relevance.

This article is a continuation of that conversation, informed by AssetClassic’s research and discussions at The Classics Forum 2025, held at Goodwood House during the Goodwood Revival (www.theclassicsforum.com). The Forum convened more than 150 leaders from across the automotive, investment, and luxury ecosystems to debate the sector’s future. What follows is an overview of the collectible car sector as we see it today: its history, the forces shaping it, its economic footprint, and its value chain. This framing sets the stage for a series of deep dives into the sector’s individual components.

From Niche Passion to Global Asset Class

The collectible car market has traveled a long road over the past six decades. Its story can be told as a journey from fringe enthusiasm to mainstream cultural and financial relevance.

• 1960s–1970s: Passion without markets
  In this era, collecting was a narrow pursuit. Retired race cars were often discarded when no longer competitive. Road cars, weighed down by maintenance costs, were left to rust or sold cheaply. The notion of cars as collectible assets was embryonic at best.

• 1980s–1990s: Collecting comes of age
  The seeds of the modern market were planted. Nostalgia, coupled with rising prosperity, gave birth to a restoration boom. Cars once dismissed as outdated were painstakingly brought back to life. But this period also saw the opportunistic rise of replicas and forgeries, which complicated trust and valuation. We also witnessed the first price bubble in Ferraris driven by demand from Japan.

• 2000s–2010s: Classics as prestige objects
  A new dynamic emerged. Global events such as Pebble Beach, Villa d’Este, and Goodwood Revival elevated classics into cultural icons. Online forums and media platforms created vibrant communities. Valuations surged, and carmakers themselves began to pay homage to their heritage, with retro-inspired models and design language that drew directly from their archives.

• 2020s: Cultural and financial integration
  Today, classics are “style beacons,” celebrated not just as mechanical achievements but as cultural capital. They have surpassed watches and wine to join fine art in the pantheon of alternative investments. At the same time, they serve as sustainable and authentic alternatives for leisure in an age of digital abundance and environmental scrutiny.

Macro Forces

As the sector has grown in size and prominence, it’s development has also become increasingly intertwined with broader economic and cultural shifts. Several macro trends provide context for the latest evolution:

• Alternative assets in uncertain times. With traditional markets experiencing volatility, investors are diversifying into passion assets. Collectible cars, with their track record of appreciation and relative liquidity, have gained credibility as a hedge.

• Cultural embrace of heritage. Fashion, music, and design all display a renewed reverence for history. Classic cars sit squarely within this movement, embodying authenticity, craft, and continuity.

• Demographics and wealth creation. The population of ultra-high-net-worth individuals (UHNWIs, with $30 million+ net worth) is expected to grow from 400,000 in 2023 to nearly 600,000 by 2028 (according to latest reports by Wealth-X and Knight Frank). More than 30% already own collectible cars, and more than 35% plan to increase their holdings. This demographic underpins demand across the sector.

• Technology and AI. Far from being anachronistic, the sector is embracing digital transformation. AI is entering valuation models, digital twins are reshaping restoration and provenance, and community platforms are redefining engagement. What was once purely analog is becoming data-rich and tech-enabled.

The Economic Footprint and Its Value Chain

The scale of the collectible car sector is striking. Globally, it represents approximately €800 billion in assets, with an annual revenue pool of €80-90 billion. This turnover is unusually high for passion assets: around 5% of cars change hands every year, creating a liquid market for such high-value goods.

For clarity, our analysis defines a collectible car as any vehicle at least five years out of production and valued at €20,000 or above. This encompasses both historic classics and so-called “instant classics” whose desirability and scarcity propel them into collector territory shortly after release.

To make sense of the industry’s breadth, we map it into six value chain segments. Each represents a distinct business ecosystem with its own stakeholders, revenue pools, and innovation opportunities.

• Trading & Brokerage. The beating heart of the market: dealers, brokers, auction houses, and private transactions drive liquidity and price discovery.

• Vehicle Manufacturing. From restomods to continuation cars, this segment blends heritage with innovation, often reimagining classics for modern use.

• Logistics & Storage. Secure, climate-controlled storage and specialist transport safeguard cars’ value and condition.

• Administration, Financing & Insurance. Complex regulatory and financial needs demand specialist services.

• Maintenance, Restoration & Spares. Ranging from routine upkeep to concours-level restorations, supported by a growing industry for remanufactured parts.

• Community & Experience. Events, clubs, rallies, and digital communities create the cultural backbone of the sector.

The collectible car world is not a single market but rather a network of interdependent steps. Each one is highly fragmented, with many small independent operators. This fragmentation creates inefficiencies, but also space for consolidation, professionalization, and new entrants.

Lessons from Other Luxury Sectors

The trajectory of collectible cars mirrors developments in adjacent industries:

• Luxury goods. The modern luxury consumer seeks authenticity, heritage, and self-expression. Classic cars deliver on all three, aligning the sector with the values driving growth in fashion and jewelry.

• Fine art. Like cars, art straddles culture and commerce. The rise of professional auction houses and valuation databases shows how institutions can add transparency and liquidity.

• Pre-owned watches. Once dominated by small-scale resellers, the secondary market is now the fastest-growing segment of the watch industry. Digital platforms have transformed trust and transparency, setting a precedent for cars.

These parallels suggest that collectible cars are following a well-established pattern: from niche to mainstream, and from fragmented to institutionalized.

Opportunities for the Future

Looking ahead, the sector’s potential rests on several pillars:

• Professionalization. As standards for valuation, certification, and provenance mature, barriers to entry for new investors will fall.

• Financial innovation. Fractional ownership, funds, and securitized vehicles could broaden access, though they require robust governance.

• Customer-centric solutions. Pain points such as opaque pricing, complex administration, and fragmented logistics are ripe for innovation.

• Cultural expansion. Events and communities are no longer peripheral—they are central to the value proposition, offering lifestyle, identity, and connection.

• Sustainability. As sustainable fuels grow in availability, bringing them to racetracks and collectors will represent a significant opporununity to allow collectors to enjoy their vehicles in an even more sustainable way.

At the core of all these opportunities is demand. The expanding UHNWI base ensures a steady stream of new participants, while cultural and technological trends are making the sector more accessible and visible.

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Conclusion

The collectible car market has matured into an €800 billion global asset class, supported by a diverse value chain and shaped by powerful macro trends. It is simultaneously a cultural phenomenon, an investment market, and a lifestyle ecosystem.

The schematic of the value chain is more than an illustration: it is the map for this series. In the coming articles, we will explore each of the six segments in detail—starting with Trading & Brokerage, the arena where liquidity, transparency, and trust are tested daily.

For AssetClassic, and for those who joined us at The Classics Forum 2025, the opportunity is clear: the sector stands at the threshold of further growth, innovation, and professionalization. The journey ahead will define how collectible cars evolve from passion to permanence in the global cultural and financial landscape.

This article is part of an AssetClassic series based on insights shared at The Classics Forum 2025. Over the coming weeks, we’ll explore each part of the collectible car sector’s value chain in more detail.

Held annually in Modena, the heart of Italy’s famed "Motor Valley", the Motor Valley Fest is a public celebration of automotive excellence. The event brings together car manufacturers, designers, investors, institutions, and enthusiasts for a four-day program of exhibitions, panels, dynamic displays, and networking. It is a platform where tradition meets technology, with a focus ranging from supercars and motorsport to heritage vehicles and future mobility.

The Classics & Heritage Panel at Motor Valley Fest 2025 brought together executives and decision-makers from leading OEMs, cultural institutions, investment platforms, and restoration specialists. Their discussions reflected a sector in transition, shaped by shifting demographics, evolving consumer expectations, and growing financial interest. A link to the full recording of the Panel discussion is available here.

As the market matures, new challenges and opportunities are emerging around accessibility, authenticity, and long-term value preservation. This article outlines five major themes that surfaced from the discussion:

1. The Classic Car Market Is Deepening and Globalizing

2. Younger Generations Are Engaging with Classics, in their own way

3. Preservation Requires Ecosystem Coordination

4. Financial Structuring Is Enabling Wider Access

5. Long-Term Value Depends on Usage and Public Engagement

1. The Classic Car Market Is Deepening and Globalizing

Michele Bertoncello (Partner, McKinsey & Company) opened the session by presenting highlights from a recent study conducted in collaboration with AssetClassic. The research estimates the high-end collectible car market at over €800 billion in global value, with more than €45 billion in annual transactions. This activity covers trading, brokerage, restoration, certification, insurance, financing, and storage.

Classic cars play a key cultural and industrial role in this ecosystem, yet the opportunity remains underleveraged from a financial and institutional standpoint. While OEMs like Ferrari, Lamborghini, and Maserati have internal heritage programs, much of the broader experiential ecosystem such as events, museums, and specialist services still relies on fragmented, private efforts.

The collector base is also becoming more geographically diverse. Bertoncello noted increased demand from emerging markets and emphasized that younger HNWIs (high-net-worth individuals) are viewing classic cars as alternative stores of value, alongside real estate and art.

2. Younger Generations Are Engaging with Classics, in their own way

Contrary to the perception of the classic car sector as exclusive or generationally narrow, several panelists pointed to a growing interest among under-40 audiences. Silvia Nicolis (President, Museo Nicolis) and Laura Milani (TikTok) both emphasized the role of content and digital storytelling in driving this shift.

According to Nicolis, younger generations are attracted not just to the vehicles themselves, but to the stories behind them, technological ingenuity, personal legacy, and their role in cultural development. The museum’s model has evolved accordingly, working with platforms and institutions to position automotive heritage as part of a broader narrative around Italian creativity and innovation.

Milani outlined TikTok’s contribution, highlighting that over 50% of its users are now above the age of 25. She emphasized that classic car content performs well on the platform when it aligns with three categories: education (e.g., model histories), storytelling (e.g., restoration processes), and lifestyle (e.g., scenic drives or event coverage). For OEMs and institutions, the implication is clear: communication must adapt to reach new audiences through interest-based, not demographic-based, channels, while adjusting to the language and expectations of different audiences.

3. Preservation Requires Ecosystem Coordination

Andrea Modena (Ferrari Classiche), Alessandro Farmeschi (Lamborghini Polo Storico), and Cristiano Bolzoni (Maserati Classiche) each detailed their respective OEM’s efforts to institutionalize heritage management. All three noted the long-term importance of technical documentation, part reproduction, and certifications.

However, the discussion also highlighted limitations. Modena and Bolzoni emphasized how OEMs cannot operate in isolation, as effective heritage preservation requires collaboration with other entities such as independent restorers, archives, museums, and specialized suppliers. Maserati, for example, is working to bring its archive fully online and prioritize the production of unavailable or safety-critical parts. Ferrari Classiche supports a global network of authorized partners and increasingly co-develops documentation with external institutions.

