Classic Ferrari Market Goes into Overdrive

Recently, classic Ferrari appears to be a hot cake and is selling at a record breaking price every week. One of the classic Ferraris, which was specifically built for legendary Stirling Moss, has got the market price of £22.7 million as the classic car market goes into overdrive.

UK-based businessman, Eric Heerema has sold his 1962 Ferrari 250 GTO to a businessman in the US for the eye-watering amount.

Surprisingly, it is one of eight classic Ferraris that are sold over the last six week for a shocking total of $150 million (£97m), with no compromise in demand.

Chris Evans, the radio presenter, is another seller who sold out his Series II Ferrari 255 GTO for about $28 million (£18mM). This deal gives him a$10 million (£6.5m) profit in the period of two years only.

John Collins, a specialist Ferrari dealer by profession, explains the current situation of “crazy.” He himself was involved in five of the eight deals, but he refused to mention the names of buyers and sellers, yet confirmed that Ferraris are currently the most profitable investment.

He added: “I was speaking to a Chinese customer and asking him why it’s happening and he said there are three things worth investing in at the moment – diamonds, Andy Warhols and classic Ferraris.

“You get a lot more from owning a classic car and driving it than worrying at night about whether your money is safe in the bank.

“And there’s also a lot of the kudos with the 250 GTO celebrating its 50th anniversary this year.”

The dealer also said, back in 1980s and 1990s, it was completely different situation, people used to take loans to buy these cars but now they are ready to pay cash for it. At present, if I want to buy a car, it won’t be easy for me because everything has change in last four years.

The dealer also has a 1967 Ferrari 330 P4, owned by Jackie Stewart, and he is demanding £16.2million for it.