Classic car buyers have already pushed private sales past $100m for 2010

It must have been difficult for the Japanese owner of a classic 1963 250 GTO to say "sell my Ferrari" to RM auctions but the anonymous owner is apparently just one among many luxury owners who are choosing to sell a car for cash in 2010.

Business Week reports that in just two months, private sales for high value classic vehicles have topped $117 million worldwide. This claim was made by Geneva-based financial adviser Simon Kidston, who specialises in the private collector market.

The former chief executive of Bonhams auctioneers said in an interview that for classic car owners, to sell a car for cash now can be extremely profitable. "The market is buoyant for truly exceptional motor cars" he said. "Elsewhere, it remains selective."

A string of purchases by wealthy car buyers has sent the figure for classic car sales rocketing in the past few months - largely thanks to sales such as the Ferrari GTO. 

Speaking to Business Week, James Cottingham, director of DK engineering, said that "People recognise the GTO as the most valuable and desirable of Ferrari's." Recently another Ferrari GTO, featuring original series I bodywork, was sold in the United States for $28m. "That car had a particularly good originality, provenance and race history" said Mr Cottingham.

Another notable sale was made this year in Britain, when a collector sold a 1930's Alfa Romeo 8C 2900 for $17.9m - £12 million pounds.

 

Wendy Goh, London, BMw 325D M Sport

Chris Banks, Derby, Lexus IS 250