Farmeschi noted that knowledge codification and retention is becoming a critical issue. As technicians all around the world are aging and fewer talents are entering the business, the risk is not only technical obsolescence but the loss of critical expertise. In this sense, OEMs will have to accelerate their investments in digitalization and training programs to ensure continuity.

4. Financial Structuring Is Enabling Wider Access

Camillo Mekacher Vogel (Founder, AssetClassic) outlined the rationale behind building a structured investment platform for classic cars. AssetClassic’s model combines direct ownership with professional financial oversight, enabling a broader range of investors to participate in the asset class.

He emphasized the importance of developing an approach that balances emotional connection with institutional discipline. “This is capital, but it’s also culture,” Mekacher Vogel noted. “It requires people who can understand something like vintage Ferrari engine codes, and also calculate IRR and risk-adjusted returns.”

Financing is another area of growth. According to the McKinsey study referenced earlier, over 50% of collectors across all value segments use financing to manage liquidity or co-invest. Yet few OEMs or banks offer tailored lending products. As professionalization of the sector increases, mechanisms like fractional ownership, secured loans, and managed portfolios are likely to expand.

5. Long-Term Value Depends on Usage and Public Engagement

Several panelists pointed to the need for classic cars to remain in motion, on roads, at events, and in cultural venues. Andrea Donati (Bacchelli & Villa) and Sam Medcraft (Goodwood Motor Circuit) both argued that public engagement is essential for long-term value creation. Donati noted that restoration is most meaningful when it returns a car to use, and not just to display.

Medcraft offered the example of Goodwood Revival, which has successfully built a global audience by integrating cars into immersive public experiences. He stressed that authenticity and user participation are key to sustaining interest across generations.

Meanwhile, Silvia Nicolis and Andrea Modena emphasized that museums and private collections must shift from passive curation to active programming by connecting with content creators, public stakeholders, and work with educational institutions to actively target the younger generation.

6. Conclusion

The classic and heritage car sector continues to mature, driven by rising asset values, demographic shifts, and growing professionalization. At the same time, the industry faces key challenges around accessibility, knowledge transfer, and coordination.

The Motor Valley Fest 2025 panelists agreed in conclusion that progress for the sector will primarily depend on the industry’s ability to deal with four challenges:

• Reinforcing industrial capabilities (e.g., around restorations) and talents attraction

• Increasing the availability of financial tools for collectors and professionals

• Fostering cultural engagement leveraging classic cars as “anchor passion” for car enthusiasts and for the broader luxury ecosystem

• Setting long-term strategies that build on authentic Heritage to reinforce stronger brands.

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The decision to host the Hackathon in Modena was a natural one, given the unique ecosystem the city is part of. The Emilia-Romagna region, and particularly the district known as the Motor Valley, is one of the most concentrated and historically significant automotive hubs globally. Spanning from Piacenza to Rimini along the Via Emilia, the Motor Valley is home to multiple high-profile OEMs, including Ferrari, Lamborghini, Maserati, Ducati, Dallara, and Pagani, as well as a network of specialized suppliers, technical institutes, and restoration firms.

Contributing to this industrial and cultural richness is the Motorvehicle University of Emilia-Romagna (MUNER), a consortium of four leading Italian universities (Bologna, Ferrara, Modena and Reggio Emilia, and Parma) established in collaboration with top Motor Valley brands such as Dallara, Ferrari, Lamborghini, and Ducati. Launched in 2017, MUNER was created to train the next generation of engineers and specialists in high-performance automotive systems, combining academic rigor with direct industrial engagement. It now attracts students from around the world, many of whom go on to work across the Motor Valley ecosystem in roles spanning design, R&D, and manufacturing.

Building on this academic foundation, MUNER recently joined forces with Bologna Business School (BBS) to launch the world’s first MBA in Supercars, Superbikes, and Motorsports. This globally unique program combines brand management, product development, marketing, and financial planning, all tailored to the high-performance automotive sector. With faculty and guest speakers drawn from iconic Motor Valley firms, the MBA blends classroom instruction with immersive learning experiences inside factories, race teams, and design studios, preparing a new managerial class to lead the sector’s evolution.

Complementing these academic and industrial efforts is the Motor Valley Accelerator, Italy’s first vertical startup accelerator fully dedicated to the mobility and automotive sector. It was launched in 2021 as a public-private partnership supported by CDP Venture Capital, Fondazione di Modena and Unicredit, managed by Plug and Play and CRIT. Its mission is to catalyze innovation by investing in early-stage startups working on technologies spanning connected vehicles, autonomous systems, sustainability, and smart manufacturing. The Motor Valley Accelerator ensures that its future is being built through concrete, tech-driven experimentation. For AssetClassic, it was the natural venue for a hackathon aimed at bridging classic car culture with digital innovation. The Motor Valley Accelerator provided not only the physical infrastructure but also strategic mentorship, and was key in attracting the top talents necessary for the success of the hackathon.

This broader framework is supported by the Emilia-Romagna regional government, which since 2003 has formally promoted the Motor Valley as a strategic brand. The goal is to consolidate its global position at the intersection of industrial production, technological innovation, motorsport, and tourism.

It was within this unique ecosystem that AssetClassic chose to launch its Hackathon, an initiative designed to evaluate the extent to which applied data science and digital methodologies, specifically sentiment analysis and trend forecasting, can support decision-making in the classic vehicle sector. Rather than focusing on archival or historical digitalization, the initiative aimed to test whether unstructured data from enthusiast communities and social platforms could offer actionable insights into asset perception, valuation trajectories, and brand relevance.

The answer? It sure does.

Turning social media sentiment into strategic insight

The Hackathon brief required participants to build a tool capable of extracting and analysing public sentiment around specific classic car brands and models, using publicly available content from social media platforms and enthusiast forums. A secondary, optional goal was to test whether that sentiment held predictive value for short-term valuation trends.

Participants were provided with two core datasets:

• A social data extract curated by TikTok, including engagement KPIs and content interactions related to automotive heritage

• A 20-year historical valuation dataset from AssetClassic, covering a wide range of classic car models

The problem was structured to reflect real-world constraints: teams had 24 hours to build a minimum viable product (MVP) and summarize their findings in a one-page presentation.

Strong and diverse talent from all over the world

Eleven teams were selected through an open application process, composed of students and recent graduates from diverse academic and professional backgrounds, including engineering, data science, and economics. Participants came from various regions and countries, reflecting both international reach and diverse gender representation. The cohort brought a wide range of perspectives and skill sets, which was clearly reflected in the different approaches adopted for their minimum viable products (MVPs) from analytical engines to interactive dashboards.

The event was structured as a time-constrained industry sprint, with teams working intensively to develop functional prototypes over two days. Mentorship sessions and on-site infrastructure supported their efforts throughout the process. Evaluation criteria included several key dimensions other than the level of technical innovation and feasibility of the proposed solutions. These included the accuracy of sentiment analysis, the clarity and usability of the user interface, the scalability of the approach, and the potential business relevance for key market stakeholders.

The judging panel brought together senior professionals from across the consulting, technology, automotive, and private equity sectors. It included Carlo Bonini (Director, TikTok), Pietro Pollichieni (CEO, Quadra), Michele Bertoncello (Partner, McKinsey & Company), Enrico Dente (Director, Motor Valley Accelerator), Andrea Donati (General Manager, Bacchelli & Villa), and Lorenzo Basile (Investment Associate, AssetClassic).

Leveraging social media interactions to draw business insights

Despite the “deliberately challenging” time available, several teams produced functional tools using open-source libraries for sentiment analysis and topic modelling. Others focused on creating intuitive dashboards for displaying historical trends, enabling collectors or dealers to visualize how public perception of a model evolves over time. Notably, two teams proposed valuation forecasting models that combined social sentiment scores with AssetClassic’s historical price trends. While these forecasts were preliminary, they opened a potential pathway for identifying market momentum, especially in lower-liquidity segments. Across the board, participants surprised the judges for their sharp thinking about usability. Interfaces were designed with both experts and casual enthusiasts in mind, highlighting the potential to develop tools that could be integrated into collector platforms, marketplaces, or OEM heritage programs.

The Hackathon served as a practical test case for a hypothesis: that digital infrastructure can complement, not replace, traditional expertise in the classic automotive space.

Several strategic takeaways emerged:

• Sentiment analysis can support early signal detection. Monitoring digital channels enables institutions and investors to identify shifts in interest or perception before they are reflected in transactional data

• Content & visibility are becoming a valuation factor. A model’s visibility on platforms like TikTok, YouTube, or Instagram may influence its desirability, particularly among younger buyers. Measuring that presence offers new inputs for pricing models and investor reports

• Young talents are needed to win in this space. The diversity of applicants and their technical output demonstrated a clear interest in heritage sectors from students and early-career professionals. Structured formats like Hackathons can serve both as recruitment and R&D vehicles

• Standardized data is a prerequisite for scalability. Participants had to face multiple challenges due to inconsistent data formats across forums and social platforms. Sector-wide efforts to normalize terminology and metadata could unlock broader utility for sentiment tools

Classics market will increasingly be structured through data

The Hackathon clearly proved the value of cross-disciplinary collaboration in a traditionally analog industry. By providing access to proprietary data, curated challenges, and domain-specific mentorship, the event facilitated productive experimentation on how classic car heritage can be analysed, visualized, and communicated using contemporary digital tools.

As the sector becomes more institutionalized, demand will grow for scalable, data-informed solutions that enhance transparency and expand access. Events like the Motor Valley Fest Hackathon show that with the right framework, new talent can deliver meaningful insight, and that classic cars are not only relevant to history, but also to the future of applied data in culture and investment.

The collectible classic car market began 2025 with stability, as the AssetClassic Auction Index (ACAI) posted a modest gain of +1.4% in Q1 2025. Following a year marked by correction and volatility, this performance suggests that the market may be entering a more stable phase – should macroeconomic factors support it.

While underlying trends point to growing interest in younger classics, especially from the 1990s and 2000s, the top end of the market continues to be firmly dominated by classics from the “golden eras.” The standout sale of the quarter, a 1954 Mercedes-Benz W196R Streamliner F1 that achieved $53.9 million, reaffirmed that rare vehicles with historical significance remain unmatched in collector value. Indeed, most of the top ten sales in Q1 were of cars from the 1970s or earlier, underscoring that timeless provenance continues to set the standard in the ultra-high-end segment.

Meanwhile, market dynamics showed nuanced shifts. Gains in the ACAI were primarily driven by the strength of 1990s models (+9.2%), while earlier segments such as the 1970s and 1980s posted more moderate growth. Vehicles from the pre-1960s era, though still under pressure, showed signs of stabilization.

