The classic car market is proving resilient through the recession, according to a leading auction house.
The past year has set several new records for the sale value of several models, including a new record for the most expensive car ever sold at auction - a 1957 Ferrari 250 Testa Rossa that went for €9.02 million ($12.4 million) in Italy in May. Other record sales this year include the 1952 Jaguar C-Type, sold for $2,530,000 (€1,715,5000) in Monterey, California and a 1950 Aston Martin DB2 Team Car that set a new auction world record for an Aston Martin DB2, achieving $910,745 (€617,481) in London.
"The market for 'quality' motor cars - exceptional, rare examples with important provenance and documentation - remains stable, with outstanding cars continuing to attract great prices at auction," said Ian Kelleher, president and chief operating officer for RM Auctions. The firm hosts several of the world's largest auctions and is based in Ontario, Canada, with offices in the United States and United Kingdom.
The five most expensive cars ever sold at auction
1. 1957 Ferrari 250 Testa Rossa, €9.02m, May 2009
2. 1961 Ferrari 250 GT SWB California Spyder, €7.04m, May 2008
3. 1931 Bugatti Royale Kellner Coupe, £5.7m, 1987
4. 1962 Ferrari 330 TRI/LM Testa Rossa, $9.4m, May 2007
5. 1937 Mercedes-Benz 540K Special Roadster, £3.9m, October 2007
Source: About.com/RM Auctions