On the regulatory front, newly announced U.S. import tariffs had limited direct impact on the classic segment, as vehicles older than 25 years remain exempt. Importantly, Q1 concluded just as the new measures took effect, meaning any market consequences are yet to materialize. For now, auction activity and pricing remain unaffected, and sentiment among collectors remains cautiously optimistic that the segment will stay resilient in the face of broader trade shifts. Moreover, rising tariffs on new luxury vehicles may encourage some buyers to shift toward classic cars as more appealing and cost-efficient alternatives. This behavioral shift could boost interest in collectibles, especially those exempt from new duties. However, macroeconomic uncertainty may still temper short-term buyer enthusiasm, keeping overall market resilience in check as 2025 unfolds. We will watch the next several auctions closely to see any signs of weakness.

1. Classic and collectible car values

The AssetClassic Auction Index (ACAI) includes classic and collector vehicles made before 2010s, with a focus on those with average values higher than EUR20,000. While the data goes back to the 1970s, the index starts in Jan 2002 at 100. The ACAI is updated monthly and based solely on auction results, with no manual adjustments.

In the first quarter of 2025, the AssetClassic Auction Index (ACAI) continued the stabilizing trend observed in late 2024, reflecting a market navigating post-correction dynamics. After the approximate 3-4% decline over the course of 2024, the ACAI entered the new year with a modest yet notable sign of resilience. Since December 2024, the index hovered around the 700 mark, showing a slight dip early in the quarter, followed by a mild recovery toward the end of March, ultimately increasing by 1.4% for the quarter.

The absence of strong fluctuations in Q1 2025 contrasts with the more volatile quarters of 2024, particularly the third quarter, which recorded one of the weakest Q3 performances in recent history. While market momentum remains subdued compared to the highs of 2022 and early 2023, the ACAI’s current performance hints at a potential plateau rather than a continued downward trajectory.

Should macroeconomic conditions stabilize and key auctions deliver solid performances in Q2, the classic car market may well enter a new phase of gradual recovery and recalibration.

The first quarter of 2025 saw the AssetClassic Auction Index (ACAI) post a modest gain of +1.4%, nearly identical to the +1.5% recorded in Q1 2024. Despite this apparent stability in the headline figure, the decade-level breakdown reveals slight differences. In Q1 2024, gains were largely driven by the strength of modern classics, particularly cars from the 2000s (+5.1%) and 1990s (+6.2%), with healthy contributions from the 1980s (+5.6%) and 1970s (+4.3%).

In contrast, 2025 saw a redistribution of momentum. The 1990s stood out with a sharp rise to +9.2%, confirming their status as one of the most in-demand segments, likely driven by growing enthusiasm for analogue supercars and emerging collector interest from younger generations. Vehicles from the 2000s also improved slightly to +5.6%, consolidating their appeal, while the 1980s slowed, falling from +5.6% to +3.8%. The 1970s segment followed a similar trend, slipping from +4.3% to +3.5%. More surprising is the continued underperformance of earlier vehicles, although with signs of stabilization. Cars from the 1940s and before, which suffered a sharp -6.8% decline in Q1 2024, recovered slightly to -0.6% in Q1 2025. Similarly, 1950s models softened their drop from -1.0% to -0.9%. Although still negative, these figures indicate a slower rate of decline and a potential stabilization. The 1960s, meanwhile, remained flat in Q1 2025 (0.0%) after a light +0.1% in Q1 2024.

In essence, while the overall ACAI figure remained virtually unchanged year-on-year, the underlying market dynamics have evolved. 2024's Q1 growth was more broadly distributed across multiple decades, whereas 2025 Q1 has been increasingly driven by the strength of 1990s vehicles, supported by stability in the 2000s and modest resilience in other post-1970s segments. Simultaneously, the deceleration of losses in older vehicles hints at a potential rebalancing within the market.

2. Top 10 public auction sales in Q1 2025

The top 10 auction sales of Q1 2025 continue to reinforce a key observation: while the buzz around youngtimers and modern hypercars grows louder, it is the timeless allure of historic classics that still commands the highest premiums. Topping the list, and setting the tone for the quarter, is the 1954 Mercedes-Benz W196R Streamliner F1, which achieved $53.9 million at RM Sotheby’s Stuttgart, reaffirming its status as one of the most significant Grand Prix cars ever built.

This year’s top sellers are mainly composed of pre-1970 icons, highlighting the continued dominance of historic relevance, rarity, and provenance in the ultra-high-end segment. The message is clear: collectors are still willing to pay a premium for irreplaceable legends born from motorsport or hand-built icons. Notably, seven out of the ten top sales are from the 1950s or earlier, including the 1908 Mercedes racer. Even the 1957 Chevrolet Corvette SS Project XP-64, though an outlier in terms of brand, achieved $7.7 million, reflecting its rare prototype status.

While modern vehicles made a marginal appearance, with the 1989 RUF CTR “Yellowbird” ($6.05M) and the 1996 Ferrari F50 ($5.53M), they were the exception rather than the rule. These two sales, though highly respected and increasingly collectible, still trail significantly behind in price, confirming the enduring hierarchy in the market. Their inclusion does, however, suggest that the floor of elite car collecting is gradually expanding to include landmark vehicles from the 1980s and 1990s—particularly those with cultural or performance-related significance.

3. Regulatory developments

The introduction of new U.S. tariffs on imported vehicles and automotive parts in late March 2025 raised immediate concerns across the global automotive sector, especially regarding their potential ripple effects on the collector car market. The new measures essentially impose a 25% tariff on most imported cars and select components. However, crucially for collectors, vehicles older than 25 years remain exempt from the tariff and continue to be subject only to the standard 2.5% import duty. As such, the direct impact on the classic and collectible car segment appears, at least initially, to be limited.

That said, the broader implications are still unfolding. The increased cost of parts, many of which are shared across both modern and older vehicles, could indirectly affect maintenance and restoration costs for certain classic models, particularly those dependent on overseas suppliers. Moreover, the evolving nature of tariff policies in recent years has injected a layer of uncertainty into the market. The frequent adjustments and recalibrations of tariff rates have created a macroeconomic environment of unpredictability. For collectors, dealers, and investors in classic cars, this volatility complicates long-term planning and financial forecasting, as tariff changes can significantly alter the cost dynamics of acquiring and maintaining vehicles. The classic car market, by its very nature, thrives on stable economic conditions, and the frequent shifting of tariff structures only adds to uncertainty. These tariff changes are making it harder to predict how the costs of restoring classic cars will evolve, especially for vehicles that are already expensive to import. As a result, dealerships, investors, traders, collectors, and restoration shops may be hesitant to make large-scale purchases or commitments until they can gauge the true impact of these tariffs.

A more immediate and tangible effect of the new tariffs is likely to be felt in the US classic car restoration industry. Restoration is an intricate process that relies heavily on imported parts, from mechanical components like engines and transmissions to rare body panels and trim pieces. These parts are essential to maintaining the originality and quality of restored vehicles, and with the 25% tariff now applied to many imported car parts, restoration costs are set to rise significantly. For restoration shops, which are already navigating higher labor costs and supply chain challenges, the added cost of imported parts may force them to increase their prices, potentially deterring customers from pursuing restoration projects. Smaller shops that rely on specific foreign parts could be disproportionately affected, with some possibly having to adjust their business models or focus on more commonly available parts. Moreover, the impact of tariffs on parts could lead to longer restoration timelines as shops struggle to source the necessary components. Delays in the import process, combined with rising prices, could frustrate clients and reduce the overall demand for restoration services, particularly among hobbyists and entry-level collectors. As a result, the restoration market may become less accessible to a broader audience, with only high-end restoration projects remaining viable. This could shift the focus of the classic car market, concentrating more on high-value, well-established models rather than less common or more affordable classics.

Beyond restoration and import dynamics, it’s worth noting a potential behavioral shift that could work in favor of the classic car market. As tariffs and duties increase the cost of importing new high-end luxury vehicles, particularly from Europe and Asia, some buyers may increasingly turn to classic cars as an alternative for recreational driving, investment, or status expression. In this light, collectible vehicles, especially those exempt from the new import duties, could benefit from a renewed appeal as both emotionally engaging assets and relatively cost-stable alternatives to heavily taxed modern exotics. However, this upside is tempered by the broader context of macroeconomic uncertainty. Fluctuating trade policies and a cautious global outlook may restrain short-term purchasing enthusiasm, especially among discretionary buyers. Even in the high-end segments of the market, some collectors may delay acquisitions or focus more on preserving existing assets rather than actively pursuing new purchases.

All things considered, while the broader market impact of the tariffs on classic cars seems minimal for now, the restoration segment is more likely to feel the pressure. As the global automotive supply chain continues to adjust to these tariffs, restoration costs could rise, timelines may stretch, and some shops may face financial strain, ultimately affecting both the cost and availability of restoration services. This uncertainty, combined with fluctuating tariffs, creates a situation where the market must navigate evolving trade barriers, potentially altering the dynamics of the classic car industry in ways that are still unclear.

In general, Q1 2025 opened with signs of renewed stability and shifting momentum across segments. As always, we look forward to seeing how the year unfolds, and to continuing to contribute, in our own way, to a passionate and evolving collector community.

Several defining trends emerged. Modern classics from the 2000s experienced a 8% increase in value, largely driven by younger collectors reshaping demand. In contrast, pre-war vehicles faced an 11% decline. Geographic and brand-specific trends also influenced outcomes. U.S. auction houses demonstrated stability, while European markets struggled, particularly for iconic brands like Alfa Romeo, Maserati, and Aston Martin, reflecting broader challenges faced by these manufacturers.

The auction market offered further insights into collector behavior and market dynamics. Online auction platforms, which had lately been growing significantly over the last 5 years, plateaued this year, signaling potential saturation and the need for further innovation. In contrast, high-end auctions still flourished, with landmark sales such as a 1963 Ferrari 250 GT SWB California Spider fetching $17.875 million, setting a new record for its category. The top-tier segment’s resilience highlights the growing importance of provenance, authenticity, and rarity in commanding premium values.

The future of the classic car market will hinge on balancing innovation with preservation. Engaging younger collectors, leveraging technology, and addressing regulatory challenges will be critical for sustaining momentum. Despite the challenges of 2024, the market remains a captivating and resilient asset class.

In the rest of this message, in the spirit of reflecting on 2024, we’ll cover five topics:

1. Classic and collectible car values: a look at how valuations have progressed

2. Auction market: an overview of the 2024 trends in the auction market for classic and collectible cars

3. Notable auction results: top 10 results and what they tell us about collector interests

4. Industry-shaping events: an overview of the top new events and sector activity such as M&A

5. 2025 outlook: a brief look at what 2025 may have in store for our sector

Wishing you a joyful and prosperous 2025 from the AssetClassic team!

1. Classic and collectible car values

The AssetClassic Auction Index (ACAI) includes classic and collector vehicles made before 2010s, with a focus on those valued above $20,000. While the data goes back to the 1970s, the index starts in Jan 2002 at 100. ACAI is updated monthly and based solely on auction results, with no manual adjustments.

In 2024, ACAI reflected a year of market correction amidst broader economic challenges and global uncertainty – including the presidential elections in the United States. After years of steady growth, the index experienced a decline of 3.5%, marking a notable shift from previous trends. The first half of the year saw moderate growth of around 3%, bolstered by a strong start in the auction season. However, the third quarter presented significant challenges, with ACAI recording a 3% drop – the fourth-worst Q3 performance since 2002 – largely influenced by weaker-than-expected results during key events like Monterey Car Week. Despite these challenges, strong results from events such as Bonham’s Zoute Sale and an active final quarter have kept the year-end outlook from a much sharper decline.

Vehicles from the 2000s continued their upward trajectory, recording an 8% increase for the year. This growth was driven by younger collectors’ heightened interest and investment in models from this decade. Cars from the 1990s and 1980s also saw increases of 5%, reflecting solid demand for these eras. Vehicles from the 1970s displayed moderate growth at 3%, signaling steady interest. Conversely, pre-war vehicles experienced a steep 11% decline, highlighting the ongoing challenges in sustaining demand for older models. The 1950s and 1960s faced declines of 8% and 7%, respectively, further contributing to the ACAI’s overall dip. The primary drivers behind the overall decline in the ACAI were the weak performance of pre-war vehicles and the softening in mid-tier segments, particularly from the 1980s and 1990s. In contrast, the relative stability of post-2000 cars helped mitigate steeper losses, highlighting their growing importance in maintaining the broader market's health.

The ACAI’s breakdown by make showed some disparities. Ford led the market with a remarkable 22% increase in value, reaffirming its appeal among collectors. Chevrolet and Porsche demonstrated modest growths of 5% and 3%, respectively, maintaining their positions as popular choices. On the other hand, Jaguar suffered the steepest decline at 22%, reflecting a challenging year for the brand. Alfa Romeo, Aston Martin, and Maserati also faced considerable declines of 22%, 16%, and 14%, respectively. Ferrari, Lamborghini, and Mercedes-Benz - all iconic names in the collector market - experienced declines, marking a cooling-off period following prior strong performances.

Regionally, the United States makes demonstrated resilience, supported by Ford’s exceptional performance. European makes, however, saw a 10% decline, with the UK makes facing particularly significant challenges, as illustrated by Jaguar’s and Aston Martin’s poor results. Italian makes also experienced an 8% decline, driven largely by struggles from Alfa Romeo and Ferrari.

2. Auction market

The AssetClassic database includes over 750,000 recorded auction results from more than 50 leading global auction houses. It predominantly focuses on public auction data on automobile sales and excludes private sales, post-auction transactions, and other categories such as automobilia and motorcycles.

The global auction market for collectible cars has shown impressive long-term growth, with a 17% compound annual growth rate (CAGR) over the past five years and 11% over the past decade, reflecting the increasing value of cars auctioned. However, 2024 marked a slight deviation from this upward trend, with a modest decline of 5% in the total value of cars auctioned. Despite this dip, the market remains robust, exceeding $4 billion in total sales. The primary driver of the decline lies in falling average auction prices, which dropped by approximately 5%, even as the total number of cars auctioned saw a slight increase (less than 1%). This suggests that while demand remains strong, buyer preferences and valuations have shifted, as explored in the preceding valuation analysis.

The online auction market, once a rapidly growing segment, has shown signs of significant deceleration this year. Over the past five years, online auctions experienced near 50% average annual growth, which tapered to 20% over the last three years and ultimately flattened in the past year. This trend is evident across all major online-focused auction platforms, suggesting that the market may be nearing a saturation point for this business model. Future growth in this segment will likely depend on further innovation and may come at the expense of other sales channels, including online listings, traditional dealers, and private sales. Additionally, the continued decline in average prices of cars auctioned online – relative both to offline auctions and to valuation indices – underscores the growing challenges facing the online auction space.

Across the key regions in the market, the U.S. remains the dominant force in the collectible car auction sector, driving volumes and maintaining a steady trajectory of growth. Well-established U.S. auction houses have demonstrated consistent increases in auction values over the past few years, even without significant changes in the number of cars sold, reflecting a robust market where individual prices continue to rise driven by strong demand and interest in the asset class. In contrast, Europe has experienced a notable decline, with market volume dropping by 10% and the UK facing even steeper declines on the back of economic pressures. Additionally, the European market has seen a sharp decrease in average auction prices as it shifts away from high-end, specialty models toward more mass-market offerings, a trend increasingly reflective of the broader U.S. and UK markets.

The strategic focus of most prominent auction houses remains firmly on the upper side of the market, evidenced by the growing number of cars sold at auction for over $500,000. The trend underscores the sustained demand for high-value collectibles, where the competition among affluent buyers continues to drive strong results. The emphasis on premium assets aligns with the broader market's resilience at the top end, even as mid-tier segments face pressure from shifting economic conditions.

The longstanding trend of decreasing average car ages in auctions, which began more than a decade ago, appears to have reached a plateau. In 2024, the weighted average age of auctioned cars stabilized at approximately 39 years, after a steady decline from a peak of over 50 years in the early 2010s. This stabilization reflects a balance between the enduring appeal of classic vehicles and the increasing presence of cars from the 2000s and newer in the auction market.

3. Notable auction results

The top 10 vehicles sold at auction in 2024 highlight interesting dynamics in the collector car market. While RMS Sotheby’s continues to dominate with the highest representation in the list, the spread across multiple auction houses – Mecum, Gooding, and others – demonstrates a relatively diverse performance in achieving record-breaking sales. This diversity underscores the increasing global nature of the market, with major sales occurring in venues ranging from Monterey to Dubai, reflecting the demand spread across different regions.

An interesting observation to highlight is the age profile of the top 10 cars. Despite the growing trend towards youngtimers and modern hypercars, this list proves that when it comes to the highest price bucket, it’s the classics that reign. Only one vehicle in the top 10, the 2014 Pagani Zonda LM Roadster, was manufactured in the last 45 years. The remaining entries are mainly pre-1970s icons, including the 1938 Alfa Romeo 8C 2900B Lungo Spider, the 1955 Ferrari 410 Sport Spider, and the 1903 Mercedes-Simplex 60 HP ‘Roi des Belges,’ which collectively reflect a market appreciating automotive history, craftsmanship, and provenance. This trend reinforces a critical message: while younger cars are increasingly popular and driving broader market trends, the “heavy hitters” that achieve top-dollar sales are almost exclusively historic vehicles.

The inclusion of a single modern hypercar amidst this pantheon of classics – the Pagani Zonda LM Roadster – highlights the rarity with which contemporary cars break into the most elite auction results. This reinforces the idea that while modern hypercars capture the imagination of many, it is the irreplaceable nature of historic icons that truly captivates the collector world at the highest level.

4. Industry-shaping events

4.1 Inaugural edition of The Classics Forum

The Classics Forum 2024 marked a groundbreaking moment for the classic car industry. The event, organized by AssetClassic in collaboration with McKinsey & Company, was held in the heart of Italy's Motor Valley, at Tenuta di Roncolo, our event partner. As the first event of its kind, the Forum brought together a unique mix of collectors, OEMs, industry professionals, and opinion leaders to engage in sector discussions. Over three days, participants explored the key challenges and pain points facing the sector across the value chain, shared their experiences, identified trends, and brainstormed solutions to create, structure, and defend value in the classic car market. The event featured exclusive plenary sessions, roundtables, and networking opportunities, alongside a dynamic public day with a hill climb, exhibitions, and educational sessions. By fostering meaningful dialogue and engagement across the entire value chain, the Classics Forum set a new standard for industry collaboration, establishing itself as a visionary platform for the future of classic cars.

During the Classics Forum, among the topics discussed, the results of McKinsey’s 2024 Collectible Car Survey were presented. The Survey involved hundreds of collectors, traders, dealers, enthusiasts, and other players in the classic car sector, across USA, Europe, and Asia. It revealed key insights into collector and professional behavior, as well as industry challenges. In particular, some of the key messages are gathered below:

• The main reason identified for owning classic cars was personal enjoyment from driving them, followed by their strong investment potential, and finally by the social component.

• The Survey highlighted the importance of sharing this passion, with most respondents regularly involving close relationships such as significant others (37%), personal friends (29%), or children (34%), with only 13% of participants expressing a preference for enjoying their passion alone

• Additionally, the Survey highlighted how collectors stay connected to the classic car community, with social media proving highly relevant for all age groups. As one would expect, younger collectors favored platforms such as online forums and social media, while those over 40 showed a stronger preference for in-person car gatherings, events, and clubs, emphasizing the enduring appeal of physical interactions.

• One of the key chapters of the Survey aimed to explore the challenges, issues, and concerns of respondents. Notably, trust in sellers, vehicle condition transparency, and storage proved to be the most common concerns across all sector players.

• In terms of choosing cars to purchase, among several interesting insights, it stood out that larger collectors mainly prioritize strict authenticity in restoration, though many may accept modifications to grant the vehicle increased performance or reliability.

• Finally, the Survey explored the perception of the sector’s future outlook across all segments. Professionals in particular, such as traders and resellers, highlighted a shift towards more sophisticated offerings and activities beyond trading. Overall, they reported to be viewing the sector’s future positively, particularly as the increasing number of Ultra-High-Net-Worth Individuals drive demand.

4.2 New developments in the auction business – price guarantees

One of the most significant recent developments in the sector is Broad Arrow's introduction of a guaranteed minimum price model. Such model is similar to known practices in the art auction market, where auction houses offer guarantees to encourage consignments and provide sellers with confidence. It has been used since the early 1970s to stimulate the market and assure sellers of a minimum return. In practice, this approach ensures sellers receive at least the predetermined amount for their vehicles, regardless of auction outcomes. If a car sells above the guarantee, the transaction proceeds as usual; if it falls short, the auction houses compensates the difference. This model offers sellers financial security, attracting more lots and higher-value consignments, and potentially enabling a larger number of “no reserve” lots, which in turn attracts buyers. Moreover, appraisers and valuation experts could see an increased demand for accurate valuations to set appropriate guarantees. Overall, as seen in the art market, this model has the potential to impact the sector on a large scale if successful, as it would benefit buyers, sellers, auction houses, appraisers, and possibly financing providers.

However, the use of guarantees can also impact the dynamism of live auctions, as pre-arranged guarantees may lead to sales that align closely with the guaranteed amounts, potentially reducing the excitement of competitive bidding.

Overall, Broad Arrow's implementation of guaranteed minimum prices reflects a strategic move to enhance seller confidence and market stability, with various implications for financial institutions, service providers, and participants in the auction ecosystem.

4.3 M&A among key sector players - the trend continues

As any sector matures and professionalizes, a trend of consolidation increases. We’ve seen much of this happen over the last years in classic and collectible cars – in the auction market, trade, insurance and events. 2024 has been marked by further strategic investments by key industry players.

One of the key industry events of 2024 was Gooding’s acquisition by Christie’s. Established in 1766, Christie’s has a rich history in auctioning fine art, antiques, jewelry, and luxury goods. Although it exited the classic car market in 2007, the auction house has continued to sell automobiles as part of specific collections. Gooding & Company, founded in 2003 by David Gooding, who previously served as the head of Christie’s car department, has since established itself as a leading auction house in the collector car market, particularly renowned for handling high-profile auctions. This strategic acquisition marks Christie’s return to the classic car market, aiming to diversify its offerings amid a weakening art market. By integrating Gooding & Company's expertise, Christie’s is poised to enhance its position, potentially increasing competition and elevating standards within the industry. At the closing of acquisition procedures, Gooding & Company will be rebranded as Gooding Christie’s, serving as the automotive department of the parent company.

Another key M&A event was the investment by Ferrari Family Investments into Cavallino Inc. The company is dedicated to the world of Ferrari, publishing the bimonthly Cavallino Magazine, regarded as an authoritative source on classic Ferraris. It also organizes the Cavallino Classic, the world's largest event solely devoted to Ferrari automobiles, held annually in Palm Beach since 1992. In recent years, the event has expanded globally with editions in Modena, Abu Dhabi, and an upcoming event in Sydney. This investment signifies a deepening of the Ferrari family's involvement in preserving and promoting the legacy of Enzo Ferrari. Enzo Mattioli Ferrari, descendant of Enzo Ferrari, in his active role as President of Cavallino is expected to enhance the company's leadership in the vintage car world, leveraging his expertise and passion to further strengthen its position. The collaboration aims to foster a greater appreciation for Ferrari's heritage and support the continued growth of the vintage car sector. Luigi Orlandini, who has led Cavallino's growth over the past four years since its acquisition by Canossa, continues to serve as Chairman of the Board of Directors and CEO, working alongside Enzo Mattioli Ferrari to advance the company's mission. This strategic partnership underscores the Ferrari family's commitment to safeguarding and promoting the brand's rich history, ensuring that the legacy of the Prancing Horse endures for future generations.

Another major developments in the sector this year involves Petrolicious, a premier news and information platform for classic and collector car enthusiasts, renowned for its high-quality storytelling and films. In the past few years, the company changed ownership twice, leading to its acquisition in 2024 by duPont Registry Group (DRG), a leader in luxury automotive lifestyle media. This strategic move aimed to integrate Petrolicious's exceptional film and media content into DRG's expanding luxury-driven community. DRG's CEO, Antoine Tessier, emphasized that Petrolicious's unparalleled storytelling would complement DRG's offerings, marking a return to the core elements that made Petrolicious a pioneer in the high-end enthusiast world. Following the acquisition, DRG announced initiatives to revitalize the Petrolicious brand, including the launch of a film competition inviting enthusiasts to submit films about their love for cars. This initiative aims to engage the audience and discover new talent in automotive storytelling. In October 2024, Michael Chapin was appointed as CEO of Petrolicious, bringing his expertise to lead the brand into its next chapter. These developments underscore Petrolicious's enduring appeal and its significant role in automotive culture, as it continues to evolve under new leadership and ownership within the luxury automotive media landscape. As classic car aficionados and avid Petrolicious content consumers, we couldn’t be more excited about the recent developments, and we are looking forward to seeing their new chapter.

The merger of Iconic Auctioneers and Classic Car Auctions (CCA) in October 2024 is worth mentioning as a development in the classic car auction market, as it combines Iconic’s premium reputation with CCA’s expertise in mid-market auctions. The rebranded "Classic Sales by Iconic Auctioneers" will broaden the company’s reach and service offerings, including online timed sales, motorcycle auctions, and private transactions, also enhancing lot visibility for sellers. The merger clearly shows interesting opportunities for the two players, such as expanding into mid-tier auctions without diluting Iconic's high-end appeal, expanding geographic reach and fostering cross-border transactions, as well as exploring partnerships with dealerships, restoration experts, and lifestyle brands. This consolidation aligns with broader industry trends, following the need for digital transformation and market efficiency. On the other hand, sustained consolidation in the sector will also mean higher barriers to entry for smaller players.

4.4 New and interesting events in 2024

Last year saw further geographic expansion of the sector, in particular across key Asian markets, through both new events and new editions of classic brands.

The inaugural Oberoi Concours d'Elegance, held in February 2024, at The Oberoi Udaivilas in Udaipur, India, marked a significant milestone in the global Concours d'Elegance arena. The event showcased an exceptional array of vintage and classic automobiles and motorcycles, including rare models once owned by Indian royalty and prominent collectors. Sandra Button, Chairperson of Pebble Beach Concours d'Elegance, served as Chief Judge, underscoring the event's international stature. The event's success was further solidified when it received the 'Breakthrough Event of the Year' award at the International Historic Motoring Awards 2024 in London, recognizing its outstanding contribution to the global historic motoring community and elevating India's profile in the world of classic and vintage automobiles. The Oberoi Concours not only celebrated India's automotive legacy but also underscored the nation's growing influence in the global collector car community, setting a new benchmark for elegance and excellence in the region.

This year the 1000 Miglia made its inaugural appearance in China, from November 13 to 17, 2024, with the “1000 Miglia Experience China”. This historic event was held in Guangdong province, specifically in the Guangzhou area, a region notable for being the first in China to establish trade relations with Europe. The event featured six distinct classes of cars, beginning with the "1000 Miglia Era" class. Fulvio D’Alvia, who this year took over the role of CEO of 1000 Miglia Srl, explained that the debut in China allowed the organization to present the 1000 Miglia to a completely new market, highlighting the event's significance alongside its sporting heritage. This expansion into China reflects the 1000 Miglia's commitment to celebrating automotive history on a global scale, cultivating international appreciation for classic car culture, and strengthening ties between automotive enthusiasts worldwide.

4.5 Regulatory Developments

As highlighted in the 2024 Collectible Car Survey administered by AssetClassic in collaboration with McKinsey & Company, one of the key concerns of collectible classic car enthusiasts and professionals is tied to future limitations due to regulatory developments in the space. While regulations vary across jurisdictions, a global emphasis on sustainability is fostering widespread apprehension. While 2024 did not see sweeping regulatory changes specific to classic cars, significant discussions and initiatives set the stage for potential impacts.

In the United States, the 25-year import rule continued to enable enthusiasts to bring vintage vehicles into the country, exempting cars older than 25 years from modern safety and emissions standards. However, California’s policies remained at the forefront of environmental regulation. The California Air Resources Board (CARB) explored the creation of zero-emission zones that could restrict the operation of classic cars in certain areas. Additionally, CARB’s survey targeting pre-1978 vehicles has fueled speculation about future restrictions, raising concerns among enthusiasts.

Across the Atlantic, the European Union's proposed 2035 ban on new petrol and diesel car sales remains a centerpiece of its climate agenda. Designed to accelerate the shift to zero-emission vehicles, the plan has faced mounting criticism from industry groups and member states concerned about its feasibility and economic consequences. Countries such as Italy and the Czech Republic have called for early reviews or amendments, citing risks to their automotive sectors. As of December 2024, the EU has neither abandoned nor delayed the plan, but debates continue, particularly regarding its broader implications. While the proposed ban targets new vehicle sales, the lack of clarity regarding the circulation and preservation of classic cars leaves room for further dialogue and refinement.

Globally, sustainability pressures are influencing conversations about the future of classic car ownership and usage. While no immediate changes have been implemented, the sector’s players are encouraged to stay informed and proactive in engaging with policymakers to safeguard the legacy and enjoyment of these vehicles.

5. 2025 outlook

Throughout the year, our conversations with key individuals and organizations in the classic car market provide a few insights for 2025. Our current perception is a mix of optimism and caution across the sector, shaped by regional dynamics and collector trends. In Germany, for example, the consensus seems to point to a slowing market, reflective of broader economic challenges and more conservative consumer behavior. Meanwhile, we perceived the sentiment in the United States to be markedly more positive. Experts are attributing this bullish outlook to lower interest rates and an election result locally perceived as supportive of economic growth. This optimism is expected to fuel renewed market activity, particularly for high-quality, well-documented cars, with originality remaining a key value driver. In general, many agree that very original vehicles will continue to outperform the market average, reflecting a consistent demand for authenticity. Interestingly, apart from standout players like Singer, there is little evidence to suggest significant appreciation for restomod vehicles in the secondary market, reinforcing the preference for unaltered classics. These perspectives highlight a diverse yet interconnected global market where regional conditions and collector preferences will play pivotal roles in shaping 2025.

For collectors navigating the classic car market in 2025, focusing on the fundamentals will be crucial for both enjoyment and financial performance. As the market increasingly rewards select vehicles, those that combine strong provenance, comprehensive documentation, and originality will command the highest premiums. Collectors are advised to prioritize cars with verified histories and, where possible, seek out models with certifications from recognized institutions or marque-specific registries, as these add credibility and long-term value. Investing in top-tier assets – those with iconic status, limited production runs, or significant historical relevance – remains a reliable strategy for achieving financial returns. Given the premium placed on authenticity, careful due diligence during acquisition is more important than ever, particularly in a market where selectivity continues to drive performance.

In 2025, classic car enthusiasts can look forward to remarkable new events, including especially the first editions of Cavallino Classic Sydney and Retromobile US. Cavallino Classic, widely regarded as the premier Concorso d’Eleganza dedicated exclusively to Ferrari, will make its debut in the Southern Hemisphere at Sydney’s stunning Palm Beach Golf Club. This highly anticipated event, a collaboration between Ferrari Australasia and Cavallino, will offer collectors and enthusiasts in the region an opportunity to engage with the global Ferrari community. The Concours will feature the same successful format of Palm Beach and will adhere to the rigorous judging standards that have defined Cavallino Classic's prestige.

Equally exciting is the announcement of Retromobile US, marking the first expansion of Paris’s legendary Retromobile exhibition to American soil. Since its founding in 1976, Retromobile Paris has been celebrated as one of the world’s most prestigious classic car events, renowned for its unique blend of high-caliber auctions, exhibits, and participation from top manufacturers, collectors, and clubs. The U.S. edition will bring this legacy to a key market for classic cars, fostering stronger transatlantic ties and highlighting the shared passion for automotive history. By creating a new platform for collectors, industry professionals, and enthusiasts to connect, Retromobile US not only emphasizes the increasing global interest in classic cars but also strengthens the dialogue between regions that are essential to the vibrant collector car community.

2024 was a bumpy year for valuations, but a year full of new sings of maturity and growth opportunities for the sector. We’re looking forward to seeing what 2025 has in store, and to doing our small part in contributing to the community based around our shared passion.

Here, we’ll delve into the key takeaways from each event, examining their strengths, differences, and what they reveal about the current dynamics of the classic car market.

The Numbers

Auto e Moto d’Epoca in Bologna, held in late October, featured over 7,000 vehicles, ranging from pre-war classics to vintage motorcycles. Spanning 14 large exhibition halls, the event offered visitors an engaging experience.

By contrast, Milano AutoClassica, held at Fiera Milano, occupied less than half the space of its Bologna counterpart. The event’s more compact setup allowed for a more concentrated experience but also underscored its differing focus and scale.

Local Meets Global Audience

Both events drew international attention, a positive trend after years of pandemic-related constraints. Bologna stood out for its ability to attract a more diverse international crowd, rekindling its status as a truly global fair.

Milano, while also seeing an increase in foreign visitors, appealed to a broader audience that included newcomers and casual attendees. While this shift offers opportunities to grow market participation, it also risks diluting the focus on collectors and buyers. For many, Milano felt more like a leisurely Sunday outing than a high stakes trading ground for collectible cars.

Classics vs. Modernity

The contrast between the two events was most apparent in the vehicles on display. Bologna showcased a wide array of classic cars, with a strong emphasis on authenticity and legacy. From rare, preserved vehicles to high-quality conservative restorations, the offerings reflected a deep understanding of the collector market. Porsche 911s, in particular, stood out as top performers in terms of sales, strengthening their reputation as liquid and long-term investments.

Milano, on the other hand, leaned heavily toward modern cars and youngtimers, as well as several restomods, while classics took a back seat. Even Tesla made an appearance, showcasing the Cybertruck. While this focus on newer models may appeal to younger or first-time buyers, it signaled a departure from the event's traditional emphasis on classics.

Crowded Display

A common issue at both events was the tendency to pack cars too tightly within the allocated spaces. While the high number of vehicles on display might seem impressive at first glance, it often detracted from the overall experience. Both in Bologna and in Milano, potential buyers were unable to open doors, sit in the cars, or properly inspect the interiors – essential aspects when considering a purchase. This overcrowding created a more chaotic atmosphere, undermining the exclusivity and focus that a premium classic car event should aim to deliver.

Market Dynamics

Conversations with sellers at both events revealed key insights into market activity. Bologna’s exhibitors reported strong sales volumes, mainly driven by well-documented cars with high originality. The event reaffirmed its role as a marketplace for serious transactions, appealing to collectors and traders.

In contrast, sellers at Milano AutoClassica reported fewer transactions, even for traditionally high-performing models like Porsche 911s. This suggests that Milano’s audience, while broader, may not yet have the focus of Bologna’s collector and buyer base.

Spare Parts

One striking contrast between the two fairs was the approach to spare parts. Auto e Moto d’Epoca in Bologna dedicated an entire pavilion to spare parts retailers, while Milano offered only a fraction of the space for spare parts retailers. The limited selection reduced its appeal for those specifically looking for spares, as the narrow range of vendors and parts simply couldn’t compete with Bologna’s more comprehensive marketplace. For collectors and restorers, Milan’s spare parts section felt inadequate, highlighting the importance of scale and variety in meeting the needs of the classic car community.

Event Atmosphere

Bologna’s ambiance reflected its status as a premier classic car event, from the natural lighting to the champagne bars hosted by the retailers elevating the experience. It’s a fair that knows its audience and caters to them with precision, blending practicality with luxury.

Milano, while promising, has room to refine its presentation. The event could benefit from higher-quality lighting and a more curated ambiance, such as the addition of carpets in walking areas, to better align with the expectations of high-end collectors and international visitors.

Takeaways for Collectors and Investors

Both events provided valuable insights into the shifting dynamics of the collectible car market:

• Bologna remains the destination for seasoned collectors seeking high-quality classics, offering strong transaction opportunities and a wider stage for the market.

• Milano could possibly offer a glimpse into the future, with its focus on younger audiences and modern vehicles, but it needs to balance this inclusivity with a stronger focus on premium experiences and collector-grade inventory.

As the market evolves, these events serve as complementary windows into its current state and future direction. For investors, attending both fairs offers a comprehensive understanding of the trends shaping the industry.

Now that the dust has settled, and that we have several more traditional events in the bag, as well as a continuing stream of online auctions, it’s time to take a quick check-in on where the market stands according to our recently-launched AssetClassic Auction Index (ACAI).

As a reminder, ACAI is based on >500,000 auction transactions representing >90% of the market value. It is composed of >3,000 distinct models across >200 makes. Each model's contribution to the index is based on its auction market liquidity, making the overall index representative of a typical/average portfolio.

We include classic and collector vehicles made before ~2010s, with a focus on those with average values >20k EUR.

So - as before - where do public auctions stand in Q3 2024?

• While the first half of the year saw a slow but steady index gain of ~3%, beating inflation and bonds, but around half of historic ~6-7% H1 gains, the third quarter contributed a significant negative impact to that (as hinted by Monterey Car Week)

• In Q3 2024, ACAI saw a decrease in average values of ~3% - the 4th worst Q3 since 2002

• Evidence of Q3 2024 correction shows up across all decades of cars, and few makes have been spared

• With strong results at Bonham’s Zoute sale, and with a few events remaining, things are pointing to a flat year-end final result

Let’s begin with their names. Each one is a tribute to the past, evoking legends in automotive history. These aren’t ordinary cars - they’re icons destined to leave a lasting mark. We all know who Enzo Ferrari was. Porsche chose to christen its most extreme supercar with the most renowned name in its arsenal: Carrera, sided by the GT acronym. We needn’t spend much time explaining the legacy of the GT40. And then there’s the SLR McLaren, merging two storied names: SLR, coming from the 300SLR, the car that dominated racing and remains the most valuable ever sold (over $140 million), and McLaren, Mercedes’ F1 partner for almost 20 years, a partnership that led to the team’s dominance of Formula 1 in the late ’90s.

As true hypercars, each of these machines incorporates F1-derived components and techniques (with the exception of the more conventional Ford GT), making them technological masterpieces.

Despite its incredible pedigree and advanced engineering, the Mercedes-Benz SLR McLaren remains perhaps the most overlooked supercar of the past two decades. It may not be a track-focused machine, it might carry a bit more weight than its rivals, and it doesn’t have a rear-mounted engine, but the chances of seeing another Mercedes designed by Gordon Murray and wearing a McLaren badge above its side-exit exhausts are slim - likely nonexistent.

Speaking of Gordon Murray, it’s worth noting that the SLR is the only McLaren-built road car shaped by his genius, aside from the iconic $20M+ McLaren F1.

When new, the SLR McLaren carried a price tag of around $450,000 - steep, but on par with its rivals (except the Ford GT). Just over 2,000 units were produced by McLaren over six years, including the various limited editions, making it a relatively rare breed. Yet among its peers, it’s the only one still trading below its original MSRP (for standard coupes and roadsters in average condition) vs multiple of MSRP. We strongly believe that this car is undervalued, and the market is slowly starting to recognize its true worth.

We’ve seen increased market activity lately, and as noted by Hagerty, millennials now represent the fastest-growing demographic of SLR owners. In fact, over the last few years it has been driving significantly more sales compared to its competitors. And if you consider the superior reliability and usability of SLR's engines, even without factoring in the recent Carrera GT recall that has slowed its market, the reasons become even clearer.

The SLR, particularly in its rarer roadster form, represents excess in all the best ways. Its unique design, features, and purpose resonate strongly with younger generations. Unlike other hypercars of the same era, it wasn’t designed to be purely extreme. It’s a performance-oriented vehicle, but one where, according to Mercedes, you can comfortably carry on a conversation with the top down while cruising at over 200 km/h.

In recent years, the market’s opinion of the SLR has been polarised - either you love it or you don’t. We proudly belong to the former camp, and supported by data, we firmly believe that this car holds significant appreciation potential in the coming years. And unlike others, there’s an SLR for every taste: you can choose from several versions - trading at higher prices than the standard one - the 722, the Stirling Moss, or the ‘Crown Edition’, commissioned by Bahrain's Royal family.

Note: SLR McLaren Roadster has been considered for graph calculations.

Monterey Car Week, held annually in August on California's picturesque Monterey Peninsula, continues to stand as the reference for the collectible car market - while being key to interpret the US market, the key messages also resonate across the Atlantic. 

With 1,140 cars crossing the auction block across four days, this event served once again as a barometer for assessing market trends, evolving collector tastes, and strategic investment opportunities. 

The headline figures: Solid performance amidst shifting dynamics

This year, five major auction houses (RM Sotheby’s, Gooding & Company, Bonhams, Mecum and Broad Arrow) brought an impressive lineup of vehicles to Monterey, with 840 of the 1,140 vehicles finding new owners, resulting in a solid sell-through rate of 74%. 

There was, as usual, a significant number of no-reserve lots - Mecum, with its 60% sell-through rate, being the outlier and indicator of what could otherwise have been. 

Post-auction sales are ongoing, potentially improving these statistics in the weeks following the event.

Among the auction houses, RM Sotheby’s led the charge with $160 million in sales (roughly comparable to last year’s result, and surely aided by the sale of the Ferrari 250 SWB California - more on that below), followed by Gooding & Company with over $105 million. 

Compared to other years - such as, most recently, 2022 - it was more the volume of cars in the $200k - 2M range that brought to the overall performance rather than a few top hitters (many of which went unsold, or were sold after the auction).

Market signals: Ferrari’s unusual downshift?

One of the most notable trends observed during this year’s Monterey Car Week was the surprising underperformance of Ferrari models from the 1950s and 1960s - a segment historically considered a “safe bet” for collectors and investors alike. At AssetClassic, our proprietary AssetClassic Data algorithms had already flagged potential softness in this sector, leading us to adopt a cautious approach and refrain from a few purchases we had considered until Monterey would prove what data was telling us. 

This was probably the usual example of short term speculation seldom being a wise move - compared to more oculate, data-driven investments. For instance, out of the four Ferrari 365 GTS/4 Daytona Spiders offered, probably on the back of the hype from the hugely successful sales by RM at Munich and Monaco over the last 12 months, only one sold at auction, fetching 30% less than the previous sales. Another relative shocker were the two F40s going for way less than the average two years ago - one being the charming “Minty” we all had the pleasure of seeing at the main events around the globe over the last two years. Non original color, accidents in its past… But still it deserved more than $1.8 M all in. As always, we remain confident that a well-maintained Ferrari will continue to be a valuable investment, but as every wise investor will tell you… Past performance isn’t a predictor of future returns, and it’s key to read every nuance of the market.

Strategic focus: Mid-range vehicles and diversification

A key takeaway from this year’s event, as mentioned above, is the relative strength of vehicles priced between $200,000 and $2 million - the core range for AssetClassic. The market's gravitation towards these mid-range vehicles suggests a strategic shift among investors, who appear increasingly wary of placing all their capital into a single high-value asset. This diversification strategy not only spreads risk but also reflects a broader trend towards liquidity, with buyers favoring assets that can be more easily traded in the future.

The mileage obsession: An unfortunate trend

Another trend that continues to dominate the market is the obsession with low-mileage vehicles. At AssetClassic, while we recognize the market’s preference for these “time capsule” cars, we maintain that cars - and especially those with a lot of character -  were meant to be driven and enjoyed. The market’s inclination to excessively reward cars that have seen little to no use can be in our opinion detrimental to the long-term passion and preservation of the hobby. Nevertheless, as market professionals, we observe and adapt to these trends, ensuring that our portfolio is aligned with current preferences while keeping an eye on potential future shifts.

Age counts: But it’s a trend, not a rule

Many believe only youngtimers perform these days. While of course, as AssetClassic Data shown at The Classics Forum and in our recent post here on Substack highlighted, cars from recent decades have performed better, there still are notable exceptions. Several stunning cars from the 1930s - 1960s (the reviled period) sold very well this year, including RM Sotheby’s top seller, the Ferrari 250 California SWB, which fetched over $17M, and Gooding’s 1938 Alfa Romeo 8C 2900B Lungo Spider, sold for over $14M - beating the pure demographics argument. We doubt many bidders were 18 when the car was built and wish they had driven it on their first trip. 

Though youngtimers might be easier to sell in the current market, there's always a buyer for high-quality cars.

The online era: You can’t ignore online bidding

Monterey Car Week 2024 also underscored the growing importance of online bidding. RM Sotheby’s, which embraced this trend, saw improved results, further validating the significance of digital channels in today’s market. While some auction houses still prioritize in-person bidding, the reality is that serious buyers can be anywhere, and a robust online bidding platform is no longer a luxury but a necessity. And even RM Sotheby’s had a glitch lasting a few minutes - and a few lots - which didn’t allow online bidding. An example of what this can cause? A beautiful 1972 BMW 3.0 CSL going for way less than it deserved (and than we probably would have bid). We live in a digital era, even a traditional sector like ours can’t ignore it.

Conclusion: Even when the market is considered complex, it’s still more resilient than any other

Monterey Car Week remains the most relevant event for understanding the classic car market, offering invaluable insights into buyer behavior, market dynamics, and investment strategies. As much as we dive deep into the data to understand microtrends - one thing is clear: even in a market environment regarded by many as soft, you have thousands of people willing to buy almost half a billion worth of cars in four days - a figure comparable to previous years, with some great results, and no crash. As always, we aren’t aware of any other asset class which offers the same reliability.

Picture: RM Sotheby’s

◾ Overall sector relatively flat: 3.0% gain, beating inflation and bonds but not keeping up with investor allocation in stocks or gold
◾ This is half compared to historic average H1 gain of 6.6% over last 22 years
◾ Market for cars from more recent decades (1970s-2000s) continue doing better than average (led by 1970s and 1990s with 12.9% and 11.1% H1 2024 performance respectively)
◾ Looking forward, we expect to see continued positive performance in H2 as H1 has typically been a strong predictor of YE performance and the buoyant stock market will help drive values up
◾ As every year, auctions held during Monterey Car Week 2024 next month will leave their strong mark on the market - we are very much looking forward to those

Successful and sustained investment in classic cars demands deep market understanding, extensive networks, and scale to capitalize on efficiency. In this article, we will explore the challenges across these three broad areas required to successfully invest in collectible vehicles, as well as offer some insight on overcoming them.

1. Intimate knowledge is key - and a lot of effort goes into developing it

Navigating the world of classic car investments requires a deep and sound understanding of the market. This means being able to identify the real intrinsic value of an asset. The lack of a standard and commonly-accepted tool to reliably determine the value of a vintage vehicle makes this a difficult task. Standardized pricing models, especially multiple or cash flow-based approaches typically used when dealing with traditional financial assets, don’t apply here. Accordingly, evaluation becomes a complex process, especially as apparently similar assets frequently show significant differences in value, and carry hidden costs that further complicate the appraisal.

When building a car portfolio, it’s not just about valuing one vehicle correctly. To achieve repeatable performance, it’s required to consistently select the right assets. Easier said than done, since assets belonging to the same brand could have significant dispersion in valuation and performance, even across a single model. For example, the graphs below show the average auction price over the last 13 years for two of the most sought-after classic car models. Vehicles belonging to the same model and in the same condition can vary significantly in valuation depending on the configuration and history of the individual car: taking the example of the Ferrari 365 GTB/4 “Daytona”, there is an 18% mean standard deviation on the average prices over the years, which becomes a 27% when looking at the Mercedes-Benz 300 SL (we combined Gullwing and Roadster in this analysis). It is accordingly important to consider every factor involved in the selection of a vehicle, keeping in mind diversification within the portfolio.

Moreover, the classic car sector relies on numerous small specialized suppliers, often located in different areas. Knowing the right suppliers for jobs required and building trustworthy relationships is an excellent way of sourcing high-quality assets, preserving long-term value and ensuring that restorations add effective value. This is one of the core elements to make assets more attractive and valuable in the long-run. However, refurbishments are often a value-destroying proposition from an investment perspective, since their cost (and especially uncontrolled cost and time overruns) easily erode the initial benefit of purchasing a vehicle in non-perfect condition at an attractive price.

Investors and collectors have access to various solutions to overcome these challenges. To correctly ascertain the value of a vehicle, utilize all of the available public information which could be consulted to evaluate particular specs and gain useful insights (from valuation sources such as Hagerty to prior public auction results), as well as commissioned third party valuations, to have a clearer idea of the current market pricing based on the car’s condition. That said, selecting the right assets is also a matter of prediction on where the market is headed: data plays a decisive role when it comes to highlighting trends and market sentiment. Finally, successful restorations require a modern project management approach, time dedication and trusted sets of business professionals and classic car experts to formulate accurate estimates and avoid unexpected expenses. We pride ourselves in having developed the largest existing dataset on the collectible car market (AssetClassic Data), advanced analytics tools to interpret it, and a cutting edge project management software to oversee the renovations of the cars in our portfolio - more on that in the dedicated paragraph.

2. A wide network, built and nurtured over time, to establish trusted relationships

Despite being often underestimated, the power of networks in the classic car world is substantial. With such a number and variety of players involved across the value chain, it’s important to have connections and direct access to markets and suppliers. Securing a steady deal flow of potential opportunities is impossible relying solely on what is visible, considering that only about 20% of the assets are traded publicly and around half are listed publicly. An extensive network plays a pivotal role in enhancing transparency on potential buyers and bargains hidden from public knowledge.

Another challenge is represented by the presence of ‘middlemen’, such as traditional auction houses, both in the buying and selling phases. While auctions provide a platform for high-profile sales and networking that may not be available elsewhere, it’s important to carefully evaluate associated costs. In order to maximize profits, exploring alternative channels and leveraging a wide network to directly engage with buyers makes a real difference in terms of value lost to brokers. In addition, especially when managing a portfolio of vehicles, it’s important to plan the divestment strategy for each asset ex-ante, with a clear path on adding value through sales defined before committing to a purchase.

On the other hand, keeping a stable presence on the market means building trust with sellers to help secure favorable deals and gain access to highly desirable off-market assets. Serious investors need to establish their reputation and credibility in the classic car community by continuously engaging with the market - attending and hosting events, participating in relevant fairs, and actively seeking connections within the classic car industry.

Building a strong and valuable network takes time and persistent effort. Investors need to operate diligently and transparently, establishing a presence in the markets of interest while exploring private channels, both on and off-line. This approach helps attract direct buyers and sellers and avoids often unnecessary value losses due to middlemen. Sellers represent a way of expanding the network exponentially: engaging in trusted relationships and keeping interactions well-alive, help both in sourcing and divesting, as well as in restoring classic cars.

3. Reaching the right scale to drive efficiency

Achieving efficiency through scale is a key factor when managing multi-asset portfolios. Vehicles, especially classic ones, require proper care, and optimizing running costs leads to higher returns. Scale enables minimizing maintenance, insurance, storage, and other costs connected with everything that revolves around a collectible car. By consolidating resources, it becomes easier to negotiate better terms for services, access favorable insurance rates, and optimize storage solutions.

Effectively marketing classic cars and leveraging events and social media to increase asset value through exposure demands dedicated resources. However, classic car investment is often pursued by individual enthusiasts or small-scale investment entities, making it challenging to allocate sufficient resources across these efforts. Investors need to carefully strategize their marketing initiatives and consider collaborations or partnerships to maximize exposure and attract potential buyers. Values of vehicles which participated in international and leading events, races and concourses, typically demand above-market prices as the public exposure serves as an additional quality confirmation.

Furthermore, given the high-ticket nature of many collectible cars, with individual assets often above the million-dollar mark, capitalizing on efficiency needs prudent allocation of resources and risk management, along with comprehensive financial planning and risk assessment to achieve the best in-class diversification without giving up big ticket investment opportunities.

Reaching scale is related, by definition, to larger collectors and professional investors. Achieving the same benefits without scale is difficult - potentially only replaceable by individual’s focus and overwhelming time commitment to negotiate the right deals, follow up on work being done and personally market the asset for sale. Nonetheless, diversification within the asset class can only be achieved one way.

The AssetClassic approach

As investors and long-term partners we have developed our own strategies to face these challenges and differentiate our position on the market.

1. As a player with the financial power to shape a large portfolio, we rely on historically-tested processes and tight internal governance to consistently select and evaluate assets. AssetClassic Data - the richest dataset in the collector car space - enables our decision-making with solid and concrete information, at both the micro and macro levels. By combining the power of data with passion and sector expertise, we are able to gather key elements for valuing a vehicle and identify emerging trends to target the right market niche. In addition, having developed a wide and trusted network of suppliers and artisans, we manage to add value through each step of the process, from sourcing to selling, and restoring when necessary.

2. We’ve been a market participant for years, refining the concept and enhancing the strategy. Our network is a strong differentiator, which allows us to reach valuable off-market opportunities as well as directly connect to buyers and sellers and cut down costs. Partnering up with important players in the classic car world further expands our reach and helps us to add value across the value chain, while shaping the ecosystem of which we are proud to be the center. Aon, Michelotto and Federperiti are only some of our partners, offering us market-leading conditions and expertise.

3. A well-shaped portfolio leads to scale and allows us to achieve efficiency. This results in a reduction of costs and enhanced better care for our vehicles. Generating value also means increasing the potential of our cars by participating in the leading international events. For example, we showed our Maserati 3500 GT to the public at The ICE in St. Moritz this February, and partnered with 1000 Miglia 2023 to celebrate classic cars through education and inclusiveness. On top of that, we adopt a strategic portfolio lens to each vehicle purchase in order to acquire assets of different values (some of which in need of restoration), knowing ex-ante the cash-flow related to every vehicle in our portfolio and having a clearly defined and differentiated exit strategy.

Despite some difficulties, which could be overcome with expertise, dedication and passion, collectible cars remain one of the best performing asset classes, and surely a unique opportunity both from the financial and experiential side.

A market overview

2022 was an impressive year in terms of performance of the collectible car market: as is often the case, solid growth leads to a more selective market in the following months. Here are our findings, based upon a regular observation of the private and public markets:

• This year seems to have started out in softer tones when compared to 2022: HAGI Top Index shows a 7.87% YoY, with a slightly negative YTD. Sense is that customers are not overpaying anymore something that does not fit the definition of excellence, and the latest auctions proved that: we have seen this happen both in Le Mans, as well as in Villa Erba, where two of the most valuable Ferraris on offer, the 250 GT Lusso and the 250 SWB Berlinetta, did not reach the generous estimates by the auction house due to their being far from the standards discerning collectors willing to pay top money are looking for these days.

• Nevertheless, 2023 has shown that the market is still paying abundant premiums for cars in pristine condition or which were painstakingly refurbished: this is what emerged from earlier auctions this year, as was the case for a Ferrari 250 GT California SWB, which overstepped the $18 M barrier (this only happened once before, in 2015, for the barn find ex Alain Delon car). The same was true for the cars in our portfolio: correct, well maintained vehicles for which our strategy of only focusing on the highest quality abundantly paid off.

• The Black on Black Testarossa Collection offered at the Villa Erba auction represented an interesting validation of our perspective: as our AssetClassic Data's predictive analysis suggested before the auction, condition and mileage were the main value drivers, whereas color alone is not as strong of a differentiator (at least not when it comes to black). As expected, the theoretically more valuable Ferrari Testarossa Monospecchio, with 112,000 kms, performed far below our AssetClassic valuation, whereas the Monodado, reading just 7,000 kms on the odometer, performed considerably better. The same applies to the two Testarossas auctioned last week by Artcurial: a rare Grey Monospecchio sold for $230k, while a red one, not meticulously curated and with significant mileage, went unsold.

The classic and collector cars market has once again proved to offer a safe investment opportunity when managed the correct way: by adopting multiple investment strategies and targeting the right market segments (as well as the cars with the most potential), we managed to secure solid returns for our investors.

Events

AssetClassic’s 1000 Miglia 2023 event at Portrait Milano

As a key part of our vision, we love to bring people closer to the classic car world with educational initiatives, creating a vibrant community along the way: we had the pleasure of welcoming many of you during our four day event in partnership with 1000 Miglia 2023 at the charming Portrait Milano Hotel, perhaps the most stunning venue in town, to display a significant collection of motor vehicles from the history of the race. 
We showcased a total of seven cars from the legendary era of the race: a BMW 507 Roadster in single ownership since new, a fascinating Alfa Romeo 1900 Super Sprint Zagato, a Lancia Aurelia B24 and a Jaguar XK120 from our friends at Milano Classiche, an original, unrestored pre-war Lancia Aprilia, a pre-series Porsche 356 Speedster, and of course our beautiful Maserati 3500 GT (the only non-1000 Miglia car - but it still perfectly fit the picture).
Our effort to bring people closer to the classic car world was a successful one, given that over 10,000 people came visit over the four days of the event. 

For those of you still in Milan in late July, we will be hosting an intimate summer event on the 20th - reach out if you’d like to find out more!

1000 Miglia 2023

The World’s most beautiful race proved to be such once again: people came from every corner of the world to participate in what is considered among the leading classic car events. This year, 405 entries of cars strictly manufactured before 1957, raced over 2,200 km (during a unique 5 stage edition and passing through Piemonte - it happened only twice over 75 years ago) experiencing the core of Italian heritage. For the first time in the race's history, the cars stopped in Milan overnight: on this occasion, we welcomed the public at our event at Portrait, as we told you above. This year's event was won by Andrea Vesco for a record fourth time in a row (out of his six total victories) onboard his Alfa Romeo 6C 1750 SS Zagato, with Fabio Salvinelli as a valuable co-driver. What made the victory even more sensational is the fact that they were involved in a road accident on the first day of the race, but managed nonetheless to recover. Congrats!

Concorso d’Eleganza Villa d’Este

Finally back to the Concorso we love: the Concorso d'Eleganza di Villa d'Este is one of those events capable of transforming anyone into a classic car lover, however the Covid years unfortunately limited access to one of the world's most beloved concours. This May, for the first time since 2019, a refined selection of historically relevant vehicles (we dare say, of a much higher average quality than in the past two years) was finally visible again to the public on the Sunday of the event. The reaction was amazing: a vibrant crowd hugely appreciated the new formula whereby all participant cars were parked around the same lawn, allowing you to directly compare shapes, engineering concepts and design choices from different eras. This year the organisers chose to offer abundant information on each car via a QR code rather than by publishing the traditional guide: we preferred the paper version, but this definitely further facilitates access to knowledge.

Further confirming that the Maserati 3500 GT (a model which we welcomed in our portfolio two years ago) is a car that regularly punches above its (financial) weight, sensation was caused by Hidetomo Kimura's entry of the grand tourer from Modena originally owned by Liz Taylor. While between two and two-hundred times less expensive than the other cars on show, the loving reaction by general public and discerning collectors to the Touring Superleggera classic was to say the least equivalent. 

FuoriConcorso

The FuoriConcorso event launched in 2019 by Guglielmo Miani, inspired by Milan's now traditional Fuorisalone events that enrich the town's Design Week, represents the equivalent concept for Villa d'Este's concours. Intended as a complementary event, not a competing one, it was once again a resounding success: thanks to a crowd of mostly young, fun people, well paced collateral events, great food and beverage, and a selection of stunning cars (aerodynamics being the file rouge of the 2023 edition), Villa Grumello and Villa Sucota came to live once again, notwithstanding the rain. 

The event continued at Villa Olmo, where (thanks to a partnership with the Porsche Museum that continues growing year after year), a highly relevant selection of cars from Zuffenhausen was on display, to celebrate their 75th anniversary. This part of the event was free-access to all: congratulations on your effort to bring people closer to the world of collectible cars.

Traditionally, the field of classic and collectible cars has relied on intuition and personal knowledge when it comes to vehicles value. We recognize that a human brain cannot store the vast amount of information a dataset can, while also acknowledging that data alone cannot replace experience. Therefore, by harnessing our extensive database, encompassing valuation data, auction prices, and detailed descriptions of hundreds of thousands of cars that have entered the market since 1975, and blending it with our combined decades-long expertise, we possess the confidence and unique advantage in the industry to make data-informed decisions while leveraging our personal market knowledge and collaborating with trusted experts and partners.

Imagine people dreaming of a striking supercar icon from the 80’s: they would almost surely mention the Ferrari Testarossa, one of the most celebrated car names in the entire automotive history, unmistakably recognizable. This model, in its five declinations, has captured the heart of aficionados worldwide. Now, picture all five of them gathered in the same venue, the magnificent Villa Erba on Lake Como, in the contest of the Concorso d'Eleganza Villa d'Este, and you have the perfect combination - especially since RM Sotheby’s presented the whole lot in black over black (The Black on Black Collection, indeed), an exclusive and rare configuration for a Testarossa.

For this occasion, we delved into our data and discovered some really intriguing insights, both at a financial and market level. Firstly, we analysed their long-term performance: 10-15% annualized return over the course of 10+ years is a noteworthy result; additionally, we examined various factors influencing the overall price of a Testarossa, shifting through thousands of data points in search of patterns.

Auction results confirmed our initial analysis, indicating that mileage and condition are the primary drivers of value for the Testarossa series. While color has some influence, it is only secondary and mainly impacts prices of vehicles in excellent condition and with low mileage (black cars - as it happened during this auction - did not consistently outperform the ones in other colors over the years).

Some say the market is always right: in this scenario, our data proved effective in understanding and anticipating both market directions and decision-making drivers, reaffirming its value as an asset, especially when managed and interpretated in a professional manner.

We envision a future where the world of collectible cars is accessible to everyone, enriching the journey through immersive experiences and investment opportunities: our mission is to build the premier collector car ecosystem, transcending traditional boundaries and embracing the enthusiasm that fuels our ideal of community.

More than investors, we embody the essence of long-term partners, committed to elevating the collectible car world together. Our language reflects our focus on fostering steadfast and lasting relationships, moving beyond short-term transactions to cultivate a sense of trust and shared success, while firmly rooted in strong ethics.

We are building AssetClassic’s ecosystem by investing in five pillars.

A European Investment Fund, regulated and professionally-managed, which endows us with the financial capacity to seize unparalleled opportunities to invest in vehicles and collections. Building on the success of our first investment round (IRR > 30%), we are actively engaged in fundraising efforts for a second one.

We provide leading-edge Automotive Services, covering every aspect: from identifying new classics to crafting compelling narratives that breathe new life into their stories, reviving their authentic glorious past through the highest quality refurbishments.

Education is a cornerstone of AssetClassic's mission. We recognize classic cars as not just vehicles, but as art and culture phenomena, true trait d’union with our history. Through educational initiatives, we ignite curiosity, inspire future generations, and introduce newcomers to the enchanting world of classic cars.

We embrace technology, leveraging cutting-edge digital tools and harnessing the power of data to identify opportunities, track market trends, and enhance transparency throughout our services.

A vibrant community lies at the heart of AssetClassic. We cultivate an active network of like-minded individuals sharing our passion: from exclusive race track experiences to intimate gatherings, we democratize access to the world of collectible cars, creating lifelong memories together.

With an extensive worldwide network in the collectible car markets, a proven track record in investments, and deep expertise in financial and advisory sectors, our Partners brings a wealth of knowledge and experience to the table. Together, with our committed Operating team, we combine business acumen, technical profiency, and effective storytelling skills to shape the narrative of classic automobiles.

AssetClassic embraces collaboration and cherishes partnerships with industry players who share our passion and ideals, providing the best services to truly experience the classic car world.

We are redefining the world of classic car investments, where passion and profitability converge. Join us on this exciting journey as we unlock the true essence of collectible cars.